SPHQ vs. SPXL

Last updated Jul 18, 2026

SPHQ (Invesco S&P 500 Quality ETF) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both exchange-traded funds - SPHQ is a S&P 500 fund tracking the S&P 500 Quality Index, while SPXL is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, SPHQ returned 14.44%/yr vs 28.37%/yr for SPXL. Their correlation of 0.92 suggests significant overlap in exposure. SPHQ charges 0.15%/yr vs 0.84%/yr for SPXL.

Performance

SPHQ vs. SPXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Quality ETF (SPHQ) and Direxion Daily S&P 500 Bull 3X ETF (SPXL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPHQ achieves a 13.65% return, which is significantly lower than SPXL's 20.97% return. Over the past 10 years, SPHQ has underperformed SPXL with an annualized return of 14.44%, while SPXL has yielded a comparatively higher 28.37% annualized return.

SPHQ

• 1D: -0.93%
• 1M: -3.73%
• 6M: 10.07%
• YTD: 13.65%
• 1Y: 19.91%
• 3Y*: 19.52%
• 5Y*: 13.11%
• 10Y*: 14.44%

SPXL

• 1D: -3.10%
• 1M: 0.49%
• 6M: 16.58%
• YTD: 20.97%
• 1Y: 47.72%
• 3Y*: 41.59%
• 5Y*: 20.48%
• 10Y*: 28.37%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SPHQ vs. SPXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPHQ Invesco S&P 500 Quality ETF	13.65%	13.25%	25.44%	24.83%	-15.76%	28.03%	17.36%	33.64%	-7.10%	19.10%
SPXL Direxion Daily S&P 500 Bull 3X ETF	20.97%	31.94%	63.61%	69.49%	-56.55%	98.75%	9.64%	102.80%	-25.11%	71.03%

Correlation

The correlation between SPHQ and SPXL is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Nov 5, 2008	0.92

The correlation between SPHQ and SPXL shifts across timeframes, from 0.81 (1 year) to 0.93 (10 years), reflecting how their relationship changes across market environments.

SPHQ vs. SPXL - Sectors Allocation Comparison

Sectors	SPHQ	SPXL
Technology	40.1%	39.0%
Financial Services	16.1%	11.1%
Industrials	12.6%	7.8%
Consumer Defensive	7.9%	4.5%
Consumer Cyclical	5.6%	9.9%
Utilities	4.5%	2.1%
Communication Services	3.9%	10.6%
Basic Materials	3.5%	1.7%
Healthcare	3.3%	8.3%
Energy	1.0%	3.1%
Real Estate	-	1.8%

Return for Risk

SPHQ vs. SPXL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPHQ

SPHQ Risk / Return Rank: 54
SPHQ Sharpe Ratio Rank: 51
SPHQ Sortino Ratio Rank: 51
SPHQ Omega Ratio Rank: 47
SPHQ Calmar Ratio Rank: 56
SPHQ Martin Ratio Rank: 64

SPXL

SPXL Risk / Return Rank: 44
SPXL Sharpe Ratio Rank: 44
SPXL Sortino Ratio Rank: 41
SPXL Omega Ratio Rank: 42
SPXL Calmar Ratio Rank: 43
SPXL Martin Ratio Rank: 52

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SPHQ vs. SPXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Quality ETF (SPHQ) and Direxion Daily S&P 500 Bull 3X ETF (SPXL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	SPHQ	SPXL	Difference
Sharpe ratio: Return per unit of total volatility	1.40	1.27	+0.14
Sortino ratio: Return per unit of downside risk	2.03	1.77	+0.26
Omega ratio: Gain probability vs. loss probability	1.25	1.23	+0.02
Calmar ratio: Return relative to maximum drawdown	2.25	1.79	+0.46
Martin ratio: Return relative to average drawdown	8.97	7.05	+1.92

SPHQ vs. SPXL - Sharpe Ratio Comparison

The current SPHQ Sharpe Ratio is 1.40, which is comparable to the SPXL Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of SPHQ and SPXL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SPHQ vs. SPXL - Drawdown Comparison

The maximum SPHQ drawdown since its inception was -57.83%, smaller than the maximum SPXL drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for SPHQ and SPXL.

Drawdown Indicators

	SPHQ	SPXL	Difference
Max Drawdown Largest peak-to-trough decline	-57.83%	-76.86%	+19.03%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-26.77%	+17.87%
Max Drawdown (3Y) Largest decline over 3 years	-16.57%	-48.95%	+32.38%
Max Drawdown (5Y) Largest decline over 5 years	-25.04%	-63.80%	+38.76%
Max Drawdown (10Y) Largest decline over 10 years	-31.60%	-76.86%	+45.26%
Current Drawdown Current decline from peak	-5.90%	-7.56%	+1.66%
Average Drawdown Average peak-to-trough decline	-10.65%	-16.06%	+5.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.22%	6.79%	-4.57%

Volatility

SPHQ vs. SPXL - Volatility Comparison

The current volatility for Invesco S&P 500 Quality ETF (SPHQ) is 6.32%, while Direxion Daily S&P 500 Bull 3X ETF (SPXL) has a volatility of 11.10%. This indicates that SPHQ experiences smaller price fluctuations and is considered to be less risky than SPXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPHQ	SPXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.32%	11.10%	-4.78%
Volatility (6M) Calculated over the trailing 6-month period	12.21%	30.23%	-18.02%
Volatility (1Y) Calculated over the trailing 1-year period	14.26%	37.82%	-23.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.72%	50.59%	-33.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.95%	53.39%	-35.44%

SPHQ vs. SPXL - Expense Ratio Comparison

SPHQ has a 0.15% expense ratio, which is lower than SPXL's 0.84% expense ratio.

Dividends

SPHQ vs. SPXL - Dividend Comparison

SPHQ's dividend yield for the trailing twelve months is around 1.10%, more than SPXL's 0.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPHQ Invesco S&P 500 Quality ETF	1.10%	1.09%	1.15%	1.42%	1.85%	1.19%	1.55%	1.51%	1.85%	1.57%	1.67%	2.29%
SPXL Direxion Daily S&P 500 Bull 3X ETF	0.54%	0.69%	0.74%	0.98%	0.32%	0.11%	0.22%	0.84%	1.02%	3.88%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPHQ and SPXL in my portfolio?

SPHQ and SPXL have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPHQ or SPXL?

SPXL has higher volatility (11.10%) compared to SPHQ (6.32%). In terms of maximum drawdown, SPHQ dropped -57.83% vs SPXL's -76.86%.

Which ETF is better, SPHQ or SPXL?

On 10-year performance, SPXL leads with 28.37% vs 14.44% for SPHQ. On fees, SPHQ is cheaper at 0.15% per year. On volatility, SPHQ has been the lower-risk option at 6.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPHQ or SPXL?

Over the 10-year period, SPXL has performed better with a 28.37% return vs 14.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPHQ or SPXL?

SPHQ is cheaper with a 0.15% expense ratio, compared with 0.84% for SPXL.

Which ETF pays a higher dividend yield, SPHQ or SPXL?

SPHQ has the higher dividend yield at 1.10%, compared with 0.54% for SPXL.

What is the main difference between SPHQ and SPXL?

SPHQ is categorized as S&P 500, while SPXL is Leveraged Equities. SPHQ tracks S&P 500 Quality Index, while SPXL tracks S&P 500. They also come from different issuers: Invesco and Direxion. Their fees differ too: 0.15% for SPHQ and 0.84% for SPXL.

Which has better risk-adjusted returns?

SPHQ currently has the higher Sharpe Ratio (1.40 vs 1.27), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.