SPXC vs. SPXL

Last updated Jun 23, 2026

SPXC (SPX Corporation) is a stock, while SPXL (Direxion Daily S&P 500 Bull 3X ETF) is Leveraged Equities fund tracking the S&P 500. Over the past 10 years, SPXC returned 32.46%/yr vs 30.87%/yr for SPXL. A 0.63 correlation means they provide meaningful diversification when combined.

Performance

SPXC vs. SPXL - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with SPXC having a 23.17% return and SPXL slightly lower at 22.70%. Both investments have delivered pretty close results over the past 10 years, with SPXC having a 32.46% annualized return and SPXL not far behind at 30.87%.

SPXC

• 1D: 1.42%
• 1M: 18.58%
• YTD: 23.17%
• 6M: 18.94%
• 1Y: 59.57%
• 3Y*: 44.38%
• 5Y*: 33.09%
• 10Y*: 32.46%

SPXL

• 1D: -0.94%
• 1M: -1.11%
• YTD: 22.70%
• 6M: 20.82%
• 1Y: 75.56%
• 3Y*: 48.64%
• 5Y*: 22.24%
• 10Y*: 30.87%

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

SPXC vs. SPXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXC SPX Corporation	23.17%	37.48%	44.06%	53.86%	10.00%	9.42%	7.19%	81.65%	-10.77%	32.34%
SPXL Direxion Daily S&P 500 Bull 3X ETF	22.70%	31.94%	63.61%	69.49%	-56.55%	98.75%	9.64%	102.80%	-25.11%	71.03%

Correlation

The correlation between SPXC and SPXL is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.59
Correlation (All Time) Calculated using the full available price history since Nov 5, 2008	0.63

The correlation between SPXC and SPXL shifts across timeframes, from 0.52 (1 year) to 0.63 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SPXC vs. SPXL — Risk / Return Rank

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

SPXC

SPXC Risk / Return Rank: 81
SPXC Sharpe Ratio Rank: 84
SPXC Sortino Ratio Rank: 81
SPXC Omega Ratio Rank: 79
SPXC Calmar Ratio Rank: 81
SPXC Martin Ratio Rank: 81

SPXL

SPXL Risk / Return Rank: 59
SPXL Sharpe Ratio Rank: 64
SPXL Sortino Ratio Rank: 53
SPXL Omega Ratio Rank: 55
SPXL Calmar Ratio Rank: 59
SPXL Martin Ratio Rank: 65

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.

SPXC vs. SPXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPX Corporation (SPXC) 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.

	SPXC	SPXL	Difference
Sharpe ratio: Return per unit of total volatility	1.63	2.05	-0.42
Sortino ratio: Return per unit of downside risk	2.33	2.49	-0.16
Omega ratio: Gain probability vs. loss probability	1.29	1.33	-0.05
Calmar ratio: Return relative to maximum drawdown	2.59	2.84	-0.25
Martin ratio: Return relative to average drawdown	6.61	11.62	-5.01

SPXC vs. SPXL - Sharpe Ratio Comparison

The current SPXC Sharpe Ratio is 1.63, which is comparable to the SPXL Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of SPXC 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

SPXC vs. SPXL - Drawdown Comparison

The maximum SPXC drawdown since its inception was -81.12%, which is greater than SPXL's maximum drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for SPXC and SPXL.

Drawdown Indicators

	SPXC	SPXL	Difference
Max Drawdown Largest peak-to-trough decline	-81.12%	-76.86%	-4.26%
Max Drawdown (1Y) Largest decline over 1 year	-23.15%	-26.77%	+3.62%
Max Drawdown (3Y) Largest decline over 3 years	-33.54%	-48.95%	+15.41%
Max Drawdown (5Y) Largest decline over 5 years	-38.32%	-63.80%	+25.48%
Max Drawdown (10Y) Largest decline over 10 years	-50.26%	-76.86%	+26.60%
Current Drawdown Current decline from peak	0.00%	-6.24%	+6.24%
Average Drawdown Average peak-to-trough decline	-29.00%	-16.10%	-12.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.04%	6.52%	+2.52%

Volatility

SPXC vs. SPXL - Volatility Comparison

The current volatility for SPX Corporation (SPXC) is 10.46%, while Direxion Daily S&P 500 Bull 3X ETF (SPXL) has a volatility of 13.99%. This indicates that SPXC 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

	SPXC	SPXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.46%	13.99%	-3.53%
Volatility (6M) Calculated over the trailing 6-month period	27.71%	29.23%	-1.52%
Volatility (1Y) Calculated over the trailing 1-year period	36.91%	37.20%	-0.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.18%	50.50%	-15.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.46%	53.56%	-16.10%

Dividends

SPXC vs. SPXL - Dividend Comparison

SPXC has not paid dividends to shareholders, while SPXL's dividend yield for the trailing twelve months is around 0.55%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPXC SPX Corporation	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	386.22%
SPXL Direxion Daily S&P 500 Bull 3X ETF	0.55%	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 SPXC and SPXL in my portfolio?

SPXC and SPXL have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPXC or SPXL?

SPXL has higher volatility (13.99%) compared to SPXC (10.46%). In terms of maximum drawdown, SPXC dropped -81.12% vs SPXL's -76.86%.

Which has better risk-adjusted returns?

SPXL currently has the higher Sharpe Ratio (2.05 vs 1.63), 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.