SPXC vs. SPXL

Last updated Aug 1, 2026

SPXC (SPX Technologies, Inc.) 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 31.12%/yr vs 28.61%/yr for SPXL. Their 0.63 correlation means they have sometimes moved together and sometimes differently.

Performance

SPXC vs. SPXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPX Technologies, Inc. (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

In the year-to-date period, SPXC achieves a 9.78% return, which is significantly lower than SPXL's 22.10% return. Over the past 10 years, SPXC has outperformed SPXL with an annualized return of 31.12%, while SPXL has yielded a comparatively lower 28.61% annualized return.

SPXC

• 1D: 10.20%
• 1M: -3.57%
• 6M: 5.38%
• YTD: 9.78%
• 1Y: 11.85%
• 3Y*: 37.60%
• 5Y*: 26.93%
• 10Y*: 31.12%
• ALL TIME*: 12.93%

SPXL

• 1D: 2.01%
• 1M: -0.23%
• 6M: 18.15%
• YTD: 22.10%
• 1Y: 54.55%
• 3Y*: 41.56%
• 5Y*: 19.59%
• 10Y*: 28.61%
• ALL TIME*: 27.32%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SPXC SPX Technologies, Inc.	$126.37M	$132.55M	$165.00M
SPXL Direxion Daily S&P 500 Bull 3X ETF	$473.70M	$462.79M	$534.56M

SPXC vs. SPXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXC SPX Technologies, Inc.	9.78%	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	22.10%	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 0.54, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.54
Correlation (3Y) Balances recent behavior with more history.	0.60
Correlation (5Y) Shows whether the relationship held over a longer period.	0.60
Correlation (10Y) Provides a long-term view across more market conditions.	0.59
Correlation (All Time) Calculated using the full available price history since Nov 5, 2008	0.63

The correlation between SPXC and SPXL has been stable across timeframes, ranging from 0.54 to 0.63 - a consistent structural relationship.

Return for Risk

SPXC vs. SPXL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SPXC

SPXC Risk / Return Rank: 62
SPXC Sharpe Ratio Rank: 62
SPXC Sortino Ratio Rank: 59
SPXC Omega Ratio Rank: 57
SPXC Calmar Ratio Rank: 64
SPXC Martin Ratio Rank: 65

SPXL

SPXL Risk / Return Rank: 51
SPXL Sharpe Ratio Rank: 50
SPXL Sortino Ratio Rank: 48
SPXL Omega Ratio Rank: 48
SPXL Calmar Ratio Rank: 49
SPXL Martin Ratio Rank: 57

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SPXC vs. SPXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPX Technologies, Inc. (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	0.49	1.22	-0.73
Sortino ratio: Return per unit of downside risk	0.99	1.72	-0.73
Omega ratio: Gain probability vs. loss probability	1.12	1.22	-0.10
Calmar ratio: Return relative to maximum drawdown	0.86	1.76	-0.90
Martin ratio: Return relative to average drawdown	2.09	6.74	-4.65

SPXC vs. SPXL - Sharpe Ratio Comparison

The current SPXC Sharpe Ratio is 0.49, which is lower than the SPXL Sharpe Ratio of 1.22. 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	-23.85%	-26.77%	+2.92%
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	-10.87%	-6.70%	-4.17%
Average Drawdown Average peak-to-trough decline	-28.95%	-16.04%	-12.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.81%	6.98%	+2.83%

Volatility

SPXC vs. SPXL - Volatility Comparison

SPX Technologies, Inc. (SPXC) has a higher volatility of 18.30% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 10.75%. This indicates that SPXC's price experiences larger fluctuations and is considered to be riskier 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	18.30%	10.75%	+7.55%
Volatility (6M) Calculated over the trailing 6-month period	33.68%	30.45%	+3.23%
Volatility (1Y) Calculated over the trailing 1-year period	41.44%	38.62%	+2.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.17%	50.62%	-14.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.75%	53.45%	-15.70%

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 0.53%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPXC SPX Technologies, Inc.	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	0.53%	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 0.54, 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?

SPXC has higher volatility (18.30%) compared to SPXL (10.75%). 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 (1.22 vs 0.49), 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.