SPXE vs. SPXL

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares S&P 500 Ex-Energy ETF (SPXE) and Direxion Daily S&P 500 Bull 3X Shares (SPXL).

SPXE and SPXL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPXE is a passively managed fund by ProShares that tracks the performance of the S&P 500 Ex-Energy Index. It was launched on Sep 22, 2015. SPXL is a passively managed fund by Direxion that tracks the performance of the S&P 500 Index (300%). It was launched on Nov 5, 2008. Both SPXE and SPXL are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

SPXE vs. SPXL - Performance Comparison

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

SPXE vs. SPXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXE ProShares S&P 500 Ex-Energy ETF	-5.69%	18.03%	25.72%	27.71%	-20.58%	27.93%	20.62%	32.45%	-5.52%	24.99%
SPXL Direxion Daily S&P 500 Bull 3X Shares	-15.99%	31.94%	63.61%	69.49%	-56.55%	98.75%	9.64%	102.80%	-25.11%	71.03%

Returns By Period

In the year-to-date period, SPXE achieves a -5.69% return, which is significantly higher than SPXL's -15.99% return. Over the past 10 years, SPXE has underperformed SPXL with an annualized return of 14.08%, while SPXL has yielded a comparatively higher 25.32% annualized return.

SPXE

• 1D: 2.99%
• 1M: -5.47%
• YTD: -5.69%
• 6M: -3.18%
• 1Y: 16.84%
• 3Y*: 18.22%
• 5Y*: 11.21%
• 10Y*: 14.08%

SPXL

• 1D: 8.63%
• 1M: -15.66%
• YTD: -15.99%
• 6M: -12.47%
• 1Y: 32.76%
• 3Y*: 37.47%
• 5Y*: 16.98%
• 10Y*: 25.32%

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

SPXE vs. SPXL - Expense Ratio Comparison

SPXE has a 0.27% expense ratio, which is lower than SPXL's 1.02% expense ratio.

SPXL

Direxion Daily S&P 500 Bull 3X Shares

SPXE

ProShares S&P 500 Ex-Energy ETF

Return for Risk

SPXE vs. SPXL — Risk / Return Rank

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

SPXE

SPXE Risk / Return Rank: 58
SPXE Sharpe Ratio Rank: 51
SPXE Sortino Ratio Rank: 55
SPXE Omega Ratio Rank: 58
SPXE Calmar Ratio Rank: 58
SPXE Martin Ratio Rank: 66

SPXL

SPXL Risk / Return Rank: 45
SPXL Sharpe Ratio Rank: 35
SPXL Sortino Ratio Rank: 46
SPXL Omega Ratio Rank: 50
SPXL Calmar Ratio Rank: 46
SPXL Martin Ratio Rank: 48

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.

SPXE vs. SPXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Ex-Energy ETF (SPXE) and Direxion Daily S&P 500 Bull 3X Shares (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.

	SPXE	SPXL	Difference
Sharpe ratio Return per unit of total volatility	0.92	0.61	+0.31
Sortino ratio Return per unit of downside risk	1.42	1.18	+0.24
Omega ratio Gain probability vs. loss probability	1.21	1.18	+0.03
Calmar ratio Return relative to maximum drawdown	1.46	1.05	+0.41
Martin ratio Return relative to average drawdown	6.51	4.21	+2.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPXE vs. SPXL - Sharpe Ratio Comparison

The current SPXE Sharpe Ratio is 0.92, which is higher than the SPXL Sharpe Ratio of 0.61. The chart below compares the historical Sharpe Ratios of SPXE and SPXL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SPXE	SPXL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.92	0.61	+0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	0.34	+0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.81	0.48	+0.34
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	0.47	+0.35

Correlation

The correlation between SPXE and SPXL is 0.87, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

SPXE vs. SPXL - Dividend Comparison

SPXE's dividend yield for the trailing twelve months is around 1.07%, more than SPXL's 0.80% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPXE ProShares S&P 500 Ex-Energy ETF	1.07%	0.99%	1.09%	1.29%	1.49%	0.94%	1.16%	1.38%	1.61%	1.65%	1.53%	0.51%
SPXL Direxion Daily S&P 500 Bull 3X Shares	0.80%	0.69%	0.74%	0.98%	0.32%	0.11%	0.22%	0.84%	1.02%	3.88%	0.00%	0.00%

Drawdowns

SPXE vs. SPXL - Drawdown Comparison

The maximum SPXE drawdown since its inception was -32.27%, smaller than the maximum SPXL drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for SPXE and SPXL.

Drawdown Indicators

	SPXE	SPXL	Difference
Max Drawdown Largest peak-to-trough decline	-32.27%	-76.86%	+44.59%
Max Drawdown (1Y) Largest decline over 1 year	-11.98%	-33.42%	+21.44%
Max Drawdown (5Y) Largest decline over 5 years	-26.50%	-63.80%	+37.30%
Max Drawdown (10Y) Largest decline over 10 years	-32.27%	-76.86%	+44.59%
Current Drawdown Current decline from peak	-7.41%	-20.45%	+13.04%
Average Drawdown Average peak-to-trough decline	-4.52%	-15.85%	+11.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.69%	8.34%	-5.65%

Volatility

SPXE vs. SPXL - Volatility Comparison

The current volatility for ProShares S&P 500 Ex-Energy ETF (SPXE) is 5.55%, while Direxion Daily S&P 500 Bull 3X Shares (SPXL) has a volatility of 15.89%. This indicates that SPXE 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

	SPXE	SPXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.55%	15.89%	-10.34%
Volatility (6M) Calculated over the trailing 6-month period	9.88%	28.45%	-18.57%
Volatility (1Y) Calculated over the trailing 1-year period	18.49%	54.30%	-35.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.90%	50.27%	-33.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.38%	53.37%	-35.99%