SPXE vs. SPXL

Last updated Jul 14, 2026

SPXE (ProShares S&P 500 Ex-Energy ETF) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both exchange-traded funds - SPXE is a S&P 500 fund tracking the S&P 500 Ex-Energy Index, while SPXL is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. With a 1.00 correlation, they move nearly in lockstep. SPXE charges 0.09%/yr vs 0.84%/yr for SPXL.

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 ETF (SPXL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPXE

• 1D: -0.87%
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPXL

• 1D: -2.31%
• 1M: 2.62%
• 6M: 17.57%
• YTD: 24.15%
• 1Y: 54.60%
• 3Y*: 44.34%
• 5Y*: 20.30%
• 10Y*: 28.76%

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

SPXE vs. SPXL - Yearly Performance Comparison

	2026 (YTD)
SPXE ProShares S&P 500 Ex-Energy ETF	-0.77%
SPXL Direxion Daily S&P 500 Bull 3X ETF	-1.11%

Correlation

The correlation between SPXE and SPXL is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 10, 2026	1.00

SPXE vs. SPXL - Sectors Allocation Comparison

Sectors	SPXE	SPXL
Technology	38.6%	39.0%
Financial Services	12.4%	11.1%
Communication Services	10.1%	10.6%
Consumer Cyclical	9.7%	9.9%
Healthcare	9.5%	8.3%
Industrials	8.1%	7.8%
Consumer Defensive	4.8%	4.5%
Utilities	2.8%	2.1%
Basic Materials	1.9%	1.7%
Real Estate	1.9%	1.8%
Energy	0.0%	3.1%

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

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

SPXL

SPXL Risk / Return Rank: 52
SPXL Sharpe Ratio Rank: 53
SPXL Sortino Ratio Rank: 49
SPXL Omega Ratio Rank: 50
SPXL Calmar Ratio Rank: 51
SPXL Martin Ratio Rank: 59

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 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.

	SPXE	SPXL	Difference
Sharpe ratio: Return per unit of total volatility	—	1.46	—
Sortino ratio: Return per unit of downside risk	—	1.96	—
Omega ratio: Gain probability vs. loss probability	—	1.25	—
Calmar ratio: Return relative to maximum drawdown	—	2.05	—
Martin ratio: Return relative to average drawdown	—	8.10	—

Drawdowns

SPXE vs. SPXL - Drawdown Comparison

The maximum SPXE drawdown since its inception was -0.87%, 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	-0.87%	-76.86%	+75.99%
Max Drawdown (1Y) Largest decline over 1 year	—	-26.77%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-48.95%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-63.80%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-76.86%	—
Current Drawdown Current decline from peak	-0.87%	-5.13%	+4.26%
Average Drawdown Average peak-to-trough decline	-0.44%	-16.07%	+15.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	6.76%	—

Volatility

Volatility by Period

	SPXE	SPXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	12.75%	—
Volatility (6M) Calculated over the trailing 6-month period	—	30.07%	—
Volatility (1Y) Calculated over the trailing 1-year period	10.97%	37.72%	-26.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.97%	50.60%	-39.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.97%	53.40%	-42.43%

SPXE vs. SPXL - Expense Ratio Comparison

SPXE has a 0.09% expense ratio, which is lower than SPXL's 0.84% expense ratio.

Dividends

SPXE vs. SPXL - Dividend Comparison

SPXE has not paid dividends to shareholders, while SPXL's dividend yield for the trailing twelve months is around 0.52%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXE ProShares S&P 500 Ex-Energy ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPXL Direxion Daily S&P 500 Bull 3X ETF	0.52%	0.69%	0.74%	0.98%	0.32%	0.11%	0.22%	0.84%	1.02%	3.88%

Frequently Asked Questions

Can I hold both SPXE and SPXL in my portfolio?

With a correlation of 1.00, SPXE and SPXL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, SPXE or SPXL?

On fees, SPXE is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPXE or SPXL?

SPXE is cheaper with a 0.09% expense ratio, compared with 0.84% for SPXL.

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

SPXL has the higher dividend yield at 0.52%, compared with 0.00% for SPXE.

What is the main difference between SPXE and SPXL?

SPXE is categorized as S&P 500, while SPXL is Leveraged Equities. SPXE tracks S&P 500 Ex-Energy Index, while SPXL tracks S&P 500. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.09% for SPXE and 0.84% for SPXL.