SPXL vs. ^DJI
SPXL (Direxion Daily S&P 500 Bull 3X ETF) is Leveraged Equities fund tracking the S&P 500, while ^DJI (Dow Jones Industrial Average) is an index. Over the past 10 years, SPXL returned 28.68%/yr vs 11.11%/yr for ^DJI. Their correlation of 0.92 means they have usually moved in the same direction.
Performance
SPXL vs. ^DJI - Performance Comparison
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Returns By Period
In the year-to-date period, SPXL achieves a 27.32% return, which is significantly higher than ^DJI's 10.64% return. Over the past 10 years, SPXL has outperformed ^DJI with an annualized return of 28.68%, while ^DJI has yielded a comparatively lower 11.11% annualized return.
SPXL
- 1D
- 4.28%
- 1M
- 4.04%
- 6M
- 21.44%
- YTD
- 27.32%
- 1Y
- 61.16%
- 3Y*
- 46.76%
- 5Y*
- 20.51%
- 10Y*
- 28.68%
- ALL TIME*
- 27.60%
^DJI
- 1D
- 1.32%
- 1M
- 0.53%
- 6M
- 7.63%
- YTD
- 10.64%
- 1Y
- 22.00%
- 3Y*
- 14.89%
- 5Y*
- 8.86%
- 10Y*
- 11.11%
- ALL TIME*
- 8.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $27.64T | $25.85T | $27.91T | |
| $489.09M | $455.54M | $538.26M |
SPXL vs. ^DJI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXL Direxion Daily S&P 500 Bull 3X ETF | 27.32% | 31.94% | 63.61% | 69.49% | -56.55% | 98.75% | 9.64% | 102.80% | -25.11% | 71.03% |
^DJI Dow Jones Industrial Average | 10.64% | 12.97% | 12.88% | 13.70% | -8.78% | 18.73% | 7.25% | 22.34% | -5.63% | 25.08% |
Correlation
The correlation between SPXL and ^DJI is 0.80, 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. | 0.80 |
Correlation (3Y) Balances recent behavior with more history. | 0.82 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.87 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.89 |
Correlation (All Time) Calculated using the full available price history since Nov 5, 2008 | 0.92 |
The correlation between SPXL and ^DJI shifts across timeframes, from 0.80 (1 year) to 0.92 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SPXL vs. ^DJI — Risk / Return Rank
SPXL
^DJI
SPXL vs. ^DJI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bull 3X ETF (SPXL) and Dow Jones Industrial Average (^DJI). 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.
| SPXL | ^DJI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | -0.44 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.32 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.30 | 2.21 | +0.09 |
| Martin ratioReturn relative to average drawdown | 8.79 | 8.40 | +0.39 |
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Drawdowns
SPXL vs. ^DJI - Drawdown Comparison
The maximum SPXL drawdown since its inception was -76.86%, which is greater than ^DJI's maximum drawdown of -53.78%. Use the drawdown chart below to compare losses from any high point for SPXL and ^DJI.
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Drawdown Indicators
| SPXL | ^DJI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.86% | -53.78% | -23.08% |
Max Drawdown (1Y)Largest decline over 1 year | -26.77% | -10.01% | -16.76% |
Max Drawdown (3Y)Largest decline over 3 years | -48.95% | -16.37% | -32.58% |
Max Drawdown (5Y)Largest decline over 5 years | -63.80% | -21.94% | -41.86% |
Max Drawdown (10Y)Largest decline over 10 years | -76.86% | -37.09% | -39.77% |
Current DrawdownCurrent decline from peak | -2.71% | 0.00% | -2.71% |
Average DrawdownAverage peak-to-trough decline | -16.04% | -8.00% | -8.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.98% | 2.62% | +4.36% |
Volatility
SPXL vs. ^DJI - Volatility Comparison
Direxion Daily S&P 500 Bull 3X ETF (SPXL) has a higher volatility of 11.53% compared to Dow Jones Industrial Average (^DJI) at 3.82%. This indicates that SPXL's price experiences larger fluctuations and is considered to be riskier than ^DJI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPXL | ^DJI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.53% | 3.82% | +7.71% |
Volatility (6M)Calculated over the trailing 6-month period | 30.70% | 9.96% | +20.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.54% | 12.57% | +25.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.67% | 14.88% | +35.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.49% | 17.62% | +35.87% |
Frequently Asked Questions
SPXL and ^DJI have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXL has higher volatility (11.53%) compared to ^DJI (3.82%). In terms of maximum drawdown, SPXL dropped -76.86% vs ^DJI's -53.78%.
^DJI currently has the higher Sharpe Ratio (1.76 vs 1.60), 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.
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