SPXL vs. ^DJI

Last updated Apr 2, 2026

Compare and contrast key facts about Direxion Daily S&P 500 Bull 3X Shares (SPXL) and Dow Jones Industrial Average (^DJI).

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.

Performance

SPXL vs. ^DJI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily S&P 500 Bull 3X Shares (SPXL) and Dow Jones Industrial Average (^DJI). The values are adjusted to include any dividend payments, if applicable.

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 Shares	-14.06%	31.94%	63.61%	69.49%	-56.55%	98.75%	9.64%	102.80%	-25.11%	71.03%
^DJI Dow Jones Industrial Average	-3.12%	12.97%	12.88%	13.70%	-8.78%	18.73%	7.25%	22.34%	-5.63%	25.08%

Returns By Period

In the year-to-date period, SPXL achieves a -14.06% return, which is significantly lower than ^DJI's -3.12% return. Over the past 10 years, SPXL has outperformed ^DJI with an annualized return of 25.61%, while ^DJI has yielded a comparatively lower 10.10% annualized return.

SPXL

• 1D: 2.30%
• 1M: -13.75%
• YTD: -14.06%
• 6M: -11.40%
• 1Y: 34.55%
• 3Y*: 38.52%
• 5Y*: 17.51%
• 10Y*: 25.61%

^DJI

• 1D: 0.48%
• 1M: -4.78%
• YTD: -3.12%
• 6M: 0.27%
• 1Y: 10.90%
• 3Y*: 11.85%
• 5Y*: 7.03%
• 10Y*: 10.10%

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

Return for Risk

SPXL vs. ^DJI — Risk / Return Rank

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

SPXL

SPXL Risk / Return Rank: 40
SPXL Sharpe Ratio Rank: 32
SPXL Sortino Ratio Rank: 41
SPXL Omega Ratio Rank: 45
SPXL Calmar Ratio Rank: 40
SPXL Martin Ratio Rank: 44

^DJI

^DJI Risk / Return Rank: 41
^DJI Sharpe Ratio Rank: 41
^DJI Sortino Ratio Rank: 41
^DJI Omega Ratio Rank: 42
^DJI Calmar Ratio Rank: 41
^DJI Martin Ratio Rank: 42

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.

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 Shares (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.

	SPXL	^DJI	Difference
Sharpe ratio Return per unit of total volatility	0.64	0.65	-0.01
Sortino ratio Return per unit of downside risk	1.22	1.05	+0.17
Omega ratio Gain probability vs. loss probability	1.18	1.14	+0.04
Calmar ratio Return relative to maximum drawdown	1.07	1.00	+0.07
Martin ratio Return relative to average drawdown	4.25	3.59	+0.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPXL vs. ^DJI - Sharpe Ratio Comparison

The current SPXL Sharpe Ratio is 0.64, which is comparable to the ^DJI Sharpe Ratio of 0.65. The chart below compares the historical Sharpe Ratios of SPXL and ^DJI, 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

	SPXL	^DJI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.64	0.65	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.48	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.58	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.41	+0.07

Correlation

The correlation between SPXL and ^DJI is 0.91, 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.

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.

Drawdown Indicators

	SPXL	^DJI	Difference
Max Drawdown Largest peak-to-trough decline	-76.86%	-53.78%	-23.08%
Max Drawdown (1Y) Largest decline over 1 year	-33.42%	-10.85%	-22.57%
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 Drawdown Current decline from peak	-18.62%	-7.22%	-11.40%
Average Drawdown Average peak-to-trough decline	-15.85%	-9.76%	-6.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.42%	3.03%	+5.39%

Volatility

SPXL vs. ^DJI - Volatility Comparison

Direxion Daily S&P 500 Bull 3X Shares (SPXL) has a higher volatility of 16.04% compared to Dow Jones Industrial Average (^DJI) at 4.96%. 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.

Volatility by Period

	SPXL	^DJI	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.04%	4.96%	+11.08%
Volatility (6M) Calculated over the trailing 6-month period	28.52%	9.29%	+19.23%
Volatility (1Y) Calculated over the trailing 1-year period	54.32%	16.81%	+37.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.26%	14.76%	+35.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.36%	17.57%	+35.79%