SPXL vs. ^NDX
SPXL (Direxion Daily S&P 500 Bull 3X ETF) is Leveraged Equities fund tracking the S&P 500, while ^NDX (NASDAQ 100 Index) is an index. Over the past 10 years, SPXL returned 30.27%/yr vs 21.21%/yr for ^NDX. Their correlation of 0.90 suggests significant overlap in exposure.
Performance
SPXL vs. ^NDX - Performance Comparison
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Returns By Period
In the year-to-date period, SPXL achieves a 17.21% return, which is significantly higher than ^NDX's 16.23% return. Over the past 10 years, SPXL has outperformed ^NDX with an annualized return of 30.27%, while ^NDX has yielded a comparatively lower 21.21% annualized return.
SPXL
- 1D
- -4.48%
- 1M
- -5.53%
- YTD
- 17.21%
- 6M
- 13.86%
- 1Y
- 62.56%
- 3Y*
- 46.39%
- 5Y*
- 20.70%
- 10Y*
- 30.27%
^NDX
- 1D
- -3.29%
- 1M
- -0.46%
- YTD
- 16.23%
- 6M
- 14.69%
- 1Y
- 34.27%
- 3Y*
- 25.37%
- 5Y*
- 15.36%
- 10Y*
- 21.21%
SPXL vs. ^NDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXL Direxion Daily S&P 500 Bull 3X ETF | 17.21% | 31.94% | 63.61% | 69.49% | -56.55% | 98.75% | 9.64% | 102.80% | -25.11% | 71.03% |
^NDX NASDAQ 100 Index | 16.23% | 20.17% | 24.88% | 53.81% | -32.97% | 26.63% | 47.58% | 37.96% | -1.04% | 31.52% |
Correlation
The correlation between SPXL and ^NDX is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Nov 5, 2008 | 0.90 |
The correlation between SPXL and ^NDX has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.
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Return for Risk
SPXL vs. ^NDX — Risk / Return Rank
SPXL
^NDX
SPXL vs. ^NDX - 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 NASDAQ 100 Index (^NDX). 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 | ^NDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.23 | ||
| Sortino ratioReturn per unit of downside risk | -0.36 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.34 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.35 | 2.84 | -0.49 |
| Martin ratioReturn relative to average drawdown | 9.57 | 10.49 | -0.92 |
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Drawdowns
SPXL vs. ^NDX - Drawdown Comparison
The maximum SPXL drawdown since its inception was -76.86%, smaller than the maximum ^NDX drawdown of -82.90%. Use the drawdown chart below to compare losses from any high point for SPXL and ^NDX.
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Drawdown Indicators
| SPXL | ^NDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.86% | -82.90% | +6.04% |
Max Drawdown (1Y)Largest decline over 1 year | -26.77% | -12.12% | -14.65% |
Max Drawdown (3Y)Largest decline over 3 years | -48.95% | -22.93% | -26.02% |
Max Drawdown (5Y)Largest decline over 5 years | -63.80% | -35.56% | -28.24% |
Max Drawdown (10Y)Largest decline over 10 years | -76.86% | -35.56% | -41.30% |
Current DrawdownCurrent decline from peak | -10.44% | -4.28% | -6.16% |
Average DrawdownAverage peak-to-trough decline | -16.09% | -24.60% | +8.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.56% | 3.28% | +3.28% |
Volatility
SPXL vs. ^NDX - Volatility Comparison
Direxion Daily S&P 500 Bull 3X ETF (SPXL) has a higher volatility of 14.70% compared to NASDAQ 100 Index (^NDX) at 9.08%. This indicates that SPXL's price experiences larger fluctuations and is considered to be riskier than ^NDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPXL | ^NDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.70% | 9.08% | +5.62% |
Volatility (6M)Calculated over the trailing 6-month period | 29.55% | 14.56% | +14.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.43% | 18.03% | +19.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.54% | 22.89% | +27.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.47% | 22.65% | +30.82% |
Frequently Asked Questions
With a correlation of 0.94, SPXL and ^NDX 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.
SPXL has higher volatility (14.70%) compared to ^NDX (9.08%). In terms of maximum drawdown, SPXL dropped -76.86% vs ^NDX's -82.90%.
^NDX currently has the higher Sharpe Ratio (1.91 vs 1.69), 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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