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SPXL vs. ^NDX
Performance
Return for Risk
Drawdowns
Volatility

SPXL vs. ^NDX

Last updated Jun 4, 2026

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 30.20%/yr vs 21.09%/yr for ^NDX. Their correlation of 0.90 suggests significant overlap in exposure.

Performance

SPXL vs. ^NDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily S&P 500 Bull 3X ETF (SPXL) and NASDAQ 100 Index (^NDX). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, SPXL achieves a 28.14% return, which is significantly higher than ^NDX's 21.07% return. Over the past 10 years, SPXL has outperformed ^NDX with an annualized return of 30.20%, while ^NDX has yielded a comparatively lower 21.09% annualized return.

SPXL

1D
-2.08%
1M
14.77%
YTD
28.14%
6M
26.88%
1Y
81.54%
3Y*
52.83%
5Y*
23.51%
10Y*
30.20%

^NDX

1D
-0.29%
1M
10.56%
YTD
21.07%
6M
19.39%
1Y
41.12%
3Y*
28.09%
5Y*
17.29%
10Y*
21.09%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPXL vs. ^NDX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPXL
Direxion Daily S&P 500 Bull 3X ETF		28.14%31.94%63.61%69.49%-56.55%98.75%9.64%102.80%-25.11%71.03%
^NDX
NASDAQ 100 Index		21.07%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 6, 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.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Direxion Daily S&P 500 Bull 3X ETF

NASDAQ 100 Index

Often compared with SPXL:
SPXL vs. TQQQSPXL vs. SPYSPXL vs. UPROSPXL vs. VOOSPXL vs. SSOSPXL vs. SPXSSPXL vs. SPXU
Often compared with ^NDX:
^NDX vs. BRK-B^NDX vs. SPY^NDX vs. ARKK^NDX vs. ^IXIC^NDX vs. TSLA^NDX vs. VOO^NDX vs. NQ=F

Return for Risk

SPXL vs. ^NDX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPXL
SPXL Risk / Return Rank: 6363
Overall Rank
SPXL Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
SPXL Sortino Ratio Rank: 5757
Sortino Ratio Rank
SPXL Omega Ratio Rank: 5858
Omega Ratio Rank
SPXL Calmar Ratio Rank: 6060
Calmar Ratio Rank
SPXL Martin Ratio Rank: 6868
Martin Ratio Rank
^NDX
^NDX Risk / Return Rank: 8181
Overall Rank
^NDX Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
^NDX Sortino Ratio Rank: 8282
Sortino Ratio Rank
^NDX Omega Ratio Rank: 8181
Omega Ratio Rank
^NDX Calmar Ratio Rank: 8181
Calmar Ratio Rank
^NDX Martin Ratio Rank: 8080
Martin Ratio Rank
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. ^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.

SPXL^NDXDifference
Sharpe ratioReturn per unit of total volatility
2.32
2.57

-0.25

Sortino ratioReturn per unit of downside risk
2.78
3.37

-0.59

Omega ratioGain probability vs. loss probability

1.37

1.44

-0.07

Calmar ratioReturn relative to maximum drawdown

3.06

3.41

-0.35

Martin ratioReturn relative to average drawdown

12.94

13.03

-0.09

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. ^NDX - Sharpe Ratio Comparison

The current SPXL Sharpe Ratio is 2.32, which is comparable to the ^NDX Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of SPXL and ^NDX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

SPXL^NDXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.32

2.57

-0.25

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.47

0.77

-0.30

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.57

0.94

-0.37

Sharpe Ratio (All Time)

Calculated using the full available price history

0.53

0.57

-0.05

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^NDXDifference

Max Drawdown

Largest 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 Drawdown

Current decline from peak

-2.08%

-0.29%

-1.79%

Average Drawdown

Average peak-to-trough decline

-15.72%

-24.62%

+8.90%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.32%

3.17%

+3.15%

Volatility

SPXL vs. ^NDX - Volatility Comparison

Direxion Daily S&P 500 Bull 3X ETF (SPXL) has a higher volatility of 8.49% compared to NASDAQ 100 Index (^NDX) at 4.52%. 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^NDXDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.49%

4.52%

+3.97%

Volatility (6M)

Calculated over the trailing 6-month period

26.67%

12.18%

+14.49%

Volatility (1Y)

Calculated over the trailing 1-year period

35.39%

16.08%

+19.31%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

50.24%

22.60%

+27.64%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

53.42%

22.53%

+30.89%

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 (8.49%) compared to ^NDX (4.52%). In terms of maximum drawdown, SPXL dropped -76.86% vs ^NDX's -82.90%.

^NDX currently has the higher Sharpe Ratio (2.57 vs 2.32), 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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