SPXL vs. ^NDX

Last updated Apr 2, 2026

Compare and contrast key facts about Direxion Daily S&P 500 Bull 3X Shares (SPXL) and NASDAQ 100 Index (^NDX).

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. ^NDX - 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 NASDAQ 100 Index (^NDX). The values are adjusted to include any dividend payments, if applicable.

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 Shares	-14.06%	31.94%	63.61%	69.49%	-56.55%	98.75%	9.64%	102.80%	-25.11%	71.03%
^NDX NASDAQ 100 Index	-4.87%	20.17%	24.88%	53.81%	-32.97%	26.63%	47.58%	37.96%	-1.04%	31.52%

Returns By Period

In the year-to-date period, SPXL achieves a -14.06% return, which is significantly lower than ^NDX's -4.87% return. Over the past 10 years, SPXL has outperformed ^NDX with an annualized return of 25.61%, while ^NDX has yielded a comparatively lower 18.15% 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%

^NDX

• 1D: 1.18%
• 1M: -3.89%
• YTD: -4.87%
• 6M: -3.15%
• 1Y: 23.58%
• 3Y*: 22.14%
• 5Y*: 12.50%
• 10Y*: 18.15%

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

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: 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

^NDX

^NDX Risk / Return Rank: 76
^NDX Sharpe Ratio Rank: 70
^NDX Sortino Ratio Rank: 74
^NDX Omega Ratio Rank: 74
^NDX Calmar Ratio Rank: 81
^NDX Martin Ratio Rank: 80

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 Shares (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	^NDX	Difference
Sharpe ratio Return per unit of total volatility	0.64	1.04	-0.40
Sortino ratio Return per unit of downside risk	1.22	1.62	-0.41
Omega ratio Gain probability vs. loss probability	1.18	1.23	-0.05
Calmar ratio Return relative to maximum drawdown	1.07	1.93	-0.86
Martin ratio Return relative to average drawdown	4.25	7.05	-2.80
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 0.64, which is lower than the ^NDX Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of SPXL and ^NDX, 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	^NDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.64	1.04	-0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.56	-0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.81	-0.33
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.55	-0.07

Correlation

The correlation between SPXL and ^NDX is 0.90, 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. ^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.

Drawdown Indicators

	SPXL	^NDX	Difference
Max Drawdown Largest peak-to-trough decline	-76.86%	-82.90%	+6.04%
Max Drawdown (1Y) Largest decline over 1 year	-33.42%	-12.72%	-20.70%
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	-18.62%	-8.04%	-10.58%
Average Drawdown Average peak-to-trough decline	-15.85%	-24.72%	+8.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.42%	3.49%	+4.93%

Volatility

SPXL vs. ^NDX - Volatility Comparison

Direxion Daily S&P 500 Bull 3X Shares (SPXL) has a higher volatility of 16.04% compared to NASDAQ 100 Index (^NDX) at 6.65%. 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.

Volatility by Period

	SPXL	^NDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.04%	6.65%	+9.39%
Volatility (6M) Calculated over the trailing 6-month period	28.52%	12.93%	+15.59%
Volatility (1Y) Calculated over the trailing 1-year period	54.32%	22.77%	+31.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.26%	22.61%	+27.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.36%	22.48%	+30.88%