SPXL vs. BRK-B

Last updated Jun 9, 2026

SPXL (Direxion Daily S&P 500 Bull 3X ETF) is Leveraged Equities fund tracking the S&P 500, while BRK-B (Berkshire Hathaway Inc.) is a stock. Over the past 10 years, SPXL returned 29.42%/yr vs 13.14%/yr for BRK-B. A 0.67 correlation means they provide meaningful diversification when combined.

Performance

SPXL vs. BRK-B - 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 Berkshire Hathaway Inc. (BRK-B). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPXL achieves a 20.19% return, which is significantly higher than BRK-B's -3.11% return. Over the past 10 years, SPXL has outperformed BRK-B with an annualized return of 29.42%, while BRK-B has yielded a comparatively lower 13.14% annualized return.

SPXL

• 1D: 0.75%
• 1M: -0.39%
• YTD: 20.19%
• 6M: 19.28%
• 1Y: 68.17%
• 3Y*: 49.02%
• 5Y*: 22.10%
• 10Y*: 29.42%

BRK-B

• 1D: -0.23%
• 1M: 2.32%
• YTD: -3.11%
• 6M: -2.06%
• 1Y: -1.32%
• 3Y*: 13.25%
• 5Y*: 11.03%
• 10Y*: 13.14%

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

SPXL vs. BRK-B - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXL Direxion Daily S&P 500 Bull 3X ETF	20.19%	31.94%	63.61%	69.49%	-56.55%	98.75%	9.64%	102.80%	-25.11%	71.03%
BRK-B Berkshire Hathaway Inc.	-3.11%	10.89%	27.09%	15.46%	3.31%	28.95%	2.37%	10.93%	3.01%	21.62%

Correlation

The correlation between SPXL and BRK-B is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Nov 5, 2008	0.67

Over the past year, the correlation between SPXL and BRK-B has dropped to 0.11 - well below their long-term average of 0.67, suggesting their price drivers have been diverging.

Return for Risk

SPXL vs. BRK-B — Risk / Return Rank

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

SPXL

SPXL Risk / Return Rank: 59
SPXL Sharpe Ratio Rank: 63
SPXL Sortino Ratio Rank: 53
SPXL Omega Ratio Rank: 56
SPXL Calmar Ratio Rank: 57
SPXL Martin Ratio Rank: 65

BRK-B

BRK-B Risk / Return Rank: 35
BRK-B Sharpe Ratio Rank: 38
BRK-B Sortino Ratio Rank: 30
BRK-B Omega Ratio Rank: 30
BRK-B Calmar Ratio Rank: 38
BRK-B Martin Ratio Rank: 37

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. BRK-B - 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 Berkshire Hathaway Inc. (BRK-B). 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	BRK-B	Difference
Sharpe ratio: Return per unit of total volatility	1.89	-0.09	+1.99
Sortino ratio: Return per unit of downside risk	2.34	-0.03	+2.37
Omega ratio: Gain probability vs. loss probability	1.31	1.00	+0.32
Calmar ratio: Return relative to maximum drawdown	2.56	-0.14	+2.70
Martin ratio: Return relative to average drawdown	10.74	-0.30	+11.03
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. BRK-B - Sharpe Ratio Comparison

The current SPXL Sharpe Ratio is 1.89, which is higher than the BRK-B Sharpe Ratio of -0.09. The chart below compares the historical Sharpe Ratios of SPXL and BRK-B, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPXL	BRK-B	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	-0.09	+1.99
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	0.65	-0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.68	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.48	+0.04

Drawdowns

SPXL vs. BRK-B - Drawdown Comparison

The maximum SPXL drawdown since its inception was -76.86%, which is greater than BRK-B's maximum drawdown of -53.86%. Use the drawdown chart below to compare losses from any high point for SPXL and BRK-B.

Drawdown Indicators

	SPXL	BRK-B	Difference
Max Drawdown Largest peak-to-trough decline	-76.86%	-53.86%	-23.00%
Max Drawdown (1Y) Largest decline over 1 year	-26.77%	-9.42%	-17.35%
Max Drawdown (3Y) Largest decline over 3 years	-48.95%	-14.95%	-34.00%
Max Drawdown (5Y) Largest decline over 5 years	-63.80%	-26.58%	-37.22%
Max Drawdown (10Y) Largest decline over 10 years	-76.86%	-29.57%	-47.29%
Current Drawdown Current decline from peak	-8.16%	-9.78%	+1.62%
Average Drawdown Average peak-to-trough decline	-15.72%	-11.07%	-4.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.37%	4.49%	+1.88%

Volatility

SPXL vs. BRK-B - Volatility Comparison

Direxion Daily S&P 500 Bull 3X ETF (SPXL) has a higher volatility of 11.41% compared to Berkshire Hathaway Inc. (BRK-B) at 3.98%. This indicates that SPXL's price experiences larger fluctuations and is considered to be riskier than BRK-B based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXL	BRK-B	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.41%	3.98%	+7.43%
Volatility (6M) Calculated over the trailing 6-month period	27.97%	10.87%	+17.10%
Volatility (1Y) Calculated over the trailing 1-year period	36.23%	14.38%	+21.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.36%	17.13%	+33.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.49%	19.44%	+34.05%

Dividends

SPXL vs. BRK-B - Dividend Comparison

SPXL's dividend yield for the trailing twelve months is around 0.56%, while BRK-B has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BRK-B Berkshire Hathaway Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPXL Direxion Daily S&P 500 Bull 3X ETF	0.56%	0.69%	0.74%	0.98%	0.32%	0.11%	0.22%	0.84%	1.02%	3.88%

Frequently Asked Questions

Can I hold both SPXL and BRK-B in my portfolio?

SPXL and BRK-B have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPXL or BRK-B?

SPXL has higher volatility (11.41%) compared to BRK-B (3.98%). In terms of maximum drawdown, SPXL dropped -76.86% vs BRK-B's -53.86%.

Which has better risk-adjusted returns?

SPXL currently has the higher Sharpe Ratio (1.89 vs -0.09), 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.