SPXL vs. CRMG

Last updated Jun 24, 2026

SPXL (Direxion Daily S&P 500 Bull 3X ETF) and CRMG (Leverage Shares 2X Long CRM Daily ETF) are both Leveraged Equities funds. SPXL is passively managed, while CRMG is actively managed. Over the past year, SPXL returned 62.56% vs -73.99% for CRMG. At a 0.30 correlation, their price movements are largely independent. SPXL charges 0.84%/yr vs 0.75%/yr for CRMG.

Performance

SPXL vs. CRMG - 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 Leverage Shares 2X Long CRM Daily ETF (CRMG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPXL achieves a 17.21% return, which is significantly higher than CRMG's -71.26% 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%

CRMG

• 1D: 4.23%
• 1M: -29.64%
• YTD: -71.26%
• 6M: -71.01%
• 1Y: -73.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPXL vs. CRMG - Yearly Performance Comparison

	2026 (YTD)	2025
SPXL Direxion Daily S&P 500 Bull 3X ETF	17.21%	79.19%
CRMG Leverage Shares 2X Long CRM Daily ETF	-71.26%	-0.29%

Correlation

The correlation between SPXL and CRMG is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (All Time) Calculated using the full available price history since Apr 4, 2025	0.30

Return for Risk

SPXL vs. CRMG — Risk / Return Rank

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

SPXL

SPXL Risk / Return Rank: 49
SPXL Sharpe Ratio Rank: 51
SPXL Sortino Ratio Rank: 44
SPXL Omega Ratio Rank: 45
SPXL Calmar Ratio Rank: 49
SPXL Martin Ratio Rank: 56

CRMG

CRMG Risk / Return Rank: 1
CRMG Sharpe Ratio Rank: 1
CRMG Sortino Ratio Rank: 1
CRMG Omega Ratio Rank: 1
CRMG Calmar Ratio Rank: 1
CRMG Martin Ratio Rank: 0

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. CRMG - 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 Leverage Shares 2X Long CRM Daily ETF (CRMG). 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	CRMG	Difference
Sharpe ratio: Return per unit of total volatility	1.69	-0.97	+2.66
Sortino ratio: Return per unit of downside risk	2.15	-1.82	+3.97
Omega ratio: Gain probability vs. loss probability	1.28	0.79	+0.49
Calmar ratio: Return relative to maximum drawdown	2.35	-0.97	+3.31
Martin ratio: Return relative to average drawdown	9.57	-1.70	+11.28

SPXL vs. CRMG - Sharpe Ratio Comparison

The current SPXL Sharpe Ratio is 1.69, which is higher than the CRMG Sharpe Ratio of -0.97. The chart below compares the historical Sharpe Ratios of SPXL and CRMG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SPXL vs. CRMG - Drawdown Comparison

The maximum SPXL drawdown since its inception was -76.86%, roughly equal to the maximum CRMG drawdown of -79.83%. Use the drawdown chart below to compare losses from any high point for SPXL and CRMG.

Drawdown Indicators

	SPXL	CRMG	Difference
Max Drawdown Largest peak-to-trough decline	-76.86%	-79.83%	+2.97%
Max Drawdown (1Y) Largest decline over 1 year	-26.77%	-76.80%	+50.03%
Max Drawdown (3Y) Largest decline over 3 years	-48.95%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-63.80%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-76.86%	—	—
Current Drawdown Current decline from peak	-10.44%	-78.97%	+68.53%
Average Drawdown Average peak-to-trough decline	-16.09%	-39.18%	+23.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.56%	43.41%	-36.85%

Volatility

SPXL vs. CRMG - Volatility Comparison

The current volatility for Direxion Daily S&P 500 Bull 3X ETF (SPXL) is 14.70%, while Leverage Shares 2X Long CRM Daily ETF (CRMG) has a volatility of 32.53%. This indicates that SPXL experiences smaller price fluctuations and is considered to be less risky than CRMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXL	CRMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.70%	32.53%	-17.83%
Volatility (6M) Calculated over the trailing 6-month period	29.55%	63.74%	-34.19%
Volatility (1Y) Calculated over the trailing 1-year period	37.43%	76.12%	-38.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.54%	75.39%	-24.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.47%	75.39%	-21.92%

SPXL vs. CRMG - Expense Ratio Comparison

SPXL has a 0.84% expense ratio, which is higher than CRMG's 0.75% expense ratio.

Dividends

SPXL vs. CRMG - Dividend Comparison

SPXL's dividend yield for the trailing twelve months is around 0.57%, while CRMG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CRMG Leverage Shares 2X Long CRM Daily ETF	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	0.57%	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 CRMG in my portfolio?

SPXL and CRMG have a correlation of 0.22, 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 CRMG?

CRMG has higher volatility (32.53%) compared to SPXL (14.70%). In terms of maximum drawdown, SPXL dropped -76.86% vs CRMG's -79.83%.

Which ETF is better, SPXL or CRMG?

On 1-year performance, SPXL leads with 62.56% vs -73.99% for CRMG. On fees, CRMG is cheaper at 0.75% per year. On volatility, SPXL has been the lower-risk option at 14.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXL or CRMG?

Over the 1-year period, SPXL has performed better with a 62.56% return vs -73.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXL or CRMG?

CRMG is cheaper with a 0.75% expense ratio, compared with 0.84% for SPXL.

Which ETF pays a higher dividend yield, SPXL or CRMG?

SPXL has the higher dividend yield at 0.57%, compared with 0.00% for CRMG.

What is the main difference between SPXL and CRMG?

They also come from different issuers: Direxion and Leverage Shares. Their fees differ too: 0.84% for SPXL and 0.75% for CRMG.

Which has better risk-adjusted returns?

SPXL currently has the higher Sharpe Ratio (1.69 vs -0.97), 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.