SPXL vs. ERX
Compare and contrast key facts about Direxion Daily S&P 500 Bull 3X Shares (SPXL) and Direxion Daily Energy Bull 2X Shares (ERX).
SPXL and ERX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 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. ERX is a passively managed fund by Direxion that tracks the performance of the Energy Select Sector Index (300%). It was launched on Apr 1, 2020. Both SPXL and ERX are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
SPXL vs. ERX - Performance Comparison
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Returns By Period
In the year-to-date period, SPXL achieves a -13.85% return, which is significantly lower than ERX's 73.41% return. Over the past 10 years, SPXL has outperformed ERX with an annualized return of 25.75%, while ERX has yielded a comparatively lower -6.02% annualized return.
SPXL
- 1D
- 0.24%
- 1M
- -11.56%
- YTD
- -13.85%
- 6M
- -11.34%
- 1Y
- 88.31%
- 3Y*
- 38.15%
- 5Y*
- 17.57%
- 10Y*
- 25.75%
ERX
- 1D
- 0.99%
- 1M
- 10.65%
- YTD
- 73.41%
- 6M
- 74.41%
- 1Y
- 114.40%
- 3Y*
- 17.88%
- 5Y*
- 34.73%
- 10Y*
- -6.02%
SPXL vs. ERX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXL Direxion Daily S&P 500 Bull 3X Shares | -13.85% | 31.94% | 63.61% | 69.49% | -56.55% | 98.75% | 9.64% | 102.80% | -25.11% | 71.03% |
ERX Direxion Daily Energy Bull 2X Shares | 73.41% | 2.79% | 1.09% | -12.26% | 130.58% | 111.91% | -91.60% | 17.13% | -55.94% | -11.60% |
Correlation
The correlation between SPXL and ERX is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined. Holding both can reduce overall portfolio volatility compared to holding either one alone.
SPXL vs. ERX - Expense Ratio Comparison
SPXL has a 1.02% expense ratio, which is lower than ERX's 1.09% expense ratio.
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Return for Risk
SPXL vs. ERX — Risk / Return Rank
SPXL
ERX
SPXL vs. ERX - 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 Direxion Daily Energy Bull 2X Shares (ERX). 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 | ERX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.60 | 0.99 | -0.39 |
Sortino ratioReturn per unit of downside risk | 1.17 | 1.44 | -0.26 |
Omega ratioGain probability vs. loss probability | 1.18 | 1.21 | -0.03 |
Calmar ratioReturn relative to maximum drawdown | 1.04 | 1.41 | -0.37 |
Martin ratioReturn relative to average drawdown | 4.10 | 2.87 | +1.23 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPXL | ERX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.60 | 0.99 | -0.39 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.35 | 0.67 | -0.32 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.48 | -0.09 | +0.57 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.48 | -0.09 | +0.56 |
Drawdowns
SPXL vs. ERX - Drawdown Comparison
The maximum SPXL drawdown since its inception was -76.86%, smaller than the maximum ERX drawdown of -99.54%. Use the drawdown chart below to compare losses from any high point for SPXL and ERX.
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Drawdown Indicators
| SPXL | ERX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.86% | -99.54% | +22.68% |
Max Drawdown (1Y)Largest decline over 1 year | -26.77% | -14.45% | -12.32% |
Max Drawdown (5Y)Largest decline over 5 years | -63.80% | -46.90% | -16.90% |
Max Drawdown (10Y)Largest decline over 10 years | -76.86% | -98.59% | +21.73% |
Current DrawdownCurrent decline from peak | -18.42% | -91.25% | +72.83% |
Average DrawdownAverage peak-to-trough decline | -15.85% | -66.78% | +50.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.50% | 17.28% | -8.78% |
Volatility
SPXL vs. ERX - Volatility Comparison
Direxion Daily S&P 500 Bull 3X Shares (SPXL) has a higher volatility of 15.83% compared to Direxion Daily Energy Bull 2X Shares (ERX) at 12.87%. This indicates that SPXL's price experiences larger fluctuations and is considered to be riskier than ERX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPXL | ERX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.83% | 12.87% | +2.96% |
Volatility (6M)Calculated over the trailing 6-month period | 28.50% | 29.14% | -0.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.31% | 50.15% | +4.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.24% | 52.16% | -1.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.35% | 69.24% | -15.89% |
Dividends
SPXL vs. ERX - Dividend Comparison
SPXL's dividend yield for the trailing twelve months is around 0.78%, less than ERX's 1.55% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXL Direxion Daily S&P 500 Bull 3X Shares | 0.78% | 0.69% | 0.74% | 0.98% | 0.32% | 0.11% | 0.22% | 0.84% | 1.02% | 3.88% |
ERX Direxion Daily Energy Bull 2X Shares | 1.55% | 2.54% | 2.94% | 3.17% | 2.23% | 2.16% | 2.35% | 1.56% | 3.10% | 0.85% |