SPXL vs. GEMG

Last updated Jun 24, 2026

SPXL (Direxion Daily S&P 500 Bull 3X ETF) and GEMG (Leverage Shares 2X Long GEMI Daily ETF) are both Leveraged Equities funds. SPXL is passively managed, while GEMG is actively managed. At a 0.45 correlation, their price movements are largely independent. SPXL charges 0.84%/yr vs 0.75%/yr for GEMG.

Performance

SPXL vs. GEMG - 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 GEMI Daily ETF (GEMG). 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 GEMG's -89.02% 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%

GEMG

• 1D: -6.14%
• 1M: -33.52%
• YTD: -89.02%
• 6M: -91.24%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPXL vs. GEMG - Yearly Performance Comparison

	2026 (YTD)	2025
SPXL Direxion Daily S&P 500 Bull 3X ETF	17.21%	1.48%
GEMG Leverage Shares 2X Long GEMI Daily ETF	-89.02%	-71.91%

Correlation

The correlation between SPXL and GEMG is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 5, 2025	0.45

Return for Risk

SPXL vs. GEMG — 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

GEMG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. GEMG - 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 GEMI Daily ETF (GEMG). 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	GEMG	Difference
Sharpe ratio: Return per unit of total volatility	1.69	—	—
Sortino ratio: Return per unit of downside risk	2.15	—	—
Omega ratio: Gain probability vs. loss probability	1.28	—	—
Calmar ratio: Return relative to maximum drawdown	2.35	—	—
Martin ratio: Return relative to average drawdown	9.57	—	—

Drawdowns

SPXL vs. GEMG - Drawdown Comparison

The maximum SPXL drawdown since its inception was -76.86%, smaller than the maximum GEMG drawdown of -97.26%. Use the drawdown chart below to compare losses from any high point for SPXL and GEMG.

Drawdown Indicators

	SPXL	GEMG	Difference
Max Drawdown Largest peak-to-trough decline	-76.86%	-97.26%	+20.40%
Max Drawdown (1Y) Largest decline over 1 year	-26.77%	—	—
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%	-97.10%	+86.66%
Average Drawdown Average peak-to-trough decline	-16.09%	-81.17%	+65.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.56%	—	—

Volatility

Volatility by Period

	SPXL	GEMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.70%	—	—
Volatility (6M) Calculated over the trailing 6-month period	29.55%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	37.43%	219.33%	-181.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.54%	219.33%	-168.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.47%	219.33%	-165.86%

SPXL vs. GEMG - Expense Ratio Comparison

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

Dividends

SPXL vs. GEMG - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
GEMG Leverage Shares 2X Long GEMI 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 GEMG in my portfolio?

SPXL and GEMG have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPXL or GEMG?

On fees, GEMG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPXL or GEMG?

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

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

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

What is the main difference between SPXL and GEMG?

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