SPXL vs. PWLIX

Last updated Jun 9, 2026

SPXL (Direxion Daily S&P 500 Bull 3X ETF) and PWLIX (PIMCO RAE Worldwide Long/Short PLUS Fund) are both funds - SPXL is a Leveraged Equities fund tracking the S&P 500, while PWLIX is a Long-Short fund managed by PIMCO. Over the past 10 years, SPXL returned 29.42%/yr vs 4.60%/yr for PWLIX. At a 0.24 correlation, their price movements are largely independent. SPXL charges 0.84%/yr vs 1.19%/yr for PWLIX.

Performance

SPXL vs. PWLIX - 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 PIMCO RAE Worldwide Long/Short PLUS Fund (PWLIX). 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 PWLIX's 0.68% return. Over the past 10 years, SPXL has outperformed PWLIX with an annualized return of 29.42%, while PWLIX has yielded a comparatively lower 4.60% 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%

PWLIX

• 1D: 0.95%
• 1M: 0.68%
• YTD: 0.68%
• 6M: 0.68%
• 1Y: 1.30%
• 3Y*: 5.00%
• 5Y*: 4.55%
• 10Y*: 4.60%

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

SPXL vs. PWLIX - 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%
PWLIX PIMCO RAE Worldwide Long/Short PLUS Fund	0.68%	4.64%	4.65%	4.04%	4.33%	15.15%	-12.66%	9.60%	0.49%	11.80%

Correlation

The correlation between SPXL and PWLIX is -0.19, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.19
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (5Y) Calculated over the trailing 5-year period	-0.01
Correlation (10Y) Calculated over the trailing 10-year period	0.18
Correlation (All Time) Calculated using the full available price history since Dec 8, 2014	0.24

The correlation between SPXL and PWLIX shifts across timeframes, from -0.19 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SPXL vs. PWLIX — 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

PWLIX

PWLIX Risk / Return Rank: 4
PWLIX Sharpe Ratio Rank: 4
PWLIX Sortino Ratio Rank: 4
PWLIX Omega Ratio Rank: 4
PWLIX Calmar Ratio Rank: 4
PWLIX Martin Ratio Rank: 4

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. PWLIX - 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 PIMCO RAE Worldwide Long/Short PLUS Fund (PWLIX). 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	PWLIX	Difference
Sharpe ratio: Return per unit of total volatility	1.89	0.14	+1.76
Sortino ratio: Return per unit of downside risk	2.34	0.26	+2.08
Omega ratio: Gain probability vs. loss probability	1.31	1.03	+0.28
Calmar ratio: Return relative to maximum drawdown	2.56	0.12	+2.43
Martin ratio: Return relative to average drawdown	10.74	0.35	+10.39
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. PWLIX - Sharpe Ratio Comparison

The current SPXL Sharpe Ratio is 1.89, which is higher than the PWLIX Sharpe Ratio of 0.14. The chart below compares the historical Sharpe Ratios of SPXL and PWLIX, 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	PWLIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	0.14	+1.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	0.51	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.51	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.45	+0.07

Drawdowns

SPXL vs. PWLIX - Drawdown Comparison

The maximum SPXL drawdown since its inception was -76.86%, which is greater than PWLIX's maximum drawdown of -26.92%. Use the drawdown chart below to compare losses from any high point for SPXL and PWLIX.

Drawdown Indicators

	SPXL	PWLIX	Difference
Max Drawdown Largest peak-to-trough decline	-76.86%	-26.92%	-49.94%
Max Drawdown (1Y) Largest decline over 1 year	-26.77%	-9.43%	-17.34%
Max Drawdown (3Y) Largest decline over 3 years	-48.95%	-11.74%	-37.21%
Max Drawdown (5Y) Largest decline over 5 years	-63.80%	-11.74%	-52.06%
Max Drawdown (10Y) Largest decline over 10 years	-76.86%	-26.92%	-49.94%
Current Drawdown Current decline from peak	-8.16%	-8.06%	-0.10%
Average Drawdown Average peak-to-trough decline	-15.72%	-4.19%	-11.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.37%	3.36%	+3.01%

Volatility

SPXL vs. PWLIX - Volatility Comparison

Direxion Daily S&P 500 Bull 3X ETF (SPXL) has a higher volatility of 11.41% compared to PIMCO RAE Worldwide Long/Short PLUS Fund (PWLIX) at 2.51%. This indicates that SPXL's price experiences larger fluctuations and is considered to be riskier than PWLIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXL	PWLIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.41%	2.51%	+8.90%
Volatility (6M) Calculated over the trailing 6-month period	27.97%	6.62%	+21.35%
Volatility (1Y) Calculated over the trailing 1-year period	36.23%	8.48%	+27.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.36%	8.96%	+41.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.49%	9.00%	+44.49%

SPXL vs. PWLIX - Expense Ratio Comparison

SPXL has a 0.84% expense ratio, which is lower than PWLIX's 1.19% expense ratio.

Dividends

SPXL vs. PWLIX - Dividend Comparison

SPXL's dividend yield for the trailing twelve months is around 0.56%, less than PWLIX's 6.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PWLIX PIMCO RAE Worldwide Long/Short PLUS Fund	6.60%	6.65%	4.75%	5.51%	14.75%	11.99%	7.31%	6.79%	0.39%	10.82%	4.16%	3.61%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPXL and PWLIX in my portfolio?

SPXL and PWLIX have a correlation of -0.19, 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 PWLIX?

SPXL has higher volatility (11.41%) compared to PWLIX (2.51%). In terms of maximum drawdown, SPXL dropped -76.86% vs PWLIX's -26.92%.

Which has better risk-adjusted returns?

SPXL currently has the higher Sharpe Ratio (1.89 vs 0.14), 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.