SPXL vs. QTAP
Compare and contrast key facts about Direxion Daily S&P 500 Bull 3X Shares (SPXL) and Innovator Growth Accelerated Plus ETF - April (QTAP).
SPXL and QTAP 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. QTAP is an actively managed fund by Innovator. It was launched on Apr 1, 2021.
Performance
SPXL vs. QTAP - Performance Comparison
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SPXL vs. QTAP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SPXL Direxion Daily S&P 500 Bull 3X Shares | -15.99% | 31.94% | 63.61% | 69.49% | -56.55% | 64.04% |
QTAP Innovator Growth Accelerated Plus ETF - April | 1.26% | 19.36% | 17.34% | 43.32% | -25.87% | 15.63% |
Returns By Period
In the year-to-date period, SPXL achieves a -15.99% return, which is significantly lower than QTAP's 1.26% return.
SPXL
- 1D
- 8.63%
- 1M
- -15.66%
- YTD
- -15.99%
- 6M
- -12.47%
- 1Y
- 32.76%
- 3Y*
- 37.47%
- 5Y*
- 16.98%
- 10Y*
- 25.32%
QTAP
- 1D
- -0.51%
- 1M
- 0.09%
- YTD
- 1.26%
- 6M
- 3.74%
- 1Y
- 19.73%
- 3Y*
- 18.89%
- 5Y*
- —
- 10Y*
- —
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SPXL vs. QTAP - Expense Ratio Comparison
SPXL has a 1.02% expense ratio, which is higher than QTAP's 0.79% expense ratio.
Return for Risk
SPXL vs. QTAP — Risk / Return Rank
SPXL
QTAP
SPXL vs. QTAP - 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 Innovator Growth Accelerated Plus ETF - April (QTAP). 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 | QTAP | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.61 | 1.22 | -0.61 |
Sortino ratioReturn per unit of downside risk | 1.18 | 1.94 | -0.76 |
Omega ratioGain probability vs. loss probability | 1.18 | 1.48 | -0.30 |
Calmar ratioReturn relative to maximum drawdown | 1.05 | 1.73 | -0.67 |
Martin ratioReturn relative to average drawdown | 4.21 | 12.34 | -8.12 |
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 | QTAP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.61 | 1.22 | -0.61 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.34 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.48 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.47 | 0.62 | -0.15 |
Correlation
The correlation between SPXL and QTAP is 0.88, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
SPXL vs. QTAP - Dividend Comparison
SPXL's dividend yield for the trailing twelve months is around 0.80%, while QTAP has not paid dividends to shareholders.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXL Direxion Daily S&P 500 Bull 3X Shares | 0.80% | 0.69% | 0.74% | 0.98% | 0.32% | 0.11% | 0.22% | 0.84% | 1.02% | 3.88% |
QTAP Innovator Growth Accelerated Plus ETF - April | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
SPXL vs. QTAP - Drawdown Comparison
The maximum SPXL drawdown since its inception was -76.86%, which is greater than QTAP's maximum drawdown of -29.44%. Use the drawdown chart below to compare losses from any high point for SPXL and QTAP.
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Drawdown Indicators
| SPXL | QTAP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.86% | -29.44% | -47.42% |
Max Drawdown (1Y)Largest decline over 1 year | -33.42% | -12.04% | -21.38% |
Max Drawdown (5Y)Largest decline over 5 years | -63.80% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -76.86% | — | — |
Current DrawdownCurrent decline from peak | -20.45% | -0.51% | -19.94% |
Average DrawdownAverage peak-to-trough decline | -15.85% | -5.21% | -10.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.34% | 1.68% | +6.66% |
Volatility
SPXL vs. QTAP - Volatility Comparison
Direxion Daily S&P 500 Bull 3X Shares (SPXL) has a higher volatility of 15.89% compared to Innovator Growth Accelerated Plus ETF - April (QTAP) at 0.76%. This indicates that SPXL's price experiences larger fluctuations and is considered to be riskier than QTAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPXL | QTAP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.89% | 0.76% | +15.13% |
Volatility (6M)Calculated over the trailing 6-month period | 28.45% | 2.75% | +25.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.30% | 16.31% | +37.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.27% | 19.02% | +31.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.37% | 19.02% | +34.35% |