SPXL vs. SCHD

Last updated Jun 13, 2026

SPXL (Direxion Daily S&P 500 Bull 3X ETF) and SCHD (Schwab U.S. Dividend Equity ETF) are both exchange-traded funds - SPXL is a Leveraged Equities fund tracking the S&P 500, while SCHD is a Dividend fund tracking the Dow Jones U.S. Dividend 100 Index. Both are passively managed. Over the past 10 years, SPXL returned 29.90%/yr vs 12.91%/yr for SCHD. Their correlation of 0.82 suggests significant overlap in exposure. SPXL charges 0.84%/yr vs 0.06%/yr for SCHD.

Performance

SPXL vs. SCHD - 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 Schwab U.S. Dividend Equity ETF (SCHD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with SPXL having a 20.98% return and SCHD slightly lower at 20.66%. Over the past 10 years, SPXL has outperformed SCHD with an annualized return of 29.90%, while SCHD has yielded a comparatively lower 12.91% annualized return.

SPXL

• 1D: 1.54%
• 1M: -1.59%
• YTD: 20.98%
• 6M: 21.36%
• 1Y: 65.66%
• 3Y*: 47.11%
• 5Y*: 21.80%
• 10Y*: 29.90%

SCHD

• 1D: 0.89%
• 1M: 3.37%
• YTD: 20.66%
• 6M: 19.57%
• 1Y: 26.16%
• 3Y*: 14.90%
• 5Y*: 8.75%
• 10Y*: 12.91%

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

SPXL vs. SCHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXL Direxion Daily S&P 500 Bull 3X ETF	20.98%	31.94%	63.61%	69.49%	-56.55%	98.75%	9.64%	102.80%	-25.11%	71.03%
SCHD Schwab U.S. Dividend Equity ETF	20.66%	4.34%	11.66%	4.54%	-3.26%	29.87%	15.03%	27.29%	-5.56%	20.85%

Correlation

The correlation between SPXL and SCHD is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Oct 20, 2011	0.82

Over the past year, the correlation between SPXL and SCHD has dropped to 0.36 - well below their long-term average of 0.82, suggesting their price drivers have been diverging.

SPXL vs. SCHD - Sectors Allocation Comparison

Sectors	SPXL	SCHD
Technology	8.4%	16.4%
Financial Services	2.4%	9.3%
Communication Services	2.3%	6.3%
Consumer Cyclical	2.2%	6.3%
Healthcare	1.8%	18.8%
Industrials	1.7%	7.5%
Consumer Defensive	1.0%	19.2%
Energy	0.7%	16.2%
Utilities	0.6%	0.0%
Real Estate	0.4%	-
Basic Materials	0.4%	1.2%

Return for Risk

SPXL vs. SCHD — Risk / Return Rank

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

SPXL

SPXL Risk / Return Rank: 58
SPXL Sharpe Ratio Rank: 62
SPXL Sortino Ratio Rank: 53
SPXL Omega Ratio Rank: 55
SPXL Calmar Ratio Rank: 57
SPXL Martin Ratio Rank: 64

SCHD

SCHD Risk / Return Rank: 87
SCHD Sharpe Ratio Rank: 86
SCHD Sortino Ratio Rank: 90
SCHD Omega Ratio Rank: 83
SCHD Calmar Ratio Rank: 93
SCHD Martin Ratio Rank: 81

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. SCHD - 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 Schwab U.S. Dividend Equity ETF (SCHD). 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	SCHD	Difference
Sharpe ratio: Return per unit of total volatility	1.79	2.41	-0.61
Sortino ratio: Return per unit of downside risk	2.25	3.72	-1.47
Omega ratio: Gain probability vs. loss probability	1.30	1.43	-0.13
Calmar ratio: Return relative to maximum drawdown	2.47	5.70	-3.23
Martin ratio: Return relative to average drawdown	10.16	13.97	-3.81

SPXL vs. SCHD - Sharpe Ratio Comparison

The current SPXL Sharpe Ratio is 1.79, which is comparable to the SCHD Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of SPXL and SCHD, 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. SCHD - Drawdown Comparison

The maximum SPXL drawdown since its inception was -76.86%, which is greater than SCHD's maximum drawdown of -33.37%. Use the drawdown chart below to compare losses from any high point for SPXL and SCHD.

Drawdown Indicators

	SPXL	SCHD	Difference
Max Drawdown Largest peak-to-trough decline	-76.86%	-33.37%	-43.49%
Max Drawdown (1Y) Largest decline over 1 year	-26.77%	-4.61%	-22.16%
Max Drawdown (3Y) Largest decline over 3 years	-48.95%	-16.13%	-32.82%
Max Drawdown (5Y) Largest decline over 5 years	-63.80%	-16.85%	-46.95%
Max Drawdown (10Y) Largest decline over 10 years	-76.86%	-33.37%	-43.49%
Current Drawdown Current decline from peak	-7.55%	-0.03%	-7.52%
Average Drawdown Average peak-to-trough decline	-16.11%	-3.31%	-12.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.49%	1.89%	+4.60%

Volatility

SPXL vs. SCHD - Volatility Comparison

Direxion Daily S&P 500 Bull 3X ETF (SPXL) has a higher volatility of 13.20% compared to Schwab U.S. Dividend Equity ETF (SCHD) at 3.05%. This indicates that SPXL's price experiences larger fluctuations and is considered to be riskier than SCHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXL	SCHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.20%	3.05%	+10.15%
Volatility (6M) Calculated over the trailing 6-month period	28.79%	7.53%	+21.26%
Volatility (1Y) Calculated over the trailing 1-year period	36.81%	10.93%	+25.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.44%	14.38%	+36.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.50%	16.72%	+36.78%

SPXL vs. SCHD - Expense Ratio Comparison

SPXL has a 0.84% expense ratio, which is higher than SCHD's 0.06% expense ratio.

Dividends

SPXL vs. SCHD - Dividend Comparison

SPXL's dividend yield for the trailing twelve months is around 0.56%, less than SCHD's 3.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SCHD Schwab U.S. Dividend Equity ETF	3.22%	3.82%	3.64%	3.49%	3.39%	2.78%	3.16%	2.98%	3.06%	2.63%	2.89%	2.97%
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 SCHD in my portfolio?

SPXL and SCHD have a correlation of 0.36, 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 SCHD?

SPXL has higher volatility (13.20%) compared to SCHD (3.05%). In terms of maximum drawdown, SPXL dropped -76.86% vs SCHD's -33.37%.

Which ETF is better, SPXL or SCHD?

On 10-year performance, SPXL leads with 29.90% vs 12.91% for SCHD. On fees, SCHD is cheaper at 0.06% per year. On volatility, SCHD has been the lower-risk option at 3.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXL or SCHD?

Over the 10-year period, SPXL has performed better with a 29.90% return vs 12.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXL or SCHD?

SCHD is cheaper with a 0.06% expense ratio, compared with 0.84% for SPXL.

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

SCHD has the higher dividend yield at 3.22%, compared with 0.56% for SPXL.

What is the main difference between SPXL and SCHD?

SPXL is categorized as Leveraged Equities, while SCHD is Dividend. SPXL tracks S&P 500, while SCHD tracks Dow Jones U.S. Dividend 100 Index. They also come from different issuers: Direxion and Charles Schwab. Their fees differ too: 0.84% for SPXL and 0.06% for SCHD.

Which has better risk-adjusted returns?

SCHD currently has the higher Sharpe Ratio (2.41 vs 1.79), 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.