SPXL vs. SIVR
SPXL (Direxion Daily S&P 500 Bull 3X ETF) and SIVR (abrdn Physical Silver Shares ETF) are both exchange-traded funds - SPXL is a Leveraged Equities fund tracking the S&P 500, while SIVR is a Silver fund tracking the LBMA Silver Price ($/ozt). Both are passively managed. Over the past 10 years, SPXL returned 29.42%/yr vs 14.30%/yr for SIVR. At a 0.21 correlation, their price movements are largely independent. SPXL charges 0.84%/yr vs 0.30%/yr for SIVR.
Performance
SPXL vs. SIVR - Performance Comparison
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Returns By Period
In the year-to-date period, SPXL achieves a 20.19% return, which is significantly higher than SIVR's -4.36% return. Over the past 10 years, SPXL has outperformed SIVR with an annualized return of 29.42%, while SIVR has yielded a comparatively lower 14.30% 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%
SIVR
- 1D
- 0.02%
- 1M
- -15.70%
- YTD
- -4.36%
- 6M
- 16.92%
- 1Y
- 88.66%
- 3Y*
- 40.57%
- 5Y*
- 19.25%
- 10Y*
- 14.30%
SPXL vs. SIVR - 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% |
SIVR abrdn Physical Silver Shares ETF | -4.36% | 145.34% | 21.08% | -0.91% | 2.59% | -12.33% | 47.52% | 15.17% | -8.96% | 5.97% |
Correlation
The correlation between SPXL and SIVR is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Jul 27, 2009 | 0.21 |
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Return for Risk
SPXL vs. SIVR — Risk / Return Rank
SPXL
SIVR
SPXL vs. SIVR - 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 abrdn Physical Silver Shares ETF (SIVR). 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 | SIVR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.39 | ||
| Sortino ratioReturn per unit of downside risk | +0.54 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.30 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.56 | 2.10 | +0.46 |
| Martin ratioReturn relative to average drawdown | 10.74 | 4.42 | +6.32 |
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 | SIVR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.89 | 1.50 | +0.39 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.44 | 0.53 | -0.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.55 | 0.45 | +0.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.52 | 0.30 | +0.22 |
Drawdowns
SPXL vs. SIVR - Drawdown Comparison
The maximum SPXL drawdown since its inception was -76.86%, roughly equal to the maximum SIVR drawdown of -75.85%. Use the drawdown chart below to compare losses from any high point for SPXL and SIVR.
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Drawdown Indicators
| SPXL | SIVR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.86% | -75.85% | -1.01% |
Max Drawdown (1Y)Largest decline over 1 year | -26.77% | -42.42% | +15.65% |
Max Drawdown (3Y)Largest decline over 3 years | -48.95% | -42.42% | -6.53% |
Max Drawdown (5Y)Largest decline over 5 years | -63.80% | -42.42% | -21.38% |
Max Drawdown (10Y)Largest decline over 10 years | -76.86% | -42.42% | -34.44% |
Current DrawdownCurrent decline from peak | -8.16% | -41.65% | +33.49% |
Average DrawdownAverage peak-to-trough decline | -15.72% | -47.85% | +32.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.37% | 20.12% | -13.75% |
Volatility
SPXL vs. SIVR - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bull 3X ETF (SPXL) is 11.41%, while abrdn Physical Silver Shares ETF (SIVR) has a volatility of 16.89%. This indicates that SPXL experiences smaller price fluctuations and is considered to be less risky than SIVR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPXL | SIVR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.41% | 16.89% | -5.48% |
Volatility (6M)Calculated over the trailing 6-month period | 27.97% | 58.88% | -30.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.23% | 59.47% | -23.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.36% | 36.35% | +14.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.49% | 31.96% | +21.53% |
SPXL vs. SIVR - Expense Ratio Comparison
SPXL has a 0.84% expense ratio, which is higher than SIVR's 0.30% expense ratio.
Dividends
SPXL vs. SIVR - Dividend Comparison
SPXL's dividend yield for the trailing twelve months is around 0.56%, while SIVR has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SIVR abrdn Physical Silver Shares 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 | 0.56% | 0.69% | 0.74% | 0.98% | 0.32% | 0.11% | 0.22% | 0.84% | 1.02% | 3.88% |
Frequently Asked Questions
SPXL and SIVR have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SIVR has higher volatility (16.89%) compared to SPXL (11.41%). In terms of maximum drawdown, SPXL dropped -76.86% vs SIVR's -75.85%.
On 10-year performance, SPXL leads with 29.42% vs 14.30% for SIVR. On fees, SIVR is cheaper at 0.30% per year. On volatility, SPXL has been the lower-risk option at 11.41%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPXL has performed better with a 29.42% return vs 14.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SIVR is cheaper with a 0.30% expense ratio, compared with 0.84% for SPXL.
SPXL has the higher dividend yield at 0.56%, compared with 0.00% for SIVR.
SPXL is categorized as Leveraged Equities, while SIVR is Silver. SPXL tracks S&P 500, while SIVR tracks LBMA Silver Price ($/ozt). They also come from different issuers: Direxion and abrdn. Their fees differ too: 0.84% for SPXL and 0.30% for SIVR.
SPXL currently has the higher Sharpe Ratio (1.89 vs 1.50), 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.
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