SPXL vs. SPXC

Last updated Jun 24, 2026

SPXL (Direxion Daily S&P 500 Bull 3X ETF) is Leveraged Equities fund tracking the S&P 500, while SPXC (SPX Corporation) is a stock. Over the past 10 years, SPXL returned 30.27%/yr vs 31.89%/yr for SPXC. A 0.63 correlation means they provide meaningful diversification when combined.

Performance

SPXL vs. SPXC - 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 SPX Corporation (SPXC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with SPXL having a 17.21% return and SPXC slightly higher at 18.00%. Over the past 10 years, SPXL has underperformed SPXC with an annualized return of 30.27%, while SPXC has yielded a comparatively higher 31.89% annualized 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%

SPXC

• 1D: -4.20%
• 1M: 13.60%
• YTD: 18.00%
• 6M: 14.90%
• 1Y: 49.41%
• 3Y*: 42.33%
• 5Y*: 31.77%
• 10Y*: 31.89%

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

SPXL vs. SPXC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXL Direxion Daily S&P 500 Bull 3X ETF	17.21%	31.94%	63.61%	69.49%	-56.55%	98.75%	9.64%	102.80%	-25.11%	71.03%
SPXC SPX Corporation	18.00%	37.48%	44.06%	53.86%	10.00%	9.42%	7.19%	81.65%	-10.77%	32.34%

Correlation

The correlation between SPXL and SPXC is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.59
Correlation (All Time) Calculated using the full available price history since Nov 5, 2008	0.63

The correlation between SPXL and SPXC shifts across timeframes, from 0.52 (1 year) to 0.63 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SPXL vs. SPXC — 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

SPXC

SPXC Risk / Return Rank: 77
SPXC Sharpe Ratio Rank: 80
SPXC Sortino Ratio Rank: 77
SPXC Omega Ratio Rank: 74
SPXC Calmar Ratio Rank: 77
SPXC Martin Ratio Rank: 78

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. SPXC - 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 SPX Corporation (SPXC). 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	SPXC	Difference
Sharpe ratio: Return per unit of total volatility	1.69	1.34	+0.34
Sortino ratio: Return per unit of downside risk	2.15	2.01	+0.14
Omega ratio: Gain probability vs. loss probability	1.28	1.25	+0.04
Calmar ratio: Return relative to maximum drawdown	2.35	2.14	+0.20
Martin ratio: Return relative to average drawdown	9.57	5.48	+4.09

SPXL vs. SPXC - Sharpe Ratio Comparison

The current SPXL Sharpe Ratio is 1.69, which is comparable to the SPXC Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of SPXL and SPXC, 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. SPXC - Drawdown Comparison

The maximum SPXL drawdown since its inception was -76.86%, smaller than the maximum SPXC drawdown of -81.12%. Use the drawdown chart below to compare losses from any high point for SPXL and SPXC.

Drawdown Indicators

	SPXL	SPXC	Difference
Max Drawdown Largest peak-to-trough decline	-76.86%	-81.12%	+4.26%
Max Drawdown (1Y) Largest decline over 1 year	-26.77%	-23.15%	-3.62%
Max Drawdown (3Y) Largest decline over 3 years	-48.95%	-33.54%	-15.41%
Max Drawdown (5Y) Largest decline over 5 years	-63.80%	-38.32%	-25.48%
Max Drawdown (10Y) Largest decline over 10 years	-76.86%	-50.26%	-26.60%
Current Drawdown Current decline from peak	-10.44%	-4.20%	-6.24%
Average Drawdown Average peak-to-trough decline	-16.09%	-28.99%	+12.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.56%	9.04%	-2.48%

Volatility

SPXL vs. SPXC - Volatility Comparison

Direxion Daily S&P 500 Bull 3X ETF (SPXL) has a higher volatility of 14.70% compared to SPX Corporation (SPXC) at 11.64%. This indicates that SPXL's price experiences larger fluctuations and is considered to be riskier than SPXC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXL	SPXC	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.70%	11.64%	+3.06%
Volatility (6M) Calculated over the trailing 6-month period	29.55%	28.03%	+1.52%
Volatility (1Y) Calculated over the trailing 1-year period	37.43%	37.10%	+0.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.54%	35.24%	+15.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.47%	37.38%	+16.09%

Dividends

SPXL vs. SPXC - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPXC SPX Corporation	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	386.22%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPXL and SPXC in my portfolio?

SPXL and SPXC have a correlation of 0.52, 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 SPXC?

SPXL has higher volatility (14.70%) compared to SPXC (11.64%). In terms of maximum drawdown, SPXL dropped -76.86% vs SPXC's -81.12%.

Which has better risk-adjusted returns?

SPXL currently has the higher Sharpe Ratio (1.69 vs 1.34), 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.