SPXL vs. SPXE

Last updated Jul 14, 2026

SPXL (Direxion Daily S&P 500 Bull 3X ETF) and SPXE (ProShares S&P 500 Ex-Energy ETF) are both exchange-traded funds - SPXL is a Leveraged Equities fund tracking the S&P 500, while SPXE is a S&P 500 fund tracking the S&P 500 Ex-Energy Index. Both are passively managed. With a 1.00 correlation, they move nearly in lockstep. SPXL charges 0.84%/yr vs 0.09%/yr for SPXE.

Performance

SPXL vs. SPXE - 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 ProShares S&P 500 Ex-Energy ETF (SPXE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPXL

• 1D: -2.31%
• 1M: 2.62%
• 6M: 17.57%
• YTD: 24.15%
• 1Y: 54.60%
• 3Y*: 44.34%
• 5Y*: 20.30%
• 10Y*: 28.76%

SPXE

• 1D: -0.87%
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPXL vs. SPXE - Yearly Performance Comparison

	2026 (YTD)
SPXL Direxion Daily S&P 500 Bull 3X ETF	-1.11%
SPXE ProShares S&P 500 Ex-Energy ETF	-0.77%

Correlation

The correlation between SPXL and SPXE is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 10, 2026	1.00

SPXL vs. SPXE - Sectors Allocation Comparison

Sectors	SPXL	SPXE
Technology	39.0%	38.6%
Financial Services	11.1%	12.4%
Communication Services	10.6%	10.1%
Consumer Cyclical	9.9%	9.7%
Healthcare	8.3%	9.5%
Industrials	7.8%	8.1%
Consumer Defensive	4.5%	4.8%
Energy	3.1%	0.0%
Utilities	2.1%	2.8%
Real Estate	1.8%	1.9%
Basic Materials	1.7%	1.9%

Return for Risk

SPXL vs. SPXE — Risk / Return Rank

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

SPXL

SPXL Risk / Return Rank: 52
SPXL Sharpe Ratio Rank: 53
SPXL Sortino Ratio Rank: 49
SPXL Omega Ratio Rank: 50
SPXL Calmar Ratio Rank: 51
SPXL Martin Ratio Rank: 59

SPXE

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. SPXE - 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 ProShares S&P 500 Ex-Energy ETF (SPXE). 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	SPXE	Difference
Sharpe ratio: Return per unit of total volatility	1.46	—	—
Sortino ratio: Return per unit of downside risk	1.96	—	—
Omega ratio: Gain probability vs. loss probability	1.25	—	—
Calmar ratio: Return relative to maximum drawdown	2.05	—	—
Martin ratio: Return relative to average drawdown	8.10	—	—

Drawdowns

SPXL vs. SPXE - Drawdown Comparison

The maximum SPXL drawdown since its inception was -76.86%, which is greater than SPXE's maximum drawdown of -0.87%. Use the drawdown chart below to compare losses from any high point for SPXL and SPXE.

Drawdown Indicators

	SPXL	SPXE	Difference
Max Drawdown Largest peak-to-trough decline	-76.86%	-0.87%	-75.99%
Max Drawdown (1Y) Largest decline over 1 year	-26.77%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-48.95%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-63.80%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-76.86%	—	—
Current Drawdown Current decline from peak	-5.13%	-0.87%	-4.26%
Average Drawdown Average peak-to-trough decline	-16.07%	-0.44%	-15.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.76%	—	—

Volatility

Volatility by Period

	SPXL	SPXE	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.75%	—	—
Volatility (6M) Calculated over the trailing 6-month period	30.07%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	37.72%	10.97%	+26.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.60%	10.97%	+39.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.40%	10.97%	+42.43%

SPXL vs. SPXE - Expense Ratio Comparison

SPXL has a 0.84% expense ratio, which is higher than SPXE's 0.09% expense ratio.

Dividends

SPXL vs. SPXE - Dividend Comparison

SPXL's dividend yield for the trailing twelve months is around 0.52%, while SPXE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXE ProShares S&P 500 Ex-Energy 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	0.52%	0.69%	0.74%	0.98%	0.32%	0.11%	0.22%	0.84%	1.02%	3.88%

Frequently Asked Questions

Can I hold both SPXL and SPXE in my portfolio?

With a correlation of 1.00, SPXL and SPXE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, SPXL or SPXE?

On fees, SPXE is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPXL or SPXE?

SPXE is cheaper with a 0.09% expense ratio, compared with 0.84% for SPXL.

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

SPXL has the higher dividend yield at 0.52%, compared with 0.00% for SPXE.

What is the main difference between SPXL and SPXE?

SPXL is categorized as Leveraged Equities, while SPXE is S&P 500. SPXL tracks S&P 500, while SPXE tracks S&P 500 Ex-Energy Index. They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.84% for SPXL and 0.09% for SPXE.