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SPXL vs. SPXS
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

Correlation

The correlation between SPXL and SPXS is -1.00. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.


-0.50.00.51.0
Correlation: -1.0

Performance

SPXL vs. SPXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily S&P 500 Bull 3X Shares (SPXL) and Direxion Daily S&P 500 Bear 3X Shares (SPXS). The values are adjusted to include any dividend payments, if applicable.

0.00%1,000.00%2,000.00%3,000.00%4,000.00%5,000.00%6,000.00%NovemberDecember2025FebruaryMarchApril
3,622.05%
-99.99%
SPXL
SPXS

Key characteristics

Sharpe Ratio

SPXL:

0.13

SPXS:

-0.51

Sortino Ratio

SPXL:

0.58

SPXS:

-0.42

Omega Ratio

SPXL:

1.08

SPXS:

0.94

Calmar Ratio

SPXL:

0.15

SPXS:

-0.29

Martin Ratio

SPXL:

0.55

SPXS:

-0.99

Ulcer Index

SPXL:

13.46%

SPXS:

29.54%

Daily Std Dev

SPXL:

57.18%

SPXS:

57.65%

Max Drawdown

SPXL:

-76.86%

SPXS:

-100.00%

Current Drawdown

SPXL:

-34.66%

SPXS:

-99.99%

Returns By Period

In the year-to-date period, SPXL achieves a -26.85% return, which is significantly lower than SPXS's 9.98% return. Over the past 10 years, SPXL has outperformed SPXS with an annualized return of 19.12%, while SPXS has yielded a comparatively lower -37.99% annualized return.


SPXL

YTD

-26.85%

1M

-19.87%

6M

-25.89%

1Y

3.96%

5Y*

30.84%

10Y*

19.12%

SPXS

YTD

9.98%

1M

4.28%

6M

6.97%

1Y

-26.62%

5Y*

-41.61%

10Y*

-37.99%

*Annualized

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SPXL vs. SPXS - Expense Ratio Comparison

SPXL has a 1.02% expense ratio, which is lower than SPXS's 1.08% expense ratio.


Expense ratio chart for SPXS: current value is 1.08%, compared with the broader market range of 0.00% to 2.12%.0.50%1.00%1.50%2.00%
SPXS: 1.08%
Expense ratio chart for SPXL: current value is 1.02%, compared with the broader market range of 0.00% to 2.12%.0.50%1.00%1.50%2.00%
SPXL: 1.02%

Risk-Adjusted Performance

SPXL vs. SPXS — Risk-Adjusted Performance Rank

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

SPXL
The Risk-Adjusted Performance Rank of SPXL is 4040
Overall Rank
The Sharpe Ratio Rank of SPXL is 3333
Sharpe Ratio Rank
The Sortino Ratio Rank of SPXL is 4747
Sortino Ratio Rank
The Omega Ratio Rank of SPXL is 4949
Omega Ratio Rank
The Calmar Ratio Rank of SPXL is 3737
Calmar Ratio Rank
The Martin Ratio Rank of SPXL is 3535
Martin Ratio Rank

SPXS
The Risk-Adjusted Performance Rank of SPXS is 77
Overall Rank
The Sharpe Ratio Rank of SPXS is 55
Sharpe Ratio Rank
The Sortino Ratio Rank of SPXS is 77
Sortino Ratio Rank
The Omega Ratio Rank of SPXS is 77
Omega Ratio Rank
The Calmar Ratio Rank of SPXS is 77
Calmar Ratio Rank
The Martin Ratio Rank of SPXS is 77
Martin Ratio Rank
The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.

SPXL vs. SPXS - Risk-Adjusted Performance Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bull 3X Shares (SPXL) and Direxion Daily S&P 500 Bear 3X Shares (SPXS). 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.


The chart of Sharpe ratio for SPXL, currently valued at 0.13, compared to the broader market-1.000.001.002.003.004.00
SPXL: 0.13
SPXS: -0.51
The chart of Sortino ratio for SPXL, currently valued at 0.58, compared to the broader market-2.000.002.004.006.008.00
SPXL: 0.58
SPXS: -0.42
The chart of Omega ratio for SPXL, currently valued at 1.08, compared to the broader market0.501.001.502.00
SPXL: 1.08
SPXS: 0.94
The chart of Calmar ratio for SPXL, currently valued at 0.15, compared to the broader market0.002.004.006.008.0010.0012.00
SPXL: 0.15
SPXS: -0.29
The chart of Martin ratio for SPXL, currently valued at 0.55, compared to the broader market0.0020.0040.0060.00
SPXL: 0.55
SPXS: -0.99

The current SPXL Sharpe Ratio is 0.13, which is higher than the SPXS Sharpe Ratio of -0.51. The chart below compares the historical Sharpe Ratios of SPXL and SPXS, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.


Rolling 12-month Sharpe Ratio-2.00-1.000.001.002.003.004.00NovemberDecember2025FebruaryMarchApril
0.13
-0.51
SPXL
SPXS

Dividends

SPXL vs. SPXS - Dividend Comparison

SPXL's dividend yield for the trailing twelve months is around 1.09%, less than SPXS's 4.91% yield.


TTM20242023202220212020201920182017
SPXL
Direxion Daily S&P 500 Bull 3X Shares
1.09%0.74%0.98%0.33%0.11%0.22%0.84%1.02%3.88%
SPXS
Direxion Daily S&P 500 Bear 3X Shares
4.91%6.18%5.66%0.00%0.00%0.51%1.74%0.58%0.00%

Drawdowns

SPXL vs. SPXS - Drawdown Comparison

The maximum SPXL drawdown since its inception was -76.86%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SPXL and SPXS. For additional features, visit the drawdowns tool.


-100.00%-80.00%-60.00%-40.00%-20.00%0.00%NovemberDecember2025FebruaryMarchApril
-34.66%
-99.99%
SPXL
SPXS

Volatility

SPXL vs. SPXS - Volatility Comparison

The current volatility for Direxion Daily S&P 500 Bull 3X Shares (SPXL) is 41.56%, while Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a volatility of 45.32%. This indicates that SPXL experiences smaller price fluctuations and is considered to be less risky than SPXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.


10.00%20.00%30.00%40.00%50.00%NovemberDecember2025FebruaryMarchApril
41.56%
45.32%
SPXL
SPXS