SPXL vs. SPXU

Last updated Jun 24, 2026

SPXL (Direxion Daily S&P 500 Bull 3X ETF) and SPXU (ProShares UltraPro Short S&P500) are both exchange-traded funds - SPXL is a Leveraged Equities fund tracking the S&P 500, while SPXU is a S&P 500 fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, SPXL returned 30.27%/yr vs -41.98%/yr for SPXU. At a correlation of -1.00, they often move in opposite directions. SPXL charges 0.84%/yr vs 0.90%/yr for SPXU.

Performance

SPXL vs. SPXU - 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 UltraPro Short S&P500 (SPXU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPXL achieves a 17.21% return, which is significantly higher than SPXU's -20.19% return. Over the past 10 years, SPXL has outperformed SPXU with an annualized return of 30.27%, while SPXU has yielded a comparatively lower -41.98% 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%

SPXU

• 1D: 4.24%
• 1M: 3.93%
• YTD: -20.19%
• 6M: -17.81%
• 1Y: -43.92%
• 3Y*: -40.85%
• 5Y*: -33.55%
• 10Y*: -41.98%

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

SPXL vs. SPXU - 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%
SPXU ProShares UltraPro Short S&P500	-20.19%	-41.73%	-43.31%	-46.02%	36.05%	-57.94%	-70.39%	-56.27%	3.97%	-44.23%

Correlation

The correlation between SPXL and SPXU is -1.00, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-1.00
Correlation (3Y) Calculated over the trailing 3-year period	-1.00
Correlation (5Y) Calculated over the trailing 5-year period	-1.00
Correlation (10Y) Calculated over the trailing 10-year period	-1.00
Correlation (All Time) Calculated using the full available price history since Jun 25, 2009	-1.00

The correlation between SPXL and SPXU has been stable across timeframes, ranging from -1.00 to -1.00 - a consistent structural relationship.

SPXL vs. SPXU - Sectors Allocation Comparison

Sectors	SPXL	SPXU
Technology	39.0%	-
Financial Services	11.1%	82.5%
Communication Services	10.6%	-
Consumer Cyclical	9.9%	-
Healthcare	8.3%	-
Industrials	7.8%	-
Consumer Defensive	4.5%	-
Energy	3.1%	-
Utilities	2.1%	-
Real Estate	1.8%	-
Basic Materials	1.7%	-

Return for Risk

SPXL vs. SPXU — 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

SPXU

SPXU Risk / Return Rank: 1
SPXU Sharpe Ratio Rank: 1
SPXU Sortino Ratio Rank: 1
SPXU Omega Ratio Rank: 1
SPXU Calmar Ratio Rank: 1
SPXU Martin Ratio Rank: 1

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. SPXU - 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 UltraPro Short S&P500 (SPXU). 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	SPXU	Difference
Sharpe ratio: Return per unit of total volatility	1.69	-1.18	+2.87
Sortino ratio: Return per unit of downside risk	2.15	-1.90	+4.05
Omega ratio: Gain probability vs. loss probability	1.28	0.79	+0.49
Calmar ratio: Return relative to maximum drawdown	2.35	-0.94	+3.28
Martin ratio: Return relative to average drawdown	9.57	-1.61	+11.18

SPXL vs. SPXU - Sharpe Ratio Comparison

The current SPXL Sharpe Ratio is 1.69, which is higher than the SPXU Sharpe Ratio of -1.18. The chart below compares the historical Sharpe Ratios of SPXL and SPXU, 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. SPXU - Drawdown Comparison

The maximum SPXL drawdown since its inception was -76.86%, smaller than the maximum SPXU drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for SPXL and SPXU.

Drawdown Indicators

	SPXL	SPXU	Difference
Max Drawdown Largest peak-to-trough decline	-76.86%	-99.99%	+23.13%
Max Drawdown (1Y) Largest decline over 1 year	-26.77%	-47.11%	+20.34%
Max Drawdown (3Y) Largest decline over 3 years	-48.95%	-84.36%	+35.41%
Max Drawdown (5Y) Largest decline over 5 years	-63.80%	-90.23%	+26.43%
Max Drawdown (10Y) Largest decline over 10 years	-76.86%	-99.63%	+22.77%
Current Drawdown Current decline from peak	-10.44%	-99.99%	+89.55%
Average Drawdown Average peak-to-trough decline	-16.09%	-93.33%	+77.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.56%	29.37%	-22.81%

Volatility

SPXL vs. SPXU - Volatility Comparison

Direxion Daily S&P 500 Bull 3X ETF (SPXL) and ProShares UltraPro Short S&P500 (SPXU) have volatilities of 14.70% and 14.32%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXL	SPXU	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.70%	14.32%	+0.38%
Volatility (6M) Calculated over the trailing 6-month period	29.55%	29.53%	+0.02%
Volatility (1Y) Calculated over the trailing 1-year period	37.43%	37.35%	+0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.54%	50.62%	-0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.47%	53.43%	+0.04%

SPXL vs. SPXU - Expense Ratio Comparison

SPXL has a 0.84% expense ratio, which is lower than SPXU's 0.90% expense ratio.

Dividends

SPXL vs. SPXU - Dividend Comparison

SPXL's dividend yield for the trailing twelve months is around 0.57%, less than SPXU's 7.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
SPXU ProShares UltraPro Short S&P500	7.35%	7.02%	9.53%	7.06%	0.39%	0.00%	0.70%	2.14%	1.41%	0.10%

Frequently Asked Questions

Can I hold both SPXL and SPXU in my portfolio?

SPXL and SPXU have a correlation of -1.00, 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 SPXU?

SPXL has higher volatility (14.70%) compared to SPXU (14.32%). In terms of maximum drawdown, SPXL dropped -76.86% vs SPXU's -99.99%.

Which ETF is better, SPXL or SPXU?

On 10-year performance, SPXL leads with 30.27% vs -41.98% for SPXU. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXU has been the lower-risk option at 14.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXL or SPXU?

Over the 10-year period, SPXL has performed better with a 30.27% return vs -41.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXL or SPXU?

SPXL is cheaper with a 0.84% expense ratio, compared with 0.90% for SPXU.

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

SPXU has the higher dividend yield at 7.35%, compared with 0.57% for SPXL.

What is the main difference between SPXL and SPXU?

SPXL is categorized as Leveraged Equities, while SPXU is S&P 500. SPXL tracks S&P 500, while SPXU tracks S&P 500 Index (-300%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.84% for SPXL and 0.90% for SPXU.

Which has better risk-adjusted returns?

SPXL currently has the higher Sharpe Ratio (1.69 vs -1.18), 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.