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

Correlation

The correlation between SPXL and SPY is 1.00, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.


-0.50.00.51.0
Correlation: 1.0

Performance

SPXL vs. SPY - 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 SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

1,000.00%2,000.00%3,000.00%4,000.00%5,000.00%6,000.00%NovemberDecember2025FebruaryMarchApril
3,405.10%
658.63%
SPXL
SPY

Key characteristics

Sharpe Ratio

SPXL:

0.07

SPY:

0.48

Sortino Ratio

SPXL:

0.49

SPY:

0.81

Omega Ratio

SPXL:

1.07

SPY:

1.12

Calmar Ratio

SPXL:

0.08

SPY:

0.51

Martin Ratio

SPXL:

0.29

SPY:

2.13

Ulcer Index

SPXL:

13.28%

SPY:

4.46%

Daily Std Dev

SPXL:

56.96%

SPY:

20.00%

Max Drawdown

SPXL:

-76.86%

SPY:

-55.19%

Current Drawdown

SPXL:

-38.47%

SPY:

-12.38%

Returns By Period

In the year-to-date period, SPXL achieves a -31.11% return, which is significantly lower than SPY's -8.37% return. Over the past 10 years, SPXL has outperformed SPY with an annualized return of 18.25%, while SPY has yielded a comparatively lower 11.67% annualized return.


SPXL

YTD

-31.11%

1M

-24.00%

6M

-29.77%

1Y

-2.23%

5Y*

29.30%

10Y*

18.25%

SPY

YTD

-8.37%

1M

-6.73%

6M

-6.77%

1Y

7.24%

5Y*

15.33%

10Y*

11.67%

*Annualized

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SPXL vs. SPY - Expense Ratio Comparison

SPXL has a 1.02% expense ratio, which is higher than SPY's 0.09% expense ratio.


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%
Expense ratio chart for SPY: current value is 0.09%, compared with the broader market range of 0.00% to 2.12%.0.50%1.00%1.50%2.00%
SPY: 0.09%

Risk-Adjusted Performance

SPXL vs. SPY — 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 4242
Overall Rank
The Sharpe Ratio Rank of SPXL is 3636
Sharpe Ratio Rank
The Sortino Ratio Rank of SPXL is 4949
Sortino Ratio Rank
The Omega Ratio Rank of SPXL is 5151
Omega Ratio Rank
The Calmar Ratio Rank of SPXL is 3838
Calmar Ratio Rank
The Martin Ratio Rank of SPXL is 3737
Martin Ratio Rank

SPY
The Risk-Adjusted Performance Rank of SPY is 6666
Overall Rank
The Sharpe Ratio Rank of SPY is 6363
Sharpe Ratio Rank
The Sortino Ratio Rank of SPY is 6565
Sortino Ratio Rank
The Omega Ratio Rank of SPY is 6767
Omega Ratio Rank
The Calmar Ratio Rank of SPY is 6969
Calmar Ratio Rank
The Martin Ratio Rank of SPY is 6868
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. SPY - 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 SPDR S&P 500 ETF (SPY). 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 0.07, compared to the broader market-1.000.001.002.003.004.00
SPXL: 0.07
SPY: 0.48
The chart of Sortino ratio for SPXL, currently valued at 0.49, compared to the broader market-2.000.002.004.006.008.00
SPXL: 0.49
SPY: 0.81
The chart of Omega ratio for SPXL, currently valued at 1.07, compared to the broader market0.501.001.502.002.50
SPXL: 1.07
SPY: 1.12
The chart of Calmar ratio for SPXL, currently valued at 0.08, compared to the broader market0.002.004.006.008.0010.0012.00
SPXL: 0.08
SPY: 0.51
The chart of Martin ratio for SPXL, currently valued at 0.29, compared to the broader market0.0020.0040.0060.00
SPXL: 0.29
SPY: 2.13

The current SPXL Sharpe Ratio is 0.07, which is lower than the SPY Sharpe Ratio of 0.48. The chart below compares the historical Sharpe Ratios of SPXL and SPY, 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-1.000.001.002.003.004.00NovemberDecember2025FebruaryMarchApril
0.07
0.48
SPXL
SPY

Dividends

SPXL vs. SPY - Dividend Comparison

SPXL's dividend yield for the trailing twelve months is around 1.16%, less than SPY's 1.34% yield.


TTM20242023202220212020201920182017201620152014
SPXL
Direxion Daily S&P 500 Bull 3X Shares
1.16%0.74%0.98%0.33%0.11%0.22%0.84%1.02%3.88%0.00%0.00%0.00%
SPY
SPDR S&P 500 ETF
1.34%1.21%1.40%1.65%1.20%1.52%1.75%2.04%1.80%2.03%2.06%1.87%

Drawdowns

SPXL vs. SPY - Drawdown Comparison

The maximum SPXL drawdown since its inception was -76.86%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SPXL and SPY. For additional features, visit the drawdowns tool.


-50.00%-40.00%-30.00%-20.00%-10.00%0.00%NovemberDecember2025FebruaryMarchApril
-38.47%
-12.38%
SPXL
SPY

Volatility

SPXL vs. SPY - Volatility Comparison

Direxion Daily S&P 500 Bull 3X Shares (SPXL) has a higher volatility of 40.95% compared to SPDR S&P 500 ETF (SPY) at 14.94%. This indicates that SPXL's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.


0.00%10.00%20.00%30.00%40.00%NovemberDecember2025FebruaryMarchApril
40.95%
14.94%
SPXL
SPY