SPXL vs. SPY
Compare and contrast key facts about Direxion Daily S&P 500 Bull 3X Shares (SPXL) and SPDR S&P 500 ETF (SPY).
SPXL and SPY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPXL is a passively managed fund by Direxion that tracks the performance of the S&P 500 Index (300%). It was launched on Nov 5, 2008. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993. Both SPXL and SPY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: SPXL or SPY.
Key characteristics
| SPXL | SPY | |
|---|---|---|
| YTD Return | 65.10% | 24.40% |
| 1Y Return | 93.38% | 31.86% |
| 3Y Return (Ann) | 7.95% | 9.29% |
| 5Y Return (Ann) | 24.06% | 15.23% |
| 10Y Return (Ann) | 23.93% | 13.04% |
| Sharpe Ratio | 2.59 | 2.64 |
| Sortino Ratio | 2.97 | 3.53 |
| Omega Ratio | 1.41 | 1.49 |
| Calmar Ratio | 2.45 | 3.81 |
| Martin Ratio | 15.50 | 17.21 |
| Ulcer Index | 6.05% | 1.86% |
| Daily Std Dev | 36.21% | 12.15% |
| Max Drawdown | -76.86% | -55.19% |
| Current Drawdown | -6.65% | -2.17% |
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.
Performance
SPXL vs. SPY - Performance Comparison
In the year-to-date period, SPXL achieves a 65.10% return, which is significantly higher than SPY's 24.40% return. Over the past 10 years, SPXL has outperformed SPY with an annualized return of 23.93%, while SPY has yielded a comparatively lower 13.04% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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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.
Risk-Adjusted Performance
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.
Dividends
SPXL vs. SPY - Dividend Comparison
SPXL's dividend yield for the trailing twelve months is around 0.72%, less than SPY's 1.20% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPXL Direxion Daily S&P 500 Bull 3X Shares | 0.72% | 0.98% | 0.33% | 0.11% | 0.22% | 0.84% | 1.02% | 3.88% | 0.00% | 0.00% | 0.00% | 0.00% |
SPY SPDR S&P 500 ETF | 1.20% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% | 1.87% | 1.81% |
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.
Volatility
SPXL vs. SPY - Volatility Comparison
Direxion Daily S&P 500 Bull 3X Shares (SPXL) has a higher volatility of 12.23% compared to SPDR S&P 500 ETF (SPY) at 4.08%. 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.