SPXL vs. SPYQ

Last updated Jun 4, 2026

SPXL (Direxion Daily S&P 500 Bull 3X ETF) and SPYQ (Tradr 2X Long SPY Quarterly ETF) are both Leveraged Equities funds. SPXL is passively managed, while SPYQ is actively managed. Over the past year, SPXL returned 81.54% vs 48.01% for SPYQ. With a 0.99 correlation, they move nearly in lockstep. SPXL charges 0.84%/yr vs 1.30%/yr for SPYQ.

Performance

SPXL vs. SPYQ - 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 Tradr 2X Long SPY Quarterly ETF (SPYQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPXL achieves a 28.14% return, which is significantly higher than SPYQ's 17.27% return.

SPXL

• 1D: -2.08%
• 1M: 14.77%
• YTD: 28.14%
• 6M: 26.88%
• 1Y: 81.54%
• 3Y*: 52.83%
• 5Y*: 23.51%
• 10Y*: 30.20%

SPYQ

• 1D: -1.31%
• 1M: 8.90%
• YTD: 17.27%
• 6M: 16.66%
• 1Y: 48.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPXL vs. SPYQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPXL Direxion Daily S&P 500 Bull 3X ETF	28.14%	31.94%	6.08%
SPYQ Tradr 2X Long SPY Quarterly ETF	17.27%	26.22%	4.76%

Correlation

The correlation between SPXL and SPYQ is 0.99 - 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 (1Y) Calculated over the trailing 1-year period	0.99
Correlation (All Time) Calculated using the full available price history since Oct 2, 2024	0.99

The correlation between SPXL and SPYQ has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.

Return for Risk

SPXL vs. SPYQ — Risk / Return Rank

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

SPXL

SPXL Risk / Return Rank: 63
SPXL Sharpe Ratio Rank: 69
SPXL Sortino Ratio Rank: 57
SPXL Omega Ratio Rank: 58
SPXL Calmar Ratio Rank: 60
SPXL Martin Ratio Rank: 68

SPYQ

SPYQ Risk / Return Rank: 57
SPYQ Sharpe Ratio Rank: 59
SPYQ Sortino Ratio Rank: 54
SPYQ Omega Ratio Rank: 56
SPYQ Calmar Ratio Rank: 52
SPYQ Martin Ratio Rank: 64

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. SPYQ - 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 Tradr 2X Long SPY Quarterly ETF (SPYQ). 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.

	SPXL	SPYQ	Difference
Sharpe ratio: Return per unit of total volatility	2.32	2.03	+0.29
Sortino ratio: Return per unit of downside risk	2.78	2.64	+0.13
Omega ratio: Gain probability vs. loss probability	1.37	1.35	+0.02
Calmar ratio: Return relative to maximum drawdown	3.06	2.58	+0.48
Martin ratio: Return relative to average drawdown	12.94	11.57	+1.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPXL vs. SPYQ - Sharpe Ratio Comparison

The current SPXL Sharpe Ratio is 2.32, which is comparable to the SPYQ Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of SPXL and SPYQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPXL	SPYQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.32	2.03	+0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.88	-0.35

Drawdowns

SPXL vs. SPYQ - Drawdown Comparison

The maximum SPXL drawdown since its inception was -76.86%, which is greater than SPYQ's maximum drawdown of -35.88%. Use the drawdown chart below to compare losses from any high point for SPXL and SPYQ.

Drawdown Indicators

	SPXL	SPYQ	Difference
Max Drawdown Largest peak-to-trough decline	-76.86%	-35.88%	-40.98%
Max Drawdown (1Y) Largest decline over 1 year	-26.77%	-18.70%	-8.07%
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	-2.08%	-1.31%	-0.77%
Average Drawdown Average peak-to-trough decline	-15.72%	-4.89%	-10.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.32%	4.16%	+2.16%

Volatility

SPXL vs. SPYQ - Volatility Comparison

Direxion Daily S&P 500 Bull 3X ETF (SPXL) has a higher volatility of 8.49% compared to Tradr 2X Long SPY Quarterly ETF (SPYQ) at 5.24%. This indicates that SPXL's price experiences larger fluctuations and is considered to be riskier than SPYQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXL	SPYQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.49%	5.24%	+3.25%
Volatility (6M) Calculated over the trailing 6-month period	26.67%	18.11%	+8.56%
Volatility (1Y) Calculated over the trailing 1-year period	35.39%	23.77%	+11.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.24%	34.61%	+15.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.42%	34.61%	+18.81%

SPXL vs. SPYQ - Expense Ratio Comparison

SPXL has a 0.84% expense ratio, which is lower than SPYQ's 1.30% expense ratio.

Dividends

SPXL vs. SPYQ - Dividend Comparison

SPXL's dividend yield for the trailing twelve months is around 0.52%, more than SPYQ's 0.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
SPYQ Tradr 2X Long SPY Quarterly ETF	0.14%	0.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPXL and SPYQ in my portfolio?

With a correlation of 0.99, SPXL and SPYQ 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 is riskier, SPXL or SPYQ?

SPXL has higher volatility (8.49%) compared to SPYQ (5.24%). In terms of maximum drawdown, SPXL dropped -76.86% vs SPYQ's -35.88%.

Which ETF is better, SPXL or SPYQ?

On 1-year performance, SPXL leads with 81.54% vs 48.01% for SPYQ. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPYQ has been the lower-risk option at 5.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXL or SPYQ?

Over the 1-year period, SPXL has performed better with a 81.54% return vs 48.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXL or SPYQ?

SPXL is cheaper with a 0.84% expense ratio, compared with 1.30% for SPYQ.

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

SPXL has the higher dividend yield at 0.52%, compared with 0.14% for SPYQ.

What is the main difference between SPXL and SPYQ?

They also come from different issuers: Direxion and AXS. Their fees differ too: 0.84% for SPXL and 1.30% for SPYQ.

Which has better risk-adjusted returns?

SPXL currently has the higher Sharpe Ratio (2.32 vs 2.03), 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.