SPXL vs. SPYQ

Last updated Apr 2, 2026

Compare and contrast key facts about Direxion Daily S&P 500 Bull 3X Shares (SPXL) and Tradr 2X Long SPY Quarterly ETF (SPYQ).

SPXL and SPYQ 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. SPYQ is an actively managed fund by AXS. It was launched on Sep 30, 2024.

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

SPXL vs. SPYQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPXL Direxion Daily S&P 500 Bull 3X Shares	-14.06%	31.94%	6.08%
SPYQ Tradr 2X Long SPY Quarterly ETF	-8.99%	26.22%	4.76%

Returns By Period

In the year-to-date period, SPXL achieves a -14.06% return, which is significantly lower than SPYQ's -8.99% return.

SPXL

• 1D: 2.30%
• 1M: -13.75%
• YTD: -14.06%
• 6M: -11.40%
• 1Y: 34.55%
• 3Y*: 38.52%
• 5Y*: 17.51%
• 10Y*: 25.61%

SPYQ

• 1D: 1.61%
• 1M: -9.38%
• YTD: -8.99%
• 6M: -6.56%
• 1Y: 27.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPXL vs. SPYQ - Expense Ratio Comparison

SPXL has a 1.02% expense ratio, which is lower than SPYQ's 1.30% expense ratio.

SPYQ

Tradr 2X Long SPY Quarterly ETF

SPXL

Direxion Daily S&P 500 Bull 3X Shares

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: 40
SPXL Sharpe Ratio Rank: 32
SPXL Sortino Ratio Rank: 41
SPXL Omega Ratio Rank: 45
SPXL Calmar Ratio Rank: 40
SPXL Martin Ratio Rank: 44

SPYQ

SPYQ Risk / Return Rank: 45
SPYQ Sharpe Ratio Rank: 36
SPYQ Sortino Ratio Rank: 43
SPYQ Omega Ratio Rank: 48
SPYQ Calmar Ratio Rank: 43
SPYQ Martin Ratio Rank: 53

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 Shares (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	0.64	0.72	-0.08
Sortino ratio Return per unit of downside risk	1.22	1.28	-0.07
Omega ratio Gain probability vs. loss probability	1.18	1.19	-0.01
Calmar ratio Return relative to maximum drawdown	1.07	1.19	-0.12
Martin ratio Return relative to average drawdown	4.25	5.36	-1.10
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 0.64, which is comparable to the SPYQ Sharpe Ratio of 0.72. The chart below compares the historical Sharpe Ratios of SPXL and SPYQ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SPXL	SPYQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.64	0.72	-0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.37	+0.11

Correlation

The correlation between SPXL and SPYQ is 0.99, 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.

Dividends

SPXL vs. SPYQ - Dividend Comparison

SPXL's dividend yield for the trailing twelve months is around 0.78%, more than SPYQ's 0.18% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXL Direxion Daily S&P 500 Bull 3X Shares	0.78%	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	0.18%	0.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

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	-33.42%	-23.97%	-9.45%
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	-18.62%	-12.20%	-6.42%
Average Drawdown Average peak-to-trough decline	-15.85%	-5.24%	-10.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.42%	5.32%	+3.10%

Volatility

SPXL vs. SPYQ - Volatility Comparison

Direxion Daily S&P 500 Bull 3X Shares (SPXL) has a higher volatility of 16.04% compared to Tradr 2X Long SPY Quarterly ETF (SPYQ) at 11.25%. 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	16.04%	11.25%	+4.79%
Volatility (6M) Calculated over the trailing 6-month period	28.52%	19.44%	+9.08%
Volatility (1Y) Calculated over the trailing 1-year period	54.32%	38.66%	+15.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.26%	35.78%	+14.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.36%	35.78%	+17.58%