SPXL vs. TYD
SPXL (Direxion Daily S&P 500 Bull 3X ETF) and TYD (Direxion Daily 7-10 Year Treasury Bull 3X) are both exchange-traded funds - SPXL is a Leveraged Equities fund tracking the S&P 500, while TYD is a Leveraged Bonds fund tracking the NYSE 7-10 Year Treasury Bond Index. Both are passively managed. Over the past 10 years, SPXL returned 29.90%/yr vs -5.12%/yr for TYD. At a correlation of -0.20, they often move in opposite directions. SPXL charges 0.84%/yr vs 1.09%/yr for TYD.
Performance
SPXL vs. TYD - Performance Comparison
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Returns By Period
In the year-to-date period, SPXL achieves a 20.98% return, which is significantly higher than TYD's -5.80% return. Over the past 10 years, SPXL has outperformed TYD with an annualized return of 29.90%, while TYD has yielded a comparatively lower -5.12% annualized return.
SPXL
- 1D
- 1.54%
- 1M
- -0.12%
- YTD
- 20.98%
- 6M
- 21.36%
- 1Y
- 71.45%
- 3Y*
- 47.11%
- 5Y*
- 21.80%
- 10Y*
- 29.90%
TYD
- 1D
- -0.33%
- 1M
- 2.41%
- YTD
- -5.80%
- 6M
- -5.59%
- 1Y
- 0.17%
- 3Y*
- -3.95%
- 5Y*
- -13.19%
- 10Y*
- -5.12%
SPXL vs. TYD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXL Direxion Daily S&P 500 Bull 3X ETF | 20.98% | 31.94% | 63.61% | 69.49% | -56.55% | 98.75% | 9.64% | 102.80% | -25.11% | 71.03% |
TYD Direxion Daily 7-10 Year Treasury Bull 3X | -5.80% | 11.68% | -13.89% | -2.87% | -43.32% | -11.36% | 27.62% | 17.88% | 0.76% | 5.64% |
Correlation
The correlation between SPXL and TYD is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.06 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | -0.20 |
The correlation between SPXL and TYD shifts across timeframes, from -0.20 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SPXL vs. TYD — Risk / Return Rank
SPXL
TYD
SPXL vs. TYD - 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 Direxion Daily 7-10 Year Treasury Bull 3X (TYD). 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 | TYD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.87 | ||
| Sortino ratioReturn per unit of downside risk | +2.27 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.00 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 2.47 | -0.08 | +2.55 |
| Martin ratioReturn relative to average drawdown | 10.16 | -0.20 | +10.36 |
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Drawdowns
SPXL vs. TYD - Drawdown Comparison
The maximum SPXL drawdown since its inception was -76.86%, which is greater than TYD's maximum drawdown of -64.28%. Use the drawdown chart below to compare losses from any high point for SPXL and TYD.
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Drawdown Indicators
| SPXL | TYD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.86% | -64.28% | -12.58% |
Max Drawdown (1Y)Largest decline over 1 year | -26.77% | -13.54% | -13.23% |
Max Drawdown (3Y)Largest decline over 3 years | -48.95% | -24.62% | -24.33% |
Max Drawdown (5Y)Largest decline over 5 years | -63.80% | -59.84% | -3.96% |
Max Drawdown (10Y)Largest decline over 10 years | -76.86% | -64.28% | -12.58% |
Current DrawdownCurrent decline from peak | -7.55% | -59.06% | +51.51% |
Average DrawdownAverage peak-to-trough decline | -16.11% | -22.00% | +5.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.49% | 5.30% | +1.19% |
Volatility
SPXL vs. TYD - Volatility Comparison
Direxion Daily S&P 500 Bull 3X ETF (SPXL) has a higher volatility of 13.20% compared to Direxion Daily 7-10 Year Treasury Bull 3X (TYD) at 4.49%. This indicates that SPXL's price experiences larger fluctuations and is considered to be riskier than TYD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPXL | TYD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.20% | 4.49% | +8.71% |
Volatility (6M)Calculated over the trailing 6-month period | 28.79% | 9.76% | +19.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.81% | 13.86% | +22.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.44% | 22.97% | +27.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.50% | 20.36% | +33.14% |
SPXL vs. TYD - Expense Ratio Comparison
SPXL has a 0.84% expense ratio, which is lower than TYD's 1.09% expense ratio.
Dividends
SPXL vs. TYD - Dividend Comparison
SPXL's dividend yield for the trailing twelve months is around 0.56%, less than TYD's 3.22% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPXL Direxion Daily S&P 500 Bull 3X ETF | 0.56% | 0.69% | 0.74% | 0.98% | 0.32% | 0.11% | 0.22% | 0.84% | 1.02% | 3.88% | 0.00% | 0.00% |
TYD Direxion Daily 7-10 Year Treasury Bull 3X | 3.22% | 2.97% | 3.10% | 2.71% | 0.55% | 0.00% | 9.80% | 0.92% | 1.10% | 0.01% | 6.84% | 1.65% |
Frequently Asked Questions
SPXL and TYD have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXL has higher volatility (13.20%) compared to TYD (4.49%). In terms of maximum drawdown, SPXL dropped -76.86% vs TYD's -64.28%.
On 10-year performance, SPXL leads with 29.90% vs -5.12% for TYD. On fees, SPXL is cheaper at 0.84% per year. On volatility, TYD has been the lower-risk option at 4.49%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPXL has performed better with a 29.90% return vs -5.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXL is cheaper with a 0.84% expense ratio, compared with 1.09% for TYD.
TYD has the higher dividend yield at 3.22%, compared with 0.56% for SPXL.
SPXL is categorized as Leveraged Equities, while TYD is Leveraged Bonds. SPXL tracks S&P 500, while TYD tracks NYSE 7-10 Year Treasury Bond Index. Their fees differ too: 0.84% for SPXL and 1.09% for TYD.
SPXL currently has the higher Sharpe Ratio (1.79 vs -0.08), 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.
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