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SPXL vs. VOO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPXL vs. VOO

Last updated Jun 21, 2026

SPXL (Direxion Daily S&P 500 Bull 3X ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - SPXL is a Leveraged Equities fund tracking the S&P 500, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, SPXL returned 30.05%/yr vs 15.55%/yr for VOO. With a 1.00 correlation, they move nearly in lockstep. SPXL charges 0.84%/yr vs 0.03%/yr for VOO.

Performance

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

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Returns By Period

In the year-to-date period, SPXL achieves a 23.87% return, which is significantly higher than VOO's 10.07% return. Over the past 10 years, SPXL has outperformed VOO with an annualized return of 30.05%, while VOO has yielded a comparatively lower 15.55% annualized return.

SPXL

1D
2.89%
1M
-0.17%
YTD
23.87%
6M
24.20%
1Y
77.22%
3Y*
46.89%
5Y*
23.80%
10Y*
30.05%

VOO

1D
0.98%
1M
0.37%
YTD
10.07%
6M
10.31%
1Y
27.14%
3Y*
20.91%
5Y*
14.06%
10Y*
15.55%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPXL vs. VOO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPXL
Direxion Daily S&P 500 Bull 3X ETF		23.87%31.94%63.61%69.49%-56.55%98.75%9.64%102.80%-25.11%71.03%
VOO
Vanguard S&P 500 ETF		10.07%17.82%24.98%26.32%-18.17%28.79%18.32%31.37%-4.50%21.77%

Correlation

The correlation between SPXL and VOO is 1.00 - 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

1.00

Correlation (3Y)
Calculated over the trailing 3-year period

1.00

Correlation (5Y)
Calculated over the trailing 5-year period

1.00

Correlation (10Y)
Calculated over the trailing 10-year period

1.00

Correlation (All Time)
Calculated using the full available price history since Sep 9, 2010

1.00

The correlation between SPXL and VOO has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

SPXL vs. VOO - Sectors Allocation Comparison

Sectors
SPXL
VOO

Technology

39.0%
39.1%

Financial Services

11.1%
10.9%

Communication Services

10.6%
10.5%

Consumer Cyclical

9.9%
9.8%

Healthcare

8.3%
8.3%

Industrials

7.8%
7.6%

Consumer Defensive

4.5%
4.5%

Energy

3.1%
3.2%

Utilities

2.1%
2.5%

Real Estate

1.8%
1.8%

Basic Materials

1.7%
1.7%

Technology

SPXL
39.0%
VOO
39.1%

Financial Services

SPXL
11.1%
VOO
10.9%

Communication Services

SPXL
10.6%
VOO
10.5%

Consumer Cyclical

SPXL
9.9%
VOO
9.8%

Healthcare

SPXL
8.3%
VOO
8.3%

Industrials

SPXL
7.8%
VOO
7.6%

Consumer Defensive

SPXL
4.5%
VOO
4.5%

Energy

SPXL
3.1%
VOO
3.2%

Utilities

SPXL
2.1%
VOO
2.5%

Real Estate

SPXL
1.8%
VOO
1.8%

Basic Materials

SPXL
1.7%
VOO
1.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Direxion Daily S&P 500 Bull 3X ETF

Vanguard S&P 500 ETF

Often compared with SPXL:
SPXL vs. TQQQSPXL vs. SPYSPXL vs. UPROSPXL vs. SSOSPXL vs. SPXSSPXL vs. SPXUSPXL vs. SPUU
Often compared with VOO:
VOO vs. VTIVOO vs. QQQVOO vs. SCHDVOO vs. VTVOO vs. SPYVOO vs. FXAIXVOO vs. VGT

Return for Risk

SPXL vs. VOO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPXL
SPXL Risk / Return Rank: 6060
Overall Rank
SPXL Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
SPXL Sortino Ratio Rank: 5454
Sortino Ratio Rank
SPXL Omega Ratio Rank: 5656
Omega Ratio Rank
SPXL Calmar Ratio Rank: 6060
Calmar Ratio Rank
SPXL Martin Ratio Rank: 6666
Martin Ratio Rank
VOO
VOO Risk / Return Rank: 7070
Overall Rank
VOO Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
VOO Sortino Ratio Rank: 6868
Sortino Ratio Rank
VOO Omega Ratio Rank: 7171
Omega Ratio Rank
VOO Calmar Ratio Rank: 6464
Calmar Ratio Rank
VOO Martin Ratio Rank: 7676
Martin Ratio Rank
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. VOO - 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 Vanguard S&P 500 ETF (VOO). 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.

SPXLVOODifference
Sharpe ratioReturn per unit of total volatility
2.04
2.18

-0.13

Sortino ratioReturn per unit of downside risk
2.49
2.93

-0.45

Omega ratioGain probability vs. loss probability

1.33

1.39

-0.06

Calmar ratioReturn relative to maximum drawdown

2.83

3.02

-0.19

Martin ratioReturn relative to average drawdown

11.63

13.61

-1.99

SPXL vs. VOO - Sharpe Ratio Comparison

The current SPXL Sharpe Ratio is 2.04, which is comparable to the VOO Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of SPXL and VOO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

SPXL vs. VOO - Drawdown Comparison

The maximum SPXL drawdown since its inception was -76.86%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for SPXL and VOO.

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Drawdown Indicators

SPXLVOODifference

Max Drawdown

Largest peak-to-trough decline

-76.86%

-33.99%

-42.87%

Max Drawdown (1Y)

Largest decline over 1 year

-26.77%

-8.90%

-17.87%

Max Drawdown (3Y)

Largest decline over 3 years

-48.95%

-18.69%

-30.26%

Max Drawdown (5Y)

Largest decline over 5 years

-63.80%

-24.52%

-39.28%

Max Drawdown (10Y)

Largest decline over 10 years

-76.86%

-33.99%

-42.87%

Current Drawdown

Current decline from peak

-5.35%

-1.45%

-3.90%

Average Drawdown

Average peak-to-trough decline

-16.10%

-3.68%

-12.42%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.51%

1.97%

+4.54%

Volatility

SPXL vs. VOO - Volatility Comparison

Direxion Daily S&P 500 Bull 3X ETF (SPXL) has a higher volatility of 14.25% compared to Vanguard S&P 500 ETF (VOO) at 4.69%. This indicates that SPXL's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPXLVOODifference

Volatility (1M)

Calculated over the trailing 1-month period

14.25%

4.69%

+9.56%

Volatility (6M)

Calculated over the trailing 6-month period

29.44%

9.79%

+19.65%

Volatility (1Y)

Calculated over the trailing 1-year period

37.13%

12.37%

+24.76%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

50.52%

16.90%

+33.62%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

53.55%

18.05%

+35.50%

SPXL vs. VOO - Expense Ratio Comparison

SPXL has a 0.84% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

SPXL vs. VOO - Dividend Comparison

SPXL's dividend yield for the trailing twelve months is around 0.54%, less than VOO's 1.04% yield.

PositionTTM20252024202320222021202020192018201720162015
SPXL
Direxion Daily S&P 500 Bull 3X ETF		0.54%0.69%0.74%0.98%0.32%0.11%0.22%0.84%1.02%3.88%0.00%0.00%
VOO
Vanguard S&P 500 ETF		1.04%1.13%1.24%1.46%1.69%1.25%1.54%1.88%2.06%1.78%2.02%2.10%

Frequently Asked Questions

With a correlation of 1.00, SPXL and VOO 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.

SPXL has higher volatility (14.25%) compared to VOO (4.69%). In terms of maximum drawdown, SPXL dropped -76.86% vs VOO's -33.99%.

On 10-year performance, SPXL leads with 30.05% vs 15.55% for VOO. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 4.69%. 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 30.05% return vs 15.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VOO is cheaper with a 0.03% expense ratio, compared with 0.84% for SPXL.

VOO has the higher dividend yield at 1.04%, compared with 0.54% for SPXL.

SPXL is categorized as Leveraged Equities, while VOO is S&P 500. SPXL tracks S&P 500, while VOO tracks S&P 500 Index. They also come from different issuers: Direxion and Vanguard. Their fees differ too: 0.84% for SPXL and 0.03% for VOO.

VOO currently has the higher Sharpe Ratio (2.18 vs 2.04), 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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