SPXL vs. XDSQ

Last updated Jun 4, 2026

SPXL (Direxion Daily S&P 500 Bull 3X ETF) and XDSQ (Innovator US Equity Accelerated ETF) are both Leveraged Equities funds. SPXL is passively managed, while XDSQ is actively managed. Over the past 5 years, SPXL returned 23.51%/yr vs 9.80%/yr for XDSQ. Their correlation of 0.94 suggests significant overlap in exposure. SPXL charges 0.84%/yr vs 0.79%/yr for XDSQ.

Performance

SPXL vs. XDSQ - 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 Innovator US Equity Accelerated ETF (XDSQ). 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 XDSQ's 2.80% 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%

XDSQ

• 1D: 0.01%
• 1M: 1.59%
• YTD: 2.80%
• 6M: 3.86%
• 1Y: 15.98%
• 3Y*: 15.02%
• 5Y*: 9.80%
• 10Y*: —

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

SPXL vs. XDSQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SPXL Direxion Daily S&P 500 Bull 3X ETF	28.14%	31.94%	63.61%	69.49%	-56.55%	64.04%
XDSQ Innovator US Equity Accelerated ETF	2.80%	14.22%	23.12%	23.00%	-16.78%	12.75%

Correlation

The correlation between SPXL and XDSQ is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Apr 5, 2021	0.94

The correlation between SPXL and XDSQ has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

SPXL vs. XDSQ - Sectors Allocation Comparison

Sectors	SPXL	XDSQ
Technology	8.5%	35.7%
Financial Services	2.6%	11.6%
Communication Services	2.4%	11.3%
Consumer Cyclical	2.2%	10.2%
Healthcare	1.9%	8.5%
Industrials	1.7%	8.3%
Consumer Defensive	1.1%	4.9%
Energy	0.8%	3.5%
Utilities	0.6%	2.4%
Real Estate	0.4%	1.9%
Basic Materials	0.4%	1.8%

Return for Risk

SPXL vs. XDSQ — 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

XDSQ

XDSQ Risk / Return Rank: 43
XDSQ Sharpe Ratio Rank: 43
XDSQ Sortino Ratio Rank: 41
XDSQ Omega Ratio Rank: 50
XDSQ Calmar Ratio Rank: 34
XDSQ Martin Ratio Rank: 47

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. XDSQ - 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 Innovator US Equity Accelerated ETF (XDSQ). 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	XDSQ	Difference
Sharpe ratio: Return per unit of total volatility	2.32	1.52	+0.80
Sortino ratio: Return per unit of downside risk	2.78	2.09	+0.68
Omega ratio: Gain probability vs. loss probability	1.37	1.32	+0.05
Calmar ratio: Return relative to maximum drawdown	3.06	1.67	+1.39
Martin ratio: Return relative to average drawdown	12.94	7.97	+4.96
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. XDSQ - Sharpe Ratio Comparison

The current SPXL Sharpe Ratio is 2.32, which is higher than the XDSQ Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of SPXL and XDSQ, 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	XDSQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.32	1.52	+0.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.65	-0.17
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	0.69	-0.17

Drawdowns

SPXL vs. XDSQ - Drawdown Comparison

The maximum SPXL drawdown since its inception was -76.86%, which is greater than XDSQ's maximum drawdown of -26.06%. Use the drawdown chart below to compare losses from any high point for SPXL and XDSQ.

Drawdown Indicators

	SPXL	XDSQ	Difference
Max Drawdown Largest peak-to-trough decline	-76.86%	-26.06%	-50.80%
Max Drawdown (1Y) Largest decline over 1 year	-26.77%	-9.60%	-17.17%
Max Drawdown (3Y) Largest decline over 3 years	-48.95%	-19.15%	-29.80%
Max Drawdown (5Y) Largest decline over 5 years	-63.80%	-26.06%	-37.74%
Max Drawdown (10Y) Largest decline over 10 years	-76.86%	—	—
Current Drawdown Current decline from peak	-2.08%	0.00%	-2.08%
Average Drawdown Average peak-to-trough decline	-15.72%	-4.96%	-10.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.32%	2.01%	+4.31%

Volatility

SPXL vs. XDSQ - Volatility Comparison

Direxion Daily S&P 500 Bull 3X ETF (SPXL) has a higher volatility of 8.49% compared to Innovator US Equity Accelerated ETF (XDSQ) at 0.57%. This indicates that SPXL's price experiences larger fluctuations and is considered to be riskier than XDSQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXL	XDSQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.49%	0.57%	+7.92%
Volatility (6M) Calculated over the trailing 6-month period	26.67%	8.40%	+18.27%
Volatility (1Y) Calculated over the trailing 1-year period	35.39%	10.56%	+24.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.24%	15.27%	+34.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.42%	15.10%	+38.32%

SPXL vs. XDSQ - Expense Ratio Comparison

SPXL has a 0.84% expense ratio, which is higher than XDSQ's 0.79% expense ratio.

Dividends

SPXL vs. XDSQ - Dividend Comparison

SPXL's dividend yield for the trailing twelve months is around 0.52%, while XDSQ has not paid dividends to shareholders.

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%
XDSQ Innovator US Equity Accelerated ETF	0.00%	0.00%	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 XDSQ in my portfolio?

SPXL and XDSQ have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPXL or XDSQ?

SPXL has higher volatility (8.49%) compared to XDSQ (0.57%). In terms of maximum drawdown, SPXL dropped -76.86% vs XDSQ's -26.06%.

Which ETF is better, SPXL or XDSQ?

On 5-year performance, SPXL leads with 23.51% vs 9.80% for XDSQ. On fees, XDSQ is cheaper at 0.79% per year. On volatility, XDSQ has been the lower-risk option at 0.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXL or XDSQ?

Over the 5-year period, SPXL has performed better with a 23.51% return vs 9.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXL or XDSQ?

XDSQ is cheaper with a 0.79% expense ratio, compared with 0.84% for SPXL.

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

SPXL has the higher dividend yield at 0.52%, compared with 0.00% for XDSQ.

What is the main difference between SPXL and XDSQ?

They also come from different issuers: Direxion and Innovator. Their fees differ too: 0.84% for SPXL and 0.79% for XDSQ.

Which has better risk-adjusted returns?

SPXL currently has the higher Sharpe Ratio (2.32 vs 1.52), 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.