SPXL vs. XDTE

Last updated Jun 28, 2026

SPXL (Direxion Daily S&P 500 Bull 3X ETF) and XDTE (Roundhill S&P 500 0DTE Covered Call Strategy ETF) are both exchange-traded funds - SPXL is a Leveraged Equities fund tracking the S&P 500, while XDTE is a Derivative Income fund actively managed by Roundhill. SPXL is passively managed, while XDTE is actively managed. Over the past year, SPXL returned 48.17% vs 18.93% for XDTE. With a 0.96 correlation, they move nearly in lockstep. SPXL charges 0.84%/yr vs 0.97%/yr for XDTE.

Performance

SPXL vs. XDTE - 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 Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPXL achieves a 14.56% return, which is significantly higher than XDTE's 6.55% return.

SPXL

• 1D: -2.28%
• 1M: -11.42%
• YTD: 14.56%
• 6M: 10.31%
• 1Y: 48.17%
• 3Y*: 44.34%
• 5Y*: 19.91%
• 10Y*: 30.05%

XDTE

• 1D: -0.49%
• 1M: -2.38%
• YTD: 6.55%
• 6M: 5.39%
• 1Y: 18.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPXL vs. XDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPXL Direxion Daily S&P 500 Bull 3X ETF	14.56%	31.94%	36.61%
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	6.55%	12.60%	17.12%

Correlation

The correlation between SPXL and XDTE is 0.97 - 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	0.97
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024	0.96

The correlation between SPXL and XDTE has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

SPXL vs. XDTE - Sectors Allocation Comparison

Sectors	SPXL	XDTE
Technology	39.0%	39.0%
Financial Services	11.1%	11.1%
Communication Services	10.6%	10.6%
Consumer Cyclical	9.9%	9.9%
Healthcare	8.3%	8.3%
Industrials	7.8%	7.8%
Consumer Defensive	4.5%	4.5%
Energy	3.1%	3.1%
Utilities	2.1%	2.1%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

SPXL vs. XDTE — Risk / Return Rank

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

SPXL

SPXL Risk / Return Rank: 42
SPXL Sharpe Ratio Rank: 42
SPXL Sortino Ratio Rank: 38
SPXL Omega Ratio Rank: 40
SPXL Calmar Ratio Rank: 41
SPXL Martin Ratio Rank: 49

XDTE

XDTE Risk / Return Rank: 59
XDTE Sharpe Ratio Rank: 57
XDTE Sortino Ratio Rank: 53
XDTE Omega Ratio Rank: 56
XDTE Calmar Ratio Rank: 59
XDTE Martin Ratio Rank: 68

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. XDTE - 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 Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE). 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	XDTE	Difference
Sharpe ratio: Return per unit of total volatility	1.35	1.71	-0.35
Sortino ratio: Return per unit of downside risk	1.84	2.30	-0.46
Omega ratio: Gain probability vs. loss probability	1.24	1.31	-0.07
Calmar ratio: Return relative to maximum drawdown	1.88	2.56	-0.67
Martin ratio: Return relative to average drawdown	7.54	11.06	-3.51

SPXL vs. XDTE - Sharpe Ratio Comparison

The current SPXL Sharpe Ratio is 1.35, which is comparable to the XDTE Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of SPXL and XDTE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SPXL vs. XDTE - Drawdown Comparison

The maximum SPXL drawdown since its inception was -76.86%, which is greater than XDTE's maximum drawdown of -19.09%. Use the drawdown chart below to compare losses from any high point for SPXL and XDTE.

Drawdown Indicators

	SPXL	XDTE	Difference
Max Drawdown Largest peak-to-trough decline	-76.86%	-19.09%	-57.77%
Max Drawdown (1Y) Largest decline over 1 year	-26.77%	-7.68%	-19.09%
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	-12.46%	-2.73%	-9.73%
Average Drawdown Average peak-to-trough decline	-16.09%	-2.31%	-13.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.67%	1.77%	+4.90%

Volatility

SPXL vs. XDTE - Volatility Comparison

Direxion Daily S&P 500 Bull 3X ETF (SPXL) has a higher volatility of 14.54% compared to Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE) at 4.46%. This indicates that SPXL's price experiences larger fluctuations and is considered to be riskier than XDTE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXL	XDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.54%	4.46%	+10.08%
Volatility (6M) Calculated over the trailing 6-month period	29.44%	9.06%	+20.38%
Volatility (1Y) Calculated over the trailing 1-year period	37.26%	11.53%	+25.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.52%	13.94%	+36.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.42%	13.94%	+39.48%

SPXL vs. XDTE - Expense Ratio Comparison

SPXL has a 0.84% expense ratio, which is lower than XDTE's 0.97% expense ratio.

Dividends

SPXL vs. XDTE - Dividend Comparison

SPXL's dividend yield for the trailing twelve months is around 0.57%, less than XDTE's 33.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXL Direxion Daily S&P 500 Bull 3X ETF	0.57%	0.69%	0.74%	0.98%	0.32%	0.11%	0.22%	0.84%	1.02%	3.88%
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	33.50%	39.16%	20.35%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPXL and XDTE in my portfolio?

With a correlation of 0.97, SPXL and XDTE 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 XDTE?

SPXL has higher volatility (14.54%) compared to XDTE (4.46%). In terms of maximum drawdown, SPXL dropped -76.86% vs XDTE's -19.09%.

Which ETF is better, SPXL or XDTE?

On 1-year performance, SPXL leads with 48.17% vs 18.93% for XDTE. On fees, SPXL is cheaper at 0.84% per year. On volatility, XDTE has been the lower-risk option at 4.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXL or XDTE?

Over the 1-year period, SPXL has performed better with a 48.17% return vs 18.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXL or XDTE?

SPXL is cheaper with a 0.84% expense ratio, compared with 0.97% for XDTE.

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

XDTE has the higher dividend yield at 33.50%, compared with 0.57% for SPXL.

What is the main difference between SPXL and XDTE?

SPXL is categorized as Leveraged Equities, while XDTE is Derivative Income. They also come from different issuers: Direxion and Roundhill. Their fees differ too: 0.84% for SPXL and 0.97% for XDTE.

Which has better risk-adjusted returns?

XDTE currently has the higher Sharpe Ratio (1.71 vs 1.35), 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.