SPXL vs. XXXX

Last updated Jun 4, 2026

SPXL (Direxion Daily S&P 500 Bull 3X ETF) and XXXX (MAX S&P 500 4X Leveraged ETN) are both Leveraged Equities funds tracking the S&P 500, from Direxion and Max respectively. Both are passively managed. Over the past year, SPXL returned 81.54% vs 86.73% for XXXX. With a 1.00 correlation, they move nearly in lockstep. SPXL charges 0.84%/yr vs 2.95%/yr for XXXX.

Performance

SPXL vs. XXXX - 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 MAX S&P 500 4X Leveraged ETN (XXXX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with SPXL having a 28.14% return and XXXX slightly higher at 29.32%.

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%

XXXX

• 1D: -2.88%
• 1M: 18.44%
• YTD: 29.32%
• 6M: 26.06%
• 1Y: 86.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPXL vs. XXXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPXL Direxion Daily S&P 500 Bull 3X ETF	28.14%	31.94%	63.61%	12.87%
XXXX MAX S&P 500 4X Leveraged ETN	29.32%	17.36%	61.36%	16.31%

Correlation

The correlation between SPXL and XXXX 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 (All Time) Calculated using the full available price history since Dec 6, 2023	1.00

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

Return for Risk

SPXL vs. XXXX — 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

XXXX

XXXX Risk / Return Rank: 49
XXXX Sharpe Ratio Rank: 53
XXXX Sortino Ratio Rank: 45
XXXX Omega Ratio Rank: 47
XXXX Calmar Ratio Rank: 46
XXXX Martin Ratio Rank: 52

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. XXXX - 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 MAX S&P 500 4X Leveraged ETN (XXXX). 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	XXXX	Difference
Sharpe ratio: Return per unit of total volatility	2.32	1.86	+0.45
Sortino ratio: Return per unit of downside risk	2.78	2.31	+0.47
Omega ratio: Gain probability vs. loss probability	1.37	1.30	+0.06
Calmar ratio: Return relative to maximum drawdown	3.06	2.34	+0.72
Martin ratio: Return relative to average drawdown	12.94	8.95	+3.99
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. XXXX - Sharpe Ratio Comparison

The current SPXL Sharpe Ratio is 2.32, which is comparable to the XXXX Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of SPXL and XXXX, 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	XXXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.32	1.86	+0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	—	—
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	0.87	-0.34

Drawdowns

SPXL vs. XXXX - Drawdown Comparison

The maximum SPXL drawdown since its inception was -76.86%, which is greater than XXXX's maximum drawdown of -62.27%. Use the drawdown chart below to compare losses from any high point for SPXL and XXXX.

Drawdown Indicators

	SPXL	XXXX	Difference
Max Drawdown Largest peak-to-trough decline	-76.86%	-62.27%	-14.59%
Max Drawdown (1Y) Largest decline over 1 year	-26.77%	-37.25%	+10.48%
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	-2.08%	-2.88%	+0.80%
Average Drawdown Average peak-to-trough decline	-15.72%	-11.60%	-4.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.32%	9.73%	-3.41%

Volatility

SPXL vs. XXXX - Volatility Comparison

The current volatility for Direxion Daily S&P 500 Bull 3X ETF (SPXL) is 8.49%, while MAX S&P 500 4X Leveraged ETN (XXXX) has a volatility of 11.32%. This indicates that SPXL experiences smaller price fluctuations and is considered to be less risky than XXXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXL	XXXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.49%	11.32%	-2.83%
Volatility (6M) Calculated over the trailing 6-month period	26.67%	35.41%	-8.74%
Volatility (1Y) Calculated over the trailing 1-year period	35.39%	46.83%	-11.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.24%	60.75%	-10.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.42%	60.75%	-7.33%

SPXL vs. XXXX - Expense Ratio Comparison

SPXL has a 0.84% expense ratio, which is lower than XXXX's 2.95% expense ratio.

Dividends

SPXL vs. XXXX - Dividend Comparison

SPXL's dividend yield for the trailing twelve months is around 0.52%, while XXXX 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%
XXXX MAX S&P 500 4X Leveraged ETN	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 XXXX in my portfolio?

With a correlation of 1.00, SPXL and XXXX 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 XXXX?

XXXX has higher volatility (11.32%) compared to SPXL (8.49%). In terms of maximum drawdown, SPXL dropped -76.86% vs XXXX's -62.27%.

Which ETF is better, SPXL or XXXX?

On 1-year performance, XXXX leads with 86.73% vs 81.54% for SPXL. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 8.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXL or XXXX?

Over the 1-year period, XXXX has performed better with a 86.73% return vs 81.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXL or XXXX?

SPXL is cheaper with a 0.84% expense ratio, compared with 2.95% for XXXX.

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

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

What is the main difference between SPXL and XXXX?

Both ETFs track S&P 500. They also come from different issuers: Direxion and Max. Their fees differ too: 0.84% for SPXL and 2.95% for XXXX.

Which has better risk-adjusted returns?

SPXL currently has the higher Sharpe Ratio (2.32 vs 1.86), 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.