SPXN vs. SPXL
Compare and contrast key facts about ProShares S&P 500 Ex-Financials ETF (SPXN) and Direxion Daily S&P 500 Bull 3X Shares (SPXL).
SPXN and SPXL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPXN is a passively managed fund by ProShares that tracks the performance of the S&P 500 Ex-Financials Index. It was launched on Sep 22, 2015. SPXL is a passively managed fund by Direxion that tracks the performance of the S&P 500 Index (300%). It was launched on Nov 5, 2008. Both SPXN and SPXL are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: SPXN or SPXL.
Key characteristics
| SPXN | SPXL | |
|---|---|---|
| YTD Return | 26.33% | 76.86% |
| 1Y Return | 35.97% | 120.37% |
| 3Y Return (Ann) | 10.60% | 10.96% |
| 5Y Return (Ann) | 16.50% | 26.49% |
| Sharpe Ratio | 2.95 | 3.57 |
| Sortino Ratio | 3.90 | 3.75 |
| Omega Ratio | 1.54 | 1.53 |
| Calmar Ratio | 4.15 | 3.10 |
| Martin Ratio | 18.26 | 21.63 |
| Ulcer Index | 2.09% | 6.04% |
| Daily Std Dev | 12.90% | 36.36% |
| Max Drawdown | -32.10% | -76.86% |
| Current Drawdown | -0.09% | 0.00% |
Correlation
The correlation between SPXN and SPXL is 0.81, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Performance
SPXN vs. SPXL - Performance Comparison
In the year-to-date period, SPXN achieves a 26.33% return, which is significantly lower than SPXL's 76.86% return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
SPXN vs. SPXL - Expense Ratio Comparison
SPXN has a 0.27% expense ratio, which is lower than SPXL's 1.02% expense ratio.
Risk-Adjusted Performance
SPXN vs. SPXL - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Ex-Financials ETF (SPXN) and Direxion Daily S&P 500 Bull 3X Shares (SPXL). 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.
Dividends
SPXN vs. SPXL - Dividend Comparison
SPXN's dividend yield for the trailing twelve months is around 1.09%, more than SPXL's 0.67% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXN ProShares S&P 500 Ex-Financials ETF | 1.09% | 1.19% | 1.35% | 0.94% | 1.09% | 1.41% | 1.76% | 1.54% | 2.60% | 0.52% |
SPXL Direxion Daily S&P 500 Bull 3X Shares | 0.67% | 0.98% | 0.33% | 0.11% | 0.22% | 0.84% | 1.02% | 3.88% | 0.00% | 0.00% |
Drawdowns
SPXN vs. SPXL - Drawdown Comparison
The maximum SPXN drawdown since its inception was -32.10%, smaller than the maximum SPXL drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for SPXN and SPXL. For additional features, visit the drawdowns tool.
Volatility
SPXN vs. SPXL - Volatility Comparison
The current volatility for ProShares S&P 500 Ex-Financials ETF (SPXN) is 3.92%, while Direxion Daily S&P 500 Bull 3X Shares (SPXL) has a volatility of 11.71%. This indicates that SPXN experiences smaller price fluctuations and is considered to be less risky than SPXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.