SPYQ vs. DXSLX

Last updated Jun 24, 2026

SPYQ (Tradr 2X Long SPY Quarterly ETF) and DXSLX (Direxion Monthly S&P 500 Bull 1.75X Fund) are both Leveraged Equities funds. SPYQ is actively managed, while DXSLX is passively managed. Over the past year, SPYQ returned 39.24% vs 39.46% for DXSLX. With a 0.98 correlation, they move nearly in lockstep. SPYQ charges 1.30%/yr vs 1.35%/yr for DXSLX.

Performance

SPYQ vs. DXSLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tradr 2X Long SPY Quarterly ETF (SPYQ) and Direxion Monthly S&P 500 Bull 1.75X Fund (DXSLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYQ achieves a 11.91% return, which is significantly lower than DXSLX's 13.76% return.

SPYQ

• 1D: -2.39%
• 1M: -2.84%
• YTD: 11.91%
• 6M: 9.83%
• 1Y: 39.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DXSLX

• 1D: -0.63%
• 1M: -0.32%
• YTD: 13.76%
• 6M: 11.85%
• 1Y: 39.46%
• 3Y*: 30.86%
• 5Y*: 16.54%
• 10Y*: 27.72%

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

SPYQ vs. DXSLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPYQ Tradr 2X Long SPY Quarterly ETF	11.91%	26.22%	4.73%
DXSLX Direxion Monthly S&P 500 Bull 1.75X Fund	13.76%	25.05%	2.42%

Correlation

The correlation between SPYQ and DXSLX is 0.99 - 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	0.99
Correlation (All Time) Calculated using the full available price history since Oct 1, 2024	0.98

The correlation between SPYQ and DXSLX has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

Return for Risk

SPYQ vs. DXSLX — Risk / Return Rank

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

SPYQ

SPYQ Risk / Return Rank: 48
SPYQ Sharpe Ratio Rank: 49
SPYQ Sortino Ratio Rank: 44
SPYQ Omega Ratio Rank: 46
SPYQ Calmar Ratio Rank: 44
SPYQ Martin Ratio Rank: 55

DXSLX

DXSLX Risk / Return Rank: 49
DXSLX Sharpe Ratio Rank: 50
DXSLX Sortino Ratio Rank: 42
DXSLX Omega Ratio Rank: 45
DXSLX Calmar Ratio Rank: 50
DXSLX Martin Ratio Rank: 60

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.

SPYQ vs. DXSLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 2X Long SPY Quarterly ETF (SPYQ) and Direxion Monthly S&P 500 Bull 1.75X Fund (DXSLX). 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.

	SPYQ	DXSLX	Difference
Sharpe ratio: Return per unit of total volatility	1.60	1.92	-0.32
Sortino ratio: Return per unit of downside risk	2.15	2.50	-0.36
Omega ratio: Gain probability vs. loss probability	1.28	1.33	-0.05
Calmar ratio: Return relative to maximum drawdown	2.11	2.58	-0.47
Martin ratio: Return relative to average drawdown	9.19	11.29	-2.09

SPYQ vs. DXSLX - Sharpe Ratio Comparison

The current SPYQ Sharpe Ratio is 1.60, which is comparable to the DXSLX Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of SPYQ and DXSLX, 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

SPYQ vs. DXSLX - Drawdown Comparison

The maximum SPYQ drawdown since its inception was -35.88%, smaller than the maximum DXSLX drawdown of -91.80%. Use the drawdown chart below to compare losses from any high point for SPYQ and DXSLX.

Drawdown Indicators

	SPYQ	DXSLX	Difference
Max Drawdown Largest peak-to-trough decline	-35.88%	-91.80%	+55.92%
Max Drawdown (1Y) Largest decline over 1 year	-18.70%	-16.30%	-2.40%
Max Drawdown (3Y) Largest decline over 3 years	—	-31.90%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-44.67%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-61.09%	—
Current Drawdown Current decline from peak	-5.82%	-3.30%	-2.52%
Average Drawdown Average peak-to-trough decline	-4.86%	-21.50%	+16.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.28%	3.72%	+0.56%

Volatility

SPYQ vs. DXSLX - Volatility Comparison

Tradr 2X Long SPY Quarterly ETF (SPYQ) and Direxion Monthly S&P 500 Bull 1.75X Fund (DXSLX) have volatilities of 8.50% and 8.28%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYQ	DXSLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.50%	8.28%	+0.22%
Volatility (6M) Calculated over the trailing 6-month period	19.42%	17.31%	+2.11%
Volatility (1Y) Calculated over the trailing 1-year period	24.72%	21.95%	+2.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.60%	31.44%	+3.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.60%	38.66%	-4.06%

SPYQ vs. DXSLX - Expense Ratio Comparison

SPYQ has a 1.30% expense ratio, which is lower than DXSLX's 1.35% expense ratio.

Dividends

SPYQ vs. DXSLX - Dividend Comparison

SPYQ's dividend yield for the trailing twelve months is around 0.15%, less than DXSLX's 6.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DXSLX Direxion Monthly S&P 500 Bull 1.75X Fund	6.70%	7.93%	10.57%	0.00%	0.00%	7.89%	2.42%	4.41%	7.21%	34.95%	0.00%	25.71%
SPYQ Tradr 2X Long SPY Quarterly ETF	0.15%	0.17%	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 SPYQ and DXSLX in my portfolio?

With a correlation of 0.99, SPYQ and DXSLX 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, SPYQ or DXSLX?

SPYQ has higher volatility (8.50%) compared to DXSLX (8.28%). In terms of maximum drawdown, SPYQ dropped -35.88% vs DXSLX's -91.80%.

Which has better risk-adjusted returns?

DXSLX currently has the higher Sharpe Ratio (1.92 vs 1.60), 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.