SPYQ vs. SPXL

Last updated Apr 1, 2026

Compare and contrast key facts about Tradr 2X Long SPY Quarterly ETF (SPYQ) and Direxion Daily S&P 500 Bull 3X Shares (SPXL).

SPYQ and SPXL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPYQ is an actively managed fund by AXS. It was launched on Sep 30, 2024. 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.

Performance

SPYQ vs. SPXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tradr 2X Long SPY Quarterly ETF (SPYQ) and Direxion Daily S&P 500 Bull 3X Shares (SPXL). The values are adjusted to include any dividend payments, if applicable.

SPYQ vs. SPXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPYQ Tradr 2X Long SPY Quarterly ETF	-10.44%	26.22%	4.76%
SPXL Direxion Daily S&P 500 Bull 3X Shares	-15.99%	31.94%	6.08%

Returns By Period

In the year-to-date period, SPYQ achieves a -10.44% return, which is significantly higher than SPXL's -15.99% return.

SPYQ

• 1D: 6.28%
• 1M: -10.55%
• YTD: -10.44%
• 6M: -7.41%
• 1Y: 26.48%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPXL

• 1D: 8.63%
• 1M: -15.66%
• YTD: -15.99%
• 6M: -12.47%
• 1Y: 32.76%
• 3Y*: 37.47%
• 5Y*: 16.98%
• 10Y*: 25.32%

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

SPYQ vs. SPXL - Expense Ratio Comparison

SPYQ has a 1.30% expense ratio, which is higher than SPXL's 1.02% expense ratio.

SPYQ

Tradr 2X Long SPY Quarterly ETF

SPXL

Direxion Daily S&P 500 Bull 3X Shares

Return for Risk

SPYQ vs. SPXL — 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: 38
SPYQ Sortino Ratio Rank: 46
SPYQ Omega Ratio Rank: 50
SPYQ Calmar Ratio Rank: 47
SPYQ Martin Ratio Rank: 56

SPXL

SPXL Risk / Return Rank: 45
SPXL Sharpe Ratio Rank: 35
SPXL Sortino Ratio Rank: 46
SPXL Omega Ratio Rank: 50
SPXL Calmar Ratio Rank: 46
SPXL Martin Ratio Rank: 48

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. SPXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 2X Long SPY Quarterly ETF (SPYQ) 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.

	SPYQ	SPXL	Difference
Sharpe ratio Return per unit of total volatility	0.69	0.61	+0.08
Sortino ratio Return per unit of downside risk	1.24	1.18	+0.06
Omega ratio Gain probability vs. loss probability	1.19	1.18	+0.01
Calmar ratio Return relative to maximum drawdown	1.18	1.05	+0.13
Martin ratio Return relative to average drawdown	5.38	4.21	+1.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPYQ vs. SPXL - Sharpe Ratio Comparison

The current SPYQ Sharpe Ratio is 0.69, which is comparable to the SPXL Sharpe Ratio of 0.61. The chart below compares the historical Sharpe Ratios of SPYQ and SPXL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SPYQ	SPXL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.69	0.61	+0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.34	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.48	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.47	-0.14

Correlation

The correlation between SPYQ and SPXL is 0.99, 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.

Dividends

SPYQ vs. SPXL - Dividend Comparison

SPYQ's dividend yield for the trailing twelve months is around 0.19%, less than SPXL's 0.80% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPYQ Tradr 2X Long SPY Quarterly ETF	0.19%	0.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPXL Direxion Daily S&P 500 Bull 3X Shares	0.80%	0.69%	0.74%	0.98%	0.32%	0.11%	0.22%	0.84%	1.02%	3.88%

Drawdowns

SPYQ vs. SPXL - Drawdown Comparison

The maximum SPYQ drawdown since its inception was -35.88%, smaller than the maximum SPXL drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for SPYQ and SPXL.

Drawdown Indicators

	SPYQ	SPXL	Difference
Max Drawdown Largest peak-to-trough decline	-35.88%	-76.86%	+40.98%
Max Drawdown (1Y) Largest decline over 1 year	-23.97%	-33.42%	+9.45%
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	-13.59%	-20.45%	+6.86%
Average Drawdown Average peak-to-trough decline	-5.22%	-15.85%	+10.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.27%	8.34%	-3.07%

Volatility

SPYQ vs. SPXL - Volatility Comparison

The current volatility for Tradr 2X Long SPY Quarterly ETF (SPYQ) is 11.17%, while Direxion Daily S&P 500 Bull 3X Shares (SPXL) has a volatility of 15.89%. This indicates that SPYQ 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.

Volatility by Period

	SPYQ	SPXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.17%	15.89%	-4.72%
Volatility (6M) Calculated over the trailing 6-month period	19.39%	28.45%	-9.06%
Volatility (1Y) Calculated over the trailing 1-year period	38.66%	54.30%	-15.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.80%	50.27%	-14.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.80%	53.37%	-17.57%