STFAX vs. SPXL

Last updated Jun 23, 2026

STFAX (State Street Equity 500 Index Fund) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both funds - STFAX is a Large Cap Blend Equities fund managed by State Street, while SPXL is a Leveraged Equities fund tracking the S&P 500. Over the past 10 years, STFAX returned 15.35%/yr vs 30.87%/yr for SPXL. With a 0.99 correlation, they move nearly in lockstep. STFAX charges 0.17%/yr vs 0.84%/yr for SPXL.

Performance

STFAX vs. SPXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Equity 500 Index Fund (STFAX) and Direxion Daily S&P 500 Bull 3X ETF (SPXL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, STFAX achieves a 10.10% return, which is significantly lower than SPXL's 22.70% return. Over the past 10 years, STFAX has underperformed SPXL with an annualized return of 15.35%, while SPXL has yielded a comparatively higher 30.87% annualized return.

STFAX

• 1D: 1.08%
• 1M: 0.46%
• YTD: 10.10%
• 6M: 9.59%
• 1Y: 26.95%
• 3Y*: 20.77%
• 5Y*: 13.89%
• 10Y*: 15.35%

SPXL

• 1D: -0.94%
• 1M: -1.11%
• YTD: 22.70%
• 6M: 20.82%
• 1Y: 75.56%
• 3Y*: 48.64%
• 5Y*: 22.24%
• 10Y*: 30.87%

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

STFAX vs. SPXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
STFAX State Street Equity 500 Index Fund	10.10%	17.63%	24.80%	26.09%	-18.28%	28.31%	18.14%	31.13%	-4.52%	21.43%
SPXL Direxion Daily S&P 500 Bull 3X ETF	22.70%	31.94%	63.61%	69.49%	-56.55%	98.75%	9.64%	102.80%	-25.11%	71.03%

Correlation

The correlation between STFAX and SPXL 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 (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Nov 5, 2008	0.99

The correlation between STFAX and SPXL has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

STFAX vs. SPXL — Risk / Return Rank

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

STFAX

STFAX Risk / Return Rank: 65
STFAX Sharpe Ratio Rank: 64
STFAX Sortino Ratio Rank: 57
STFAX Omega Ratio Rank: 59
STFAX Calmar Ratio Rank: 67
STFAX Martin Ratio Rank: 78

SPXL

SPXL Risk / Return Rank: 59
SPXL Sharpe Ratio Rank: 64
SPXL Sortino Ratio Rank: 53
SPXL Omega Ratio Rank: 55
SPXL Calmar Ratio Rank: 59
SPXL Martin Ratio Rank: 65

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.

STFAX vs. SPXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Equity 500 Index Fund (STFAX) and Direxion Daily S&P 500 Bull 3X ETF (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.

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.

	STFAX	SPXL	Difference
Sharpe ratio: Return per unit of total volatility	2.15	2.05	+0.10
Sortino ratio: Return per unit of downside risk	2.91	2.49	+0.42
Omega ratio: Gain probability vs. loss probability	1.39	1.33	+0.06
Calmar ratio: Return relative to maximum drawdown	3.01	2.84	+0.17
Martin ratio: Return relative to average drawdown	13.59	11.62	+1.97

STFAX vs. SPXL - Sharpe Ratio Comparison

The current STFAX Sharpe Ratio is 2.15, which is comparable to the SPXL Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of STFAX and SPXL, 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

STFAX vs. SPXL - Drawdown Comparison

The maximum STFAX drawdown since its inception was -57.29%, smaller than the maximum SPXL drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for STFAX and SPXL.

Drawdown Indicators

	STFAX	SPXL	Difference
Max Drawdown Largest peak-to-trough decline	-57.29%	-76.86%	+19.57%
Max Drawdown (1Y) Largest decline over 1 year	-8.91%	-26.77%	+17.86%
Max Drawdown (3Y) Largest decline over 3 years	-18.76%	-48.95%	+30.19%
Max Drawdown (5Y) Largest decline over 5 years	-24.57%	-63.80%	+39.23%
Max Drawdown (10Y) Largest decline over 10 years	-33.76%	-76.86%	+43.10%
Current Drawdown Current decline from peak	-1.36%	-6.24%	+4.88%
Average Drawdown Average peak-to-trough decline	-10.19%	-16.10%	+5.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	6.52%	-4.55%

Volatility

STFAX vs. SPXL - Volatility Comparison

The current volatility for State Street Equity 500 Index Fund (STFAX) is 4.76%, while Direxion Daily S&P 500 Bull 3X ETF (SPXL) has a volatility of 13.99%. This indicates that STFAX 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

	STFAX	SPXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.76%	13.99%	-9.23%
Volatility (6M) Calculated over the trailing 6-month period	9.90%	29.23%	-19.33%
Volatility (1Y) Calculated over the trailing 1-year period	12.46%	37.20%	-24.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.98%	50.50%	-33.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.07%	53.56%	-35.49%

STFAX vs. SPXL - Expense Ratio Comparison

STFAX has a 0.17% expense ratio, which is lower than SPXL's 0.84% expense ratio.

Dividends

STFAX vs. SPXL - Dividend Comparison

STFAX's dividend yield for the trailing twelve months is around 1.17%, more than SPXL's 0.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPXL Direxion Daily S&P 500 Bull 3X ETF	0.55%	0.69%	0.74%	0.98%	0.32%	0.11%	0.22%	0.84%	1.02%	3.88%	0.00%	0.00%
STFAX State Street Equity 500 Index Fund	1.17%	1.29%	1.47%	1.63%	2.01%	2.61%	1.71%	4.28%	5.02%	5.78%	1.92%	1.69%

Frequently Asked Questions

Can I hold both STFAX and SPXL in my portfolio?

With a correlation of 1.00, STFAX and SPXL 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, STFAX or SPXL?

SPXL has higher volatility (13.99%) compared to STFAX (4.76%). In terms of maximum drawdown, STFAX dropped -57.29% vs SPXL's -76.86%.

Which has better risk-adjusted returns?

STFAX currently has the higher Sharpe Ratio (2.15 vs 2.05), 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.