TEXU vs. SPXL

Last updated Jul 21, 2026

TEXU (Direxion Daily Energy Top 5 Bull 2X ETF) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both Leveraged Equities funds from Direxion. TEXU is actively managed, while SPXL is passively managed. At a correlation of -0.16, they often move in opposite directions.

Performance

TEXU vs. SPXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Energy Top 5 Bull 2X ETF (TEXU) 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, TEXU achieves a 52.57% return, which is significantly higher than SPXL's 20.43% return.

TEXU

• 1D: 1.23%
• 1M: 8.43%
• 6M: 38.81%
• YTD: 52.57%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPXL

• 1D: -0.45%
• 1M: -2.78%
• 6M: 16.06%
• YTD: 20.43%
• 1Y: 47.42%
• 3Y*: 42.07%
• 5Y*: 19.87%
• 10Y*: 28.12%

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

TEXU vs. SPXL - Yearly Performance Comparison

	2026 (YTD)	2025
TEXU Direxion Daily Energy Top 5 Bull 2X ETF	52.57%	-1.42%
SPXL Direxion Daily S&P 500 Bull 3X ETF	20.43%	4.19%

Correlation

The correlation between TEXU and SPXL is -0.16, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 1, 2025	-0.16

Return for Risk

TEXU vs. SPXL — Risk / Return Rank

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

TEXU

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

SPXL

SPXL Risk / Return Rank: 48
SPXL Sharpe Ratio Rank: 48
SPXL Sortino Ratio Rank: 45
SPXL Omega Ratio Rank: 46
SPXL Calmar Ratio Rank: 46
SPXL Martin Ratio Rank: 55

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.

TEXU vs. SPXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Energy Top 5 Bull 2X ETF (TEXU) 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.

	TEXU	SPXL	Difference
Sharpe ratio: Return per unit of total volatility	—	1.26	—
Sortino ratio: Return per unit of downside risk	—	1.76	—
Omega ratio: Gain probability vs. loss probability	—	1.23	—
Calmar ratio: Return relative to maximum drawdown	—	1.78	—
Martin ratio: Return relative to average drawdown	—	6.99	—

Drawdowns

TEXU vs. SPXL - Drawdown Comparison

The maximum TEXU drawdown since its inception was -31.71%, smaller than the maximum SPXL drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for TEXU and SPXL.

Drawdown Indicators

	TEXU	SPXL	Difference
Max Drawdown Largest peak-to-trough decline	-31.71%	-76.86%	+45.15%
Max Drawdown (1Y) Largest decline over 1 year	—	-26.77%	—
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	-20.62%	-7.98%	-12.64%
Average Drawdown Average peak-to-trough decline	-8.27%	-16.06%	+7.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	6.80%	—

Volatility

Volatility by Period

	TEXU	SPXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	10.42%	—
Volatility (6M) Calculated over the trailing 6-month period	—	30.23%	—
Volatility (1Y) Calculated over the trailing 1-year period	40.63%	37.86%	+2.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.63%	50.54%	-9.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.63%	53.41%	-12.78%

Dividends

TEXU vs. SPXL - Dividend Comparison

TEXU's dividend yield for the trailing twelve months is around 1.44%, more than SPXL's 0.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXL Direxion Daily S&P 500 Bull 3X ETF	0.54%	0.69%	0.74%	0.98%	0.32%	0.11%	0.22%	0.84%	1.02%	3.88%
TEXU Direxion Daily Energy Top 5 Bull 2X ETF	1.44%	0.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TEXU and SPXL in my portfolio?

TEXU and SPXL have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

TEXU has the higher dividend yield at 1.44%, compared with 0.54% for SPXL.