TPOR vs. SPY

Last updated Jun 23, 2026

TPOR (Direxion Daily Transportation Bull 3X Shares) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - TPOR is a Leveraged Equities fund tracking the Dow Jones Transportation Average Index (300%), while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, TPOR returned -0.14%/yr vs 13.05%/yr for SPY. A 0.71 correlation means they provide meaningful diversification when combined. TPOR charges 1.01%/yr vs 0.09%/yr for SPY.

Performance

TPOR vs. SPY - Performance Comparison

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

Returns By Period

In the year-to-date period, TPOR achieves a 31.09% return, which is significantly higher than SPY's 8.15% return.

TPOR

• 1D: 2.00%
• 1M: 10.22%
• YTD: 31.09%
• 6M: 24.49%
• 1Y: 80.31%
• 3Y*: 14.81%
• 5Y*: -0.14%
• 10Y*: —

SPY

• 1D: -1.45%
• 1M: -1.36%
• YTD: 8.15%
• 6M: 7.20%
• 1Y: 23.59%
• 3Y*: 20.68%
• 5Y*: 13.05%
• 10Y*: 15.53%

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

TPOR vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TPOR Direxion Daily Transportation Bull 3X Shares	31.09%	3.26%	-9.12%	54.60%	-58.70%	105.18%	-7.30%	47.92%	-44.95%	51.65%
SPY State Street SPDR S&P 500 ETF	8.15%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	13.44%

Correlation

The correlation between TPOR and SPY is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (All Time) Calculated using the full available price history since May 3, 2017	0.71

The correlation between TPOR and SPY shifts across timeframes, from 0.58 (1 year) to 0.72 (5 years), reflecting how their relationship changes across market environments.

TPOR vs. SPY - Sectors Allocation Comparison

Sectors	TPOR	SPY
Industrials	84.7%	7.8%
Technology	15.3%	39.0%
Basic Materials	-	1.7%
Communication Services	-	10.6%
Consumer Cyclical	-	9.9%
Consumer Defensive	-	4.5%
Energy	-	3.1%
Financial Services	-	11.1%
Healthcare	-	8.3%
Real Estate	-	1.8%
Utilities	-	2.1%

Return for Risk

TPOR vs. SPY — Risk / Return Rank

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

TPOR

TPOR Risk / Return Rank: 41
TPOR Sharpe Ratio Rank: 39
TPOR Sortino Ratio Rank: 37
TPOR Omega Ratio Rank: 37
TPOR Calmar Ratio Rank: 50
TPOR Martin Ratio Rank: 43

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 56
SPY Martin Ratio Rank: 67

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.

TPOR vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Transportation Bull 3X Shares (TPOR) and State Street SPDR S&P 500 ETF (SPY). 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.

	TPOR	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.33	1.90	-0.57
Sortino ratio: Return per unit of downside risk	1.90	2.58	-0.69
Omega ratio: Gain probability vs. loss probability	1.24	1.34	-0.11
Calmar ratio: Return relative to maximum drawdown	2.37	2.67	-0.29
Martin ratio: Return relative to average drawdown	6.76	11.92	-5.16

TPOR vs. SPY - Sharpe Ratio Comparison

The current TPOR Sharpe Ratio is 1.33, which is comparable to the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of TPOR and SPY, 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

TPOR vs. SPY - Drawdown Comparison

The maximum TPOR drawdown since its inception was -87.59%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for TPOR and SPY.

Drawdown Indicators

	TPOR	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-87.59%	-55.19%	-32.40%
Max Drawdown (1Y) Largest decline over 1 year	-34.00%	-8.88%	-25.12%
Max Drawdown (3Y) Largest decline over 3 years	-64.11%	-18.76%	-45.35%
Max Drawdown (5Y) Largest decline over 5 years	-74.08%	-24.50%	-49.58%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-30.13%	-3.17%	-26.96%
Average Drawdown Average peak-to-trough decline	-38.63%	-9.04%	-29.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.93%	1.98%	+9.95%

Volatility

TPOR vs. SPY - Volatility Comparison

Direxion Daily Transportation Bull 3X Shares (TPOR) has a higher volatility of 20.64% compared to State Street SPDR S&P 500 ETF (SPY) at 4.87%. This indicates that TPOR's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TPOR	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.64%	4.87%	+15.77%
Volatility (6M) Calculated over the trailing 6-month period	47.23%	9.85%	+37.38%
Volatility (1Y) Calculated over the trailing 1-year period	60.72%	12.50%	+48.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.03%	17.15%	+50.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.98%	17.95%	+53.03%

TPOR vs. SPY - Expense Ratio Comparison

TPOR has a 1.01% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

TPOR vs. SPY - Dividend Comparison

TPOR's dividend yield for the trailing twelve months is around 0.70%, less than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.03%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
TPOR Direxion Daily Transportation Bull 3X Shares	0.70%	0.91%	1.43%	1.51%	0.00%	0.00%	0.10%	0.96%	1.22%	8.70%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TPOR and SPY in my portfolio?

TPOR and SPY have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TPOR or SPY?

TPOR has higher volatility (20.64%) compared to SPY (4.87%). In terms of maximum drawdown, TPOR dropped -87.59% vs SPY's -55.19%.

Which ETF is better, TPOR or SPY?

On 5-year performance, SPY leads with 13.05% vs -0.14% for TPOR. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TPOR or SPY?

Over the 5-year period, SPY has performed better with a 13.05% return vs -0.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TPOR or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 1.01% for TPOR.

Which ETF pays a higher dividend yield, TPOR or SPY?

SPY has the higher dividend yield at 1.03%, compared with 0.70% for TPOR.

What is the main difference between TPOR and SPY?

TPOR is categorized as Leveraged Equities, while SPY is S&P 500. TPOR tracks Dow Jones Transportation Average Index (300%), while SPY tracks S&P 500 Index. They also come from different issuers: Direxion and State Street. Their fees differ too: 1.01% for TPOR and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.90 vs 1.33), 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.