TSXD vs. SPXL
TSXD (Direxion Daily Semiconductors Top 5 Bear 2X ETF) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both exchange-traded funds - TSXD is a Inverse Equities fund actively managed by Direxion, while SPXL is a Leveraged Equities fund tracking the S&P 500. TSXD is actively managed, while SPXL is passively managed. At a correlation of -0.74, they often move in opposite directions.
Performance
TSXD vs. SPXL - Performance Comparison
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Returns By Period
In the year-to-date period, TSXD achieves a -65.03% return, which is significantly lower than SPXL's 20.43% return.
TSXD
- 1D
- -2.00%
- 1M
- 21.00%
- 6M
- -57.56%
- YTD
- -65.03%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
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%
- ALL TIME*
- 27.27%
TSXD vs. SPXL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TSXD Direxion Daily Semiconductors Top 5 Bear 2X ETF | -65.03% | -19.22% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 20.43% | 4.19% |
Correlation
The correlation between TSXD and SPXL is -0.74, 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 | -0.74 |
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Return for Risk
TSXD vs. SPXL — Risk / Return Rank
TSXD
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SPXL
TSXD vs. SPXL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Semiconductors Top 5 Bear 2X ETF (TSXD) 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.
| TSXD | SPXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.23 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 1.78 | — |
| Martin ratioReturn relative to average drawdown | — | 6.99 | — |
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Drawdowns
TSXD vs. SPXL - Drawdown Comparison
The maximum TSXD drawdown since its inception was -78.82%, roughly equal to the maximum SPXL drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for TSXD and SPXL.
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Drawdown Indicators
| TSXD | SPXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.82% | -76.86% | -1.96% |
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 DrawdownCurrent decline from peak | -73.05% | -7.98% | -65.07% |
Average DrawdownAverage peak-to-trough decline | -40.76% | -16.06% | -24.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 6.80% | — |
Volatility
TSXD vs. SPXL - Volatility Comparison
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Volatility by Period
| TSXD | 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 | 86.78% | 37.86% | +48.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 86.78% | 50.54% | +36.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 86.78% | 53.41% | +33.37% |
Dividends
TSXD vs. SPXL - Dividend Comparison
TSXD's dividend yield for the trailing twelve months is around 4.98%, 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% |
TSXD Direxion Daily Semiconductors Top 5 Bear 2X ETF | 4.98% | 1.03% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TSXD and SPXL have a correlation of -0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSXD has the higher dividend yield at 4.98%, compared with 0.54% for SPXL.
TSXD is categorized as Inverse Equities, while SPXL is Leveraged Equities.
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