TYD vs. SPXL
TYD (Direxion Daily 7-10 Year Treasury Bull 3X) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both exchange-traded funds - TYD is a Leveraged Bonds fund tracking the NYSE 7-10 Year Treasury Bond Index, while SPXL is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, TYD returned -5.51%/yr vs 28.76%/yr for SPXL. At a correlation of -0.20, they often move in opposite directions. TYD charges 1.09%/yr vs 0.84%/yr for SPXL.
Performance
TYD vs. SPXL - Performance Comparison
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Returns By Period
In the year-to-date period, TYD achieves a -8.30% return, which is significantly lower than SPXL's 24.15% return. Over the past 10 years, TYD has underperformed SPXL with an annualized return of -5.51%, while SPXL has yielded a comparatively higher 28.76% annualized return.
TYD
- 1D
- -0.90%
- 1M
- -2.66%
- 6M
- -8.14%
- YTD
- -8.30%
- 1Y
- -2.67%
- 3Y*
- -4.77%
- 5Y*
- -14.07%
- 10Y*
- -5.51%
SPXL
- 1D
- -2.31%
- 1M
- 2.62%
- 6M
- 17.57%
- YTD
- 24.15%
- 1Y
- 54.60%
- 3Y*
- 44.34%
- 5Y*
- 20.30%
- 10Y*
- 28.76%
TYD vs. SPXL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TYD Direxion Daily 7-10 Year Treasury Bull 3X | -8.30% | 11.68% | -13.89% | -2.87% | -43.32% | -11.36% | 27.62% | 17.88% | 0.76% | 5.64% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 24.15% | 31.94% | 63.61% | 69.49% | -56.55% | 98.75% | 9.64% | 102.80% | -25.11% | 71.03% |
Correlation
The correlation between TYD and SPXL is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | -0.20 |
The correlation between TYD and SPXL shifts across timeframes, from -0.20 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TYD vs. SPXL — Risk / Return Rank
TYD
SPXL
TYD vs. SPXL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 7-10 Year Treasury Bull 3X (TYD) 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.
| TYD | SPXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.65 | ||
| Sortino ratioReturn per unit of downside risk | -2.14 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.25 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 2.05 | -2.25 |
| Martin ratioReturn relative to average drawdown | -0.45 | 8.10 | -8.55 |
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Drawdowns
TYD vs. SPXL - Drawdown Comparison
The maximum TYD drawdown since its inception was -64.28%, smaller than the maximum SPXL drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for TYD and SPXL.
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Drawdown Indicators
| TYD | SPXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.28% | -76.86% | +12.58% |
Max Drawdown (1Y)Largest decline over 1 year | -13.54% | -26.77% | +13.23% |
Max Drawdown (3Y)Largest decline over 3 years | -23.96% | -48.95% | +24.99% |
Max Drawdown (5Y)Largest decline over 5 years | -59.84% | -63.80% | +3.96% |
Max Drawdown (10Y)Largest decline over 10 years | -64.28% | -76.86% | +12.58% |
Current DrawdownCurrent decline from peak | -60.15% | -5.13% | -55.02% |
Average DrawdownAverage peak-to-trough decline | -22.16% | -16.07% | -6.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.95% | 6.76% | -0.81% |
Volatility
TYD vs. SPXL - Volatility Comparison
The current volatility for Direxion Daily 7-10 Year Treasury Bull 3X (TYD) is 4.65%, while Direxion Daily S&P 500 Bull 3X ETF (SPXL) has a volatility of 12.75%. This indicates that TYD 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.
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Volatility by Period
| TYD | SPXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.65% | 12.75% | -8.10% |
Volatility (6M)Calculated over the trailing 6-month period | 10.29% | 30.07% | -19.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.84% | 37.72% | -23.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.98% | 50.60% | -27.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.20% | 53.40% | -33.20% |
TYD vs. SPXL - Expense Ratio Comparison
TYD has a 1.09% expense ratio, which is higher than SPXL's 0.84% expense ratio.
Dividends
TYD vs. SPXL - Dividend Comparison
TYD's dividend yield for the trailing twelve months is around 3.36%, more than SPXL's 0.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPXL Direxion Daily S&P 500 Bull 3X ETF | 0.52% | 0.69% | 0.74% | 0.98% | 0.32% | 0.11% | 0.22% | 0.84% | 1.02% | 3.88% | 0.00% | 0.00% |
TYD Direxion Daily 7-10 Year Treasury Bull 3X | 3.36% | 2.97% | 3.10% | 2.71% | 0.55% | 0.00% | 9.80% | 0.92% | 1.10% | 0.01% | 6.84% | 1.65% |
Frequently Asked Questions
TYD and SPXL have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXL has higher volatility (12.75%) compared to TYD (4.65%). In terms of maximum drawdown, TYD dropped -64.28% vs SPXL's -76.86%.
On 10-year performance, SPXL leads with 28.76% vs -5.51% for TYD. On fees, SPXL is cheaper at 0.84% per year. On volatility, TYD has been the lower-risk option at 4.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPXL has performed better with a 28.76% return vs -5.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXL is cheaper with a 0.84% expense ratio, compared with 1.09% for TYD.
TYD has the higher dividend yield at 3.36%, compared with 0.52% for SPXL.
TYD is categorized as Leveraged Bonds, while SPXL is Leveraged Equities. TYD tracks NYSE 7-10 Year Treasury Bond Index, while SPXL tracks S&P 500. Their fees differ too: 1.09% for TYD and 0.84% for SPXL.
SPXL currently has the higher Sharpe Ratio (1.46 vs -0.19), 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.
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