VRTL vs. SPXL

Last updated Aug 2, 2026

VRTL (GraniteShares 2x Long VRT Daily ETF) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both Leveraged Equities funds. VRTL is actively managed, while SPXL is passively managed. Over the past year, VRTL returned 64.41% vs 54.55% for SPXL. Their 0.60 correlation means they have sometimes moved together and sometimes differently. VRTL charges 1.50%/yr vs 0.84%/yr for SPXL.

Performance

VRTL vs. SPXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long VRT Daily ETF (VRTL) 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, VRTL achieves a 49.92% return, which is significantly higher than SPXL's 22.10% return.

VRTL

• 1D: 12.49%
• 1M: -40.41%
• 6M: 17.15%
• YTD: 49.92%
• 1Y: 64.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 134.30%

SPXL

• 1D: 2.01%
• 1M: -0.23%
• 6M: 18.15%
• YTD: 22.10%
• 1Y: 54.55%
• 3Y*: 41.56%
• 5Y*: 19.59%
• 10Y*: 28.61%
• ALL TIME*: 27.32%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SPXL Direxion Daily S&P 500 Bull 3X ETF	$473.70M	$462.79M	$534.56M
VRTL GraniteShares 2x Long VRT Daily ETF	$7.19M	$7.02M	$12.49M

VRTL vs. SPXL - Yearly Performance Comparison

	2026 (YTD)	2025
VRTL GraniteShares 2x Long VRT Daily ETF	49.92%	110.50%
SPXL Direxion Daily S&P 500 Bull 3X ETF	22.10%	45.56%

Correlation

The correlation between VRTL and SPXL is 0.59, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.59
Correlation (All Time) Calculated using the full available price history since Mar 25, 2025	0.60

The correlation between VRTL and SPXL has been stable across timeframes, ranging from 0.59 to 0.60 - a consistent structural relationship.

VRTL vs. SPXL - Sectors Allocation Comparison

Sectors	VRTL	SPXL
Industrials	66.7%	1.8%
Basic Materials	-	0.4%
Communication Services	-	2.2%
Consumer Cyclical	-	2.1%
Consumer Defensive	-	1.1%
Energy	-	0.8%
Financial Services	-	2.9%
Healthcare	-	2.1%
Real Estate	-	0.5%
Technology	-	9.0%
Utilities	-	0.6%

Return for Risk

VRTL vs. SPXL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VRTL

VRTL Risk / Return Rank: 30
VRTL Sharpe Ratio Rank: 21
VRTL Sortino Ratio Rank: 40
VRTL Omega Ratio Rank: 40
VRTL Calmar Ratio Rank: 25
VRTL Martin Ratio Rank: 26

SPXL

SPXL Risk / Return Rank: 51
SPXL Sharpe Ratio Rank: 50
SPXL Sortino Ratio Rank: 48
SPXL Omega Ratio Rank: 48
SPXL Calmar Ratio Rank: 49
SPXL Martin Ratio Rank: 57

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VRTL vs. SPXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long VRT Daily ETF (VRTL) 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.

	VRTL	SPXL	Difference
Sharpe ratio: Return per unit of total volatility	0.42	1.22	-0.80
Sortino ratio: Return per unit of downside risk	1.50	1.72	-0.22
Omega ratio: Gain probability vs. loss probability	1.19	1.22	-0.03
Calmar ratio: Return relative to maximum drawdown	0.77	1.76	-0.99
Martin ratio: Return relative to average drawdown	2.20	6.74	-4.54

VRTL vs. SPXL - Sharpe Ratio Comparison

The current VRTL Sharpe Ratio is 0.42, which is lower than the SPXL Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of VRTL 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

VRTL vs. SPXL - Drawdown Comparison

The maximum VRTL drawdown since its inception was -70.53%, smaller than the maximum SPXL drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for VRTL and SPXL.

Drawdown Indicators

	VRTL	SPXL	Difference
Max Drawdown Largest peak-to-trough decline	-70.53%	-76.86%	+6.33%
Max Drawdown (1Y) Largest decline over 1 year	-70.53%	-26.77%	-43.76%
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	-65.58%	-6.70%	-58.88%
Average Drawdown Average peak-to-trough decline	-18.14%	-16.04%	-2.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.96%	6.98%	+17.98%

Volatility

VRTL vs. SPXL - Volatility Comparison

GraniteShares 2x Long VRT Daily ETF (VRTL) has a higher volatility of 52.00% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 10.75%. This indicates that VRTL's price experiences larger fluctuations and is considered to be riskier than SPXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VRTL	SPXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	52.00%	10.75%	+41.25%
Volatility (6M) Calculated over the trailing 6-month period	106.22%	30.45%	+75.77%
Volatility (1Y) Calculated over the trailing 1-year period	128.88%	38.62%	+90.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	130.52%	50.62%	+79.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	130.52%	53.45%	+77.07%

VRTL vs. SPXL - Expense Ratio Comparison

VRTL has a 1.50% expense ratio, which is higher than SPXL's 0.84% expense ratio.

Dividends

VRTL vs. SPXL - Dividend Comparison

VRTL has not paid dividends to shareholders, while SPXL's dividend yield for the trailing twelve months is around 0.53%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXL Direxion Daily S&P 500 Bull 3X ETF	0.53%	0.69%	0.74%	0.98%	0.32%	0.11%	0.22%	0.84%	1.02%	3.88%
VRTL GraniteShares 2x Long VRT Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VRTL and SPXL in my portfolio?

VRTL and SPXL have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VRTL or SPXL?

VRTL has higher volatility (52.00%) compared to SPXL (10.75%). In terms of maximum drawdown, VRTL dropped -70.53% vs SPXL's -76.86%.

Which ETF is better, VRTL or SPXL?

On 1-year performance, VRTL leads with 64.41% vs 54.55% for SPXL. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 10.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VRTL or SPXL?

Over the 1-year period, VRTL has performed better with a 64.41% return vs 54.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VRTL or SPXL?

SPXL is cheaper with a 0.84% expense ratio, compared with 1.50% for VRTL.

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

SPXL has the higher dividend yield at 0.53%, compared with 0.00% for VRTL.

What is the main difference between VRTL and SPXL?

They also come from different issuers: GraniteShares and Direxion. Their fees differ too: 1.50% for VRTL and 0.84% for SPXL.

Which has better risk-adjusted returns?

SPXL currently has the higher Sharpe Ratio (1.22 vs 0.42), 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.