VXX vs. SPXL
VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both exchange-traded funds - VXX is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index Total Return, while SPXL is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, VXX returned -48.35%/yr vs 31.02%/yr for SPXL. At a correlation of -0.78, they often move in opposite directions. VXX charges 0.89%/yr vs 0.84%/yr for SPXL.
Performance
VXX vs. SPXL - Performance Comparison
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Returns By Period
In the year-to-date period, VXX achieves a -12.16% return, which is significantly lower than SPXL's 17.24% return. Over the past 10 years, VXX has underperformed SPXL with an annualized return of -48.35%, while SPXL has yielded a comparatively higher 31.02% annualized return.
VXX
- 1D
- -1.86%
- 1M
- -9.32%
- YTD
- -12.16%
- 6M
- -14.08%
- 1Y
- -52.08%
- 3Y*
- -39.64%
- 5Y*
- -45.10%
- 10Y*
- -48.35%
SPXL
- 1D
- 0.16%
- 1M
- -7.31%
- YTD
- 17.24%
- 6M
- 12.76%
- 1Y
- 57.32%
- 3Y*
- 47.03%
- 5Y*
- 20.47%
- 10Y*
- 31.02%
VXX vs. SPXL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VXX iPath Series B S&P 500 VIX Short-Term Futures ETN | -12.16% | -42.21% | -26.22% | -72.52% | -23.80% | -72.41% | 11.04% | -67.75% | 67.91% | -72.64% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 17.24% | 31.94% | 63.61% | 69.49% | -56.55% | 98.75% | 9.64% | 102.80% | -25.11% | 71.03% |
Correlation
The correlation between VXX 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 (1Y) Calculated over the trailing 1-year period | -0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.75 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.73 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.74 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2009 | -0.78 |
The correlation between VXX and SPXL has been stable across timeframes, ranging from -0.78 to -0.73 - a consistent structural relationship.
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Return for Risk
VXX vs. SPXL — Risk / Return Rank
VXX
SPXL
VXX vs. SPXL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) 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.
| VXX | SPXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.48 | ||
| Sortino ratioReturn per unit of downside risk | -3.52 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.27 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | 2.15 | -3.13 |
| Martin ratioReturn relative to average drawdown | -1.50 | 8.68 | -10.18 |
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Drawdowns
VXX vs. SPXL - Drawdown Comparison
The maximum VXX drawdown since its inception was -100.00%, which is greater than SPXL's maximum drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for VXX and SPXL.
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Drawdown Indicators
| VXX | SPXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -76.86% | -23.14% |
Max Drawdown (1Y)Largest decline over 1 year | -53.48% | -26.77% | -26.71% |
Max Drawdown (3Y)Largest decline over 3 years | -79.21% | -48.95% | -30.26% |
Max Drawdown (5Y)Largest decline over 5 years | -95.97% | -63.80% | -32.17% |
Max Drawdown (10Y)Largest decline over 10 years | -99.85% | -76.86% | -22.99% |
Current DrawdownCurrent decline from peak | -100.00% | -10.42% | -89.58% |
Average DrawdownAverage peak-to-trough decline | -95.08% | -16.09% | -78.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.97% | 6.62% | +28.35% |
Volatility
VXX vs. SPXL - Volatility Comparison
iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) has a higher volatility of 17.03% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 14.41%. This indicates that VXX'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.
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Volatility by Period
| VXX | SPXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.03% | 14.41% | +2.62% |
Volatility (6M)Calculated over the trailing 6-month period | 43.25% | 29.37% | +13.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.88% | 37.17% | +18.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 68.03% | 50.53% | +17.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.38% | 53.45% | +16.93% |
VXX vs. SPXL - Expense Ratio Comparison
VXX has a 0.89% expense ratio, which is higher than SPXL's 0.84% expense ratio.
Dividends
VXX vs. SPXL - Dividend Comparison
VXX has not paid dividends to shareholders, while SPXL's dividend yield for the trailing twelve months is around 0.55%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SPXL Direxion Daily S&P 500 Bull 3X ETF | 0.55% | 0.69% | 0.74% | 0.98% | 0.32% | 0.11% | 0.22% | 0.84% | 1.02% | 3.88% |
VXX iPath Series B S&P 500 VIX Short-Term Futures ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VXX 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.
VXX has higher volatility (17.03%) compared to SPXL (14.41%). In terms of maximum drawdown, VXX dropped -100.00% vs SPXL's -76.86%.
On 10-year performance, SPXL leads with 31.02% vs -48.35% for VXX. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 14.41%. 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 31.02% return vs -48.35%. 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 0.89% for VXX.
SPXL has the higher dividend yield at 0.55%, compared with 0.00% for VXX.
VXX is categorized as Volatility, while SPXL is Leveraged Equities. VXX tracks S&P 500 VIX Short-Term Futures Index Total Return, while SPXL tracks S&P 500. They also come from different issuers: Barclays Capital and Direxion. Their fees differ too: 0.89% for VXX and 0.84% for SPXL.
SPXL currently has the higher Sharpe Ratio (1.55 vs -0.93), 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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