XXXX vs. ^GSPC

Last updated Apr 2, 2026

Compare and contrast key facts about MAX S&P 500 4X Leveraged ETN (XXXX) and S&P 500 Index (^GSPC).

XXXX is a passively managed fund by Max that tracks the performance of the S&P 500. It was launched on Dec 4, 2023.

Performance

XXXX vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MAX S&P 500 4X Leveraged ETN (XXXX) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

XXXX vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
XXXX MAX S&P 500 4X Leveraged ETN	-21.85%	17.36%	61.36%	16.31%
^GSPC S&P 500 Index	-3.95%	16.39%	23.31%	4.44%

Returns By Period

In the year-to-date period, XXXX achieves a -21.85% return, which is significantly lower than ^GSPC's -3.95% return.

XXXX

• 1D: 2.83%
• 1M: -19.38%
• YTD: -21.85%
• 6M: -22.09%
• 1Y: 20.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

^GSPC

• 1D: 0.72%
• 1M: -4.45%
• YTD: -3.95%
• 6M: -2.02%
• 1Y: 16.73%
• 3Y*: 16.96%
• 5Y*: 10.34%
• 10Y*: 12.24%

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

Return for Risk

XXXX vs. ^GSPC — Risk / Return Rank

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

XXXX

XXXX Risk / Return Rank: 25
XXXX Sharpe Ratio Rank: 19
XXXX Sortino Ratio Rank: 29
XXXX Omega Ratio Rank: 32
XXXX Calmar Ratio Rank: 23
XXXX Martin Ratio Rank: 24

^GSPC

^GSPC Risk / Return Rank: 67
^GSPC Sharpe Ratio Rank: 63
^GSPC Sortino Ratio Rank: 64
^GSPC Omega Ratio Rank: 69
^GSPC Calmar Ratio Rank: 60
^GSPC Martin Ratio Rank: 77

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.

XXXX vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MAX S&P 500 4X Leveraged ETN (XXXX) and S&P 500 Index (^GSPC). 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.

	XXXX	^GSPC	Difference
Sharpe ratio Return per unit of total volatility	0.29	0.92	-0.63
Sortino ratio Return per unit of downside risk	0.91	1.41	-0.50
Omega ratio Gain probability vs. loss probability	1.14	1.21	-0.08
Calmar ratio Return relative to maximum drawdown	0.52	1.41	-0.90
Martin ratio Return relative to average drawdown	1.80	6.61	-4.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XXXX vs. ^GSPC - Sharpe Ratio Comparison

The current XXXX Sharpe Ratio is 0.29, which is lower than the ^GSPC Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of XXXX and ^GSPC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	XXXX	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.29	0.92	-0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.61	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.68	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.46	-0.03

Correlation

The correlation between XXXX and ^GSPC is 1.00, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

XXXX vs. ^GSPC - Drawdown Comparison

The maximum XXXX drawdown since its inception was -62.27%, which is greater than ^GSPC's maximum drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for XXXX and ^GSPC.

Drawdown Indicators

	XXXX	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-62.27%	-56.78%	-5.49%
Max Drawdown (1Y) Largest decline over 1 year	-43.00%	-12.14%	-30.86%
Max Drawdown (5Y) Largest decline over 5 years	—	-25.43%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.92%	—
Current Drawdown Current decline from peak	-28.09%	-5.78%	-22.31%
Average Drawdown Average peak-to-trough decline	-12.06%	-10.75%	-1.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.33%	2.60%	+9.73%

Volatility

XXXX vs. ^GSPC - Volatility Comparison

MAX S&P 500 4X Leveraged ETN (XXXX) has a higher volatility of 21.30% compared to S&P 500 Index (^GSPC) at 5.37%. This indicates that XXXX's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XXXX	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.30%	5.37%	+15.93%
Volatility (6M) Calculated over the trailing 6-month period	37.79%	9.55%	+28.24%
Volatility (1Y) Calculated over the trailing 1-year period	72.27%	18.33%	+53.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	61.75%	16.90%	+44.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.75%	18.05%	+43.70%