XXXX vs. ^GSPC
XXXX (MAX S&P 500 4X Leveraged ETN) is Leveraged Equities fund tracking the S&P 500, while ^GSPC (S&P 500 Index) is an index. Over the past year, XXXX returned 90.17% vs 27.02% for ^GSPC. With a 1.00 correlation, they move nearly in lockstep.
Performance
XXXX vs. ^GSPC - Performance Comparison
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Returns By Period
In the year-to-date period, XXXX achieves a 31.29% return, which is significantly higher than ^GSPC's 10.79% return.
XXXX
- 1D
- 1.52%
- 1M
- 16.66%
- YTD
- 31.29%
- 6M
- 27.73%
- 1Y
- 90.17%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
^GSPC
- 1D
- 0.41%
- 1M
- 4.48%
- YTD
- 10.79%
- 6M
- 10.60%
- 1Y
- 27.02%
- 3Y*
- 21.07%
- 5Y*
- 12.39%
- 10Y*
- 13.65%
XXXX vs. ^GSPC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
XXXX MAX S&P 500 4X Leveraged ETN | 31.29% | 17.36% | 61.36% | 16.31% |
^GSPC S&P 500 Index | 10.79% | 16.39% | 23.31% | 4.44% |
Correlation
The correlation between XXXX and ^GSPC is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 1.00 |
Correlation (All Time) Calculated using the full available price history since Dec 6, 2023 | 1.00 |
The correlation between XXXX and ^GSPC has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.
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Return for Risk
XXXX vs. ^GSPC — Risk / Return Rank
XXXX
^GSPC
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 ratioReturn per unit of total volatility | -0.35 | ||
| Sortino ratioReturn per unit of downside risk | -0.76 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.41 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.43 | 2.98 | -0.55 |
| Martin ratioReturn relative to average drawdown | 9.30 | 13.78 | -4.48 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XXXX | ^GSPC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.94 | 2.28 | -0.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.74 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.76 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.88 | 0.47 | +0.41 |
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.
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Drawdown Indicators
| XXXX | ^GSPC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.27% | -56.78% | -5.49% |
Max Drawdown (1Y)Largest decline over 1 year | -37.25% | -9.10% | -28.15% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -1.40% | -0.33% | -1.07% |
Average DrawdownAverage peak-to-trough decline | -11.59% | -10.72% | -0.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.73% | 1.97% | +7.76% |
Volatility
XXXX vs. ^GSPC - Volatility Comparison
MAX S&P 500 4X Leveraged ETN (XXXX) has a higher volatility of 11.10% compared to S&P 500 Index (^GSPC) at 2.88%. 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.
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Volatility by Period
| XXXX | ^GSPC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.10% | 2.88% | +8.22% |
Volatility (6M)Calculated over the trailing 6-month period | 35.43% | 9.00% | +26.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.80% | 11.89% | +34.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.71% | 16.90% | +43.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 60.71% | 18.06% | +42.65% |
Frequently Asked Questions
With a correlation of 1.00, XXXX and ^GSPC move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
XXXX has higher volatility (11.10%) compared to ^GSPC (2.88%). In terms of maximum drawdown, XXXX dropped -62.27% vs ^GSPC's -56.78%.
^GSPC currently has the higher Sharpe Ratio (2.28 vs 1.94), 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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