XXXX vs. SPXL

Last updated Jun 24, 2026

XXXX (MAX S&P 500 4X Leveraged ETN) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both Leveraged Equities funds - XXXX tracks the S&P 500 Index (400%) while SPXL tracks the S&P 500. Both are passively managed. Over the past year, XXXX returned 61.35% vs 62.56% for SPXL. With a 1.00 correlation, they move nearly in lockstep. XXXX charges 2.95%/yr vs 0.84%/yr for SPXL.

Performance

XXXX vs. SPXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MAX S&P 500 4X Leveraged ETN (XXXX) 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, XXXX achieves a 13.89% return, which is significantly lower than SPXL's 17.21% return.

XXXX

• 1D: -5.65%
• 1M: -8.58%
• YTD: 13.89%
• 6M: 9.18%
• 1Y: 61.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPXL

• 1D: -4.48%
• 1M: -5.53%
• YTD: 17.21%
• 6M: 13.86%
• 1Y: 62.56%
• 3Y*: 46.39%
• 5Y*: 20.70%
• 10Y*: 30.27%

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

XXXX vs. SPXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
XXXX MAX S&P 500 4X Leveraged ETN	13.89%	17.36%	61.36%	16.77%
SPXL Direxion Daily S&P 500 Bull 3X ETF	17.21%	31.94%	63.61%	12.76%

Correlation

The correlation between XXXX and SPXL 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 5, 2023	1.00

The correlation between XXXX and SPXL has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

XXXX vs. SPXL — Risk / Return Rank

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

XXXX

XXXX Risk / Return Rank: 36
XXXX Sharpe Ratio Rank: 36
XXXX Sortino Ratio Rank: 34
XXXX Omega Ratio Rank: 35
XXXX Calmar Ratio Rank: 34
XXXX Martin Ratio Rank: 40

SPXL

SPXL Risk / Return Rank: 49
SPXL Sharpe Ratio Rank: 51
SPXL Sortino Ratio Rank: 44
SPXL Omega Ratio Rank: 45
SPXL Calmar Ratio Rank: 49
SPXL Martin Ratio Rank: 56

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. SPXL - Risk-Adjusted Trends Comparison

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

	XXXX	SPXL	Difference
Sharpe ratio: Return per unit of total volatility	1.25	1.69	-0.44
Sortino ratio: Return per unit of downside risk	1.74	2.15	-0.41
Omega ratio: Gain probability vs. loss probability	1.23	1.28	-0.06
Calmar ratio: Return relative to maximum drawdown	1.66	2.35	-0.69
Martin ratio: Return relative to average drawdown	6.14	9.57	-3.43

XXXX vs. SPXL - Sharpe Ratio Comparison

The current XXXX Sharpe Ratio is 1.25, which is comparable to the SPXL Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of XXXX 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

XXXX vs. SPXL - Drawdown Comparison

The maximum XXXX drawdown since its inception was -62.27%, smaller than the maximum SPXL drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for XXXX and SPXL.

Drawdown Indicators

	XXXX	SPXL	Difference
Max Drawdown Largest peak-to-trough decline	-62.27%	-76.86%	+14.59%
Max Drawdown (1Y) Largest decline over 1 year	-37.25%	-26.77%	-10.48%
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	-14.46%	-10.44%	-4.02%
Average Drawdown Average peak-to-trough decline	-11.55%	-16.09%	+4.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.02%	6.56%	+3.46%

Volatility

XXXX vs. SPXL - Volatility Comparison

MAX S&P 500 4X Leveraged ETN (XXXX) has a higher volatility of 19.57% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 14.70%. This indicates that XXXX'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

	XXXX	SPXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.57%	14.70%	+4.87%
Volatility (6M) Calculated over the trailing 6-month period	39.25%	29.55%	+9.70%
Volatility (1Y) Calculated over the trailing 1-year period	49.48%	37.43%	+12.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	61.18%	50.54%	+10.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.18%	53.47%	+7.71%

XXXX vs. SPXL - Expense Ratio Comparison

XXXX has a 2.95% expense ratio, which is higher than SPXL's 0.84% expense ratio.

Dividends

XXXX vs. SPXL - Dividend Comparison

XXXX has not paid dividends to shareholders, while SPXL's dividend yield for the trailing twelve months is around 0.57%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXL Direxion Daily S&P 500 Bull 3X ETF	0.57%	0.69%	0.74%	0.98%	0.32%	0.11%	0.22%	0.84%	1.02%	3.88%
XXXX MAX S&P 500 4X Leveraged ETN	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 XXXX and SPXL in my portfolio?

With a correlation of 1.00, XXXX and SPXL 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.

Which is riskier, XXXX or SPXL?

XXXX has higher volatility (19.57%) compared to SPXL (14.70%). In terms of maximum drawdown, XXXX dropped -62.27% vs SPXL's -76.86%.

Which ETF is better, XXXX or SPXL?

On 1-year performance, SPXL leads with 62.56% vs 61.35% for XXXX. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 14.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XXXX or SPXL?

Over the 1-year period, SPXL has performed better with a 62.56% return vs 61.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XXXX or SPXL?

SPXL is cheaper with a 0.84% expense ratio, compared with 2.95% for XXXX.

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

SPXL has the higher dividend yield at 0.57%, compared with 0.00% for XXXX.

What is the main difference between XXXX and SPXL?

XXXX tracks S&P 500 Index (400%), while SPXL tracks S&P 500. They also come from different issuers: Max and Direxion. Their fees differ too: 2.95% for XXXX and 0.84% for SPXL.

Which has better risk-adjusted returns?

SPXL currently has the higher Sharpe Ratio (1.69 vs 1.25), 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.