XXXX vs. SPY

Last updated Jun 3, 2026

XXXX (MAX S&P 500 4X Leveraged ETN) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - XXXX is a Leveraged Equities fund tracking the S&P 500, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past year, XXXX returned 96.61% vs 29.62% for SPY. With a 1.00 correlation, they move nearly in lockstep. XXXX charges 2.95%/yr vs 0.09%/yr for SPY.

Performance

XXXX vs. SPY - Performance Comparison

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

Returns By Period

In the year-to-date period, XXXX achieves a 33.15% return, which is significantly higher than SPY's 11.69% return.

XXXX

• 1D: 0.50%
• 1M: 20.10%
• YTD: 33.15%
• 6M: 31.59%
• 1Y: 96.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPY

• 1D: 0.14%
• 1M: 5.40%
• YTD: 11.69%
• 6M: 12.09%
• 1Y: 29.62%
• 3Y*: 22.64%
• 5Y*: 14.20%
• 10Y*: 15.57%

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

XXXX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
XXXX MAX S&P 500 4X Leveraged ETN	33.15%	17.36%	61.36%	16.31%
SPY State Street SPDR S&P 500 ETF	11.69%	17.72%	24.89%	4.52%

Correlation

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

Return for Risk

XXXX vs. SPY — Risk / Return Rank

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

XXXX

XXXX Risk / Return Rank: 55
XXXX Sharpe Ratio Rank: 61
XXXX Sortino Ratio Rank: 50
XXXX Omega Ratio Rank: 52
XXXX Calmar Ratio Rank: 53
XXXX Martin Ratio Rank: 59

SPY

SPY Risk / Return Rank: 75
SPY Sharpe Ratio Rank: 77
SPY Sortino Ratio Rank: 75
SPY Omega Ratio Rank: 76
SPY Calmar Ratio Rank: 68
SPY Martin Ratio Rank: 80

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MAX S&P 500 4X Leveraged ETN (XXXX) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio Return per unit of total volatility	2.08	2.52	-0.44
Sortino ratio Return per unit of downside risk	2.48	3.42	-0.93
Omega ratio Gain probability vs. loss probability	1.33	1.46	-0.13
Calmar ratio Return relative to maximum drawdown	2.71	3.42	-0.71
Martin ratio Return relative to average drawdown	10.36	15.93	-5.56
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. SPY - Sharpe Ratio Comparison

The current XXXX Sharpe Ratio is 2.08, which is comparable to the SPY Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of XXXX and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	XXXX	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.08	2.52	-0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.84	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.90	0.59	+0.31

Drawdowns

XXXX vs. SPY - Drawdown Comparison

The maximum XXXX drawdown since its inception was -62.27%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for XXXX and SPY.

Drawdown Indicators

	XXXX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-62.27%	-55.19%	-7.08%
Max Drawdown (1Y) Largest decline over 1 year	-37.25%	-8.88%	-28.37%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-11.62%	-9.05%	-2.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.72%	1.91%	+7.81%

Volatility

XXXX vs. SPY - Volatility Comparison

MAX S&P 500 4X Leveraged ETN (XXXX) has a higher volatility of 10.91% compared to State Street SPDR S&P 500 ETF (SPY) at 2.75%. This indicates that XXXX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XXXX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.91%	2.75%	+8.16%
Volatility (6M) Calculated over the trailing 6-month period	35.33%	8.89%	+26.44%
Volatility (1Y) Calculated over the trailing 1-year period	46.75%	11.81%	+34.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.77%	17.05%	+43.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.77%	17.94%	+42.83%

XXXX vs. SPY - Expense Ratio Comparison

XXXX has a 2.95% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

XXXX vs. SPY - Dividend Comparison

XXXX has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 0.97%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	0.97%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XXXX and SPY in my portfolio?

With a correlation of 1.00, XXXX and SPY 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 SPY?

XXXX has higher volatility (10.91%) compared to SPY (2.75%). In terms of maximum drawdown, XXXX dropped -62.27% vs SPY's -55.19%.

Which ETF is better, XXXX or SPY?

On 1-year performance, XXXX leads with 96.61% vs 29.62% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XXXX or SPY?

Over the 1-year period, XXXX has performed better with a 96.61% return vs 29.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XXXX or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 2.95% for XXXX.

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

SPY has the higher dividend yield at 0.97%, compared with 0.00% for XXXX.

What is the main difference between XXXX and SPY?

XXXX is categorized as Leveraged Equities, while SPY is S&P 500. XXXX tracks S&P 500, while SPY tracks S&P 500 Index. They also come from different issuers: Max and State Street. Their fees differ too: 2.95% for XXXX and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.52 vs 2.08), 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.