Correlation
The correlation between ^NDX and SPXL is 0.90, 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.
^NDX vs. SPXL
Compare and contrast key facts about NASDAQ 100 (^NDX) and Direxion Daily S&P 500 Bull 3X Shares (SPXL).
SPXL is a passively managed fund by Direxion that tracks the performance of the S&P 500 Index (300%). It was launched on Nov 5, 2008.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: ^NDX or SPXL.
Performance
^NDX vs. SPXL - Performance Comparison
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Key characteristics
^NDX:
0.63
SPXL:
0.29
^NDX:
0.97
SPXL:
0.81
^NDX:
1.13
SPXL:
1.12
^NDX:
0.64
SPXL:
0.35
^NDX:
2.07
SPXL:
1.09
^NDX:
7.09%
SPXL:
15.63%
^NDX:
25.72%
SPXL:
58.33%
^NDX:
-82.90%
SPXL:
-76.86%
^NDX:
-3.08%
SPXL:
-18.22%
Returns By Period
In the year-to-date period, ^NDX achieves a 2.28% return, which is significantly higher than SPXL's -8.44% return. Over the past 10 years, ^NDX has underperformed SPXL with an annualized return of 16.98%, while SPXL has yielded a comparatively higher 22.02% annualized return.
^NDX
2.28%
6.91%
1.55%
15.94%
19.65%
17.24%
16.98%
SPXL
-8.44%
12.75%
-16.66%
16.50%
22.65%
29.39%
22.02%
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Risk-Adjusted Performance
^NDX vs. SPXL — Risk-Adjusted Performance Rank
^NDX
SPXL
^NDX vs. SPXL - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for NASDAQ 100 (^NDX) and Direxion Daily S&P 500 Bull 3X Shares (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.
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Drawdowns
^NDX vs. SPXL - Drawdown Comparison
The maximum ^NDX drawdown since its inception was -82.90%, which is greater than SPXL's maximum drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for ^NDX and SPXL.
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Volatility
^NDX vs. SPXL - Volatility Comparison
The current volatility for NASDAQ 100 (^NDX) is 5.55%, while Direxion Daily S&P 500 Bull 3X Shares (SPXL) has a volatility of 14.26%. This indicates that ^NDX experiences smaller price fluctuations and is considered to be less risky than SPXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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