Category Review
Tactical funds ranged from a 32.2% gain to a 12.5% loss

Score 55 out of 100
Score 55 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
BThe original 3x S&P 500 ETF. Direxion launched SPXL in November 2008, months ahead of its closest rival, and it still aims to deliver 300% of the index's daily move, at 0.84% net of a waiver through September 1, 2027.
The fund seeks daily investment results, before fees and expenses, equal to 300% of the performance of the S&P 500 Index.
| Period | SPXL |
|---|---|
| Year to date | +21.4% |
| 1 month | −7.7% |
| 3 months | −0.6% |
| 1 year | +19.5% |
| 3 years | +51.5% |
| 5 years | +15.9% |
| 10 years | +29.6% |
| Year | Return bar | SPXL |
|---|---|---|
| 2026 YTD | +21.4% | |
| 2025 | +31.9% | |
| 2024 | +63.6% | |
| 2023 | +69.5% | |
| 2022 | −56.6% | |
| 2021 | +98.7% | |
| 2020 | +9.6% |
This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
FMP measures it over up to five years of monthly returns.
Overpaying vs USLX, cheapest in 2x/3x Long S&P 500
$11,874
On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.
SPXL 0.84%
$16,029
USLX 0.20% Cheapest
$4,155
| Year | SPXL | USLX | Overpaying |
|---|---|---|---|
| 10 | $1,491 | $365 | $1,126 |
| 20 | $5,643 | $1,421 | $4,222 |
| 30 | $16,029 | $4,155 | $11,874 |
Full fee 0.95% waiver 0.11% you pay 0.84%
Category Review





