ETJ vs SPXL
Eaton Vance Risk-Managed Diversified Equity Income Fund vs Direxion Daily S&P 500 Bull 3X ETF
Which is better, ETJ or SPXL?
SPXL has been ahead.
SPXL has a lower expense ratio. SPXL led over 1Y, 3Y, 5Y and the full window. SPXL is less concentrated, with 48.3% of the fund in its ten largest positions against 49.3%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | ETJ | SPXL |
|---|---|---|
| Expense Ratio | 1.11% | 0.87%Best |
| AUM | $614M | $7.4B |
| Dividend Yield | 8.55% | 0.52% |
| Holdings | 74 | 1,030 |
| YTD Return | -1.86% | +30.47%Best |
| 1Y Return | -1.01% | +39.94%Best |
| 3Y Return (annualized) | +10.94% | +52.99%Best |
| 5Y Return (annualized) | +2.70% | +20.66%Best |
| Volatility (annualized) | 12.3%Best | 45.9% |
| Max Drawdown | -64.4%Best | -76.9% |
| $10,000 over 5 years | $11,425 | $25,575Best |
| Top 10 Weight | 49.3% | 48.3%Best |
| Fund Family | Eaton Vance | Direxion Shares ETF Trust |
| Category | Alternative | Alternative |
| Style | Multi Alternative | Multi Alternative |
| Inception | Jul 31, 2007 | Nov 5, 2008 |
Volatility and max drawdown are measured over the window both funds cover: Nov 5, 2008 to Oct 14, 2026 (17.9 years).
ETJ vs SPXL growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
ETJ vs SPXL Performance
Eaton Vance Risk-Managed Diversified Equity Income Fund (ETJ) is an ETF from Eaton Vance and Direxion Daily S&P 500 Bull 3X ETF (SPXL) is an ETF from Direxion Shares ETF Trust. Over the past year ETJ returned -1.01% while SPXL returned +39.94%. Year to date, ETJ is down 1.86% versus a gain of 30.47% for SPXL.
Over three years, ETJ compounded at +10.94% per year against +52.99% for SPXL; over five years the annualized figures are +2.70% and +20.66% respectively. Across the full 18-year window we track, SPXL has the edge at +28.45% annualized vs -1.31%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPXL has been the more volatile fund, with annualized monthly volatility of 45.9% compared with 12.3% for ETJ. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -64.4% for ETJ and -76.9% for SPXL. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.62. They move together some of the time, and apart the rest.
Fees and Cost Over Time
ETJ charges 1.11% per year while SPXL charges 0.87%. On a $10,000 position that is $111 vs $87 annually, a gap of $24 per year that compounds over a long holding period. On income, ETJ currently yields 8.55% against 0.52% for SPXL.
Holdings Overlap
88.7% of ETJ's money is in holdings SPXL also owns. 33.8% of SPXL's money is in holdings ETJ also owns.
Most of ETJ is already inside SPXL. Owning both mostly buys the same companies twice.
41 positions in common, counted across the 56 positions we hold weights for in ETJ and 506 in SPXL, against full books of 74 and 1,030.
What only one of them owns
Our book lists 458 positions for SPXL that do not appear in our book for ETJ (63.2% of the fund), and 10 for ETJ that do not appear in SPXL (7.0%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in ETJ | Weight in SPXL | Difference |
|---|---|---|---|
| NVDANvidia Corp | 9.72% | 5.70% | 4.02% |
| MSFTMicrosoft Corp | 6.84% | 4.19% | 2.65% |
| AAPLApple, Inc | 5.24% | 5.45% | 0.21% |
| GOOGAlphabet Inc. C | 6.68% | 1.82% | 4.86% |
| AMZNAmazon.Com Inc | 5.21% | 2.77% | 2.44% |
| AVGOBroadcom Inc | 3.96% | 1.82% | 2.14% |
| JPMJpmorgan Chase | 3.26% | 1.05% | 2.21% |
| METAMeta Platforms Inc | 2.27% | 1.63% | 0.64% |
| LLYEli Lilly & Co. | 2.77% | 1.00% | 1.77% |
| VVisa Inc Class A | 2.95% | 0.69% | 2.26% |
88.7% of ETJ is already inside SPXL.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, ETJ or SPXL?
ETJ has an expense ratio of 1.11% while SPXL charges 0.87%. SPXL is the cheaper option, by $24 a year on a $10,000 investment.
Which performed better, ETJ or SPXL?
Over the past year ETJ returned -1.01% vs +39.94% for SPXL, so SPXL leads on 1-year performance. Over the longest common window we track (18 years), ETJ annualized -1.31% vs +28.45% for SPXL. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, ETJ or SPXL?
SPXL has been the more volatile fund at 45.9% annualized versus 12.3% for ETJ. Worst drawdown: ETJ -64.4% vs SPXL -76.9%.
Should I hold both ETJ and SPXL?
ETJ and SPXL have a monthly-return correlation of 0.62, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between ETJ and SPXL?
88.7% of ETJ's money is in holdings SPXL also owns. 33.8% of SPXL's is in holdings ETJ also owns. They hold 41 positions in common, counted across the 56 positions we hold weights for in ETJ and 506 in SPXL.
Which pays a higher dividend, ETJ or SPXL?
ETJ yields 8.55% while SPXL yields 0.52%, so ETJ currently pays the higher dividend yield.
Is SPXL better than ETJ?
SPXL has a lower expense ratio. SPXL led over 1Y, 3Y, 5Y and the full window. SPXL is less concentrated, with 48.3% of the fund in its ten largest positions against 49.3%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.