Market Research Data

SPXL Correlation & Overlap

Fund Strategy Analysis

Direxion Daily S&P 500 Bull 3X Shares (SPXL) is a key instrument in the Leveraged S&P 500 category. SPXL offers targeted access to the Leveraged S&P 500 market. To capture tax benefits without exiting this position entirely, market participants often evaluate pairs with high correlation but distinct underlying indices.

Note: This page summarizes historical similarity metrics and does not assess tax treatment or regulatory outcomes.

Top Correlated ETFs

Leveraged S&P 500
UPRO
CORR ≥ 0.99*
>0.99
Correlation
With approximately <10% overlap in holdings, UPRO and SPXL exhibit highly synchronized price behavior. This structural similarity is a key data point for tax-loss harvesting research.
Overlap: < 10%
Yahoo Finance ↗View UPRO Analysis →
SSO
CORR ≥ 0.99*
>0.99
Correlation
SSO shows a high degree of historical similarity with SPXL. With an estimated overlap of <10%, this pair is often analyzed in discussions regarding "substantially identical" securities.
Overlap: < 10%
Yahoo Finance ↗View SSO Analysis →
SPXS
INVERSE
-99.0%
Inverse Correlation
With approximately <10% overlap in holdings, SPXS and SPXL exhibit highly synchronized price behavior. This structural similarity is a key data point for tax-loss harvesting research.
Overlap: < 10%
Yahoo Finance ↗SPXS Data Coming Soon

Note on Overlap: Estimates are based on the most recent publicly disclosed holdings. Leveraged/Inverse products often use swaps resulting in low physical overlap despite high correlation.

Leveraged/Inverse Note: Leveraged ETFs are designed to deliver multiples of daily returns and may experience significant performance divergence over longer periods.

* Correlation calculated using 2-year daily price returns.

Wash Sale Re-Entry Date (Reference Tool)

If you sold SPXL at a loss, U.S. wash sale rules generally restrict repurchasing the same or a substantially identical security within 30 days.

*For informational purposes only. Consult a tax professional regarding IRC §1091. This tool calculates the 31st day following a sale.

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What is Correlation?

Correlation measures the historical relationship between two assets. A value of 1.00 (100%) means they move perfectly in sync. For tax loss harvesting, high correlation is generally desired to stay in the market while realizing a loss.

Index Methodology

Under the wash sale rule, "substantially identical" assets are disallowed for loss claims. Many investors argue that ETFs tracking different indices (e.g., S&P 500 vs. Russell 1000) are not substantially identical.

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