BOEU vs SPY
Direxion Daily BA Bull 2X ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | BOEU | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.06% | 0.09% | |
| AUM | $22M | $821.1B | |
| Dividend Yield | 1.72% | 1.01% | |
| Holdings | 10 | 505 | |
| YTD Return | -15.94% | +12.93% | |
| 1Y Return | -26.37% | +20.62% | |
| 3Y Return (annualized) | - | +22.00% | |
| 5Y Return (annualized) | - | +13.33% | |
| Volatility (annualized) | 58.8% | 15.3% | |
| Max Drawdown | -46.0% | -56.5% | |
| Fund Family | Direxion Shares ETF Trust | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Apr 23, 2025 | Jan 22, 1993 |
BOEU vs SPY Performance
Direxion Daily BA Bull 2X ETF (BOEU) is a ETF from Direxion Shares ETF Trust and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year BOEU returned -26.37% while SPY returned +20.62%. Year to date, BOEU is down 15.94% versus a gain of 12.93% for SPY.
Risk: Volatility and Drawdowns
BOEU has been the more volatile fund, with annualized monthly volatility of 58.8% compared with 15.3% for SPY. 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 -46.0% for BOEU and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.60. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
BOEU charges 1.06% per year while SPY charges 0.09%. On a $10,000 position that is $106 vs $9 annually, a gap of $97 per year that compounds over a long holding period. On income, BOEU currently yields 1.72% against 1.01% for SPY.
Holdings Overlap
BOEU and SPY share 1 holdings out of 508 unique holdings combined, representing a 0.3% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in BOEU | Weight in SPY | Difference |
|---|---|---|---|
| BA | 15.72% | 0.28% | 15.44% |
Frequently Asked Questions
Which is cheaper, BOEU or SPY?
BOEU has an expense ratio of 1.06% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $97 per year of difference.
Which performed better, BOEU or SPY?
Over the past year BOEU returned -26.37% vs +20.62% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), BOEU annualized +19.74% vs +8.82% for SPY. Past performance does not guarantee future results.
Which is riskier, BOEU or SPY?
BOEU has been the more volatile fund at 58.8% annualized versus 15.3% for SPY. Worst drawdown: BOEU -46.0% vs SPY -56.5%.
Should I hold both BOEU and SPY?
BOEU and SPY have a monthly-return correlation of 0.60, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between BOEU and SPY?
BOEU and SPY share 1 common holdings with a 0.3% weight overlap. Combined, they hold 508 unique securities.
Which pays a higher dividend, BOEU or SPY?
BOEU yields 1.72% while SPY yields 1.01%, so BOEU currently pays the higher dividend yield.
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