LMBO vs SPY
Direxion Daily Crypto Industry Bull 2X ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, LMBO or SPY?
Leverage Strategy against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y and the full window.
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 | LMBO | SPY |
|---|---|---|
| Expense Ratio | 0.98% | 0.09%Best |
| AUM | $6M | $804.7B |
| Dividend Yield | 6.09% | 0.98% |
| Holdings | 31 | 505 |
| Volatility (annualized) | 73.3% | 11.1%Best |
| Max Drawdown | -67.6% | -18.8%Best |
| $10,000 over 1.7 years | $8,051 | $12,409Best |
| Fund Family | Direxion Shares ETF Trust | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Leverage Strategy | Large Cap Blend |
| Inception | Jul 17, 2024 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized), Top 10 Weight.
The two price series end 153 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. LMBO has data through Apr 10, 2026 and SPY through Sep 10, 2026.
Volatility and max drawdown, and the $10,000 over 1.7 years row, are measured over the window both funds cover: Jul 17, 2024 to Apr 10, 2026 (1.7 years).
Risk: Volatility and Drawdowns
LMBO has been the more volatile fund, with annualized monthly volatility of 73.3% compared with 11.1% 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 -67.6% for LMBO and -18.8% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.74. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
LMBO charges 0.98% per year while SPY charges 0.09%. On a $10,000 position that is $98 vs $9 annually, a gap of $89 per year that compounds over a long holding period. On income, LMBO currently yields 6.09% against 0.98% for SPY.
Holdings Overlap
At least 9.6% of SPY's money is in holdings LMBO also owns.
Only one direction is shown: for LMBO, our book for it lists positions totalling 105.9% of the fund, which is what a leveraged book looks like and is not a denominator we can divide by.
SPY and LMBO share little of their money.
The two holdings books were reported 186 days apart, LMBO as of Jan 30, 2026 and SPY as of Aug 4, 2026, so some of the difference between them is the time between the two reports rather than the funds.
7 positions in common, counted across the 29 positions we hold weights for in LMBO and 504 in SPY, against full books of 31 and 505.
You are not choosing between two funds in isolation.
Whichever of LMBO and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, LMBO or SPY?
LMBO has an expense ratio of 0.98% while SPY charges 0.09%. SPY is the cheaper option, by $89 a year on a $10,000 investment.
Which is riskier, LMBO or SPY?
LMBO has been the more volatile fund at 73.3% annualized versus 11.1% for SPY. Worst drawdown: LMBO -67.6% vs SPY -18.8%.
Should I hold both LMBO and SPY?
LMBO and SPY have a monthly-return correlation of 0.74, 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 LMBO and SPY?
At least 9.6% of SPY's money is in holdings LMBO also owns. Our book for LMBO is partial, so the real figure is this or higher. They hold 7 positions in common, counted across the 29 positions we hold weights for in LMBO and 504 in SPY.
Which pays a higher dividend, LMBO or SPY?
LMBO yields 6.09% while SPY yields 0.98%, so LMBO currently pays the higher dividend yield.
Is SPY better than LMBO?
SPY has a lower expense ratio. SPY led over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.