QQQ vs SPXL
Invesco QQQ Trust, Series 1 vs Direxion Daily S&P 500 Bull 3X ETF
Which is better, QQQ or SPXL?
Large Cap Growth against Multi Alternative.
QQQ has a lower expense ratio. SPXL led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.90. QQQ is less concentrated, with 46.5% of the fund in its ten largest positions against 48.3%.
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 | QQQ | SPXL |
|---|---|---|
| Expense Ratio | 0.18%Best | 0.84% |
| AUM | $483.5B | $6.8B |
| Dividend Yield | 0.44% | 0.50% |
| Holdings | 107 | 515 |
| YTD Return | +15.18% | +24.73%Best |
| 1Y Return | +19.65% | +34.17%Best |
| 3Y Return (annualized) | +24.60% | +47.49%Best |
| 5Y Return (annualized) | +13.94% | +18.75%Best |
| Volatility (annualized) | 17.7%Best | 46.0% |
| Max Drawdown | -35.1%Best | -76.9% |
| $10,000 over 5 years | $19,204 | $23,614Best |
| Top 10 Weight | 46.5%Best | 48.3% |
| Fund Family | Invesco (US) | Direxion Shares ETF Trust |
| Category | Equity | Alternative |
| Style | Large Cap Growth | Multi Alternative |
| Inception | Mar 10, 1999 | Nov 5, 2008 |
Volatility and max drawdown are measured over the window both funds cover: Nov 5, 2008 to Sep 15, 2026 (17.9 years).
QQQ 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 covers the 17.9 years both funds cover.
QQQ vs SPXL Performance
Invesco QQQ Trust, Series 1 (QQQ) is an ETF from Invesco (US) and Direxion Daily S&P 500 Bull 3X ETF (SPXL) is an ETF from Direxion Shares ETF Trust. Over the past year QQQ returned +19.65% while SPXL returned +34.17%. Year to date, QQQ is up 15.18% versus a gain of 24.73% for SPXL.
Over three years, QQQ compounded at +24.60% per year against +47.49% for SPXL; over five years the annualized figures are +13.94% and +18.75% respectively. Across the full 18-year window we track, SPXL has the edge at +28.27% annualized vs +19.12%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPXL has been the more volatile fund, with annualized monthly volatility of 46.0% compared with 17.7% for QQQ. 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 -35.1% for QQQ 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 0.90. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
QQQ charges 0.18% per year while SPXL charges 0.84%. On a $10,000 position that is $18 vs $84 annually, a gap of $66 per year that compounds over a long holding period. On income, QQQ currently yields 0.44% against 0.50% for SPXL.
Holdings Overlap
94.6% of QQQ's money is in holdings SPXL also owns. 40.0% of SPXL's money is in holdings QQQ also owns.
Most of QQQ is already inside SPXL. Owning both mostly buys the same companies twice.
87 positions in common, counted across the 102 positions we hold weights for in QQQ and 506 in SPXL, against full books of 107 and 515.
What only one of them owns
Our book lists 414 positions for SPXL that do not appear in our book for QQQ (57.9% of the fund), and 9 for QQQ that do not appear in SPXL (2.9%).
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 QQQ | Weight in SPXL | Difference |
|---|---|---|---|
| NVDANvidia Corp | 8.44% | 5.94% | 2.50% |
| AAPLApple, Inc | 7.27% | 5.38% | 1.89% |
| MSFTMicrosoft Corp | 5.76% | 4.20% | 1.56% |
| AMZNAmazon.Com Inc | 4.67% | 2.81% | 1.86% |
| MUMicron Technology, Inc. | 4.43% | 1.19% | 3.24% |
| GOOGLAlphabet Inc,class A | 3.36% | 2.22% | 1.14% |
| AVGOBroadcom Inc | 3.16% | 1.97% | 1.19% |
| GOOGAlphabet Inc | 3.13% | 1.77% | 1.36% |
| AMDAdvanced Micro Devices Inc | 3.45% | 0.85% | 2.60% |
| METAMeta Platforms Inc | 2.78% | 1.43% | 1.35% |
94.6% of QQQ 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, QQQ or SPXL?
QQQ has an expense ratio of 0.18% while SPXL charges 0.84%. QQQ is the cheaper option, by $66 a year on a $10,000 investment.
Which performed better, QQQ or SPXL?
Over the past year QQQ returned +19.65% vs +34.17% for SPXL, so SPXL leads on 1-year performance. Over the longest common window we track (18 years), QQQ annualized +19.12% vs +28.27% for SPXL. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, QQQ or SPXL?
SPXL has been the more volatile fund at 46.0% annualized versus 17.7% for QQQ. Worst drawdown: QQQ -35.1% vs SPXL -76.9%.
Should I hold both QQQ and SPXL?
QQQ and SPXL have a monthly-return correlation of 0.90, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between QQQ and SPXL?
94.6% of QQQ's money is in holdings SPXL also owns. 40.0% of SPXL's is in holdings QQQ also owns. They hold 87 positions in common, counted across the 102 positions we hold weights for in QQQ and 506 in SPXL.
Which pays a higher dividend, QQQ or SPXL?
QQQ yields 0.44% while SPXL yields 0.50%, so SPXL currently pays the higher dividend yield.
Is SPXL better than QQQ?
QQQ has a lower expense ratio. SPXL led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.90. QQQ is less concentrated, with 46.5% of the fund in its ten largest positions against 48.3%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.