SPXL vs SPY
Direxion Daily S&P 500 Bull 3X ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, SPXL or SPY?
Multi Alternative against Large Cap Blend.
SPY has a lower expense ratio. SPXL led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.99. SPY is less concentrated, with 38.2% 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 | SPXL | SPY |
|---|---|---|
| Expense Ratio | 0.84% | 0.09%Best |
| AUM | $7.0B | $811.2B |
| Dividend Yield | 0.50% | 0.98% |
| Holdings | 1,030 | 1,515 |
| YTD Return | +35.16%Best | +14.85% |
| 1Y Return | +38.64%Best | +17.26% |
| 3Y Return (annualized) | +55.15%Best | +22.95% |
| 5Y Return (annualized) | +22.82%Best | +13.89% |
| Volatility (annualized) | 45.9% | 14.8%Best |
| Max Drawdown | -76.9% | -34.1%Best |
| $10,000 over 5 years | $27,948Best | $19,161 |
| Top 10 Weight | 48.3% | 38.2%Best |
| Fund Family | Direxion Shares ETF Trust | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Multi Alternative | Large Cap Blend |
| Inception | Nov 5, 2008 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Nov 5, 2008 to Oct 9, 2026 (17.9 years).
SPXL vs SPY 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.
SPXL vs SPY Performance
Direxion Daily S&P 500 Bull 3X ETF (SPXL) is an ETF from Direxion Shares ETF Trust and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year SPXL returned +38.64% while SPY returned +17.26%. Year to date, SPXL is up 35.16% versus a gain of 14.85% for SPY.
Over three years, SPXL compounded at +55.15% per year against +22.95% for SPY; over five years the annualized figures are +22.82% and +13.89% respectively. Across the full 18-year window we track, SPXL has the edge at +28.73% annualized vs +12.86%.
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 14.8% 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 -76.9% for SPXL and -34.1% 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 0.99. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
SPXL charges 0.84% per year while SPY charges 0.09%. On a $10,000 position that is $84 vs $9 annually, a gap of $75 per year that compounds over a long holding period. On income, SPXL currently yields 0.50% against 0.98% for SPY.
Holdings Overlap
71.7% of SPXL's money is in holdings SPY also owns. 98.0% of SPY's money is in holdings SPXL also owns.
Most of SPY is already inside SPXL. Owning both mostly buys the same companies twice.
499 positions in common, counted across the 506 positions we hold weights for in SPXL and 504 in SPY, against full books of 1,030 and 1,515.
What only one of them owns
Our book lists 1 positions for SPY that do not appear in our book for SPXL (1.4% of the fund), and 7 for SPXL that do not appear in SPY (25.6%).
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 SPXL | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 5.70% | 7.78% | 2.08% |
| AAPLApple, Inc | 5.45% | 7.45% | 2.00% |
| MSFTMicrosoft Corp | 4.19% | 5.71% | 1.52% |
| AMZNAmazon.Com Inc | 2.77% | 3.78% | 1.01% |
| GOOGLAlphabet Inc,class A | 2.28% | 3.12% | 0.84% |
| GOOGAlphabet Inc. C | 1.82% | 2.49% | 0.67% |
| AVGOBroadcom Inc | 1.82% | 2.48% | 0.66% |
| METAMeta Platforms Inc | 1.63% | 2.22% | 0.59% |
| MUMicron Technology, Inc. | 1.16% | 1.59% | 0.43% |
| TSLATesla Inc | 1.13% | 1.54% | 0.41% |
98.0% of SPY 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, SPXL or SPY?
SPXL has an expense ratio of 0.84% while SPY charges 0.09%. SPY is the cheaper option, by $75 a year on a $10,000 investment.
Which performed better, SPXL or SPY?
Over the past year SPXL returned +38.64% vs +17.26% for SPY, so SPXL leads on 1-year performance. Over the longest common window we track (18 years), SPXL annualized +28.73% vs +12.86% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPXL or SPY?
SPXL has been the more volatile fund at 45.9% annualized versus 14.8% for SPY. Worst drawdown: SPXL -76.9% vs SPY -34.1%.
Should I hold both SPXL and SPY?
SPXL and SPY have a monthly-return correlation of 0.99, 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 SPXL and SPY?
98.0% of SPY's money is in holdings SPXL also owns. 98.0% of SPY's is in holdings SPXL also owns. They hold 499 positions in common, counted across the 506 positions we hold weights for in SPXL and 504 in SPY.
Which pays a higher dividend, SPXL or SPY?
SPXL yields 0.50% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than SPXL?
SPY has a lower expense ratio. SPXL led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.99. SPY is less concentrated, with 38.2% 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.