SPXL vs SPY
Direxion Daily S&P 500 Bull 3X ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPXL delivered stronger 1-year returns. SPXL offers more diversification with 515 holdings.
Side-by-Side Comparison
| Metric | SPXL | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.84% | 0.09% | |
| AUM | $7.3B | $821.1B | |
| Dividend Yield | 0.53% | 1.01% | |
| Holdings | 515 | 505 | |
| YTD Return | +29.88% | +12.68% | |
| 1Y Return | +55.73% | +21.82% | |
| 3Y Return (annualized) | +51.23% | +21.98% | |
| 5Y Return (annualized) | +19.81% | +12.89% | |
| Volatility (annualized) | 46.1% | 15.3% | |
| Max Drawdown | -76.9% | -56.5% | |
| Fund Family | Direxion Shares ETF Trust | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Nov 5, 2008 | Jan 22, 1993 |
SPXL vs SPY Performance
Direxion Daily S&P 500 Bull 3X ETF (SPXL) 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 SPXL returned +55.73% while SPY returned +21.82%. Year to date, SPXL is up 29.88% versus a gain of 12.68% for SPY.
Over three years, SPXL compounded at +51.23% per year against +21.98% for SPY; over five years the annualized figures are +19.81% and +12.89% respectively. Across the full 18-year window we track, SPXL has the edge at +28.69% annualized vs +8.81%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPXL has been the more volatile fund, with annualized monthly volatility of 46.1% 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 -76.9% for SPXL 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 0.99. 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 0.53% against 1.01% for SPY.
Holdings Overlap
SPXL and SPY share 497 holdings out of 513 unique holdings combined, representing a 72.5% weight overlap.
High overlap means holding both may not provide much additional diversification.
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. On a $10,000 investment, that is $75 per year of difference.
Which performed better, SPXL or SPY?
Over the past year SPXL returned +55.73% vs +21.82% for SPY, so SPXL leads on 1-year performance. Over the longest common window we track (18 years), SPXL annualized +28.69% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, SPXL or SPY?
SPXL has been the more volatile fund at 46.1% annualized versus 15.3% for SPY. Worst drawdown: SPXL -76.9% vs SPY -56.5%.
Should I hold both SPXL and SPY?
SPXL and SPY have a monthly-return correlation of 0.99, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between SPXL and SPY?
SPXL and SPY share 497 common holdings with a 72.5% weight overlap. Combined, they hold 513 unique securities.
Which pays a higher dividend, SPXL or SPY?
SPXL yields 0.53% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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