SPXL vs SSO
Direxion Daily S&P 500 Bull 3X ETF vs ProShares Ultra S&P500
Which is better, SPXL or SSO?
SPXL has been ahead.
SPXL led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 1.00.
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 | SSO |
|---|---|---|
| Expense Ratio | 0.84%Tie | 0.84%Tie |
| AUM | $5.9B | $7.0B |
| Dividend Yield | 0.54% | 0.70% |
| Holdings | 1,040 | 522 |
| YTD Return | +23.01%Best | +17.86% |
| 1Y Return | +21.72%Best | +17.43% |
| 3Y Return (annualized) | +49.42%Best | +35.50% |
| 5Y Return (annualized) | +16.00%Best | +14.92% |
| Volatility (annualized) | 45.8% | 30.0%Best |
| Max Drawdown | -76.9% | -59.3%Best |
| $10,000 over 5 years | $21,003Best | $20,044 |
| Fund Family | Direxion Shares ETF Trust | ProShares |
| Category | Alternative | Alternative |
| Style | Multi Alternative | Multi Alternative |
| Inception | Nov 5, 2008 | Jun 19, 2006 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Nov 5, 2008 to Nov 11, 2026 (18 years).
SPXL vs SSO 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 18 years both funds cover.
SPXL vs SSO Performance
Direxion Daily S&P 500 Bull 3X ETF (SPXL) is an ETF from Direxion Shares ETF Trust and ProShares Ultra S&P500 (SSO) is an ETF from ProShares. Over the past year SPXL returned +21.72% while SSO returned +17.43%. Year to date, SPXL is up 23.01% versus a gain of 17.86% for SSO.
Over three years, SPXL compounded at +49.42% per year against +35.50% for SSO; over five years the annualized figures are +16.00% and +14.92% respectively. Across the full 18-year window we track, SPXL has the edge at +27.90% annualized vs +22.02%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPXL has been the more volatile fund, with annualized monthly volatility of 45.8% compared with 30.0% for SSO. 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 -59.3% for SSO. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 1.00. 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 SSO charges 0.84%. On a $10,000 position that is $84 vs $84 annually. On income, SPXL currently yields 0.54% against 0.70% for SSO.
Holdings Overlap
We hold position weights for 505 holdings in SPXL and 504 in SSO, totalling 81.8% and 82.2% of the two funds. Neither is a share of a fund we can divide by, so no overlap percentage is shown here. Within what we can see, 489 positions appear in both.
489 positions in common, counted across the 505 positions we hold weights for in SPXL and 504 in SSO, against full books of 1,040 and 522.
Top Shared Holdings
| Stock | Weight in SPXL | Weight in SSO | Difference |
|---|---|---|---|
| NVDANvidia Corp | 5.54% | 5.73% | 0.19% |
| AAPLApple Inc | 5.26% | 4.93% | 0.33% |
| MSFTMicrosoft Corp | 4.22% | 3.89% | 0.33% |
| AMZNAmazon.Com Inc | 2.64% | 2.50% | 0.14% |
| GOOGLAlphabet Inc | 2.16% | 2.04% | 0.12% |
| AVGOBroadcom Inc | 1.73% | 1.71% | 0.02% |
| GOOGAlphabet Inc. C | 1.73% | 1.64% | 0.09% |
| METAMeta Platforms Inc | 1.71% | 1.62% | 0.09% |
| MUMicron Technology, Inc. | 1.11% | 1.23% | 0.12% |
| TSLATesla Inc | 1.08% | 1.06% | 0.02% |
You are not choosing between two funds in isolation.
Whichever of SPXL and SSO 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, SPXL or SSO?
SPXL has an expense ratio of 0.84% while SSO charges 0.84%. At the precision these are quoted to, they cost the same.
Which performed better, SPXL or SSO?
Over the past year SPXL returned +21.72% vs +17.43% for SSO, so SPXL leads on 1-year performance. Over the longest common window we track (18 years), SPXL annualized +27.90% vs +22.02% for SSO. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPXL or SSO?
SPXL has been the more volatile fund at 45.8% annualized versus 30.0% for SSO. Worst drawdown: SPXL -76.9% vs SSO -59.3%.
Should I hold both SPXL and SSO?
SPXL and SSO have a monthly-return correlation of 1.00, 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.
Which pays a higher dividend, SPXL or SSO?
SPXL yields 0.54% while SSO yields 0.70%, so SSO currently pays the higher dividend yield.
Is SSO better than SPXL?
SPXL led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 1.00. Which one suits a particular account depends on what it is for. This is information, not a recommendation.