SPXL vs VOO
Direxion Daily S&P 500 Bull 3X ETF vs Vanguard S&P 500 ETF
Quick Verdict
VOO has a lower expense ratio. SPXL delivered stronger 1-year returns. SPXL offers more diversification with 515 holdings.
Side-by-Side Comparison
| Metric | SPXL | VOO | Winner |
|---|---|---|---|
| Expense Ratio | 0.84% | 0.03% | |
| AUM | $7.3B | $997.4B | |
| Dividend Yield | 0.53% | 1.08% | |
| Holdings | 515 | 509 | |
| YTD Return | +29.88% | +12.68% | |
| 1Y Return | +55.73% | +21.87% | |
| 3Y Return (annualized) | +51.23% | +22.06% | |
| 5Y Return (annualized) | +19.81% | +12.95% | |
| Volatility (annualized) | 46.1% | 14.1% | |
| Max Drawdown | -76.9% | -34.3% | |
| Fund Family | Direxion Shares ETF Trust | Vanguard (US) | |
| Category | Alternative | Equity | |
| Inception | Nov 5, 2008 | Sep 7, 2010 |
SPXL vs VOO Performance
Direxion Daily S&P 500 Bull 3X ETF (SPXL) is a ETF from Direxion Shares ETF Trust and Vanguard S&P 500 ETF (VOO) is a ETF from Vanguard (US). Over the past year SPXL returned +55.73% while VOO returned +21.87%. Year to date, SPXL is up 29.88% versus a gain of 12.68% for VOO.
Over three years, SPXL compounded at +51.23% per year against +22.06% for VOO; over five years the annualized figures are +19.81% and +12.95% respectively. Across the full 16-year window we track, SPXL has the edge at +28.69% annualized vs +13.47%. 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 14.1% for VOO. 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 -34.3% for VOO. 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 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 VOO charges 0.03%. On a $10,000 position that is $84 vs $3 annually, a gap of $81 per year that compounds over a long holding period. On income, SPXL currently yields 0.53% against 1.08% for VOO.
Holdings Overlap
SPXL and VOO share 497 holdings out of 514 unique holdings combined, representing a 72.7% weight overlap.
High overlap means holding both may not provide much additional diversification.
Frequently Asked Questions
Which is cheaper, SPXL or VOO?
SPXL has an expense ratio of 0.84% while VOO charges 0.03%. VOO is the cheaper option. On a $10,000 investment, that is $81 per year of difference.
Which performed better, SPXL or VOO?
Over the past year SPXL returned +55.73% vs +21.87% for VOO, so SPXL leads on 1-year performance. Over the longest common window we track (16 years), SPXL annualized +28.69% vs +13.47% for VOO. Past performance does not guarantee future results.
Which is riskier, SPXL or VOO?
SPXL has been the more volatile fund at 46.1% annualized versus 14.1% for VOO. Worst drawdown: SPXL -76.9% vs VOO -34.3%.
Should I hold both SPXL and VOO?
SPXL and VOO have a monthly-return correlation of 1.00, 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 VOO?
SPXL and VOO share 497 common holdings with a 72.7% weight overlap. Combined, they hold 514 unique securities.
Which pays a higher dividend, SPXL or VOO?
SPXL yields 0.53% while VOO yields 1.08%, so VOO currently pays the higher dividend yield.
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