SPY vs TBXU
State Street SPDR S&P 500 ETF Trust vs Direxion Daily Biotech Top 5 Bull 2X ETF
Which is better, SPY or TBXU?
Large Cap Blend against Trading-Leveraged Equity.
SPY has a lower expense ratio. TBXU led over 1Y and the full window.
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 | SPY | TBXU |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.98% |
| AUM | $777.9B | $3M |
| Dividend Yield | 1.00% | 1.62% |
| Holdings | 1,011 | 25 |
| YTD Return | +12.09% | +59.65%Best |
| 1Y Return | +12.45% | +62.07%Best |
| 3Y Return (annualized) | +21.45% | - |
| 5Y Return (annualized) | +11.87% | - |
| Volatility (annualized) | 12.8%Best | 38.9% |
| Max Drawdown | -8.9%Best | -26.5% |
| $10,000 over 1.1 years | $11,472 | $18,657Best |
| Fund Family | State Street Investment Management | Direxion Shares ETF Trust |
| Category | Equity | Alternative |
| Style | Large Cap Blend | Trading-Leveraged Equity |
| Inception | Jan 22, 1993 | Oct 1, 2025 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 1.1 years row, are measured over the window both funds cover: Oct 1, 2025 to Nov 11, 2026 (1.1 years).
SPY vs TBXU 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 1.1 years both funds cover.
SPY vs TBXU Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Direxion Daily Biotech Top 5 Bull 2X ETF (TBXU) is an ETF from Direxion Shares ETF Trust. Over the past year SPY returned +12.45% while TBXU returned +62.07%. Year to date, SPY is up 12.09% versus a gain of 59.65% for TBXU.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
TBXU has been the more volatile fund, with annualized monthly volatility of 38.9% compared with 12.8% 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 -8.9% for SPY and -26.5% for TBXU. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at -0.03. They move largely independently of each other.
Fees and Cost Over Time
SPY charges 0.09% per year while TBXU charges 0.98%. On a $10,000 position that is $9 vs $98 annually, a gap of $89 per year that compounds over a long holding period. On income, SPY currently yields 1.00% against 1.62% for TBXU.
Holdings Overlap
At least 0.9% of SPY's money is in holdings TBXU also owns.
Stated as a floor: for TBXU, our book for it covers 55.0% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
We cannot see either book well enough to say how much of this pair is duplicated.
4 positions in common, counted across the 504 positions we hold weights for in SPY and 5 in TBXU, against full books of 1,011 and 25.
You are not choosing between two funds in isolation.
Whichever of SPY and TBXU 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, SPY or TBXU?
SPY has an expense ratio of 0.09% while TBXU charges 0.98%. SPY is the cheaper option, by $89 a year on a $10,000 investment.
Which performed better, SPY or TBXU?
Over the past year SPY returned +12.45% vs +62.07% for TBXU, so TBXU leads on 1-year performance. Over the longest common window we track (1 years), SPY annualized +13.30% vs +76.29% for TBXU. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or TBXU?
TBXU has been the more volatile fund at 38.9% annualized versus 12.8% for SPY. Worst drawdown: SPY -8.9% vs TBXU -26.5%.
Should I hold both SPY and TBXU?
SPY and TBXU have a monthly-return correlation of -0.03, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, SPY or TBXU?
SPY yields 1.00% while TBXU yields 1.62%, so TBXU currently pays the higher dividend yield.
Is TBXU better than SPY?
SPY has a lower expense ratio. TBXU led over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.