Data as of .
LOFD vs SPAL: which held to its multiple?
Over a month against its own daily promise, LOFD finished 5.3 points over and SPAL 1.0 points short.
Performance, window by window
| Window | Total return | Multiple would give | Difference | |||
|---|---|---|---|---|---|---|
| LOFD | SPAL | LOFD | SPAL | LOFD | SPAL | |
| 1 month | −5.6% | +4.5% | −6.9% | +6.9% | +1.4 pts | −2.5 pts |
| Since launch | −48.3% | −50.1% | −63.2% | −42.9% | +14.9 pts | −7.2 pts |
| LOFD Direxion Daily SpaceX Bear 2X ETF Aims to return twice the opposite of the daily move of Space Exploration Technologies (SPCX) | SPAL GraniteShares 2x Long SpaceX Daily ETF Aims to return twice the daily move of Space Exploration Technologies (SPCX) | |
|---|---|---|
| Issuer | Direxion | GraniteShares |
| Sets out to return | -2x | +2x |
| On | SPCX | SPCX |
| Segment | company | company |
| Fund returned, 3 months | −5.6% | +4.5% |
| Underlying returned, 3 months | +3.5% | +3.5% |
| What the stated multiple implies, 3 months | −6.9% | +6.9% |
| Difference from stated, 3 months | +1.4 pts | −2.5 pts |
| Fund returned, 1 year or since launch | −48.3% | −50.1% |
| Difference from stated, over that window | +14.9 pts | −7.2 pts |
| Underlying volatility | 43% | 43% |
| Difference over the days both have traded | +1.4 pts | −2.5 pts |
| Expense ratio | 0.97% | 1.50% |
| Launched | Aug 6, 2026 | Jun 15, 2026 |
LOFD in plain words
One month to Sep 11, 2026: LOFD returned −5.6% where its own daily promise gave −10.8%, 5.3 points over. Read the multiple against the whole window instead and −2 times SPCX's 3.5% implies −6.9%, which makes LOFD look 1.4 points over. 3.9 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. LOFD aims to return -2 times SPCX's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not -2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. SPCX moved at 43% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
SPAL in plain words
One month to Sep 11, 2026: SPAL returned +4.5% where its own daily promise gave +5.5%, 1.0 points short. Read the multiple against the whole window instead and +2 times SPCX's 3.5% implies +6.9%, which makes SPAL look 2.5 points short. 1.5 of that is daily compounding, which happens to any +2 times fund over the same path, and the rest is the fund. SPAL aims to return +2 times SPCX's move each day, then resets. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more.
Questions people ask
- Which came closer to its stated multiple, LOFD or SPAL?
- Over the window to Sep 11, 2026, LOFD finished 1.4 points from what its multiple implies and SPAL finished 2.5 points from its own, so LOFD came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are LOFD and SPAL levered on the same thing?
- Yes. Both are levered on Space Exploration Technologies, LOFD at -2 times and SPAL at +2 times the daily move.
- Which one decays faster, LOFD or SPAL?
- Decay follows how much the underlying moves about. Over this window LOFD’s moved at 43% annualized and SPAL’s at 43%, so LOFD has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold LOFD or SPAL for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
- Which is cheaper, LOFD or SPAL?
- LOFD charges 0.97% a year and SPAL charges 1.50%, so LOFD is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, LOFD against SPAL, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/LOFD-SPAL Free to use with attribution; the underlying files are at Open data.