Data as of .
LOFF vs SPAL: which held to its multiple?
Over the days both have traded, LOFF finished 3.1 points from its stated multiple and SPAL 2.5.
Performance, window by window
| Window | Total return | Multiple would give | Difference | |||
|---|---|---|---|---|---|---|
| LOFF | SPAL | LOFF | SPAL | LOFF | SPAL | |
| 1 month | +3.8% | +4.5% | +6.9% | +6.9% | −3.1 pts | −2.5 pts |
| Since launch | −50.6% | −50.1% | −42.9% | −42.9% | −7.7 pts | −7.2 pts |
| LOFF Direxion Daily SpaceX Bull 2X ETF Aims to return twice 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 | +3.8% | +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 | −3.1 pts | −2.5 pts |
| Fund returned, 1 year or since launch | −50.6% | −50.1% |
| Difference from stated, over that window | −7.7 pts | −7.2 pts |
| Underlying volatility | 43% | 43% |
| Difference over the days both have traded | −3.1 pts | −2.5 pts |
| Expense ratio | 0.97% | 1.50% |
| Launched | Jun 15, 2026 | Jun 15, 2026 |
LOFF in plain words
One month to Sep 11, 2026: LOFF returned +3.8% where its own daily promise gave +5.5%, 1.7 points short. Read the multiple against the whole window instead and +2 times SPCX's 3.5% implies +6.9%, which makes LOFF look 3.1 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. LOFF 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. SPAL aims to return +2 times SPCX's move each day, then resets.
Questions people ask
- Which came closer to its stated multiple, LOFF or SPAL?
- Over the window to Sep 11, 2026, LOFF finished 3.1 points from what its multiple implies and SPAL finished 2.5 points from its own, so SPAL came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are LOFF and SPAL levered on the same thing?
- Yes. Both are levered on Space Exploration Technologies, LOFF at +2 times and SPAL at +2 times the daily move.
- Which one decays faster, LOFF or SPAL?
- Decay follows how much the underlying moves about. Over this window LOFF’s moved at 43% annualized and SPAL’s at 43%, so LOFF has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold LOFF 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, LOFF or SPAL?
- LOFF charges 0.97% a year and SPAL charges 1.50%, so LOFF 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, LOFF against SPAL, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/LOFF-SPAL Free to use with attribution; the underlying files are at Open data.