Data as of .
SNK vs SPAL: which held to its multiple?
Over a month against its own daily promise, SNK finished 0.2 points short and SPAL 1.0 points short.
Performance, window by window
| Window | Total return | Multiple would give | Difference | |||
|---|---|---|---|---|---|---|
| SNK | SPAL | SNK | SPAL | SNK | SPAL | |
| 1 month | −11.1% | +4.5% | −6.9% | +6.9% | −4.2 pts | −2.5 pts |
| Since launch | −2.6% | −50.1% | +42.9% | −42.9% | −45.5 pts | −7.2 pts |
| SNK GraniteShares 2x Short SpaceX Daily 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 | GraniteShares | GraniteShares |
| Sets out to return | -2x | +2x |
| On | SPCX | SPCX |
| Segment | company | company |
| Fund returned, 3 months | −11.1% | +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 | −4.2 pts | −2.5 pts |
| Fund returned, 1 year or since launch | −2.6% | −50.1% |
| Difference from stated, over that window | −45.5 pts | −7.2 pts |
| Underlying volatility | 43% | 43% |
| Difference over the days both have traded | −4.2 pts | −2.5 pts |
| Expense ratio | 2.20% | 1.50% |
| Launched | Jun 15, 2026 | Jun 15, 2026 |
SNK in plain words
One month to Sep 11, 2026: SNK returned −11.1% where its own daily promise gave −10.8%, 0.2 points short. Read the multiple against the whole window instead and −2 times SPCX's 3.5% implies −6.9%, which makes SNK look 4.2 points short. 3.9 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. SNK 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, SNK or SPAL?
- Over the window to Sep 11, 2026, SNK finished 4.2 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 SNK and SPAL levered on the same thing?
- Yes. Both are levered on Space Exploration Technologies, SNK at -2 times and SPAL at +2 times the daily move.
- Which one decays faster, SNK or SPAL?
- Decay follows how much the underlying moves about. Over this window SNK’s moved at 43% annualized and SPAL’s at 43%, so SNK has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold SNK 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, SNK or SPAL?
- SNK charges 2.20% a year and SPAL charges 1.50%, so SPAL 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, SNK against SPAL, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/SNK-SPAL Free to use with attribution; the underlying files are at Open data.