Data as of .
SPAL vs SSPC: which held to its multiple?
Over a month against its own daily promise, SPAL finished 1.0 points short and SSPC 0.1 points over.
Performance, window by window
| Window | Total return | Multiple would give | Difference | |||
|---|---|---|---|---|---|---|
| SPAL | SSPC | SPAL | SSPC | SPAL | SSPC | |
| 1 month | +4.5% | −10.7% | +6.9% | −6.9% | −2.5 pts | −3.8 pts |
| Since launch | −50.1% | −1.4% | −42.9% | +42.9% | −7.2 pts | −44.3 pts |
| SPAL GraniteShares 2x Long SpaceX Daily ETF Aims to return twice the daily move of Space Exploration Technologies (SPCX) | SSPC Leverage Shares 2X Short SPCX Daily ETF Aims to return twice the opposite of the daily move of Space Exploration Technologies (SPCX) | |
|---|---|---|
| Issuer | GraniteShares | Leverage Shares |
| Sets out to return | +2x | -2x |
| On | SPCX | SPCX |
| Segment | company | company |
| Fund returned, 3 months | +4.5% | −10.7% |
| Underlying returned, 3 months | +3.5% | +3.5% |
| What the stated multiple implies, 3 months | +6.9% | −6.9% |
| Difference from stated, 3 months | −2.5 pts | −3.8 pts |
| Fund returned, 1 year or since launch | −50.1% | −1.4% |
| Difference from stated, over that window | −7.2 pts | −44.3 pts |
| Underlying volatility | 43% | 43% |
| Difference over the days both have traded | −2.5 pts | −3.8 pts |
| Expense ratio | 1.50% | not published |
| Launched | Jun 15, 2026 | Jun 15, 2026 |
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 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.
SSPC in plain words
One month to Sep 11, 2026: SSPC returned −10.7% where its own daily promise gave −10.8%, 0.1 points over. Read the multiple against the whole window instead and −2 times SPCX's 3.5% implies −6.9%, which makes SSPC look 3.8 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. SSPC 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, SPAL or SSPC?
- Over the window to Sep 11, 2026, SPAL finished 2.5 points from what its multiple implies and SSPC finished 3.8 points from its own, so SPAL came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are SPAL and SSPC levered on the same thing?
- Yes. Both are levered on Space Exploration Technologies, SPAL at +2 times and SSPC at -2 times the daily move.
- Which one decays faster, SPAL or SSPC?
- Decay follows how much the underlying moves about. Over this window SPAL’s moved at 43% annualized and SSPC’s at 43%, so SPAL has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold SPAL or SSPC 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.
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, SPAL against SSPC, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/SPAL-SSPC Free to use with attribution; the underlying files are at Open data.