Data as of .
SPAX vs SPCG: which held to its multiple?
Over a month against its own daily promise, SPAX finished 1.3 points short and SPCG 0.5 points over.
Performance, window by window
| Window | Total return | Multiple would give | Difference | |||
|---|---|---|---|---|---|---|
| SPAX | SPCG | SPAX | SPCG | SPAX | SPCG | |
| 1 month | +4.2% | −10.4% | +6.9% | −6.9% | −2.7 pts | −3.5 pts |
| Since launch | −50.3% | +0.5% | −42.9% | +42.9% | −7.4 pts | −42.4 pts |
| SPAX T-REX 2X Long SpaceX Daily Target ETF Aims to return twice the daily move of Space Exploration Technologies (SPCX) | SPCG Tradr 2X Short SpaceX Daily ETF Aims to return twice the opposite of the daily move of Space Exploration Technologies (SPCX) | |
|---|---|---|
| Issuer | T-REX | Tradr |
| Sets out to return | +2x | -2x |
| On | SPCX | SPCX |
| Segment | company | company |
| Fund returned, 3 months | +4.2% | −10.4% |
| Underlying returned, 3 months | +3.5% | +3.5% |
| What the stated multiple implies, 3 months | +6.9% | −6.9% |
| Difference from stated, 3 months | −2.7 pts | −3.5 pts |
| Fund returned, 1 year or since launch | −50.3% | +0.5% |
| Difference from stated, over that window | −7.4 pts | −42.4 pts |
| Underlying volatility | 43% | 43% |
| Difference over the days both have traded | −2.7 pts | −3.5 pts |
| Expense ratio | 1.50% | 1.49% |
| Launched | Jun 15, 2026 | Jun 15, 2026 |
SPAX in plain words
One month to Sep 11, 2026: SPAX returned +4.2% where its own daily promise gave +5.5%, 1.3 points short. Read the multiple against the whole window instead and +2 times SPCX's 3.5% implies +6.9%, which makes SPAX look 2.7 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. SPAX 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.
SPCG in plain words
One month to Sep 11, 2026: SPCG returned −10.4% where its own daily promise gave −10.8%, 0.5 points over. Read the multiple against the whole window instead and −2 times SPCX's 3.5% implies −6.9%, which makes SPCG look 3.5 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. SPCG 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, SPAX or SPCG?
- Over the window to Sep 11, 2026, SPAX finished 2.7 points from what its multiple implies and SPCG finished 3.5 points from its own, so SPAX came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are SPAX and SPCG levered on the same thing?
- Yes. Both are levered on Space Exploration Technologies, SPAX at +2 times and SPCG at -2 times the daily move.
- Which one decays faster, SPAX or SPCG?
- Decay follows how much the underlying moves about. Over this window SPAX’s moved at 43% annualized and SPCG’s at 43%, so SPAX has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold SPAX or SPCG 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, SPAX or SPCG?
- SPAX charges 1.50% a year and SPCG charges 1.49%, so SPCG 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, SPAX against SPCG, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/SPAX-SPCG Free to use with attribution; the underlying files are at Open data.