Which came closer to its stated multiple, LOFD or SPAX?

Over the window to Sep 30, 2026, LOFD finished 2.7 points from what its multiple implies and SPAX finished 13.5 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 SPAX levered on the same thing?

Yes. Both are levered on Space Exploration Technologies, LOFD at -2 times and SPAX at +2 times the daily move.

Which one decays faster, LOFD or SPAX?

Decay follows how much the underlying moves about. Over this window LOFD’s moved at 44% annualized and SPAX’s at 70%, so SPAX has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold LOFD or SPAX 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 SPAX?

LOFD charges 0.97% a year and SPAX charges 1.50%, so LOFD is cheaper. Fees come from each fund's prospectus.

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LOFD vs SPAX: which held to its multiple?

Over a month against its own daily promise, LOFD finished 1.0 points over and SPAX 1.3 points short. Direxion Daily SpaceX Bear 2X ETF and T-REX 2X Long SpaceX Daily Target ETF.

−51.5%

LOFD returned, since launch

−22.0%

SPAX returned, 3 months

+11.0 pts

LOFD from its stated multiple

−13.5 pts

SPAX from its stated multiple

LOFD · 1 month to Sep 30, 20262.7 pts short of its stated multiple

LOFD returned −12.7% while −2 times SPCX's move would have been −10.0%

SPAX · 3 months to Sep 30, 202613.5 pts short of its stated multiple

SPAX returned −22.0% while 2 times SPCX's move would have been −8.5%

Performance, window by window

	Total return		Multiple would give		Difference
Window	LOFD	SPAX	LOFD	SPAX	LOFD	SPAX
1 month	−12.7%	+7.3%	−10.0%	+10.0%	−2.7 pts	−2.7 pts
3 months	not published	−22.0%	not published	−8.5%	not published	−13.5 pts
Since launch LOFD Aug 2026 · SPAX Jun 2026	−51.5%	−51.3%	−62.5%	−43.3%	+11.0 pts	−8.1 pts

LOFD and SPAX over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

LOFD

Direxion Daily SpaceX Bear 2X ETF · Aims to return twice the opposite of the daily move of Space Exploration Technologies (SPCX)

SPAX

T-REX 2X Long SpaceX Daily Target ETF · Aims to return twice the daily move of Space Exploration Technologies (SPCX)

Issuer Direxion T-REX

Sets out to return -2x +2x

Underlying asset SPCX SPCX

Segment company company

Fund returned, 3 months or since launch −12.7% −22.0%

Underlying returned, over that window +5.0% −4.2%

What the stated multiple implies, over that window −10.0% −8.5%

Difference from stated, over that window −2.7 pts −13.5 pts

Fund returned, 1 year or since launch −51.5% −51.3%

Difference from stated, over that window +11.0 pts −8.1 pts

Underlying volatility 44% 70%

Difference over the days both have traded −2.7 pts −13.5 pts

Expense ratio 0.97% 1.50%

Launched Aug 6, 2026 Jun 15, 2026

Net assets $2m $46m

LOFD and SPAX on the same fields, as of Sep 30, 2026. Source: ETFIQ.

LOFD in plain words

One month to Sep 30, 2026: LOFD returned −12.7% where its own daily promise gave −13.6%, 1.0 points over. Read the multiple against the whole window instead and −2 times SPCX's 5.0% implies −10.0%, which makes LOFD look 2.7 points short. 3.6 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 44% 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.

SPAX in plain words

Three months to Sep 30, 2026: SPAX returned −22.0% where its own daily promise gave −18.6%, 3.4 points short. Read the multiple against the whole window instead and 2 times SPCX's −4.2% implies −8.5%, which makes SPAX look 13.5 points short. 10.2 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 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 70% annualized over that window.

Questions people ask

Which came closer to its stated multiple, LOFD or SPAX?: Over the window to Sep 30, 2026, LOFD finished 2.7 points from what its multiple implies and SPAX finished 13.5 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 SPAX levered on the same thing?: Yes. Both are levered on Space Exploration Technologies, LOFD at -2 times and SPAX at +2 times the daily move.
Which one decays faster, LOFD or SPAX?: Decay follows how much the underlying moves about. Over this window LOFD’s moved at 44% annualized and SPAX’s at 70%, so SPAX has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold LOFD or SPAX 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 SPAX?: LOFD charges 0.97% a year and SPAX charges 1.50%, so LOFD is cheaper. Fees come from each fund's prospectus.

Other comparisons

LOFD vs SSPC LOFD vs LOFF LOFD vs SNK LOFD vs SPAL SPAX vs SPCF SPAX vs SPCG SPAX vs SPCH SPAX vs SPCM

LOFD on its own →SPAX on its own →How every figure is computed →Standards and sources →

Where these figures came from

LOFD filings on SEC EDGAR ↗LOFD prospectus with the expense ratio (SEC) ↗Direxion website ↗SPAX filings on SEC EDGAR ↗SPAX prospectus with the expense ratio (SEC) ↗T-REX page for SPAX ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, LOFD against SPAX, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/lofd-vs-spax

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.