Which came closer to its stated multiple, LOFF or SPAL?

Over the window to Sep 30, 2026, LOFF finished 13.9 points from what its multiple implies and SPAL finished 12.6 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 70% annualized and SPAL’s at 70%, 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.

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LOFF vs SPAL: which held to its multiple?

Over the days both have traded, LOFF finished 13.9 points from its stated multiple and SPAL 12.6. Direxion Daily SpaceX Bull 2X ETF and GraniteShares 2x Long SpaceX Daily ETF.

−22.3%

LOFF returned, 3 months

−21.1%

SPAL returned, 3 months

−13.9 pts

LOFF from its stated multiple

−12.6 pts

SPAL from its stated multiple

LOFF · 3 months to Sep 30, 202613.9 pts short of its stated multiple

LOFF returned −22.3% while 2 times SPCX's move would have been −8.5%

SPAL · 3 months to Sep 30, 202612.6 pts short of its stated multiple

SPAL returned −21.1% while 2 times SPCX's move would have been −8.5%

ETFIQ Decay Resistance Score · SPAL scores higherDid it keep up with its own daily multiple, compounded day by day?

LOFF 27.8

SPAL 57

0.1, the lowest in this set99.9, the highest

A percentile among the 470 leveraged ETFs, long, over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it → How it is computed →

Performance, window by window

	Total return		Multiple would give		Difference
Window	LOFF	SPAL	LOFF	SPAL	LOFF	SPAL
1 month	+7.7%	+7.8%	+10.0%	+10.0%	−2.3 pts	−2.2 pts
3 months	−22.3%	−21.1%	−8.5%	−8.5%	−13.9 pts	−12.6 pts
Since launch LOFF Jun 2026 · SPAL Jun 2026	−51.4%	−50.8%	−43.3%	−43.3%	−8.1 pts	−7.6 pts

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

On the same fields

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

Underlying asset SPCX SPCX

Segment company company

Fund returned, 3 months or since launch −22.3% −21.1%

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

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

Difference from stated, over that window −13.9 pts −12.6 pts

Fund returned, 1 year or since launch −51.4% −50.8%

Difference from stated, over that window −8.1 pts −7.6 pts

Underlying volatility 70% 70%

Difference over the days both have traded −13.9 pts −12.6 pts

Expense ratio 0.97% 1.50%

Launched Jun 15, 2026 Jun 15, 2026

Net assets $77m $38m

LOFF and SPAL on the same fields, as of Sep 30, 2026. Source: ETFIQ.

LOFF in plain words

Three months to Sep 30, 2026: LOFF returned −22.3% where its own daily promise gave −18.6%, 3.7 points short. Read the multiple against the whole window instead and 2 times SPCX's −4.2% implies −8.5%, which makes LOFF look 13.9 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. 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 70% 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

Three months to Sep 30, 2026: SPAL returned −21.1% where its own daily promise gave −18.6%, 2.4 points short. Read the multiple against the whole window instead and 2 times SPCX's −4.2% implies −8.5%, which makes SPAL look 12.6 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 30, 2026, LOFF finished 13.9 points from what its multiple implies and SPAL finished 12.6 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 70% annualized and SPAL’s at 70%, 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

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

LOFF on its own →SPAL on its own →How every figure is computed →Standards and sources →

Where these figures came from

LOFF filings on SEC EDGAR ↗LOFF prospectus with the expense ratio (SEC) ↗Direxion website ↗SPAL filings on SEC EDGAR ↗SPAL prospectus with the expense ratio (SEC) ↗GraniteShares page for SPAL ↗

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, LOFF against SPAL, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/loff-vs-spal

Open data

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