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

Over the window to Sep 30, 2026, SNK finished 34.2 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 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 70% annualized and SPAL’s at 70%, 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.

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SNK vs SPAL: which held to its multiple?

Over three months against its own daily promise, SNK finished 0.5 points short and SPAL 2.4 points short. GraniteShares 2x Short SpaceX Daily ETF and GraniteShares 2x Long SpaceX Daily ETF.

−25.7%

SNK returned, 3 months

−21.1%

SPAL returned, 3 months

−34.2 pts

SNK from its stated multiple

−12.6 pts

SPAL from its stated multiple

SNK · 3 months to Sep 30, 202634.2 pts short of its stated multiple

SNK returned −25.7% 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?

SNK among the 125 inverse ETFs over three months

SNK 11.6

0.4, the lowest in this set99.6, the highest

SPAL among the 470 leveraged ETFs, long, over three months

SPAL 57

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

A percentile among the 125 inverse ETFs over three months. SPAL is a percentile among the 470 leveraged ETFs, long, over three months, a different set, so the two marks are not on one scale. 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	SNK	SPAL	SNK	SPAL	SNK	SPAL
1 month	−14.2%	+7.8%	−10.0%	+10.0%	−4.2 pts	−2.2 pts
3 months	−25.7%	−21.1%	+8.5%	−8.5%	−34.2 pts	−12.6 pts
Since launch SNK Jun 2026 · SPAL Jun 2026	−4.9%	−50.8%	+43.3%	−43.3%	−48.2 pts	−7.6 pts

SNK 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

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

Underlying asset SPCX SPCX

Segment company company

Fund returned, 3 months or since launch −25.7% −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 −34.2 pts −12.6 pts

Fund returned, 1 year or since launch −4.9% −50.8%

Difference from stated, over that window −48.2 pts −7.6 pts

Underlying volatility 70% 70%

Difference over the days both have traded −4.2 pts −12.6 pts

Expense ratio 2.20% 1.50%

Launched Jun 15, 2026 Jun 15, 2026

Net assets $60m $38m

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

SNK in plain words

Three months to Sep 30, 2026: SNK returned −25.7% where its own daily promise gave −25.1%, 0.5 points short. Read the multiple against the whole window instead and −2 times SPCX's −4.2% implies +8.5%, which makes SNK look 34.2 points short. 33.6 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 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. 10.2 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 30, 2026, SNK finished 34.2 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 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 70% annualized and SPAL’s at 70%, 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

SNK vs SPAX SNK vs SPCF SNK vs SPCG SNK vs SPCH SPAL vs SPAX SPAL vs SPCF SPAL vs SPCG SPAL vs SPCH

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

Where these figures came from

SNK and SPAL filings on SEC EDGAR ↗SNK and SPAL prospectus with the expense ratio (SEC) ↗GraniteShares page for SNK ↗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, SNK against SPAL, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/snk-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.