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

Over the window to Sep 30, 2026, SPAL finished 12.6 points from what its multiple implies and SPAX finished 13.5 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 SPAX levered on the same thing?

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

Which one decays faster, SPAL or SPAX?

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

Can I hold SPAL 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, SPAL or SPAX?

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

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SPAL vs SPAX: which held to its multiple?

Over the days both have traded, SPAL finished 12.6 points from its stated multiple and SPAX 13.5. GraniteShares 2x Long SpaceX Daily ETF and T-REX 2X Long SpaceX Daily Target ETF.

−21.1%

SPAL returned, 3 months

−22.0%

SPAX returned, 3 months

−12.6 pts

SPAL from its stated multiple

−13.5 pts

SPAX from its stated multiple

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%

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%

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

SPAL 57

SPAX 32.7

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	SPAL	SPAX	SPAL	SPAX	SPAL	SPAX
1 month	+7.8%	+7.3%	+10.0%	+10.0%	−2.2 pts	−2.7 pts
3 months	−21.1%	−22.0%	−8.5%	−8.5%	−12.6 pts	−13.5 pts
Since launch SPAL Jun 2026 · SPAX Jun 2026	−50.8%	−51.3%	−43.3%	−43.3%	−7.6 pts	−8.1 pts

SPAL 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

SPAL

GraniteShares 2x Long SpaceX Daily ETF · Aims to return twice 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 GraniteShares T-REX

Sets out to return +2x +2x

Underlying asset SPCX SPCX

Segment company company

Fund returned, 3 months or since launch −21.1% −22.0%

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 −12.6 pts −13.5 pts

Fund returned, 1 year or since launch −50.8% −51.3%

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

Underlying volatility 70% 70%

Difference over the days both have traded −12.6 pts −13.5 pts

Expense ratio 1.50% 1.50%

Launched Jun 15, 2026 Jun 15, 2026

Net assets $38m $46m

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

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 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.

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. SPAX aims to return +2 times SPCX's move each day, then resets.

Questions people ask

Which came closer to its stated multiple, SPAL or SPAX?: Over the window to Sep 30, 2026, SPAL finished 12.6 points from what its multiple implies and SPAX finished 13.5 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 SPAX levered on the same thing?: Yes. Both are levered on Space Exploration Technologies, SPAL at +2 times and SPAX at +2 times the daily move.
Which one decays faster, SPAL or SPAX?: Decay follows how much the underlying moves about. Over this window SPAL’s moved at 70% annualized and SPAX’s at 70%, so SPAL has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold SPAL 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, SPAL or SPAX?: SPAL charges 1.50% a year and SPAX charges 1.50%, so SPAL is cheaper. Fees come from each fund's prospectus.

Other comparisons

SPAL vs SPCF SPAL vs SPCG SPAL vs SPCH SPAL vs SPCM SPAX vs SPCF SPAX vs SPCG SPAX vs SPCH SPAX vs SPCM

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

Where these figures came from

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