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

Over the window to Sep 30, 2026, SPAX finished 13.5 points from what its multiple implies and SPCM finished 12.1 points from its own, so SPCM came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are SPAX and SPCM levered on the same thing?

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

Which one decays faster, SPAX or SPCM?

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

Can I hold SPAX or SPCM 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 SPCM?

SPAX charges 1.50% a year and SPCM charges 1.49%, so SPCM is cheaper. Fees come from each fund's prospectus.

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SPAX vs SPCM: which held to its multiple?

Over the days both have traded, SPAX finished 13.5 points from its stated multiple and SPCM 12.1. T-REX 2X Long SpaceX Daily Target ETF and Tradr 2X Long SpaceX Daily ETF.

−22.0%

SPAX returned, 3 months

−20.5%

SPCM returned, 3 months

−13.5 pts

SPAX from its stated multiple

−12.1 pts

SPCM from its stated multiple

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%

SPCM · 3 months to Sep 30, 202612.1 pts short of its stated multiple

SPCM returned −20.5% while 2 times SPCX's move would have been −8.5%

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

SPAX 32.7

SPCM 72.6

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	SPAX	SPCM	SPAX	SPCM	SPAX	SPCM
1 month	+7.3%	+8.0%	+10.0%	+10.0%	−2.7 pts	−2.0 pts
3 months	−22.0%	−20.5%	−8.5%	−8.5%	−13.5 pts	−12.1 pts
Since launch SPAX Jun 2026 · SPCM Jun 2026	−51.3%	−50.0%	−43.3%	−43.3%	−8.1 pts	−6.7 pts

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

On the same fields

SPAX

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

SPCM

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

Issuer T-REX Tradr

Sets out to return +2x +2x

Underlying asset SPCX SPCX

Segment company company

Fund returned, 3 months or since launch −22.0% −20.5%

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 −13.5 pts −12.1 pts

Fund returned, 1 year or since launch −51.3% −50.0%

Difference from stated, over that window −8.1 pts −6.7 pts

Underlying volatility 70% 70%

Difference over the days both have traded −13.5 pts −12.1 pts

Expense ratio 1.50% 1.49%

Launched Jun 15, 2026 Jun 15, 2026

Net assets $46m $20m

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

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 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.

SPCM in plain words

Three months to Sep 30, 2026: SPCM returned −20.5% where its own daily promise gave −18.6%, 1.9 points short. Read the multiple against the whole window instead and 2 times SPCX's −4.2% implies −8.5%, which makes SPCM look 12.1 points short. SPCM aims to return +2 times SPCX's move each day, then resets.

Questions people ask

Which came closer to its stated multiple, SPAX or SPCM?: Over the window to Sep 30, 2026, SPAX finished 13.5 points from what its multiple implies and SPCM finished 12.1 points from its own, so SPCM came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are SPAX and SPCM levered on the same thing?: Yes. Both are levered on Space Exploration Technologies, SPAX at +2 times and SPCM at +2 times the daily move.
Which one decays faster, SPAX or SPCM?: Decay follows how much the underlying moves about. Over this window SPAX’s moved at 70% annualized and SPCM’s at 70%, so SPAX has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold SPAX or SPCM 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 SPCM?: SPAX charges 1.50% a year and SPCM charges 1.49%, so SPCM is cheaper. Fees come from each fund's prospectus.

Other comparisons

SPAX vs SPCH SPAX vs SPCQ SPAX vs SPCU SPAX vs SSPC SPCM vs SPCQ SPCM vs DSPC SPCM vs LOFD SPCM vs SPCU

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

Where these figures came from

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

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

Open data

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