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

Over the window to Sep 30, 2026, SPAX finished 13.5 points from what its multiple implies and SPCQ finished 39.6 points from its own, so SPAX came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are SPAX and SPCQ levered on the same thing?

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

Which one decays faster, SPAX or SPCQ?

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

Can I hold SPAX or SPCQ 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 SPCQ?

SPAX charges 1.50% a year and SPCQ charges 1.31%, so SPCQ is cheaper. Fees come from each fund's prospectus.

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SPAX vs SPCQ: which held to its multiple?

Over three months against its own daily promise, SPAX finished 3.4 points short and SPCQ 6.0 points short. T-REX 2X Long SpaceX Daily Target ETF and Defiance Daily Target 2X Short [SpaceX] ETF.

−22.0%

SPAX returned, 3 months

−31.1%

SPCQ returned, 3 months

−13.5 pts

SPAX from its stated multiple

−39.6 pts

SPCQ 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%

SPCQ · 3 months to Sep 30, 202639.6 pts short of its stated multiple

SPCQ returned −31.1% while −2 times SPCX's move would have been +8.5%

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

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

SPAX 32.7

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

SPCQ among the 125 inverse ETFs over three months

SPCQ 4.4

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

A percentile among the 470 leveraged ETFs, long, over three months. SPCQ is a percentile among the 125 inverse ETFs 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	SPAX	SPCQ	SPAX	SPCQ	SPAX	SPCQ
1 month	+7.3%	−14.6%	+10.0%	−10.0%	−2.7 pts	−4.7 pts
3 months	−22.0%	−31.1%	−8.5%	+8.5%	−13.5 pts	−39.6 pts
Since launch SPAX Jun 2026 · SPCQ Jun 2026	−51.3%	−12.4%	−43.3%	+43.3%	−8.1 pts	−55.7 pts

SPAX and SPCQ 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)

SPCQ

Defiance Daily Target 2X Short [SpaceX] ETF · Aims to return twice the opposite of the daily move of Space Exploration Technologies (SPCX)

Issuer T-REX Defiance

Sets out to return +2x -2x

Underlying asset SPCX SPCX

Segment company company

Fund returned, 3 months or since launch −22.0% −31.1%

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 −13.5 pts −39.6 pts

Fund returned, 1 year or since launch −51.3% −12.4%

Difference from stated, over that window −8.1 pts −55.7 pts

Underlying volatility 70% 70%

Difference over the days both have traded −13.5 pts −4.7 pts

Expense ratio 1.50% 1.31%

Launched Jun 15, 2026 Jun 15, 2026

Net assets $46m $11m

SPAX and SPCQ 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.

SPCQ in plain words

Three months to Sep 30, 2026: SPCQ returned −31.1% where its own daily promise gave −25.1%, 6.0 points short. Read the multiple against the whole window instead and −2 times SPCX's −4.2% implies +8.5%, which makes SPCQ look 39.6 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. SPCQ 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, SPAX or SPCQ?: Over the window to Sep 30, 2026, SPAX finished 13.5 points from what its multiple implies and SPCQ finished 39.6 points from its own, so SPAX came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are SPAX and SPCQ levered on the same thing?: Yes. Both are levered on Space Exploration Technologies, SPAX at +2 times and SPCQ at -2 times the daily move.
Which one decays faster, SPAX or SPCQ?: Decay follows how much the underlying moves about. Over this window SPAX’s moved at 70% annualized and SPCQ’s at 70%, so SPAX has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold SPAX or SPCQ 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 SPCQ?: SPAX charges 1.50% a year and SPCQ charges 1.31%, so SPCQ is cheaper. Fees come from each fund's prospectus.

Other comparisons

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

SPAX on its own →SPCQ 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 ↗SPCQ filings on SEC EDGAR ↗SPCQ prospectus with the expense ratio (SEC) ↗Defiance page for SPCQ ↗

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 SPCQ, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/spax-vs-spcq

Open data

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