{"url":"https://etfiq.com/compare/leverage/spdn-vs-spxu","section":"compare","title":"SPDN vs SPXU: which held to its multiple? | ETFIQ","description":"SPDN sets out to return -1 times SPY each day and SPXU -3 times. Over the three months to Sep 30, 2026 they finished +1.4 pts and +2.1 pts away.","as_of":"Sep 30, 2026","structured_data":[{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Which came closer to its stated multiple, SPDN or SPXU?","acceptedAnswer":{"@type":"Answer","text":"Over the window to Sep 30, 2026, SPDN finished 1.4 points from what its multiple implies and SPXU finished 2.1 points from its own, so SPDN came closer. Neither figure predicts the next window: it depends on how much the underlying moves about."}},{"@type":"Question","name":"Are SPDN and SPXU levered on the same thing?","acceptedAnswer":{"@type":"Answer","text":"Yes. Both are levered on the S&P 500, SPDN at -1 times and SPXU at -3 times the daily move."}},{"@type":"Question","name":"Which one decays faster, SPDN or SPXU?","acceptedAnswer":{"@type":"Answer","text":"Decay follows how much the underlying moves about. Over this window SPDN\u2019s moved at 11% annualized and SPXU\u2019s at 11%, so SPDN has the rougher ride and, at the same multiple, loses more to compounding."}},{"@type":"Question","name":"Can I hold SPDN or SPXU for a year?","acceptedAnswer":{"@type":"Answer","text":"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\u2019s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way."}},{"@type":"Question","name":"Which is cheaper, SPDN or SPXU?","acceptedAnswer":{"@type":"Answer","text":"SPDN charges 0.48% a year and SPXU charges 0.90%, so SPDN is cheaper. Fees come from each fund's prospectus."}}]},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"Leveraged ETFs","item":"https://etfiq.com/leverage/"},{"@type":"ListItem","position":3,"name":"SPDN vs SPXU","item":"https://etfiq.com/compare/leverage/spdn-vs-spxu"}]},{"@type":"WebPage","name":"SPDN vs SPXU: which held to its multiple?","description":"SPDN sets out to return -1 times SPY each day and SPXU -3 times. Over the three months to Sep 30, 2026 they finished +1.4 pts and +2.1 pts away.","url":"https://etfiq.com/compare/leverage/spdn-vs-spxu","dateModified":"2026-09-30","abstract":"Over three months against its own daily promise, SPDN finished 1.7 points over and SPXU 3.4 points over.","publisher":{"@id":"https://etfiq.com/#org"},"isPartOf":{"@id":"https://etfiq.com/#website"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".verdict",".faq"]}},{"@type":"Dataset","name":"ETFIQ comparison of SPDN and SPXU","description":"SPDN sets out to return -1 times SPY each day and SPXU -3 times. Over the three months to Sep 30, 2026 they finished +1.4 pts and +2.1 pts away.","dateModified":"2026-09-30","creator":{"@id":"https://etfiq.com/#org"},"isAccessibleForFree":true,"url":"https://etfiq.com/compare/leverage/spdn-vs-spxu","license":"https://etfiq.com/standards/","publisher":{"@id":"https://etfiq.com/#org"},"inLanguage":"en","creativeWorkStatus":"Published","distribution":[{"@type":"DataDownload","encodingFormat":"application/json","contentUrl":"https://etfiq.com/data/leverage.json"}],"variableMeasured":["Stated multiple","Underlying return","What the stated multiple implies","Fund total return","Difference against the label","Volatility of the underlying","Expense ratio"],"keywords":["exchange-traded funds","ETF","Leveraged ETFs","fund data","SEC filings"]}],"characters":6930,"truncated":true,"content":"ETFIQ / Leveraged ETFs / Head to head / SPDN vs SPXU \n ETFIQ etfiq.com \u00b7 independent ETF data \n\n Data as of Sep 30, 2026 .\n\n SPDN vs SPXU: which held to its multiple?\n\n Over three months against its own daily promise, SPDN finished 1.7 points over and SPXU 3.4 points over.\n Copy this for sharing \n \n Direxion Daily S&P 500 (R) Bear 1X ETF and ProShares UltraPro Short S&P500.\n\n Download as PDF \n\n \u22121.1% SPDN returned, 3 months \n \u22125.4% SPXU returned, 3 months \n +1.4 pts SPDN from its stated multiple \n +2.1 pts SPXU from its stated multiple \n\n ETFIQ Decay Resistance Score: SPXU scores higher\n Did i","source":"ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.","publisher":{"@id":"https://etfiq.com/#org","name":"ETFIQ","url":"https://etfiq.com"},"license":"https://etfiq.com/license/","citation":"ETFIQ, as of Sep 30, 2026. https://etfiq.com/compare/leverage/spdn-vs-spxu","a":{"ticker":"SPDN","name":"Direxion Daily S&P 500 (R) Bear 1X ETF","issuer":"Direxion","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: SPDN returned \u22121.1% where its own daily promise gave \u22122.8%, 1.7 points over.","url":"https://etfiq.com/funds/spdn","key_facts":[{"label":"What SPY did","value":"+2.5%","as_of":"2026-09-30","source":null},{"label":"What \u22121 times a day gives","value":"\u22122.8%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"\u22121.1%","as_of":"2026-09-30","source":null},{"label":"The fund itself added","value":"+1.7 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$269m","as_of":"2026-09-30","source":"issuer page, as of Sep 30, 2026"},{"label":"Expense ratio","value":"0.48%","as_of":"2026-09-30","source":"485BPOS XBRL, Feb 26, 2026"}]},"b":{"ticker":"SPXU","name":"ProShares UltraPro Short S&P500","issuer":"ProShares","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: SPXU returned \u22125.4% where its own daily promise gave \u22128.9%, 3.4 points over.","url":"https://etfiq.com/funds/spxu","key_facts":[{"label":"What SPY did","value":"+2.5%","as_of":"2026-09-30","source":null},{"label":"What \u22123 times a day gives","value":"\u22128.9%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"\u22125.4%","as_of":"2026-09-30","source":null},{"label":"The fund itself added","value":"+3.4 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$430m","as_of":"2026-09-30","source":"issuer page, as of Sep 30, 2026"},{"label":"Expense ratio","value":"0.90%","as_of":"2026-09-30","source":"485BPOS XBRL, Sep 25, 2026"}]},"overlap_pct":null,"overlap_note":"ETFIQ does not publish a holdings overlap for this pair. Either the funds are not compared on holdings, or one book is incomplete.","full_text_at":"https://etfiq.com/compare/leverage/spdn-vs-spxu"}