Which came closer to its stated multiple, SPUU or SPXL?

Over the window to Sep 30, 2026, SPUU finished 1.7 points from what its multiple implies and SPXL finished 3.3 points from its own, so SPUU came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are SPUU and SPXL levered on the same thing?

Yes. Both are levered on the S&P 500, SPUU at +2 times and SPXL at +3 times the daily move.

Which one decays faster, SPUU or SPXL?

Decay follows how much the underlying moves about. Over this window SPUU’s moved at 11% annualized and SPXL’s at 11%, so SPUU has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold SPUU or SPXL 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, SPUU or SPXL?

SPUU charges 0.60% a year and SPXL charges 0.84%, so SPUU is cheaper. Fees come from each fund's prospectus.

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SPUU vs SPXL: which held to its multiple?

Over three months against its own daily promise, SPUU finished 1.4 points short and SPXL 2.6 points short. Direxion Daily S&P 500(R) Bull 2X ETF and Direxion Daily S&P 500(R) Bull 3X ETF.

+3.4%

SPUU returned, 3 months

+4.2%

SPXL returned, 3 months

−1.7 pts

SPUU from its stated multiple

−3.3 pts

SPXL from its stated multiple

SPUU · 3 months to Sep 30, 20261.7 pts short of its stated multiple

SPUU returned +3.4% while 2 times SPY's move would have been +5.0%

SPXL · 3 months to Sep 30, 20263.3 pts short of its stated multiple

SPXL returned +4.2% while 3 times SPY's move would have been +7.6%

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

SPUU 89.1

SPXL 51.6

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	SPUU	SPXL	SPUU	SPXL	SPUU	SPXL
1 month	−1.4%	−2.1%	−0.7%	−1.0%	−0.7 pts	−1.1 pts
3 months	+3.4%	+4.2%	+5.0%	+7.6%	−1.7 pts	−3.3 pts
6 months	+32.5%	+49.1%	+34.0%	+50.9%	−1.5 pts	−1.9 pts
1 year	+25.1%	+33.5%	+31.4%	+47.1%	−6.3 pts	−13.7 pts
3 years	+169.7%	+268.8%	+170.0%	+254.9%	−0.2 pts	+13.8 pts
Since launch SPUU Jun 2014 · SPXL Jan 2010	+985.1%	+6824.9%	not meaningful	not meaningful	not meaningful	not meaningful

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

On the same fields

SPUU

Direxion Daily S&P 500(R) Bull 2X ETF · Aims to return twice the daily move of the S&P 500

SPXL

Direxion Daily S&P 500(R) Bull 3X ETF · Aims to return three times the daily move of the S&P 500

Issuer Direxion Direxion

Sets out to return +2x +3x

Underlying asset SPY SPY

Segment us large cap us large cap

Fund returned, 3 months or since launch +3.4% +4.2%

Underlying returned, over that window +2.5% +2.5%

What the stated multiple implies, over that window +5.0% +7.6%

Difference from stated, over that window −1.7 pts −3.3 pts

Fund returned, 1 year or since launch +25.1% +33.5%

Difference from stated, over that window −6.3 pts −13.7 pts

Underlying volatility 11% 11%

Difference over the days both have traded −1.7 pts −3.3 pts

Expense ratio 0.60% 0.84%

Launched Jun 6, 2014 Jan 4, 2010

Net assets $284m $6.9bn

SPUU and SPXL on the same fields, as of Sep 30, 2026. Source: ETFIQ.

SPUU in plain words

Three months to Sep 30, 2026: SPUU returned +3.4% where its own daily promise gave +4.8%, 1.4 points short. Read the multiple against the whole window instead and 2 times SPY's 2.5% implies +5.0%, which makes SPUU look 1.7 points short. 0.3 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. SPUU aims to return +2 times SPY'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. SPY moved at 11% 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.

SPXL in plain words

Three months to Sep 30, 2026: SPXL returned +4.2% where its own daily promise gave +6.8%, 2.6 points short. Read the multiple against the whole window instead and 3 times SPY's 2.5% implies +7.6%, which makes SPXL look 3.3 points short. 0.8 of that is daily compounding, which happens to any 3 times fund over the same path, and the rest is the fund. SPXL aims to return +3 times SPY's move each day, then resets. Over longer, the daily results compound, so the total is not +3 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, SPUU or SPXL?: Over the window to Sep 30, 2026, SPUU finished 1.7 points from what its multiple implies and SPXL finished 3.3 points from its own, so SPUU came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are SPUU and SPXL levered on the same thing?: Yes. Both are levered on the S&P 500, SPUU at +2 times and SPXL at +3 times the daily move.
Which one decays faster, SPUU or SPXL?: Decay follows how much the underlying moves about. Over this window SPUU’s moved at 11% annualized and SPXL’s at 11%, so SPUU has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold SPUU or SPXL 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, SPUU or SPXL?: SPUU charges 0.60% a year and SPXL charges 0.84%, so SPUU is cheaper. Fees come from each fund's prospectus.

Other comparisons

SPUU vs SPXS SPUU vs SPXU SPUU vs SPYU SPUU vs SSO SPXL vs SPXS SPXL vs SPXU SPXL vs SPYU SPXL vs SSO

SPY →SPUU on its own →SPXL on its own →How every figure is computed →Standards and sources →

Where these figures came from

SPUU and SPXL filings on SEC EDGAR ↗SPUU and SPXL prospectus with the expense ratio (SEC) ↗Direxion 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, SPUU against SPXL, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/spuu-vs-spxl

Open data

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