{"url":"https://etfiq.com/compare/leverage/spxl-vs-spxu","section":"compare","title":"SPXL vs SPXU: which held to its multiple? | ETFIQ","description":"SPXL sets out to return +3 times SPY each day and SPXU -3 times. Over the three months to Sep 30, 2026 they finished \u22123.3 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, SPXL or SPXU?","acceptedAnswer":{"@type":"Answer","text":"Over the window to Sep 30, 2026, SPXL finished 3.3 points from what its multiple implies and SPXU finished 2.1 points from its own, so SPXU came closer. Neither figure predicts the next window: it depends on how much the underlying moves about."}},{"@type":"Question","name":"Are SPXL and SPXU levered on the same thing?","acceptedAnswer":{"@type":"Answer","text":"Yes. Both are levered on the S&P 500, SPXL at +3 times and SPXU at -3 times the daily move."}},{"@type":"Question","name":"Which one decays faster, SPXL or SPXU?","acceptedAnswer":{"@type":"Answer","text":"Decay follows how much the underlying moves about. Over this window SPXL\u2019s moved at 11% annualized and SPXU\u2019s at 11%, so SPXL has the rougher ride and, at the same multiple, loses more to compounding."}},{"@type":"Question","name":"Can I hold SPXL 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, SPXL or SPXU?","acceptedAnswer":{"@type":"Answer","text":"SPXL charges 0.84% a year and SPXU charges 0.90%, so SPXL 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":"SPXL vs SPXU","item":"https://etfiq.com/compare/leverage/spxl-vs-spxu"}]},{"@type":"WebPage","name":"SPXL vs SPXU: which held to its multiple?","description":"SPXL sets out to return +3 times SPY each day and SPXU -3 times. Over the three months to Sep 30, 2026 they finished \u22123.3 pts and +2.1 pts away.","url":"https://etfiq.com/compare/leverage/spxl-vs-spxu","dateModified":"2026-09-30","abstract":"Over three months against its own daily promise, SPXL finished 2.6 points short 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 SPXL and SPXU","description":"SPXL sets out to return +3 times SPY each day and SPXU -3 times. Over the three months to Sep 30, 2026 they finished \u22123.3 pts and +2.1 pts away.","dateModified":"2026-09-30","creator":{"@id":"https://etfiq.com/#org"},"isAccessibleForFree":true,"url":"https://etfiq.com/compare/leverage/spxl-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":7185,"truncated":true,"content":"ETFIQ / Leveraged ETFs / Head to head / SPXL vs SPXU \n ETFIQ etfiq.com \u00b7 independent ETF data \n\n Data as of Sep 30, 2026 .\n\n SPXL vs SPXU: which held to its multiple?\n\n Over three months against its own daily promise, SPXL finished 2.6 points short and SPXU 3.4 points over.\n Copy this for sharing \n \n Direxion Daily S&P 500(R) Bull 3X ETF and ProShares UltraPro Short S&P500.\n\n Download as PDF \n\n +4.2% SPXL returned, 3 months \n \u22125.4% SPXU returned, 3 months \n \u22123.3 pts SPXL 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/spxl-vs-spxu","a":{"ticker":"SPXL","name":"Direxion Daily S&P 500(R) Bull 3X ETF","issuer":"Direxion","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: SPXL returned +4.2% where its own daily promise gave +6.8%, 2.6 points short.","url":"https://etfiq.com/funds/spxl","key_facts":[{"label":"What SPY did","value":"+2.5%","as_of":"2026-09-30","source":null},{"label":"What 3 times a day gives","value":"+6.8%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"+4.2%","as_of":"2026-09-30","source":null},{"label":"The fund itself cost","value":"\u22122.6 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$6.9bn","as_of":"2026-09-30","source":"issuer page, as of Sep 30, 2026"},{"label":"Expense ratio","value":"0.84%","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/spxl-vs-spxu"}