{"url":"https://etfiq.com/compare/leverage/spxl-vs-upro","section":"compare","title":"SPXL vs UPRO: which held to its multiple? | ETFIQ","description":"SPXL sets out to return +3 times SPY each day and UPRO +3 times. Over the three months to Sep 30, 2026 they finished \u22123.3 pts and \u22123.4 pts away.","as_of":"Sep 30, 2026","structured_data":[{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Which came closer to its stated multiple, SPXL or UPRO?","acceptedAnswer":{"@type":"Answer","text":"Over the window to Sep 30, 2026, SPXL finished 3.3 points from what its multiple implies and UPRO finished 3.4 points from its own, so SPXL came closer. Neither figure predicts the next window: it depends on how much the underlying moves about."}},{"@type":"Question","name":"Are SPXL and UPRO levered on the same thing?","acceptedAnswer":{"@type":"Answer","text":"Yes. Both are levered on the S&P 500, SPXL at +3 times and UPRO at +3 times the daily move."}},{"@type":"Question","name":"Which one decays faster, SPXL or UPRO?","acceptedAnswer":{"@type":"Answer","text":"Decay follows how much the underlying moves about. Over this window SPXL\u2019s moved at 11% annualized and UPRO\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 UPRO 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 UPRO?","acceptedAnswer":{"@type":"Answer","text":"SPXL charges 0.84% a year and UPRO charges 0.88%, 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 UPRO","item":"https://etfiq.com/compare/leverage/spxl-vs-upro"}]},{"@type":"WebPage","name":"SPXL vs UPRO: which held to its multiple?","description":"SPXL sets out to return +3 times SPY each day and UPRO +3 times. Over the three months to Sep 30, 2026 they finished \u22123.3 pts and \u22123.4 pts away.","url":"https://etfiq.com/compare/leverage/spxl-vs-upro","dateModified":"2026-09-30","abstract":"Over the days both have traded, SPXL finished 3.3 points from its stated multiple and UPRO 3.4.","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 UPRO","description":"SPXL sets out to return +3 times SPY each day and UPRO +3 times. Over the three months to Sep 30, 2026 they finished \u22123.3 pts and \u22123.4 pts away.","dateModified":"2026-09-30","creator":{"@id":"https://etfiq.com/#org"},"isAccessibleForFree":true,"url":"https://etfiq.com/compare/leverage/spxl-vs-upro","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":6593,"truncated":true,"content":"ETFIQ / Leveraged ETFs / Head to head / SPXL vs UPRO \n ETFIQ etfiq.com \u00b7 independent ETF data \n\n Data as of Sep 30, 2026 .\n\n SPXL vs UPRO: which held to its multiple?\n\n Over the days both have traded, SPXL finished 3.3 points from its stated multiple and UPRO 3.4.\n Copy this for sharing \n \n Direxion Daily S&P 500(R) Bull 3X ETF and ProShares UltraPro S&P500.\n\n Download as PDF \n\n +4.2% SPXL returned, 3 months \n +4.1% UPRO returned, 3 months \n \u22123.3 pts SPXL from its stated multiple \n \u22123.4 pts UPRO from its stated multiple \n\n ETFIQ Decay Resistance Score: SPXL scores higher\n Did it keep up with 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-upro","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":"UPRO","name":"ProShares UltraPro S&P500","issuer":"ProShares","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: UPRO returned +4.1% where its own daily promise gave +6.8%, 2.6 points short.","url":"https://etfiq.com/funds/upro","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":"+4.1%","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":"$5.3bn","as_of":"2026-09-30","source":"issuer page, as of Sep 30, 2026"},{"label":"Expense ratio","value":"0.88%","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-upro"}