{"url":"https://etfiq.com/compare/leverage/spxs-vs-sso","section":"compare","title":"SPXS vs SSO: which held to its multiple? | ETFIQ","description":"SPXS sets out to return -3 times SPY each day and SSO +2 times. Over the three months to Sep 30, 2026 they finished +2.1 pts and \u22121.7 pts away.","as_of":"Sep 30, 2026","structured_data":[{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Which came closer to its stated multiple, SPXS or SSO?","acceptedAnswer":{"@type":"Answer","text":"Over the window to Sep 30, 2026, SPXS finished 2.1 points from what its multiple implies and SSO finished 1.7 points from its own, so SSO came closer. Neither figure predicts the next window: it depends on how much the underlying moves about."}},{"@type":"Question","name":"Are SPXS and SSO levered on the same thing?","acceptedAnswer":{"@type":"Answer","text":"Yes. Both are levered on the S&P 500, SPXS at -3 times and SSO at +2 times the daily move."}},{"@type":"Question","name":"Which one decays faster, SPXS or SSO?","acceptedAnswer":{"@type":"Answer","text":"Decay follows how much the underlying moves about. Over this window SPXS\u2019s moved at 11% annualized and SSO\u2019s at 11%, so SPXS has the rougher ride and, at the same multiple, loses more to compounding."}},{"@type":"Question","name":"Can I hold SPXS or SSO 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, SPXS or SSO?","acceptedAnswer":{"@type":"Answer","text":"SPXS charges 1.04% a year and SSO charges 0.84%, so SSO 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":"SPXS vs SSO","item":"https://etfiq.com/compare/leverage/spxs-vs-sso"}]},{"@type":"WebPage","name":"SPXS vs SSO: which held to its multiple?","description":"SPXS sets out to return -3 times SPY each day and SSO +2 times. Over the three months to Sep 30, 2026 they finished +2.1 pts and \u22121.7 pts away.","url":"https://etfiq.com/compare/leverage/spxs-vs-sso","dateModified":"2026-09-30","abstract":"Over three months against its own daily promise, SPXS finished 3.4 points over and SSO 1.4 points short.","publisher":{"@id":"https://etfiq.com/#org"},"isPartOf":{"@id":"https://etfiq.com/#website"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".verdict",".faq"]}},{"@type":"Dataset","name":"ETFIQ comparison of SPXS and SSO","description":"SPXS sets out to return -3 times SPY each day and SSO +2 times. Over the three months to Sep 30, 2026 they finished +2.1 pts and \u22121.7 pts away.","dateModified":"2026-09-30","creator":{"@id":"https://etfiq.com/#org"},"isAccessibleForFree":true,"url":"https://etfiq.com/compare/leverage/spxs-vs-sso","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":7115,"truncated":true,"content":"ETFIQ / Leveraged ETFs / Head to head / SPXS vs SSO \n ETFIQ etfiq.com \u00b7 independent ETF data \n\n Data as of Sep 30, 2026 .\n\n SPXS vs SSO: which held to its multiple?\n\n Over three months against its own daily promise, SPXS finished 3.4 points over and SSO 1.4 points short.\n Copy this for sharing \n \n Direxion Daily S&P 500(R) Bear 3X ETF and ProShares Ultra S&P500.\n\n Download as PDF \n\n \u22125.5% SPXS returned, 3 months \n +3.3% SSO returned, 3 months \n +2.1 pts SPXS from its stated multiple \n \u22121.7 pts SSO from its stated multiple \n\n ETFIQ Decay Resistance Score: SPXS scores higher\n Did it keep up with","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/spxs-vs-sso","a":{"ticker":"SPXS","name":"Direxion Daily S&P 500(R) Bear 3X ETF","issuer":"Direxion","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: SPXS returned \u22125.5% where its own daily promise gave \u22128.9%, 3.4 points over.","url":"https://etfiq.com/funds/spxs","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":"\u22125.5%","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":"$334m","as_of":"2026-09-30","source":"issuer page, as of Sep 30, 2026"},{"label":"Expense ratio","value":"1.04%","as_of":"2026-09-30","source":"485BPOS XBRL, Feb 26, 2026"}]},"b":{"ticker":"SSO","name":"ProShares Ultra S&P500","issuer":"ProShares","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: SSO returned +3.3% where its own daily promise gave +4.8%, 1.4 points short.","url":"https://etfiq.com/funds/sso","key_facts":[{"label":"What SPY did","value":"+2.5%","as_of":"2026-09-30","source":null},{"label":"What 2 times a day gives","value":"+4.8%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"+3.3%","as_of":"2026-09-30","source":null},{"label":"The fund itself cost","value":"\u22121.4 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$8.4bn","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, 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/spxs-vs-sso"}