SPXL vs SPXX
Direxion Daily S&P 500 Bull 3X ETF vs Nuveen S&P 500 Dynamic Overwrite Fund
Which is better, SPXL or SPXX?
SPXL has been ahead.
SPXL has a lower expense ratio. SPXL led over 1Y, 3Y, 5Y and the full window. SPXX is less concentrated, with 39.6% of the fund in its ten largest positions against 48.3%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | SPXL | SPXX |
|---|---|---|
| Expense Ratio | 0.87%Best | 0.91% |
| AUM | $7.4B | $2.8B |
| Dividend Yield | 0.52% | 7.40% |
| Holdings | 1,030 | 553 |
| YTD Return | +30.47%Best | +10.40% |
| 1Y Return | +39.94%Best | +18.86% |
| 3Y Return (annualized) | +52.99%Best | +17.05% |
| 5Y Return (annualized) | +20.66%Best | +9.18% |
| Volatility (annualized) | 45.9% | 15.4%Best |
| Max Drawdown | -76.9% | -51.1%Best |
| $10,000 over 5 years | $25,575Best | $15,514 |
| Top 10 Weight | 48.3% | 39.6%Best |
| Fund Family | Direxion Shares ETF Trust | Nuveen |
| Category | Alternative | Alternative |
| Style | Multi Alternative | Multi Alternative |
| Inception | Nov 5, 2008 | Nov 22, 2005 |
Volatility and max drawdown are measured over the window both funds cover: Nov 5, 2008 to Oct 14, 2026 (17.9 years).
SPXL vs SPXX growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
SPXL vs SPXX Performance
Direxion Daily S&P 500 Bull 3X ETF (SPXL) is an ETF from Direxion Shares ETF Trust and Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) is an ETF from Nuveen. Over the past year SPXL returned +39.94% while SPXX returned +18.86%. Year to date, SPXL is up 30.47% versus a gain of 10.40% for SPXX.
Over three years, SPXL compounded at +52.99% per year against +17.05% for SPXX; over five years the annualized figures are +20.66% and +9.18% respectively. Across the full 18-year window we track, SPXL has the edge at +28.45% annualized vs +4.97%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPXL has been the more volatile fund, with annualized monthly volatility of 45.9% compared with 15.4% for SPXX. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -76.9% for SPXL and -51.1% for SPXX. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.82. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPXL charges 0.87% per year while SPXX charges 0.91%. On a $10,000 position that is $87 vs $91 annually, a gap of $4 per year that compounds over a long holding period. On income, SPXL currently yields 0.52% against 7.40% for SPXX.
Holdings Overlap
47.0% of SPXL's money is in holdings SPXX also owns. 77.0% of SPXX's money is in holdings SPXL also owns.
Most of SPXX is already inside SPXL. Owning both mostly buys the same companies twice.
The two holdings books were reported 46 days apart, SPXL as of Sep 15, 2026 and SPXX as of Jul 31, 2026, so some of the difference between them is the time between the two reports rather than the funds.
76 positions in common, counted across the 506 positions we hold weights for in SPXL and 546 in SPXX, against full books of 1,030 and 553.
What only one of them owns
Our book lists 342 positions for SPXX that do not appear in our book for SPXL (20.5% of the fund), and 423 for SPXL that do not appear in SPXX (50.0%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in SPXL | Weight in SPXX | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 5.70% | 7.65% | 1.95% |
| AAPLApple, Inc | 5.45% | 7.01% | 1.56% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 4.19% | 5.49% | 1.30% |
| AMZNAmazon.Com Inc | 2.77% | 4.25% | 1.48% |
| GOOGLAlphabet Inc Cap Stk Cl A | 2.28% | 3.13% | 0.85% |
| AVGOBroadcom Inc | 1.82% | 2.84% | 1.02% |
| GOOGAlphabet Inc Class C | 1.82% | 2.47% | 0.65% |
| METAMeta Platform Inc | 1.63% | 1.75% | 0.12% |
| JPMJpmorgan Chase | 1.05% | 1.93% | 0.88% |
| MUMicron Technology, Inc. | 1.16% | 1.53% | 0.37% |
77.0% of SPXX is already inside SPXL.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SPXL or SPXX?
SPXL has an expense ratio of 0.87% while SPXX charges 0.91%. SPXL is the cheaper option, by $4 a year on a $10,000 investment.
Which performed better, SPXL or SPXX?
Over the past year SPXL returned +39.94% vs +18.86% for SPXX, so SPXL leads on 1-year performance. Over the longest common window we track (18 years), SPXL annualized +28.45% vs +4.97% for SPXX. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPXL or SPXX?
SPXL has been the more volatile fund at 45.9% annualized versus 15.4% for SPXX. Worst drawdown: SPXL -76.9% vs SPXX -51.1%.
Should I hold both SPXL and SPXX?
SPXL and SPXX have a monthly-return correlation of 0.82, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between SPXL and SPXX?
77.0% of SPXX's money is in holdings SPXL also owns. 77.0% of SPXX's is in holdings SPXL also owns. They hold 76 positions in common, counted across the 506 positions we hold weights for in SPXL and 546 in SPXX.
Which pays a higher dividend, SPXL or SPXX?
SPXL yields 0.52% while SPXX yields 7.40%, so SPXX currently pays the higher dividend yield.
Is SPXX better than SPXL?
SPXL has a lower expense ratio. SPXL led over 1Y, 3Y, 5Y and the full window. SPXX is less concentrated, with 39.6% of the fund in its ten largest positions against 48.3%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.