SPXL vs SSO
Direxion Daily S&P 500 Bull 3X ETF vs ProShares Ultra S&P500
Which is better, SPXL or SSO?
Nearly the same fund. SSO costs less.
SSO has a lower expense ratio. SPXL led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 1.00.
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 | SSO |
|---|---|---|
| Expense Ratio | 0.87% | 0.84%Best |
| AUM | $7.4B | $9.2B |
| Dividend Yield | 0.52% | 0.69% |
| Holdings | 1,030 | 521 |
| YTD Return | +30.47%Best | +21.98% |
| 1Y Return | +39.94%Best | +28.56% |
| 3Y Return (annualized) | +52.99%Best | +37.60% |
| 5Y Return (annualized) | +20.66%Best | +17.88% |
| Volatility (annualized) | 45.9% | 30.0%Best |
| Max Drawdown | -76.9% | -59.3%Best |
| $10,000 over 5 years | $25,575Best | $22,761 |
| Fund Family | Direxion Shares ETF Trust | ProShares |
| Category | Alternative | Alternative |
| Style | Multi Alternative | Multi Alternative |
| Inception | Nov 5, 2008 | Jun 19, 2006 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Nov 5, 2008 to Oct 14, 2026 (17.9 years).
SPXL vs SSO 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 covers the 17.9 years both funds cover.
SPXL vs SSO Performance
Direxion Daily S&P 500 Bull 3X ETF (SPXL) is an ETF from Direxion Shares ETF Trust and ProShares Ultra S&P500 (SSO) is an ETF from ProShares. Over the past year SPXL returned +39.94% while SSO returned +28.56%. Year to date, SPXL is up 30.47% versus a gain of 21.98% for SSO.
Over three years, SPXL compounded at +52.99% per year against +37.60% for SSO; over five years the annualized figures are +20.66% and +17.88% respectively. Across the full 18-year window we track, SPXL has the edge at +28.45% annualized vs +22.36%.
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 30.0% for SSO. 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 -59.3% for SSO. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 1.00. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
SPXL charges 0.87% per year while SSO charges 0.84%. On a $10,000 position that is $87 vs $84 annually, a gap of $3 per year that compounds over a long holding period. On income, SPXL currently yields 0.52% against 0.69% for SSO.
Holdings Overlap
At least 71.3% of SPXL's money is in holdings SSO also owns.
Stated as a floor: for SSO, our book for it covers 82.2% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
Most of SPXL is already inside SSO. Owning both mostly buys the same companies twice.
489 positions in common, counted across the 506 positions we hold weights for in SPXL and 504 in SSO, against full books of 1,030 and 521.
Top Shared Holdings
| Stock | Weight in SPXL | Weight in SSO | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 5.70% | 5.73% | 0.03% |
| AAPLApple, Inc | 5.45% | 4.93% | 0.52% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 4.19% | 3.89% | 0.30% |
| AMZNAmazon.Com Inc | 2.77% | 2.50% | 0.27% |
| GOOGLAlphabet Inc Cap Stk Cl A | 2.28% | 2.04% | 0.24% |
| AVGOBroadcom Inc | 1.82% | 1.71% | 0.11% |
| GOOGAlphabet Inc Class C | 1.82% | 1.64% | 0.18% |
| METAMeta Platform Inc | 1.63% | 1.62% | 0.01% |
| MUMicron Technology, Inc. | 1.16% | 1.23% | 0.07% |
| TSLATesla Motors Inc | 1.13% | 1.06% | 0.07% |
71.3% of SPXL is already inside SSO.
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 SSO?
SPXL has an expense ratio of 0.87% while SSO charges 0.84%. SSO is the cheaper option, by $3 a year on a $10,000 investment.
Which performed better, SPXL or SSO?
Over the past year SPXL returned +39.94% vs +28.56% for SSO, so SPXL leads on 1-year performance. Over the longest common window we track (18 years), SPXL annualized +28.45% vs +22.36% for SSO. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPXL or SSO?
SPXL has been the more volatile fund at 45.9% annualized versus 30.0% for SSO. Worst drawdown: SPXL -76.9% vs SSO -59.3%.
Should I hold both SPXL and SSO?
SPXL and SSO have a monthly-return correlation of 1.00, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between SPXL and SSO?
At least 71.3% of SPXL's money is in holdings SSO also owns. Our book for SSO is partial, so the real figure is this or higher. They hold 489 positions in common, counted across the 506 positions we hold weights for in SPXL and 504 in SSO.
Which pays a higher dividend, SPXL or SSO?
SPXL yields 0.52% while SSO yields 0.69%, so SSO currently pays the higher dividend yield.
Is SSO better than SPXL?
SSO has a lower expense ratio. SPXL led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 1.00. Which one suits a particular account depends on what it is for. This is information, not a recommendation.