SPXL vs ZAPR
Direxion Daily S&P 500 Bull 3X ETF vs Innovator Equity Defined Protection ETF - 1 Yr April
Which is better, SPXL or ZAPR?
SPXL has been ahead.
ZAPR has a lower expense ratio. SPXL led over 1Y and the full window.
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 | ZAPR |
|---|---|---|
| Expense Ratio | 0.87% | 0.79%Best |
| AUM | $7.4B | $68M |
| Dividend Yield | 0.52% | 0.00% |
| Holdings | 1,030 | 21 |
| YTD Return | +30.47%Best | +5.06% |
| 1Y Return | +39.94%Best | +6.36% |
| 3Y Return (annualized) | +52.99% | - |
| 5Y Return (annualized) | +20.66% | - |
| Volatility (annualized) | 37.3% | 1.1%Best |
| Max Drawdown | -33.4% | -1.7%Best |
| $10,000 over 1.5 years | $20,180Best | $11,037 |
| Fund Family | Direxion Shares ETF Trust | Innovator ETFs Trust |
| Category | Alternative | Alternative |
| Style | Multi Alternative | Multi Alternative |
| Inception | Nov 5, 2008 | Apr 1, 2025 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 1.5 years row, are measured over the window both funds cover: Apr 1, 2025 to Oct 14, 2026 (1.5 years).
SPXL vs ZAPR 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 ZAPR Performance
Direxion Daily S&P 500 Bull 3X ETF (SPXL) is an ETF from Direxion Shares ETF Trust and Innovator Equity Defined Protection ETF - 1 Yr April (ZAPR) is an ETF from Innovator ETFs Trust. Over the past year SPXL returned +39.94% while ZAPR returned +6.36%. Year to date, SPXL is up 30.47% versus a gain of 5.06% for ZAPR.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPXL has been the more volatile fund, with annualized monthly volatility of 37.3% compared with 1.1% for ZAPR. 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 -33.4% for SPXL and -1.7% for ZAPR. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.81. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPXL charges 0.87% per year while ZAPR charges 0.79%. On a $10,000 position that is $87 vs $79 annually, a gap of $8 per year that compounds over a long holding period. On income, SPXL currently yields 0.52% against 0.00% for ZAPR.
Holdings Overlap
We hold position weights for 506 holdings in SPXL and 1 in ZAPR, totalling 97.3% and 112.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 506 positions we hold weights for in SPXL and 1 in ZAPR, against full books of 1,030 and 21.
You are not choosing between two funds in isolation.
Whichever of SPXL and ZAPR you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SPXL or ZAPR?
SPXL has an expense ratio of 0.87% while ZAPR charges 0.79%. ZAPR is the cheaper option, by $8 a year on a $10,000 investment.
Which performed better, SPXL or ZAPR?
Over the past year SPXL returned +39.94% vs +6.36% for ZAPR, so SPXL leads on 1-year performance. Over the longest common window we track (2 years), SPXL annualized +59.69% vs +6.80% for ZAPR. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPXL or ZAPR?
SPXL has been the more volatile fund at 37.3% annualized versus 1.1% for ZAPR. Worst drawdown: SPXL -33.4% vs ZAPR -1.7%.
Should I hold both SPXL and ZAPR?
SPXL and ZAPR have a monthly-return correlation of 0.81, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, SPXL or ZAPR?
SPXL yields 0.52% while ZAPR yields 0.00%, so SPXL currently pays the higher dividend yield.
Is ZAPR better than SPXL?
ZAPR has a lower expense ratio. SPXL led over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.