SPY vs TBXU
State Street SPDR S&P 500 ETF Trust vs Direxion Daily Biotech Top 5 Bull 2X ETF
Which is better, SPY or TBXU?
Large Cap Blend against Trading-Leveraged Equity.
SPY has a lower expense ratio. TBXU 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 | SPY | TBXU |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.98% |
| AUM | $823.2B | $3M |
| Dividend Yield | 0.99% | 1.92% |
| Holdings | 1,515 | 22 |
| YTD Return | +13.53% | +23.85%Best |
| 1Y Return | +17.47% | +43.65%Best |
| 3Y Return (annualized) | +22.36% | - |
| 5Y Return (annualized) | +13.21% | - |
| Volatility (annualized) | 13.1%Best | 38.9% |
| Max Drawdown | -8.9%Best | -26.5% |
| $10,000 over 1 years | $11,578 | $14,385Best |
| Top 10 Weight | 38.2% | - |
| Fund Family | State Street Investment Management | Direxion Shares ETF Trust |
| Category | Equity | Alternative |
| Style | Large Cap Blend | Trading-Leveraged Equity |
| Inception | Jan 22, 1993 | Oct 1, 2025 |
Volatility and max drawdown, and the $10,000 over 1 years row, are measured over the window both funds cover: Oct 1, 2025 to Oct 14, 2026 (1 years).
SPY vs TBXU 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 1 years both funds cover.
SPY vs TBXU Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Direxion Daily Biotech Top 5 Bull 2X ETF (TBXU) is an ETF from Direxion Shares ETF Trust. Over the past year SPY returned +17.47% while TBXU returned +43.65%. Year to date, SPY is up 13.53% versus a gain of 23.85% for TBXU.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
TBXU has been the more volatile fund, with annualized monthly volatility of 38.9% compared with 13.1% for SPY. 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 -8.9% for SPY and -26.5% for TBXU. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.03. They move largely independently of each other.
Fees and Cost Over Time
SPY charges 0.09% per year while TBXU charges 0.98%. On a $10,000 position that is $9 vs $98 annually, a gap of $89 per year that compounds over a long holding period. On income, SPY currently yields 0.99% against 1.92% for TBXU.
Holdings Overlap
0.9% of SPY's money is in holdings TBXU also owns. 44.5% of TBXU's money is in holdings SPY also owns.
The two portfolios partly overlap.
4 positions in common, counted across the 504 positions we hold weights for in SPY and 7 in TBXU, against full books of 1,515 and 22.
What only one of them owns
Our book lists 2 positions for TBXU that do not appear in our book for SPY (43.4% of the fund), and 492 for SPY that do not appear in TBXU (98.2%).
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.
44.5% of TBXU is already inside SPY.
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, SPY or TBXU?
SPY has an expense ratio of 0.09% while TBXU charges 0.98%. SPY is the cheaper option, by $89 a year on a $10,000 investment.
Which performed better, SPY or TBXU?
Over the past year SPY returned +17.47% vs +43.65% for TBXU, so TBXU leads on 1-year performance. Over the longest common window we track (1 years), SPY annualized +15.78% vs +43.85% for TBXU. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or TBXU?
TBXU has been the more volatile fund at 38.9% annualized versus 13.1% for SPY. Worst drawdown: SPY -8.9% vs TBXU -26.5%.
Should I hold both SPY and TBXU?
SPY and TBXU have a monthly-return correlation of 0.03, 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 SPY and TBXU?
44.5% of TBXU's money is in holdings SPY also owns. 44.5% of TBXU's is in holdings SPY also owns. They hold 4 positions in common, counted across the 504 positions we hold weights for in SPY and 7 in TBXU.
Which pays a higher dividend, SPY or TBXU?
SPY yields 0.99% while TBXU yields 1.92%, so TBXU currently pays the higher dividend yield.
Is TBXU better than SPY?
SPY has a lower expense ratio. TBXU 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.