SPXL vs TQQQ: Performance, Holdings, Fees & Risk
SPXL and TQQQ are ETFs, but they can differ materially in exposure, yield, fees and risk. SPXL is Direxion Daily S&P 500 Bull 3X Shares, while TQQQ is ProShares UltraPro QQQ. SPXL is broader by holdings count, with 515 positions versus 116 for TQQQ. Current AlgovestIQ evidence has SPXL ahead on AIQ Score, 41 versus 40.
What is the main difference between SPXL and TQQQ?
SPXL holds 515 positions to TQQQ's 116.
| Metric | SPXL | TQQQ |
|---|---|---|
| Fund | ||
| Expense ratio | 0.95% | 0.94% |
| Holdings | 515 | 116 |
| Distribution yieldTrailing 12 months | 0.53% | 0.73% |
| Average volume | 1,630,392 | 57,918,163 |
| Performance | ||
| 1Y return | +29.7% | +23.1% |
| YTD return | +24.9% | +25.7% |
| 5Y annualized returnTotal return, distributions reinvested | +17.6% | +13.7% |
| Risk | ||
| Annualized volatility | 38.4% | 59.8% |
| Max drawdown (1Y) | -26.9% | -37.2% |
| Max drawdown (5Y)Total return, distributions reinvested | -63.8% | -81.7% |
| Beta | 3.01 | 4.33 |
| Sharpe ratio | 0.78 | 0.63 |
| Sortino ratio | 1.21 | 0.97 |
| AlgovestIQ | ||
| AIQ Score | 41/100 | 40/100 |
| AIQ Edge Score | 2/10 | 2/10 |
| Momentum | 30/100 | 26/100 |
| Risk Resilience | 28/100 | 0/100 |
AlgovestIQ AIQ Comparison
Direxion Daily S&P 500 Bull 3X Shares vs ProShares UltraPro QQQ
SPXL leads
SPXL leads by 1 AIQ points, primarily on Risk Resilience and Value, having only recently taken the lead back from TQQQ.
Fragile: 3 of 4 evidence groups support SPXL, the lead recently changed hands, and its current signal state is conflicted.
Direxion Daily S&P 500 Bull 3X Shares
ProShares UltraPro QQQ
The Algovestiq AIQ Score currently favors SPXL over TQQQ, 41 versus 40 as of Oct 24, 2026. SPXL's advantage is driven primarily by stronger risk resilience and value, while TQQQ holds the stronger quality profile. SPXL also shows the stronger technical structure relative to its 50-day moving average. 3 of 4 covered evidence groups favor SPXL today, and the comparison is rated Fragile on stability: the AIQ gap is narrow at 1 points. SPXL lead: Reversed — TQQQ led by 3 AIQ points 30 sessions ago; SPXL now leads by 1.
Compare Direxion Daily S&P 500 Bull 3X Shares and ProShares UltraPro QQQ across performance, expense ratio, dividend yield, drawdown, volatility and the Algovestiq AIQ Score.
SPXL vs TQQQ: which fits what
Each row is settled by a single measure. Where the gap is too small to matter it reads Similar, and no row decides the comparison as a whole.
| If you want | SPXL | TQQQ | Fits |
|---|---|---|---|
| Lower costExpense ratio | 0.95% | 0.94% | Similar |
| Broader diversificationNumber of holdings | 515 | 116 | SPXL |
| Higher incomeTrailing 12-month distribution yield | 0.53% | 0.73% | TQQQ |
| Smaller drawdownsMax drawdown, 5 years | -63.8% | -81.7% | SPXL |
| Lower volatilityAnnualized volatility, 1 year | 38.4% | 59.8% | SPXL |
Similar means the gap is within 0.01 percentage points of expense ratio, 25% more holdings, 3 points of top-10 weight, 0.2 points of yield, 2 points of drawdown or 1 point of volatility. Past drawdowns and volatility describe the funds’ history, not their future.
Performance over time
Total return with distributions reinvested, from daily closes for both ETFs.
Total return comparison
Growth of $10,000, distributions reinvested
Split-adjusted closes; each distribution is reinvested at the close on its ex-dividend date. Taxes and trading costs are not modeled.
Compare SPXL and TQQQ against another ticker
Open a multi-ticker workspace without changing this focused pair page.
AIQ Factor Divergence
Where the two separate, on the four dimensions behind the AIQ Score. Bars read outward from a shared zero: further from the centre is a wider gap.
- Risk Resilience28 vs 0SPXL +28
- Quality59 vs 77TQQQ +18
- Value38 vs 33SPXL +5
- Momentum30 vs 26SPXL +4
3 of 4 evidence groups favor SPXL. SPXL’s edge is concentrated in risk resilience and value; TQQQ keeps a meaningful quality edge.
What changed since the last close
Latest scored session 2026-10-23, compared against the prior scored session 2026-10-22.
Largest factor move: Momentum -9
No signal started or stopped since the prior session; its 2 active signals are unchanged.
Largest factor move: Value +3
No signal started or stopped since the prior session; its 5 active signals are unchanged.
SPXL's lead narrowed by 2 AIQ points in the latest session.
Deeper signal detail for each name lives on its own signals page — SPXL and TQQQ both carry a full feed there.
The central trade-off
SPXL (Direxion Daily S&P 500 Bull 3X Shares): the stronger current systematic profile, led by risk resilience and value.
TQQQ (ProShares UltraPro QQQ): the counter-case, on quality — but at materially higher volatility, 54.9% against 29.4%.
Fund facts, side by side
Two funds tracking overlapping universes are separated by cost and risk far more than by holdings. Those lead here.
| Measure | SPXL | TQQQ | Why it matters |
|---|---|---|---|
| Expense ratio | 0.95% | 0.94% | Lower is better — it compounds against you every year you hold. |
| Holdings | 515 | 116 | More holdings means broader diversification, not better returns. |
| Average volume | 1,630,392 | 57,918,163 | Liquidity — matters most if you trade size. |
| Annualized volatility | 38.4% | 59.8% | Lower is a steadier ride for the same exposure. |
| Max drawdown (1Y) | -26.9% | -37.2% | The worst peak-to-trough loss over the past year. |
| Sharpe ratio | 0.78 | 0.63 | Return per unit of risk. Higher is better. |
| Beta | 3.01 | 4.33 | Sensitivity to the broad market. Neither direction is better — it depends on the role in your portfolio. |
Where the exposure actually sits
Sector exposure for each fund, ordered by the size of the difference.
SPXL vs TQQQ: five-year payout growth
TQQQ grew its split-adjusted payout faster over 2020-2025 — 526.88% a year against SPXL's 56.70%. SPXL: The 2020 payout was 71.0% below 2019, so the growth rate measures a recovery from a weak starting year. SPXL: The payout jumped 406.3% in 2023, a single step rather than steady compounding - often an index or mandate change. TQQQ: The 2020 payout was 99.5% below 2019, so the growth rate measures a recovery from a weak starting year. TQQQ: The payout jumped 164469.7% in 2022, a single step rather than steady compounding - often an index or mandate change.
| Dividend metric | SPXL | TQQQ |
|---|---|---|
| 5Y payout CAGR | 56.70% | 526.88% |
| 2020 annual payout | $0.161 | $0.000 |
| 2025 annual payout | $1.522 | $0.342 |
| Calendar-year declines | 1 | 2 |
| Peer rank | #8 of 138 | #1 of 138 |
Split-adjusted annual distributions, 2020–2025. Research as of Sep 19, 2026. Yield and expense ratio above are current values, not part of this window.
AIQ Agreement Matrix
3 of 4 covered evidence groups favor SPXL. A wide gap backed by one group is a weaker case than a narrow gap backed by five.
| Evidence group | Favors | Reading |
|---|---|---|
| AIQ Score | Even | 41 vs 40 |
| Fundamentals | Not covered | Not covered |
| Valuation | SPXL | Value 38 vs 33 |
| Technicals | SPXL | Price vs 50-day -4% vs -10.5%; vs 200-day 8.7% vs 1.7% |
| Risk Resilience | SPXL | Risk Resilience 28 vs 0 |
| Analyst expectations | Not covered | Not covered |
✓ agrees with the overall verdict · ✕ points the other way. Groups marked “not covered” lack data on one or both of SPXL and TQQQ and are excluded from the count.
AIQ Decision Stability
The conclusion is sensitive to small changes. Treat the lead as provisional and watch the flip conditions below.
- The AIQ gap is narrow at 1 points. (argues the conclusion is provisional)
- The lead has already changed hands inside the comparison window. (argues the conclusion is provisional)
- The leader is throwing conflicting signals. (argues the conclusion is provisional)
Stability combines the score gap, how broadly the evidence agrees, how steady the lead has been across daily snapshots, the current signal state on both names, and analyst dispersion on SPXL.
How the comparison changed
120 daily snapshots · Jun 24 – Oct 23SPXL lead: Reversed — TQQQ led by 3 AIQ points 30 sessions ago; SPXL now leads by 1.
- Today
- SPXL +1
- 41 vs 40
- 7 sessions ago
- SPXL +7
- 49 vs 42
- 30 sessions ago
- TQQQ +3
- 50 vs 53
- 90 sessions ago
- SPXL +3
- 49 vs 46
The lead changed hands 3 times in this window, most recently on Sep 14 when TQQQ moved ahead of SPXL.
AIQ Signal Divergence
Only the signals that bear on the head-to-head. A conflicted name is carrying bullish and bearish rules at the same time — the technical evidence is not pointing one way.
1 bullish / 1 bearish, conflicted
No signal that the other name lacks.
2 bullish / 2 bearish / 1 neutral, conflicted
Only TQQQ
- ATR Expansion - Breakout Mode — neutral, volatility, short horizon (5.32%)
- Keltner Channel Breakdown — bearish, volatility, short horizon
- RSI Oversold - Potential Bounce — bullish, momentum, short horizon
Both carry 2 more signals that do not separate them: Golden Cross Active, MACD Bearish Crossover.
SPXL leads the comparison while carrying a conflicted signal state, which is one reason the stability rating is not higher.
Price vs model alignment
Whether the latest session's price move confirms what the model did over the same session, or contradicts it.
Price and the AIQ Score both moved down over the latest session (price -1.7%, AIQ -1 points).
Price is down while the AIQ Score moved up 1 points over the same session — price and model disagree (price -0.2%, AIQ +1 points).
What would flip this result
A state, not a forecast. These are the specific, observable changes that would reverse the verdict — not a price prediction.
- 1TQQQ closes the Risk Resilience gap — currently 28 points behind, the largest single contributor to SPXL's edge.
- 2TQQQ's Keltner Channel Breakdown resolves — a bearish volatility rule currently active against it.
- 3SPXL's conflicting signal state resolves bearish — it currently carries 1 bullish and 1 bearish rules at once.
- 4A regime shift changes factor weighting — Quality and Value carry the heaviest weights in the composite, so a rotation toward either would move the result most.
The full evidence
Every number behind the verdict. The leader is called above each group so you are not left to solve it from the table.
Performance
SPXL leads 5 of 6 windows| Metric | SPXL | TQQQ |
|---|---|---|
| 1 week (5 sessions) | -1.6% | -2.8% |
| 1 month (20 sessions) | -5.4% | -16.7% |
| 3 months (63 sessions) | 5.8% | 4.6% |
| 6 months (126 sessions) | 13.8% | 6% |
| Year to date | 24.9% | 25.7% |
| 1 year (252 sessions) | 29.7% | 23.1% |
Technicals
SPXL has the stronger structure| Metric | SPXL | TQQQ |
|---|---|---|
| RSI (14) | 35.3 | 23.2 |
| ADX (14) | 15.7 | 25.3 |
| Price vs 50-day | -4% | -10.5% |
| Price vs 200-day | 8.7% | 1.7% |
| Volatility (1M, annualized) | 29.4% | 54.9% |
Risk
SPXL is the more resilient| Metric | SPXL | TQQQ |
|---|---|---|
| Beta | 3.01 | 4.33 |
| Sharpe ratio | 0.78 | 0.63 |
| Sortino ratio | 1.21 | 0.97 |
| Max drawdown | -26.9% | -37.2% |
| Current drawdown | -8.5% | -24% |
| Annualized volatility | 38.4% | 59.8% |
| Value at risk (95%) | -4.1% | -6% |
Straight answers
Short answers to the questions fund investors ask about this pair, from the figures above.
What is the difference between SPXL and TQQQ?
SPXL holds 515 positions to TQQQ's 116.
Which ETF is more diversified, SPXL or TQQQ?
SPXL holds more positions: 515 versus 116 for TQQQ.
Which has the lower expense ratio?
The two are within a basis point: 0.95% for SPXL and 0.94% for TQQQ.
Which ETF has the higher distribution yield?
TQQQ, with a trailing 12-month distribution yield of 0.73% against 0.53% for SPXL.
Which ETF has been more volatile?
TQQQ has been more volatile over the past year, at 59.8% annualized against 38.4% for SPXL.
Which ETF has had the smaller drawdown?
SPXL fell less from peak to trough over the past five years: -63.8% against -81.7% for TQQQ.
Compare SPXL and TQQQ with others
Continue your research
This page answers which of the two. These answer the questions on either side of it.
How this comparison is scored
The Algovestiq AIQ Score composites four factors — Quality, Value, Momentum and Risk, each carrying a fixed weight. Sentiment is reported separately as SentimentPulse and is not folded into the composite. Scores refresh every trading day, and this page regenerates from the latest snapshot rather than being written once.
The verdict names a leader, states how broadly six independent evidence groups agree, and rates how durable that conclusion is given the score gap, its recent trajectory and the current signal state on both names.
How to use side-by-side comparison →This comparison is informational and educational, not investment advice. AIQ scores update daily; re-check after earnings, guidance or macro data that materially changes either name’s factor profile.