Key Points
TQQQ and SPXL both use daily 3x leverage but track different indexes, leading to different sector exposures and performance patterns.
TQQQ posted a higher one-year return but experienced a deeper five-year drawdown compared to SPXL.
Both funds feature very high liquidity for active traders.
The ProShares - UltraPro QQQ(NASDAQ:TQQQ) and the Direxion Daily S&P 500 Bull 3X ETF(NYSEMKT:SPXL) are both designed for aggressive traders seeking amplified daily moves, but their underlying benchmarks create meaningful differences.
This comparison details where costs, returns, risk, and portfolio structure diverge.
Snapshot (cost & size)
| Metric | TQQQ | SPXL |
|---|---|---|
| Issuer | ProShares | Direxion |
| Expense ratio | 0.82% | 0.84% |
| 1-yr return (as of March 15, 2026) | 48.42% | 36.92% |
| Dividend yield | 0.69% | 0.69% |
| Beta (5Y monthly) | 3.59 | 3.09 |
| AUM | $27.3 billion | $5.6 billion |
Beta measures price volatility relative to the S&P 500; beta is calculated from five-year monthly returns. The 1-yr return represents total return over the trailing 12 months.
With identical dividend yields and very similar expense ratios, neither ETF has a strong advantage over the other. However, because leveraged ETFs like TQQQ and SPXL are typically short-term investments, factors like fees and dividend income may not make a substantial difference for most investors anyway.
Performance & risk comparison
| Metric | TQQQ | SPXL |
|---|---|---|
| Max drawdown (5 y) | -81.65% | -63.80% |
| Growth of $1,000 over 5 years | $2,075 | $2,367 |
What's inside
SPXL tracks the S&P 500 with daily 3x leverage. It holds just over 500 positions, with top equity allocations to Nvidia, Apple, and Microsoft.
TQQQ, by contrast, follows the Nasdaq-100 and is heavily tilted toward technology. It holds only 101 stocks, and its portfolio is dominated by mega-cap tech giants like Nvidia and Apple. Like SPXL, it resets its leverage daily, which may lead to performance drift over time.
For more guidance on ETF investing, check out the full guide at this link.
What this means for investors
Leveraged ETFs can be lucrative, but they also carry more risk. Both of these funds reset their leverage daily, and the compounding effects of these resets make them more vulnerable to volatility.
Both funds aim for three times the daily returns of their underlying benchmarks, but because they track different indexes, that can lead to different risk profiles. TQQQ’s heavy tilt toward tech stocks may result in larger swings — both positive and negative — during tech rallies and corrections.
SPXL is more diversified, with around five times as many holdings as TQQQ. The S&P 500 generally experiences less volatility than the Nasdaq-100, so investors are likely to see less dramatic price swings with SPXL. That said, tech stocks have greater potential for above-average returns, so TQQQ could be the more lucrative of the two funds.
Choosing between them will typically come down to your risk tolerance and goals. While all leveraged ETFs carry risk, SPXL offers slightly more stability. TQQQ, on the other hand, can be more volatile but also more lucrative.
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