ETF Comparison

SPXL vs UPRO: Same 3x Daily S&P 500 Job, Two Issuers?

A head-to-head of Direxion Daily S&P 500 Bull 3X and ProShares UltraPro S&P 500 covering cost and daily reset, not a yield race.

Data updated September 22, 2026

Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings.

SPXL has outpaced UPRO over the trailing twelve months, posting a 38.77% total return against 38.31%. The lead holds up over 10 years too: SPXL has compounded at 29.67% a year, against 29.53% for UPRO. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
Symbol	YTD	1Y	3Y	5Y	10Y	Since Jun 2009	Volatility	Sharpe	Sortino	Max drawdown
SPXL	33.30%	38.77%	55.56%	22.51%	29.67%	32.85%	44.5%	0.90	1.26	-48.9%
UPRO	32.98%	38.31%	55.37%	22.12%	29.53%	32.98%	44.5%	0.90	1.26	-48.9%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 22, 2026. YTD and 1Y are cumulative; windows of one year or longer are annualized. “Since Jun 2009” measures every fund from June 25, 2009 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
Metric	SPXL	UPRO
Full name	Direxion Daily S&P500 Bull 3X Shares	ProShares UltraPro S&P500
Issuer	Direxion	ProShares
Last Close	$294.17 as of September 22, 2026	$154.01 as of September 22, 2026
Distribution rate	0.71%	0.78%
Distribution Safety Score™	79	85
Safety-Adjusted Yield	0.56%	0.66%
Expense ratio	0.84%	0.89%
AUM	$6.75B	$5.49B
Distribution frequency	Quarterly	Quarterly
Underlying index	—	S&P 500
Objective	—	Seeks daily investment results that correspond to three times (3x) the daily performance of the S&P 500 Index.
Asset class	Equity	Equity
Inception date	11/05/2008	06/23/2009
Beta	3.12	3.11
Last dividend	$0.523	$0.2987
Ex-dividend date	06/23/2026	06/24/2026

Bottom lineSPXL and UPRO are nearly interchangeable — both offer very similar leveraged/inverse exposure with very similar cost and risk. The clearest tie-breaker is cost: SPXL is cheaper at 0.84% vs 0.89%.

Two 3x daily S&P 500 products

Both target 3x the daily S&P 500. Daily reset and path dependence are the risk. Yield is not the comparison.

	SPXL	UPRO
Job	3x daily S&P 500	3x daily S&P 500
Expense ratio	0.84%	0.89%
Distribution rate	0.71%	0.78%

How the risk works

Read this before the income numbers below: the strategy mechanics on this page shape what those payouts can cost you.

Daily leverage reset. SPXL and UPRO target a multiple of the index's DAILY move, resetting every session. Over weeks and months the compounding of daily resets (volatility decay) can drag returns far below the stated multiple, especially in choppy markets — and losses are magnified the same way gains are.

Learn the mechanics: Why daily-reset leverage decays

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Income calculator

See how much monthly income a hypothetical investment would generate in each ETF at current yields.

Direxion

ETFs132

Total AUM$66.5B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

Direxion is known for offering leveraged and inverse ETFs that enable investors to amplify or hedge market exposure across various asset classes and market segments. The firm's fund lineup focuses primarily on income-generating strategies and leveraged products, featuring both daily leveraged long positions and inverse (bearish) funds designed for tactical trading and hedging purposes. The issuer maintains a broad range of tickers covering sectors, commodities, cryptocurrencies, and equity indices, appealing to active traders and investors seeking non-traditional exposure management tools.

See our curated list of related YouTube videos on SPXL.

See all Direxion ETFs

ProShares

ETFs170

Total AUM$127B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

ProShares is known for offering leveraged and inverse ETFs that provide amplified exposure to market movements, along with thematic and income-focused strategies. Their fund lineup spans digital assets (including Bitcoin and Ethereum exposure through BITO and EETH), dividend strategies like the Dividend Aristocrats fund (NOBL), covered call income strategies, and leveraged/inverse products that track major indices with 2x or 3x daily multipliers (such as SSO and TQQQ for tech-heavy portfolios). With 23 ETFs across specialized families including leveraged products, money market funds, and sector-specific offerings, ProShares serves investors seeking both traditional income and alternative exposure strategies.

See our curated list of related YouTube videos on UPRO.

See all ProShares ETFs

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Quick verdict

SPXL (Direxion Daily S&P500 Bull 3X Shares) and UPRO (ProShares UltraPro S&P500) are both quarterly-pay dividend ETFs, but they take different approaches.

UPRO offers the higher yield at 0.78% vs 0.71% for SPXL. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

SPXL is cheaper with an expense ratio of 0.84% compared to 0.89%.

SPXL is the larger fund by assets ($6.75B), but assets alone do not establish trading costs or liquidity.

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Deep dive

Yield & income

On a $10,000 investment, SPXL would generate roughly $17.75 cash per distribution, while UPRO would produce $19.50 cash per distribution, at current distribution rates. Both pay quarterly distributions.

SPXL yield0.71%

UPRO yield0.78%

Cash diff on $10K$1.75

Cost & efficiency

Over 10 years on $10,000, SPXL would cost approximately $840 in fees vs $890 for UPRO (simplified, not compounded). The $50.00 difference may be offset by yield or performance.

SPXL ER0.84%

UPRO ER0.89%

Strategy & risk

SPXL is an ETF built around a leveraged/inverse strategy, while UPRO tracks S&P 500 with a leverage approach. Beta is 3.12 for SPXL and 3.11 for UPRO — effectively similar market sensitivity.

SPXL beta3.12

UPRO beta3.11

Fund details

SPXL is managed by Direxion (launched 11/05/2008) with $6.75B in assets. UPRO is managed by ProShares (launched 06/23/2009) with $5.49B in assets.

SPXL AUM$6.75B

UPRO AUM$5.49B

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Frequently asked questions

What is the difference between SPXL and UPRO?

SPXL (Direxion Daily S&P500 Bull 3X Shares) and UPRO (ProShares UltraPro S&P500) both target 3x the daily S&P 500. Issuer and fee are the small gap; daily reset is the risk. Cost is 0.84% versus 0.89%. Distributions are 0.71% and 0.78% as of September 2026. Neither is an income fund.

What is the current distribution rate for SPXL and UPRO?

SPXL currently distributes 0.71% and UPRO 0.78%, based on fund data updated September 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is SPXL or UPRO better for dividend income?

It depends on your goals. UPRO currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.

Can I hold both SPXL and UPRO?

Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Is SPXL or UPRO safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — UPRO scores 85, SPXL scores 79, so UPRO's payout currently looks the more resilient of the two. No score makes an investment risk-free — treat this as a screening signal, not a guarantee, and the leverage, options-income, or crypto caveats flagged on this page apply regardless of score.

Which has lower fees, SPXL or UPRO?

SPXL has an expense ratio of 0.84% while UPRO charges 0.89%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in SPXL vs UPRO generate?

At current rates, $10,000 in SPXL would generate roughly $17.75 cash per distribution ($71.00 annually). The same in UPRO would produce about $19.50 cash per distribution ($78.00 annually).

Which has performed better historically, SPXL or UPRO?

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SPXL vs UPRO — at a glance

Generated September 19, 2026.

Overview

SPXL and UPRO are both 3x leveraged ETFs that track the S&P 500 with daily rebalancing. They deliver approximately triple the daily return (or loss) of the index, making them tactical tools for investors betting on near-term market strength rather than core holdings. The two funds track the same underlying index and carry nearly identical leverage, but differ slightly in fee structure, asset base, and issuer approach.

How they differ

Both seek 3x daily S&P 500 exposure and carry nearly identical betas (SPXL 3.12, UPRO 3.11), so their performance in any given day or week should move in lockstep. The first meaningful difference is cost: SPXL's expense ratio of 0.84% is 5 basis points cheaper than UPRO's 0.89%, a modest edge that compounds over time. Both distribute quarterly, though UPRO yields slightly higher at 0.78% versus SPXL's 0.71%; that difference is negligible and reflects daily decay dynamics rather than fundamental strategy. SPXL has the longer track record, having launched in 11/05/2008, while UPRO arrived in 06/23/2009.

UPRO: Fits investors comfortable with the ProShares framework and who may already hold other ProShares leveraged or inverse positions; brand consistency can simplify portfolio administration.

Key risks to know

Daily rebalancing decay. Both funds reset their leverage daily, which means in choppy or sideways markets they will lag a static 3x position due to compounding losses on down days. Over longer holding periods (weeks to months), this drag becomes material regardless of overall market direction.

Leverage amplifies downside. A 10% S&P 500 decline translates to roughly a 30% loss in either fund. In a severe correction, NAV can erode quickly, and investors may face forced liquidation if margin or structural limits bind.

Not suitable for long-term buy-and-hold. These funds are designed for tactical directional bets lasting days to weeks. Holding beyond a few months—especially across market cycles—will likely underperform versus a simple 3x leveraged synthetic position or a smaller allocation to the unleveraged index. If you're already embedded in the ProShares ecosystem, UPRO integrates seamlessly and yields marginally higher. Both carry identical leverage risk and daily decay dynamics; the choice between them hinges on execution costs and operational preference rather than strategy. Neither is a substitute for long-term equity exposure—they are tactical instruments best held for weeks, not years.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

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