ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
Direxion is known for creating leveraged and inverse ETFs that amplify or reverse the daily movements of underlying indices and sectors. The firm's 22-fund lineup focuses primarily on leveraged long and short strategies across technology, financials, commodities, and broad market segments, with popular tickers including SOXL (3x leveraged semiconductors), SPXL (3x leveraged S&P 500), and TMF (3x leveraged long-term Treasuries). These funds are designed for tactical, short-term trading rather than buy-and-hold investing, making Direxion a niche player catering to experienced investors seeking amplified market exposure or hedging strategies.
See our curated list of related YouTube videos on SPXL.
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.
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
$0.5230
$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 0.91% vs 0.92%.
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Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
SPXL has outpaced UPRO over the trailing twelve months, posting a 56.66% total return against 56.12%. The lead holds up over 10 years too: SPXL has compounded at 28.83% a year, against 28.70% for UPRO. Figures are total returns: price change plus every distribution reinvested.
Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of July 16, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Jun 2009” measures every fund from June 25, 2009 — the youngest fund's first trading day — 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.
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 0.83% vs 0.76% 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 0.91% compared to 0.92%.
SPXL is the larger fund by assets ($6.18B), which generally means tighter spreads and better liquidity.
Deep dive
Yield & income
On a $10,000 investment, SPXL would generate roughly $6.33/month, while UPRO would produce $6.92/month, at current distribution rates. Both pay quarterly distributions.
SPXL yield0.76%
UPRO yield0.83%
Monthly diff on $10K$0.58
Cost & efficiency
Over 10 years on $10,000, SPXL would cost approximately $910 in fees vs $920 for UPRO (simplified, not compounded). The $10.00 difference may be offset by yield or performance.
SPXL ER0.91%
UPRO ER0.92%
Strategy & risk
SPXL is an ETF, while UPRO tracks S&P 500 with a leverage approach. Beta is 3.12 for SPXL and 3.11 for UPRO, indicating UPRO is less volatile relative to the market.
SPXL beta3.12
UPRO beta3.11
Fund details
SPXL is managed by Direxion (launched 11/05/2008) with $6.18B in assets. UPRO is managed by ProShares (launched 06/23/2009) with $5.13B in assets.
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Frequently asked questions
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.
What is the difference between SPXL and UPRO?
SPXL (Direxion Daily S&P500 Bull 3X Shares) is an ETF, while UPRO (ProShares UltraPro S&P500) tracks S&P 500 with a leverage approach. They are issued by Direxion and ProShares respectively.
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.
Which has lower fees, SPXL or UPRO?
SPXL has an expense ratio of 0.91% while UPRO charges 0.92%. 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 $6.33 per month ($76.00 annually). The same in UPRO would produce about $6.92 per month ($83.00 annually).
Which has performed better historically, SPXL or UPRO?
SPXL has outpaced UPRO over the trailing twelve months, posting a 56.66% total return against 56.12%. The lead holds up over 10 years too: SPXL has compounded at 28.83% a year, against 28.70% for UPRO. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
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