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MVPL vs SPXL

Miller Value Partners Leverage ETF

MVPLDNYSE Arca

Direxion Daily S&P 500 Bull 3X Shares

SPXLBNYSE Arca

Overlap

Expense ratio

SPXL −0.88pt a year

MVPL1.72%SPXL0.84%

Avg volume · 30D

SPXL 465.0×the volume

MVPL3.49KSPXL1.62M

MVPL vs SPXL Performance

Oct 31, 2025 – Oct 30, 2026

+14.5%MVPL+21.3%SPXL

Oct 31, 2025 to Oct 30, 2026. MVPL +14.5%. SPXL +21.3%. Use the arrow keys to read each point.−20%−10%0%30%Oct 2025Apr 2026Oct 2026
Expense ratio
MVPL 1.72%
SPXL 0.84%, better
Fund size
MVPL $32M
SPXL $7.05B
1Y total return
MVPL +14.5%
SPXL +21.3%, better
Yield (12M)
MVPL 0.94%, better
SPXL 0.54%
Holdings
MVPL 1
SPXL 514
Avg volume (30D)
MVPL 3.49K sh
SPXL 1.62M sh, better
NAV per share
MVPL $44.18
SPXL $285.90
52W range

ETF.net Grade

MVPL: Cost 6, Risk 74, Mission 0, Tradability 37, Holdings 51, Durability 40. SPXL: Cost 59, Risk 41, Mission not scored, Tradability 60, Holdings not scored, Durability 72.
Pillar letters and Scores for MVPL, SPXL, with each pillar’s weight
PillarMVPLSPXL
Cost30% weightF6B59Higher
Mission25% weightF0Not scored
Risk15% weightA74HigherC41
Tradability15% weightD37B60Higher
Holdings10% weightC51Not scored
Durability5% weightC40A72Higher

Rank among 2x/3x Long S&P 500 funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. MVPL and SPXL are both graded against the same 7 2x/3x Long S&P 500 funds, so their Grades compare head to head.

2x/3x Long S&P 500⁠

Category · 7 funds
See all 7 ›

SPXL ranks 3rd and MVPL 7th of 7 funds in the 2x/3x Long S&P 500 Category.

  1. Rank 1BSSOProShares Ultra S&P500Score 66
  2. Rank 2BSPUUDirexion Daily S&P 500 Bull 2X ETFScore 63
  3. Rank 3BSPXLDirexion Daily S&P 500 Bull 3X SharesScore 55
  4. Rank 3CUPROProShares UltraPro S&P500Score 55
  5. Rank 5CUSLXCorgi U.S. Large-Cap 2x Daily ETFScore 40
  6. Rank 7DMVPLMiller Value Partners Leverage ETFScore 31

Our read on each fund

ETF.net Research

MVPLDMiller Value Partners Leverage ETF

SPXLBDirexion Daily S&P 500 Bull 3X Shares

In short

MVPL Most 2x S&P 500 funds leave the leverage on all day, every day. MVPL is the one with a switch: an active fund that flips between plain index exposure and 2x leveraged ETFs on its adviser's daily signal.

SPXL The original 3x S&P 500 ETF. Direxion launched SPXL in November 2008, months ahead of its closest rival, and it still aims to deliver 300% of the index's daily move, at 0.84% net of a waiver through September 1, 2027.

Stated mandate

MVPL The fund seeks capital appreciation through active management of equity securities, index-tracking and leveraged ETFs, and swaps linked to the S&P 500, using daily signals to vary leveraged or unleveraged exposure.

SPXL The fund seeks daily investment results, before fees and expenses, equal to 300% of the performance of the S&P 500 Index.

Why people hold it

  • MVPL Leverage with an off switch: when the signal says no, the fund sits in unleveraged S&P 500 exposure, something the always-on 2x and 3x funds in this category cannot do.sec.gov
  • Exposure is set by daily signals rather than fixed at 2x forever, so the leverage dial moves with conditions instead of running wide open through every market.
  • When leverage is on, it buys established 2x S&P 500 ETFs such as SSO and SPUU rather than building the exposure itself. Live since 2024.sec.gov
  • SPXL The elder of the 3x S&P 500 funds: live since November 5, 2008, about seven months before UPRO, the other 3x option, arrived.stockanalysis.com
  • 0.84% net of a waiver through September 1, 2027 undercuts UPRO's 0.88% for the same 3x job, and matches SSO's 0.84% (net of a waiver through September 30, 2027) for half the leverage.
  • A multi-billion-dollar fund that trades actively. Depth matters most in a product whose objective resets every single day.

Worth knowing

  • MVPL The 1.72% fee is above the category median, and straight 2x peers cost less: SSO charges 0.84% net of a waiver through September 30, 2027.
  • It does not target a set leverage level, and the 2x ETFs it holds reset daily, so results over several days can drift from twice the index move.sec.gov
  • A small fund that trades lightly, so the spread you pay at the point of trade is part of the real cost of owning it.
  • SPXL The 300% target is a one-day target. Hold longer and results can drift well away from 3x the index's move over that stretch, because each day compounds off a new base.sec.gov
  • Leverage is symmetric: the fund is built to move about three times as far as the S&P 500 on down days too, before fees.sec.gov
  • The sticker price is 0.95%; the 0.84% you pay depends on a waiver running through September 1, 2027.

Full MVPL profile⁠

Full SPXL profile⁠

MVPL vs SPXL Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

MVPL vs SPXL Cost

Overpaying MVPL vs SPXL

$13,279

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • MVPL 1.72%

    $29,308

  • SPXL 0.84%

    $16,029

$10,000
30 years

Cost over time

  • MVPL 1.72%
  • SPXL 0.84%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K051015202530MVPL $29,308SPXL $16,029

Year by year

YearMVPLSPXLOverpaying
10$2,943$1,491$1,452
20$10,712$5,643$5,069
30$29,308$16,029$13,279

Expense ratio

  • 1.72%MVPL
  • 0.84%SPXL, cheaper
  • Middle half of 2x/3x Long S&P 500 funds
  • Median 0.84%

SPXL 4th cheapest of 7 funds

MVPL 7th cheapest of 7 funds

MVPL vs SPXL Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
MVPL 0.94%, better
SPXL 0.54%
Payout (12M)
MVPL $0.40
SPXL $1.45
Last payment
MVPL $0.40
SPXL $0.31
Ex-dividend
MVPL Dec 18, 2025
SPXL Sep 22, 2026
Paid on
MVPL Dec 19, 2025
SPXL Sep 29, 2026
Frequency
MVPL Irregular
SPXL Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

MVPLIrregular · 2 paymentsAll MVPL payments⁠
One bar per payment. 2 payments from 2017 to 2026 YTD. Dec 27, 2024 $2.07; Dec 18, 2025 $0.40. Use the arrow keys to read each point.$0$22017202020232026YTD
SPXLQuarterly · 28 paymentsAll SPXL payments⁠
One bar per payment. 28 payments from 2017 to 2026 YTD. Dec 13, 2017 $1.60; Dec 19, 2017 $0.12; Jun 19, 2018 $0.01; Sep 25, 2018 $0.11; Dec 27, 2018 $0.21; Jun 25, 2019 $0.29; Dec 23, 2019 $0.26; Jun 23, 2020 $0.05; Dec 22, 2020 $0.12; Jun 22, 2021 $0.04; Dec 21, 2021 $0.11; Jun 22, 2022 $0.08; Dec 20, 2022 $0.12; Mar 21, 2023 $0.26; Jun 21, 2023 $0.26; Sep 19, 2023 $0.19; Dec 21, 2023 $0.30; Mar 19, 2024 $0.39; Jun 25, 2024 $0.34; Sep 24, 2024 $0.19; Dec 23, 2024 $0.32; Mar 25, 2025 $0.49; Jun 24, 2025 $0.57; Sep 23, 2025 $0.28; Dec 23, 2025 $0.17; Mar 24, 2026 $0.45; Jun 23, 2026 $0.52; Sep 22, 2026 $0.31. Use the arrow keys to read each point.$0$22017202020232026YTD

MVPL vs SPXL Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
MVPL 21.2%since Mar 2024SPXL 38.9%
Return per unit of riskSharpe ratio, 3 years
MVPL 0.96since Mar 2024SPXL 1.24
Worst fallMax drawdown, 5 years
MVPL −25.7%since Feb 2024SPXL −63.8%
Market sensitivityBeta, 5 years
MVPL 1.83SPXL 3.03

MVPL and SPXL in the news

All news⁠

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