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SPXL vs USLX

Direxion Daily S&P 500 Bull 3X Shares

SPXLBNYSE Arca

Corgi U.S. Large-Cap 2x Daily ETF

USLXCCboe

Overlap

Expense ratio

USLX −0.64pt a year

SPXL0.84%USLX0.20%

Avg volume · 30D

SPXL 886.5×the volume

SPXL1.62MUSLX1.83K

SPXL vs USLX Performance

Jul 31, 2026 – Oct 30, 2026

+0.9%SPXL−0.3%USLX

Jul 31, 2026 to Oct 30, 2026. SPXL +0.9%. USLX −0.3%. Use the arrow keys to read each point.2.5%5%7.5%10%12.5%Jul 2026Sep 2026Oct 2026
Expense ratio
SPXL 0.84%
USLX 0.20%, better
Fund size
SPXL $7.05B
USLX $2M
1Y total return
SPXL +21.3%
USLX No data
Yield (12M)
SPXL 0.54%
USLX No data
Holdings
SPXL 514
USLX 1
Avg volume (30D)
SPXL 1.62M sh, better
USLX 1.83K sh
NAV per share
SPXL $285.90
USLX $23.93
52W range

ETF.net Grade

SPXL: Cost 59, Risk 41, Mission not scored, Tradability 60, Holdings not scored, Durability 72. USLX: Cost 94, Risk 63, Mission not scored, Tradability 27, Holdings not scored, Durability 21.
Pillar letters and Scores for SPXL, USLX, with each pillar’s weight
PillarSPXLUSLX
Cost30% weightB59A94Higher
Mission25% weightNot scoredNot scored
Risk15% weightC41B63Higher
Tradability15% weightB60HigherD27
Holdings10% weightNot scoredNot scored
Durability5% weightA72HigherF21

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. SPXL and USLX 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 USLX 5th 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 5CUSGXCorgi U.S. Growth 2x Daily ETFScore 40
  6. Rank 5CUSLXCorgi U.S. Large-Cap 2x Daily ETFScore 40
  7. Rank 7DMVPLMiller Value Partners Leverage ETFScore 31

Our read on each fund

ETF.net Research

SPXLBDirexion Daily S&P 500 Bull 3X Shares

USLXCCorgi U.S. Large-Cap 2x Daily ETF

In short

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.

USLX No data

Stated mandate

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

USLX No data

Why people hold it

  • 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.

USLX No data

Worth knowing

  • 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.

USLX No data

Full SPXL profile⁠

Full USLX profile⁠

SPXL vs USLX 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.

SPXL vs USLX Cost

Overpaying SPXL vs USLX

$11,874

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

  • SPXL 0.84%

    $16,029

  • USLX 0.20%

    $4,155

$10,000
30 years

Cost over time

  • SPXL 0.84%
  • USLX 0.20%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530SPXL $16,029USLX $4,155

Year by year

YearSPXLUSLXOverpaying
10$1,491$365$1,126
20$5,643$1,421$4,222
30$16,029$4,155$11,874

Expense ratio

  • 0.84%SPXL
  • 0.20%USLX, cheaper
  • Middle half of 2x/3x Long S&P 500 funds
  • Median 0.84%

USLX cheapest of 7 funds

SPXL 4th cheapest of 7 funds

SPXL vs USLX Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
SPXL 0.54%
USLX No data
Payout (12M)
SPXL $1.45
USLX None
Last payment
SPXL $0.31
USLX No data
Ex-dividend
SPXL Sep 22, 2026
USLX No data
Paid on
SPXL Sep 29, 2026
USLX No data
Frequency
SPXL Quarterly
USLX No data

Distribution history

Per share, 2017 to 2026, same scale for both

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$12017202020232026YTD
USLXAll USLX payments⁠

No distribution history available.

SPXL vs USLX Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
SPXL 38.9%USLX No data
Return per unit of riskSharpe ratio, 3 years
SPXL 1.24USLX No data
Worst fallMax drawdown, 5 years
SPXL −63.8%USLX No data
Market sensitivityBeta, 5 years
SPXL 3.03USLX 1.82

SPXL and USLX in the news

All news⁠

Popular comparisons

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