⚖️ SPXL vs TQQQ Comparison · Free & No Signup

SPXL vs TQQQ: 3x S&P 500 vs 3x Nasdaq-100

SPXL and TQQQ both apply 3x daily leverage — but to different indexes. The Nasdaq-100 is more tech-concentrated and more volatile than the S&P 500. In tech bull markets, TQQQ amplifies gains further. In tech bear markets, the drawdowns are correspondingly worse. Neither is a buy-and-hold investment.

💰 TQQQ is cheaper 🔬 Compare top 10 holdings → 💡 Plain-English verdict

🤝 BFF Take

TQQQ for Maximum Tech Exposure. SPXL for Leveraged Broad Market. Neither for Long-Term Portfolios.

SPXL (Direxion Daily S&P 500 Bull 3X Shares) and TQQQ (ProShares UltraPro QQQ) are both 3x leveraged ETFs that reset daily. SPXL targets 3x the daily return of the S&P 500; TQQQ targets 3x the daily return of the Nasdaq-100. The Nasdaq-100 is roughly 50% technology stocks and has higher volatility than the S&P 500. In strong bull markets for tech, TQQQ has historically produced larger gains than SPXL. In the 2022 bear market, TQQQ fell roughly 80% while SPXL fell roughly 68%. TQQQ's AUM (~$20B) dwarfs SPXL's (~$2.5B), reflecting greater retail demand for leveraged tech exposure. Both reset leverage daily using derivatives, meaning multi-day returns diverge from 3x the index due to volatility decay. Both are designed for short-term traders with a directional view — not for long-term investors. Past performance does not guarantee future results. These products carry substantial risk of total or near-total loss during sustained market downturns.

📋 Quick Takeaways

📊TQQQ tracks the Nasdaq-100 (50%+ tech). SPXL tracks the S&P 500 (25-30% tech). TQQQ amplifies both the upside and the downside of tech more than SPXL.

💰SPXL charges 0.89%, TQQQ charges 0.88%. The fees are nearly identical — not a meaningful differentiator.

⚠️In 2022, TQQQ fell ~80% and SPXL fell ~68%. After an 80% drawdown, you need a 400% gain to get back to even. These products have catastrophic downside risk.

📊 Data-Based Take: TQQQ has the lower fee

Whether the lower-cost fund suits your situation depends on your existing holdings, account type, tax situation, and how you use each fund. This is a cost comparison, not a personalized recommendation.

✓ Reviewed by a CFA® Charterholder · Data updated Jun 2026 · Educational only, not financial advice

SPXL

Direxion Daily S&P 500 Bull 3X Shares

Expense Ratio

0.89%

1-Year Return

+72.0%

AUM

$2.5B

Holdings

503

TQQQ

ProShares UltraPro QQQ

Expense Ratio

0.88% ✓

1-Year Return

+88.0%

AUM

$20B

Holdings

101

📋 SPXL vs TQQQ — Key Facts Side by Side

Metric	SPXL	TQQQ
Fund Name	Direxion Daily S&P 500 Bull 3X Shares	ProShares UltraPro QQQ
Issuer	Direxion	ProShares
Tracks Index	S&P 500 Index (3x Long)	Nasdaq-100 Index (3x Long)
Expense Ratio	0.89%	0.88% ✓
Cost per $10K/yr	$89.00	$88.00
AUM	$2.5B	$20B
Holdings	503	101
Inception	2008	2010
1-Year Return	+72.00%	+88.00%
3-Year Return	+18.00%	+19.00%
5-Year Return	+38.00%	+52.00%
Avg Bid-Ask Spread	0.03%	0.02%

Data from ETF BFF database. Returns are annualised. Not investment advice.

📊 SPXL vs TQQQ — Annualised Returns

Annualised returns (trailing, price-based). Past performance does not guarantee future results.

🎯 Should You Buy SPXL or TQQQ?

Choose if...

SPXL

You want broader diversification (503 holdings vs 101)
You want focused large-cap US stock exposure via S&P 500 Index (3x Long)

Choose if...

TQQQ

You want the lowest fees — saves ~$1/yr per $10K vs SPXL
You already use ProShares and prefer staying within their fund family

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❓ SPXL vs TQQQ — Frequently Asked Questions

What is the difference between SPXL and TQQQ?

Both provide 3x daily leveraged exposure to different underlying indexes. SPXL tracks the S&P 500, a 503-stock index of U.S. large-cap companies across all sectors. TQQQ tracks the Nasdaq-100, a 101-stock index heavily concentrated in technology, communication services, and consumer discretionary. The Nasdaq-100 has more tech concentration and higher historical volatility than the S&P 500. In periods of tech outperformance, TQQQ amplifies gains further than SPXL. In tech underperformance, TQQQ falls further.

Has anyone made money holding TQQQ long-term?

Investors who bought TQQQ after the 2020 COVID crash and held through 2021's bull market made significant gains. Investors who held through 2022 lost roughly 80%. The critical factor: long-term TQQQ returns depend almost entirely on when you buy and when you sell. In strongly trending bull markets, daily compounding can amplify TQQQ's gains beyond 3x the underlying index. In bear markets, the same compounding accelerates losses. Some investors use a small TQQQ allocation as a speculative satellite — not as a core holding — and size it so that a 90% drawdown would not materially affect their overall portfolio. Past performance does not guarantee future results.

Why is TQQQ's AUM so much larger than SPXL's?

TQQQ has roughly $20B in AUM versus SPXL's ~$2.5B primarily because retail investors seeking leveraged tech exposure gravitate toward the Nasdaq-100. The Nasdaq-100's concentration in high-profile growth companies (Apple, Nvidia, Microsoft, Meta, Amazon) makes it the preferred vehicle for investors bullish on U.S. tech. SPXL has less retail appeal because the S&P 500 is more diversified and generates less excitement during tech bull markets, even though it is technically less volatile and may offer better risk-adjusted returns for leveraged long positions.

What happens to SPXL or TQQQ in a bear market?

In 2022, the S&P 500 fell about 18% and SPXL fell roughly 68%. The Nasdaq-100 fell about 33% and TQQQ fell roughly 80%. The magnification is not perfectly 3x because of daily resetting and volatility decay, but the losses are severe. Recovering from an 80% loss requires a 400% gain. Recovering from a 68% loss requires a 213% gain. These products are mathematically capable of going to near-zero in a sustained bear market, even if the underlying index recovers eventually. This is the essential risk of holding leveraged ETFs through market downturns.

Are SPXL and TQQQ suitable for an IRA?

Technically yes — both can be held in IRAs. But the financial logic of holding leveraged ETFs in a tax-advantaged account deserves scrutiny. IRAs are designed for long-term wealth accumulation; SPXL and TQQQ are designed for short-term tactical trades. Combining long-term accounts with short-term instruments creates behavioral and structural mismatches. If a 2022-style drawdown occurs within an IRA, the tax-advantaged status is irrelevant if the position loses 80% — the sheltered losses still represent real lost purchasing power that may not recover before retirement.

New to ETF investing? See answers to the most common ETF questions →

📄 SPXL & TQQQ Fact Sheets

SPXL Fact Sheet→ TQQQ Fact Sheet→

ℹ️ Data shown is for educational purposes and may not reflect the most current figures. Returns are trailing price-based and exclude dividend reinvestment. Past performance does not guarantee future results. ETF BFF is not a licensed financial advisor — this is not personalized financial advice.