⚖️ 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.

Both funds trade commission-free at every major brokerage. How the major brokerages compare →

✓ Reviewed by a CFA® Charterholder · Data as of Aug 1, 2026 · Educational only, not financial advice
SPXL
Direxion Daily S&P500 Bull 3X Shares
Expense Ratio
0.89%
1-Year Return
+50.5%
AUM
$6.9B
Holdings
503
TQQQ
ProShares UltraPro QQQ
Expense Ratio
0.88% ✓
1-Year Return
+52.7%
AUM
$39.0B
Holdings
101

📋 SPXL vs TQQQ — Key Facts Side by Side

Metric SPXL TQQQ
Fund Name Direxion Daily S&P500 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 $6.9B $39.0B
Holdings 503 101
Inception 2008 2010
1-Year Return +50.54% +52.68%
3-Year Return +40.44% +42.56%
5-Year Return +19.11% +14.91%
Dividend Yield 0.53% 0.46%
Holdings Overlap See holdings overlap →
Avg Bid-Ask Spread 0.03% 0.02%

Expense ratio, AUM, and returns updated Aug 1, 2026 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.

🎯 Which Fund Fits Which Investor?

Often fits investors who...
SPXL
  • want broader diversification (503 holdings vs 101)
  • want focused large-cap US stock exposure via S&P 500 Index (3x Long)
Often fits investors who...
TQQQ
  • want the lowest fees: saves ~$1/yr per $10K vs SPXL
  • already use ProShares and prefer staying within one fund family

💰 What the Fee Difference Actually Costs

Adjust the numbers for your situation. This models each fund's expense ratio compounding against your balance over time.

Assumes a constant annual return reinvested, with each fund's expense ratio deducted yearly. Illustrative only; actual returns vary. Past performance does not guarantee future results.

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❓ SPXL vs TQQQ — Frequently Asked Questions

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.
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.
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.
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.
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 →

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📄 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.