QQQI vs. SPXL

Last updated Jun 28, 2026

QQQI (NEOS Nasdaq-100 High Income ETF) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both exchange-traded funds - QQQI is a Nasdaq-100 fund actively managed by Neos, while SPXL is a Leveraged Equities fund tracking the S&P 500. QQQI is actively managed, while SPXL is passively managed. Over the past year, QQQI returned 21.58% vs 48.17% for SPXL. Their correlation of 0.93 suggests significant overlap in exposure. QQQI charges 0.68%/yr vs 0.84%/yr for SPXL.

Performance

QQQI vs. SPXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Nasdaq-100 High Income ETF (QQQI) and Direxion Daily S&P 500 Bull 3X ETF (SPXL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QQQI achieves a 8.96% return, which is significantly lower than SPXL's 14.56% return.

QQQI

• 1D: -1.16%
• 1M: -3.32%
• YTD: 8.96%
• 6M: 7.56%
• 1Y: 21.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPXL

• 1D: -2.28%
• 1M: -11.42%
• YTD: 14.56%
• 6M: 10.31%
• 1Y: 48.17%
• 3Y*: 44.34%
• 5Y*: 19.91%
• 10Y*: 30.05%

*Multi-year figures are annualized to reflect compound growth (CAGR)

QQQI vs. SPXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QQQI NEOS Nasdaq-100 High Income ETF	8.96%	18.62%	19.44%
SPXL Direxion Daily S&P 500 Bull 3X ETF	14.56%	31.94%	50.06%

Correlation

The correlation between QQQI and SPXL is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jan 30, 2024	0.93

The correlation between QQQI and SPXL has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.

QQQI vs. SPXL - Sectors Allocation Comparison

Sectors	QQQI	SPXL
Technology	60.2%	39.0%
Communication Services	12.9%	10.6%
Consumer Cyclical	10.1%	9.9%
Consumer Defensive	6.5%	4.5%
Healthcare	3.7%	8.3%
Industrials	3.5%	7.8%
Utilities	1.2%	2.1%
Basic Materials	1.1%	1.7%
Energy	0.5%	3.1%
Financial Services	0.2%	11.1%
Real Estate	0.1%	1.8%

Return for Risk

QQQI vs. SPXL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

QQQI

QQQI Risk / Return Rank: 50
QQQI Sharpe Ratio Rank: 47
QQQI Sortino Ratio Rank: 43
QQQI Omega Ratio Rank: 48
QQQI Calmar Ratio Rank: 52
QQQI Martin Ratio Rank: 60

SPXL

SPXL Risk / Return Rank: 42
SPXL Sharpe Ratio Rank: 42
SPXL Sortino Ratio Rank: 38
SPXL Omega Ratio Rank: 40
SPXL Calmar Ratio Rank: 41
SPXL Martin Ratio Rank: 49

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

QQQI vs. SPXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Nasdaq-100 High Income ETF (QQQI) and Direxion Daily S&P 500 Bull 3X ETF (SPXL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	QQQI	SPXL	Difference
Sharpe ratio: Return per unit of total volatility	1.48	1.35	+0.13
Sortino ratio: Return per unit of downside risk	2.00	1.84	+0.16
Omega ratio: Gain probability vs. loss probability	1.28	1.24	+0.04
Calmar ratio: Return relative to maximum drawdown	2.28	1.88	+0.40
Martin ratio: Return relative to average drawdown	9.60	7.54	+2.06

QQQI vs. SPXL - Sharpe Ratio Comparison

The current QQQI Sharpe Ratio is 1.48, which is comparable to the SPXL Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of QQQI and SPXL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

QQQI vs. SPXL - Drawdown Comparison

The maximum QQQI drawdown since its inception was -20.00%, smaller than the maximum SPXL drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for QQQI and SPXL.

Drawdown Indicators

	QQQI	SPXL	Difference
Max Drawdown Largest peak-to-trough decline	-20.00%	-76.86%	+56.86%
Max Drawdown (1Y) Largest decline over 1 year	-9.61%	-26.77%	+17.16%
Max Drawdown (3Y) Largest decline over 3 years	—	-48.95%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-63.80%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-76.86%	—
Current Drawdown Current decline from peak	-4.11%	-12.46%	+8.35%
Average Drawdown Average peak-to-trough decline	-2.21%	-16.09%	+13.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.28%	6.67%	-4.39%

Volatility

QQQI vs. SPXL - Volatility Comparison

The current volatility for NEOS Nasdaq-100 High Income ETF (QQQI) is 7.67%, while Direxion Daily S&P 500 Bull 3X ETF (SPXL) has a volatility of 14.54%. This indicates that QQQI experiences smaller price fluctuations and is considered to be less risky than SPXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQQI	SPXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.67%	14.54%	-6.87%
Volatility (6M) Calculated over the trailing 6-month period	12.01%	29.44%	-17.43%
Volatility (1Y) Calculated over the trailing 1-year period	14.81%	37.26%	-22.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.51%	50.52%	-33.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.51%	53.42%	-35.91%

QQQI vs. SPXL - Expense Ratio Comparison

QQQI has a 0.68% expense ratio, which is lower than SPXL's 0.84% expense ratio.

Dividends

QQQI vs. SPXL - Dividend Comparison

QQQI's dividend yield for the trailing twelve months is around 13.95%, more than SPXL's 0.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
QQQI NEOS Nasdaq-100 High Income ETF	13.95%	13.82%	12.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPXL Direxion Daily S&P 500 Bull 3X ETF	0.57%	0.69%	0.74%	0.98%	0.32%	0.11%	0.22%	0.84%	1.02%	3.88%

Frequently Asked Questions

Can I hold both QQQI and SPXL in my portfolio?

With a correlation of 0.94, QQQI and SPXL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, QQQI or SPXL?

SPXL has higher volatility (14.54%) compared to QQQI (7.67%). In terms of maximum drawdown, QQQI dropped -20.00% vs SPXL's -76.86%.

Which ETF is better, QQQI or SPXL?

On 1-year performance, SPXL leads with 48.17% vs 21.58% for QQQI. On fees, QQQI is cheaper at 0.68% per year. On volatility, QQQI has been the lower-risk option at 7.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQQI or SPXL?

Over the 1-year period, SPXL has performed better with a 48.17% return vs 21.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQQI or SPXL?

QQQI is cheaper with a 0.68% expense ratio, compared with 0.84% for SPXL.

Which ETF pays a higher dividend yield, QQQI or SPXL?

QQQI has the higher dividend yield at 13.95%, compared with 0.57% for SPXL.

What is the main difference between QQQI and SPXL?

QQQI is categorized as Nasdaq-100, while SPXL is Leveraged Equities. They also come from different issuers: Neos and Direxion. Their fees differ too: 0.68% for QQQI and 0.84% for SPXL.

Which has better risk-adjusted returns?

QQQI currently has the higher Sharpe Ratio (1.48 vs 1.35), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.