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SPXL vs. QQQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPXL vs. QQQ

Last updated Jun 14, 2026

SPXL (Direxion Daily S&P 500 Bull 3X ETF) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - SPXL is a Leveraged Equities fund tracking the S&P 500, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, SPXL returned 29.90%/yr vs 21.79%/yr for QQQ. Their correlation of 0.90 suggests significant overlap in exposure. SPXL charges 0.84%/yr vs 0.18%/yr for QQQ.

Performance

SPXL vs. QQQ - Performance Comparison

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

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Returns By Period

In the year-to-date period, SPXL achieves a 20.98% return, which is significantly higher than QQQ's 17.57% return. Over the past 10 years, SPXL has outperformed QQQ with an annualized return of 29.90%, while QQQ has yielded a comparatively lower 21.79% annualized return.

SPXL

1D
1.54%
1M
-0.12%
YTD
20.98%
6M
21.36%
1Y
71.45%
3Y*
47.11%
5Y*
21.80%
10Y*
29.90%

QQQ

1D
0.59%
1M
1.75%
YTD
17.57%
6M
17.85%
1Y
37.55%
3Y*
26.43%
5Y*
16.85%
10Y*
21.79%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPXL vs. QQQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPXL
Direxion Daily S&P 500 Bull 3X ETF		20.98%31.94%63.61%69.49%-56.55%98.75%9.64%102.80%-25.11%71.03%
QQQ
Invesco QQQ ETF		17.57%20.77%25.58%54.86%-32.58%27.42%48.62%38.96%-0.13%32.66%

Correlation

The correlation between SPXL and QQQ 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 (3Y)
Calculated over the trailing 3-year period

0.93

Correlation (5Y)
Calculated over the trailing 5-year period

0.94

Correlation (10Y)
Calculated over the trailing 10-year period

0.91

Correlation (All Time)
Calculated using the full available price history since Nov 5, 2008

0.90

The correlation between SPXL and QQQ has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

SPXL vs. QQQ - Sectors Allocation Comparison

Sectors
SPXL
QQQ

Technology

39.0%
58.7%

Financial Services

11.1%
0.2%

Communication Services

10.6%
14.3%

Consumer Cyclical

9.9%
11.4%

Healthcare

8.3%
3.7%

Industrials

7.8%
2.6%

Consumer Defensive

4.5%
6.4%

Energy

3.1%
0.5%

Utilities

2.1%
1.2%

Real Estate

1.8%
0.1%

Basic Materials

1.7%
1.0%

Technology

SPXL
39.0%
QQQ
58.7%

Financial Services

SPXL
11.1%
QQQ
0.2%

Communication Services

SPXL
10.6%
QQQ
14.3%

Consumer Cyclical

SPXL
9.9%
QQQ
11.4%

Healthcare

SPXL
8.3%
QQQ
3.7%

Industrials

SPXL
7.8%
QQQ
2.6%

Consumer Defensive

SPXL
4.5%
QQQ
6.4%

Energy

SPXL
3.1%
QQQ
0.5%

Utilities

SPXL
2.1%
QQQ
1.2%

Real Estate

SPXL
1.8%
QQQ
0.1%

Basic Materials

SPXL
1.7%
QQQ
1.0%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Direxion Daily S&P 500 Bull 3X ETF

Invesco QQQ ETF

Often compared with SPXL:
SPXL vs. TQQQSPXL vs. SPYSPXL vs. UPROSPXL vs. VOOSPXL vs. SSOSPXL vs. SPXSSPXL vs. SPXU
Often compared with QQQ:
QQQ vs. SPYQQQ vs. VOOQQQ vs. VGTQQQ vs. TQQQQQQ vs. SMHQQQ vs. QQQMQQQ vs. QQQI

Return for Risk

SPXL vs. QQQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPXL
SPXL Risk / Return Rank: 5858
Overall Rank
SPXL Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
SPXL Sortino Ratio Rank: 5353
Sortino Ratio Rank
SPXL Omega Ratio Rank: 5555
Omega Ratio Rank
SPXL Calmar Ratio Rank: 5757
Calmar Ratio Rank
SPXL Martin Ratio Rank: 6464
Martin Ratio Rank
QQQ
QQQ Risk / Return Rank: 7171
Overall Rank
QQQ Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
QQQ Sortino Ratio Rank: 7070
Sortino Ratio Rank
QQQ Omega Ratio Rank: 7373
Omega Ratio Rank
QQQ Calmar Ratio Rank: 6969
Calmar Ratio Rank
QQQ Martin Ratio Rank: 7070
Martin Ratio Rank
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.

SPXL vs. QQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bull 3X ETF (SPXL) and Invesco QQQ ETF (QQQ). 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.

SPXLQQQDifference
Sharpe ratioReturn per unit of total volatility
1.79
2.09

-0.30

Sortino ratioReturn per unit of downside risk
2.25
2.73

-0.48

Omega ratioGain probability vs. loss probability

1.30

1.37

-0.07

Calmar ratioReturn relative to maximum drawdown

2.47

3.01

-0.54

Martin ratioReturn relative to average drawdown

10.16

11.22

-1.07

SPXL vs. QQQ - Sharpe Ratio Comparison

The current SPXL Sharpe Ratio is 1.79, which is comparable to the QQQ Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of SPXL and QQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

SPXL vs. QQQ - Drawdown Comparison

The maximum SPXL drawdown since its inception was -76.86%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for SPXL and QQQ.

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Drawdown Indicators

SPXLQQQDifference

Max Drawdown

Largest peak-to-trough decline

-76.86%

-82.97%

+6.11%

Max Drawdown (1Y)

Largest decline over 1 year

-26.77%

-11.96%

-14.81%

Max Drawdown (3Y)

Largest decline over 3 years

-48.95%

-22.77%

-26.18%

Max Drawdown (5Y)

Largest decline over 5 years

-63.80%

-35.12%

-28.68%

Max Drawdown (10Y)

Largest decline over 10 years

-76.86%

-35.12%

-41.74%

Current Drawdown

Current decline from peak

-7.55%

-3.33%

-4.22%

Average Drawdown

Average peak-to-trough decline

-16.11%

-32.75%

+16.64%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.49%

3.20%

+3.29%

Volatility

SPXL vs. QQQ - Volatility Comparison

Direxion Daily S&P 500 Bull 3X ETF (SPXL) has a higher volatility of 13.20% compared to Invesco QQQ ETF (QQQ) at 7.56%. This indicates that SPXL's price experiences larger fluctuations and is considered to be riskier than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPXLQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

13.20%

7.56%

+5.64%

Volatility (6M)

Calculated over the trailing 6-month period

28.79%

13.81%

+14.98%

Volatility (1Y)

Calculated over the trailing 1-year period

36.81%

17.19%

+19.62%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

50.44%

22.55%

+27.89%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

53.50%

22.38%

+31.12%

SPXL vs. QQQ - Expense Ratio Comparison

SPXL has a 0.84% expense ratio, which is higher than QQQ's 0.18% expense ratio.

Dividends

SPXL vs. QQQ - Dividend Comparison

SPXL's dividend yield for the trailing twelve months is around 0.56%, more than QQQ's 0.39% yield.

PositionTTM20252024202320222021202020192018201720162015
QQQ
Invesco QQQ ETF		0.39%0.45%0.56%0.62%0.80%0.43%0.55%0.74%0.91%0.84%1.06%0.99%
SPXL
Direxion Daily S&P 500 Bull 3X ETF		0.56%0.69%0.74%0.98%0.32%0.11%0.22%0.84%1.02%3.88%0.00%0.00%

Frequently Asked Questions

With a correlation of 0.94, SPXL and QQQ 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.

SPXL has higher volatility (13.20%) compared to QQQ (7.56%). In terms of maximum drawdown, SPXL dropped -76.86% vs QQQ's -82.97%.

On 10-year performance, SPXL leads with 29.90% vs 21.79% for QQQ. On fees, QQQ is cheaper at 0.18% per year. On volatility, QQQ has been the lower-risk option at 7.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPXL has performed better with a 29.90% return vs 21.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

QQQ is cheaper with a 0.18% expense ratio, compared with 0.84% for SPXL.

SPXL has the higher dividend yield at 0.56%, compared with 0.39% for QQQ.

SPXL is categorized as Leveraged Equities, while QQQ is Nasdaq-100. SPXL tracks S&P 500, while QQQ tracks NASDAQ-100 Index. They also come from different issuers: Direxion and Invesco. Their fees differ too: 0.84% for SPXL and 0.18% for QQQ.

QQQ currently has the higher Sharpe Ratio (2.09 vs 1.79), 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.

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