SPXL vs. QQQI

Last updated Jun 28, 2026

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

Performance

SPXL vs. QQQI - 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 NEOS Nasdaq-100 High Income ETF (QQQI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

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

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%

QQQI

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

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

SPXL vs. QQQI - Yearly Performance Comparison

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

Correlation

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

SPXL vs. QQQI - Sectors Allocation Comparison

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

Return for Risk

SPXL vs. QQQI — Risk / Return Rank

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

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

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

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. QQQI - 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 NEOS Nasdaq-100 High Income ETF (QQQI). 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.

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

SPXL vs. QQQI - Sharpe Ratio Comparison

The current SPXL Sharpe Ratio is 1.35, which is comparable to the QQQI Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of SPXL and QQQI, 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

SPXL vs. QQQI - Drawdown Comparison

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

Drawdown Indicators

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

Volatility

SPXL vs. QQQI - Volatility Comparison

Direxion Daily S&P 500 Bull 3X ETF (SPXL) has a higher volatility of 14.54% compared to NEOS Nasdaq-100 High Income ETF (QQQI) at 7.67%. This indicates that SPXL's price experiences larger fluctuations and is considered to be riskier than QQQI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

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

SPXL vs. QQQI - Expense Ratio Comparison

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

Dividends

SPXL vs. QQQI - Dividend Comparison

SPXL's dividend yield for the trailing twelve months is around 0.57%, less than QQQI's 13.95% 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 SPXL and QQQI in my portfolio?

With a correlation of 0.94, SPXL and QQQI 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, SPXL or QQQI?

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

Which ETF is better, SPXL or QQQI?

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, SPXL or QQQI?

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, SPXL or QQQI?

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

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

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

What is the main difference between SPXL and QQQI?

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

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.