Dividend comparison

SPXL vs SPY: Which Is Better?

Fees, yield, total returns, drawdowns, holdings overlap and dividend history for Direxion Daily S&P 500 Bull 3X Shares and State Street SPDR S&P 500 ETF, side by side. Updated October 21, 2026.

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SPXL vs SPY: key differences
The short answer, from the latest data on this page.
  • Fees. SPY is cheaper at 0.09% a year versus 0.95% for SPXL. On $10,000 that is $86 a year less in fees.
  • Income. SPY pays more income, yielding 0.98% over the last twelve months versus 0.51% for SPXL. That is about $47 more a year on $10,000. Both pay quarterly.
  • Performance. Over the last 5 years, SPXL returned 138.4% versus 81.3% for SPY, with dividends reinvested. $10,000 would have grown to $23,840 in SPXL and $18,129 in SPY.
  • Risk. SPXL has been the bumpier ride. Its worst peak-to-trough decline over the last 5 years was -63.8%, against -24.5% for SPY.
  • Diversification. SPXL holds 516 positions and SPY holds 504. The ten largest positions make up 27.6% of SPXL and 38.7% of SPY.
  • Overlap. At least 54% of the two portfolios overlap by weight, across 99 shared holdings.
  • Dividend growth. SPXL grew its yearly payout 76.8% a year over the last 4 years, versus 6.4% for SPY.
  • Size. SPY is the larger fund with $816.6 billion in assets, against $7.0 billion for SPXL.

Bottom line: SPXL fits better if you care most about stronger 5-year returns and faster dividend growth. SPY fits better if you care most about lower fees, more income today and smaller drawdowns.

Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
MetricSPXL
Direxion Daily S&P 500 Bull 3X Shares
SPY
State Street SPDR S&P 500 ETF
Dividend yield (TTM)0.51%0.98%
Dividend / share (TTM)$1.45$7.53
Payout frequencyQuarterlyQuarterly
Last dividend$0.3103 on Sep 29, 2026$1.9035 on Jul 31, 2026
Ex-dividend dateSep 22, 2026Sep 18, 2026
Next payment—$1.8888 on Oct 30, 2026
Dividend growth (CAGR)76.8% over 4 yrs6.4% over 4 yrs
Price$286.27$769.05
Dividend growth streak4 years16 years
Beta3.031.01
Max drawdown (5Y)-63.8%-24.5%
Market cap$6.93B$813.99B
ExchangeAMEXAMEX
Expense ratio0.95%0.09%
Assets under management$7.02B$816.57B
Number of holdings516504
Top 10 concentration27.6%38.7%
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.

SPXL

$4.23/mo

$51 /yr at 0.51% yield

SPY

$8.15/mo

$98 /yr at 0.98% yield

Dividend history
Total dividends paid per share in each calendar year. SPXL pays quarterly; SPY pays quarterly.
YearSPXLSPY
2025$1.5220$7.2533
2024$1.2447$7.0056
2023$1.0186$6.5091
2022$0.2012$6.1723
2021$0.1559$5.6618
Strategy: Broad index
Low-cost funds that hold an entire market or index at market-cap weights and make no attempt to select securities. Return is the index return less a small fee, and dividends are a by-product of what the underlying companies choose to pay rather than an objective of the strategy. Differences between funds tracking the same index usually come down to fee, wrapper structure, share price and trading liquidity, not to holdings.

Current income is low and outside your control, so these need pairing with something else if the portfolio has to produce cash today.

What SPXL vs SPY actually do

SPY
The original S&P 500 ETF, launched in 1993 and still the most heavily traded equity fund in the world.

It holds the same 500 companies as its rivals, but it is structured as a unit investment trust rather than an open-end fund, an older wrapper that must hold every constituent and cannot put dividends back to work inside the fund before the quarterly payment date. That leaves a small cash drag and it carries a higher expense ratio than the newer S&P 500 trackers, around three times VOO's. What it buys instead is unmatched liquidity and by far the deepest options market of any S&P 500 fund.

Suits traders, options sellers and anyone who needs to move size with tight spreads. For a long-term buy-and-hold position the structural drag and higher fee work against it compared with the newer alternatives.

Core holding, trading vehicle

Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Oct 20, 2021 would now be worth $23,840 in SPXL and $18,129 in SPY.
PeriodSPXLSPY
1 month1.87%0.97%
3 months8.33%3.63%
Year to date30.46%13.37%
1 year34.10%15.51%
3 years296.44%88.86%
5 years138.40%81.29%
  • SPXL
  • SPY
29145261202120222023202420252026238181

Both series indexed to 100 on 2021-10-20 using the adjusted closing price series. Past performance does not guarantee future results.

Sector allocation
Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.
  • SPXL
  • SPY
0%20%39%59%79%Cash & Others78.7%0.3%Technology8.4%38.4%Financial Services2.4%11.7%Communication Services2.1%9.8%Healthcare2.0%9.6%Consumer Cyclical1.9%8.8%Industrials1.6%8.0%Consumer Defensive1.0%4.7%Energy0.8%3.6%Utilities0.4%2.0%Other0.7%3.4%
SPXL vs SPY holdings overlap
At least 54% overlap by weight, with 99 holdings in common. Overlap adds up the smaller of the two weights for every stock both funds own, so 100% would mean identical portfolios.
Largest shared holdingsSPXL weightSPY weight
NVDANVIDIA CORP5.66%7.93%
AAPLAPPLE INC5.39%7.55%
MSFTMICROSOFT CORP4.27%5.98%
AMZNAMAZON.COM INC2.78%3.89%
GOOGLALPHABET INC-CL A2.18%3.05%
GOOGALPHABET INC-CL C1.74%2.44%
AVGOBROADCOM INC1.72%2.40%
METAMETA PLATFORMS INC-CLASS A1.68%2.35%
TSLATESLA INC1.12%1.57%
MUMICRON TECHNOLOGY INC1.10%1.54%
Top 10 holdings
Largest positions by portfolio weight.

SPXL516 holdings total

NameWeight
NVDANVIDIA CORP5.66%
AAPLAPPLE INC5.39%
MSFTMICROSOFT CORP4.27%
AMZNAMAZON.COM INC2.78%
GOOGLALPHABET INC-CL A2.18%
GOOGALPHABET INC-CL C1.74%
AVGOBROADCOM INC1.72%
METAMETA PLATFORMS INC-CLASS A1.68%
TSLATESLA INC1.12%
MUMICRON TECHNOLOGY INC1.10%

SPY504 holdings total

NameWeight
NVDANVIDIA CORP7.93%
AAPLAPPLE INC7.55%
MSFTMICROSOFT CORP5.98%
AMZNAMAZON.COM INC3.89%
GOOGLALPHABET INC CL A3.05%
GOOGALPHABET INC CL C2.44%
AVGOBROADCOM INC2.40%
METAMETA PLATFORMS INC CLASS A2.35%
TSLATESLA INC1.57%
MUMICRON TECHNOLOGY INC1.54%

Quick verdict

SPXL fits better if you care most about stronger 5-year returns and faster dividend growth. SPY fits better if you care most about lower fees, more income today and smaller drawdowns. Model the holding inside your real portfolio before deciding.

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Frequently asked questions

Is SPXL or SPY better for dividend income?
It depends on your goals. SPXL currently yields 0.51% Trailing Twelve Months (TTM) while SPY yields 0.98%. Higher yield means more current income per dollar invested, but may come with different risk, growth, or NAV characteristics. Compare total return and payout sustainability — not just the headline yield.
What is the difference between SPXL and SPY?
Direxion Daily S&P 500 Bull 3X Shares (SPXL) is an ETF listed on AMEX. State Street SPDR S&P 500 ETF (SPY) is an ETF listed on AMEX. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, SPXL or SPY?
SPY has the lower expense ratio. SPXL charges 0.95% a year and SPY charges 0.09%, a difference of $86 a year on a $10,000 investment.
Which has performed better, SPXL or SPY?
Over the last 5 years, SPXL has the higher total return with dividends reinvested: SPXL returned 138.4% and SPY returned 81.3%. Past performance does not predict future returns.
Which is riskier, SPXL or SPY?
Measured by the worst peak-to-trough decline over the last five years, SPXL has been riskier: SPXL fell as much as 63.8% and SPY as much as 24.5%. Their betas are 3.03 and 1.01.
How much do SPXL and SPY overlap?
At least 54% of the two portfolios overlap by weight, across 99 shared holdings. The largest shared positions are NVDA, AAPL, MSFT. Holding both still adds meaningful diversification.
How often do SPXL and SPY pay dividends?
Both pay quarterly. The most recent payments were $0.3103 for SPXL and $1.9035 for SPY.
How much income does $10,000 in SPXL vs SPY generate?
At current TTM yields, $10,000 in SPXL would generate roughly $4.23 per month ($51 annually). The same amount in SPY would produce about $8.15 per month ($98 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both SPXL and SPY?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare SPXL vs SPY with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how SPXL and SPY fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.

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For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.