Dividend comparison
SPXL vs SSO: Which Is Better?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for Direxion Daily S&P 500 Bull 3X Shares and ProShares - Ultra S&P500, side by side. Updated October 21, 2026.
SPXL vs SSO: key differences
The short answer, from the latest data on this page.
- Fees. SSO is cheaper at 0.88% a year versus 0.95% for SPXL. On $10,000 that is $7 a year less in fees.
- Income. SSO pays more income, yielding 0.68% over the last twelve months versus 0.51% for SPXL. That is about $17 more a year on $10,000. Both pay quarterly.
- Performance. Over the last 5 years, SPXL returned 138.4% versus 119.5% for SSO, with dividends reinvested. $10,000 would have grown to $23,840 in SPXL and $21,946 in SSO.
- Risk. SPXL has been the bumpier ride. Its worst peak-to-trough decline over the last 5 years was -63.8%, against -46.7% for SSO.
- Diversification. SSO holds 521 positions and SPXL holds 516. The ten largest positions make up 27.6% of SPXL and 40.6% of SSO.
- Overlap. At least 52% of the two portfolios overlap by weight, across 98 shared holdings.
- Dividend growth. SPXL grew its yearly payout 76.8% a year over the last 4 years, versus 32.5% for SSO.
Bottom line: SPXL fits better if you care most about stronger 5-year returns and faster dividend growth. SSO fits better if you care most about lower fees and smaller drawdowns.
Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
| Metric | SPXL Direxion Daily S&P 500 Bull 3X Shares | SSO ProShares - Ultra S&P500 |
|---|---|---|
| Dividend yield (TTM) | 0.51% | 0.68% |
| Dividend / share (TTM) | $1.45 | $0.48 |
| Payout frequency | Quarterly | Quarterly |
| Last dividend | $0.3103 on Sep 29, 2026 | $0.1179 on Sep 29, 2026 |
| Ex-dividend date | Sep 22, 2026 | Sep 23, 2026 |
| Dividend growth (CAGR) | 76.8% over 4 yrs | 32.5% over 4 yrs |
| Price | $286.27 | $70.27 |
| Dividend growth streak | 4 years | — |
| Beta | 3.03 | 2.02 |
| Max drawdown (5Y) | -63.8% | -46.7% |
| Market cap | $6.93B | $8.87B |
| Exchange | AMEX | AMEX |
| Expense ratio | 0.95% | 0.88% |
| Assets under management | $7.02B | $8.93B |
| Number of holdings | 516 | 521 |
| Top 10 concentration | 27.6% | 40.6% |
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
SSO
$5.65/mo
$68 /yr at 0.68% yield
Dividend history
Total dividends paid per share in each calendar year. SPXL pays quarterly; SSO pays quarterly.
| Year | SPXL | SSO |
|---|---|---|
| 2025 | $1.5220 | $0.3953 |
| 2024 | $1.2447 | $0.4813 |
| 2023 | $1.0186 | $0.0591 |
| 2022 | $0.2012 | $0.1109 |
| 2021 | $0.1559 | $0.1281 |
Strategy: Leveraged
Funds that use swaps and futures to deliver two or three times the daily return of an index. The multiple resets every day, so over longer periods the result can differ sharply from simply multiplying the index return, especially when the market is choppy. They are built as short-term trading tools.
Daily rebalancing causes decay in sideways or volatile markets, and a large one-day drop can wipe out most of the fund's value.
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 $21,946 in SSO.
| Period | SPXL | SSO |
|---|---|---|
| 1 month | 1.87% | 1.43% |
| 3 months | 8.33% | 6.12% |
| Year to date | 30.46% | 22.04% |
| 1 year | 34.10% | 24.90% |
| 3 years | 296.44% | 179.85% |
| 5 years | 138.40% | 119.46% |
- SPXL
- SSO
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
- SSO
SPXL vs SSO holdings overlap
At least 52% overlap by weight, with 98 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 holdings | SPXL weight | SSO weight |
|---|---|---|
| NVDANVIDIA CORP | 5.66% | 5.52% |
| AAPLAPPLE INC | 5.39% | 5.26% |
| MSFTMICROSOFT CORP | 4.27% | 4.16% |
| AMZNAMAZON.COM INC | 2.78% | 2.71% |
| GOOGLALPHABET INC-CL A | 2.18% | 2.12% |
| GOOGALPHABET INC-CL C | 1.74% | 1.70% |
| AVGOBROADCOM INC | 1.72% | 1.67% |
| METAMETA PLATFORMS INC-CLASS A | 1.68% | 1.63% |
| TSLATESLA INC | 1.12% | 1.09% |
| MUMICRON TECHNOLOGY INC | 1.10% | 1.07% |
Top 10 holdings
Largest positions by portfolio weight.
SPXL516 holdings total
Quick verdict
SPXL fits better if you care most about stronger 5-year returns and faster dividend growth. SSO fits better if you care most about lower fees and smaller drawdowns. Model the holding inside your real portfolio before deciding.
Still deciding? Compare them in your portfolio
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Frequently asked questions
Is SPXL or SSO better for dividend income?
It depends on your goals. SPXL currently yields 0.51% Trailing Twelve Months (TTM) while SSO yields 0.68%. 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 SSO?
Direxion Daily S&P 500 Bull 3X Shares (SPXL) is an ETF listed on AMEX. ProShares - Ultra S&P500 (SSO) 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 SSO?
SSO has the lower expense ratio. SPXL charges 0.95% a year and SSO charges 0.88%, a difference of $7 a year on a $10,000 investment.
Which has performed better, SPXL or SSO?
Over the last 5 years, SPXL has the higher total return with dividends reinvested: SPXL returned 138.4% and SSO returned 119.5%. Past performance does not predict future returns.
Which is riskier, SPXL or SSO?
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 SSO as much as 46.7%. Their betas are 3.03 and 2.02.
How much do SPXL and SSO overlap?
At least 52% of the two portfolios overlap by weight, across 98 shared holdings. The largest shared positions are NVDA, AAPL, MSFT. Holding both still adds meaningful diversification.
How often do SPXL and SSO pay dividends?
Both pay quarterly. The most recent payments were $0.3103 for SPXL and $0.1179 for SSO.
How much income does $10,000 in SPXL vs SSO generate?
At current TTM yields, $10,000 in SPXL would generate roughly $4.23 per month ($51 annually). The same amount in SSO would produce about $5.65 per month ($68 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both SPXL and SSO?
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 SSO with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how SPXL and SSO 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.