Dividend comparison
TQQQ vs SPXL: Which Is Better?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for ProShares UltraPro QQQ and Direxion Daily S&P 500 Bull 3X Shares, side by side. Updated October 21, 2026.
TQQQ vs SPXL: key differences
The short answer, from the latest data on this page.
- Fees. TQQQ is cheaper at 0.94% a year versus 0.95% for SPXL. On $10,000 that is $1 a year less in fees.
- Income. TQQQ pays more income, yielding 0.69% over the last twelve months versus 0.51% for SPXL. That is about $18 more a year on $10,000. Both pay quarterly.
- Performance. Over the last 5 years, SPXL returned 138.4% versus 113.8% for TQQQ, with dividends reinvested. $10,000 would have grown to $23,840 in SPXL and $21,375 in TQQQ.
- Risk. TQQQ has been the bumpier ride. Its worst peak-to-trough decline over the last 5 years was -81.6%, against -63.8% for SPXL.
- Diversification. SPXL holds 516 positions and TQQQ holds 123. The ten largest positions make up 34.1% of TQQQ and 27.6% of SPXL.
- Overlap. At least 25% of the two portfolios overlap by weight, across 36 shared holdings.
- Dividend growth. TQQQ grew its yearly payout 771.0% a year over the last 4 years, versus 76.8% for SPXL.
- Size. TQQQ is the larger fund with $35.5 billion in assets, against $7.0 billion for SPXL.
Bottom line: TQQQ fits better if you care most about faster dividend growth. SPXL fits better if you care most about stronger 5-year returns, smaller drawdowns and broader diversification.
Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
| Metric | TQQQ ProShares UltraPro QQQ | SPXL Direxion Daily S&P 500 Bull 3X Shares |
|---|---|---|
| Dividend yield (TTM) | 0.69% | 0.51% |
| Dividend / share (TTM) | $0.48 | $1.45 |
| Payout frequency | Quarterly | Quarterly |
| Last dividend | $0.1560 on Sep 29, 2026 | $0.3103 on Sep 29, 2026 |
| Ex-dividend date | Sep 23, 2026 | Sep 22, 2026 |
| Dividend growth (CAGR) | 771.0% over 4 yrs | 76.8% over 4 yrs |
| Price | $70.41 | $286.27 |
| Dividend growth streak | — | 4 years |
| Beta | 3.71 | 3.03 |
| Max drawdown (5Y) | -81.6% | -63.8% |
| Market cap | $41.88B | $6.93B |
| Exchange | NASDAQ | AMEX |
| Expense ratio | 0.94% | 0.95% |
| Assets under management | $35.46B | $7.02B |
| Number of holdings | 123 | 516 |
| Top 10 concentration | 34.1% | 27.6% |
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.
TQQQ
$5.73/mo
$69 /yr at 0.69% yield
SPXL
$4.23/mo
$51 /yr at 0.51% yield
Dividend history
Total dividends paid per share in each calendar year. TQQQ pays quarterly; SPXL pays quarterly.
| Year | TQQQ | SPXL |
|---|---|---|
| 2025 | $0.3425 | $1.5220 |
| 2024 | $0.7245 | $1.2447 |
| 2023 | $0.6395 | $1.0186 |
| 2022 | $0.0490 | $0.2012 |
| 2021 | $0.0001 | $0.1559 |
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 $21,375 in TQQQ and $23,840 in SPXL.
| Period | TQQQ | SPXL |
|---|---|---|
| 1 month | -2.88% | 1.87% |
| 3 months | 4.28% | 8.33% |
| Year to date | 34.34% | 30.46% |
| 1 year | 31.48% | 34.10% |
| 3 years | 330.64% | 296.44% |
| 5 years | 113.75% | 138.40% |
- TQQQ
- SPXL
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.
- TQQQ
- SPXL
TQQQ vs SPXL holdings overlap
At least 25% overlap by weight, with 36 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 | TQQQ weight | SPXL weight |
|---|---|---|
| NVDANVIDIA CORP | 3.20% | 5.66% |
| AAPLAPPLE INC | 3.06% | 5.39% |
| MSFTMICROSOFT CORP | 2.42% | 4.27% |
| AMZNAMAZON.COM INC | 1.73% | 2.78% |
| METAMETA PLATFORMS INC-CLASS A | 1.28% | 1.68% |
| GOOGLALPHABET INC-CL A | 1.23% | 2.18% |
| GOOGALPHABET INC-CL C | 1.15% | 1.74% |
| TSLATESLA INC | 1.18% | 1.12% |
| MUMICRON TECHNOLOGY INC | 1.72% | 1.10% |
| AVGOBROADCOM INC | 0.97% | 1.72% |
Top 10 holdings
Largest positions by portfolio weight.
TQQQ123 holdings total
Quick verdict
TQQQ fits better if you care most about faster dividend growth. SPXL fits better if you care most about stronger 5-year returns, smaller drawdowns and broader diversification. Model the holding inside your real portfolio before deciding.
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Frequently asked questions
Is TQQQ or SPXL better for dividend income?
It depends on your goals. TQQQ currently yields 0.69% Trailing Twelve Months (TTM) while SPXL yields 0.51%. 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 TQQQ and SPXL?
ProShares UltraPro QQQ (TQQQ) is an ETF listed on NASDAQ. Direxion Daily S&P 500 Bull 3X Shares (SPXL) 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, TQQQ or SPXL?
TQQQ has the lower expense ratio. TQQQ charges 0.94% a year and SPXL charges 0.95%, a difference of $1 a year on a $10,000 investment.
Which has performed better, TQQQ or SPXL?
Over the last 5 years, SPXL has the higher total return with dividends reinvested: TQQQ returned 113.8% and SPXL returned 138.4%. Past performance does not predict future returns.
Which is riskier, TQQQ or SPXL?
Measured by the worst peak-to-trough decline over the last five years, TQQQ has been riskier: TQQQ fell as much as 81.6% and SPXL as much as 63.8%. Their betas are 3.71 and 3.03.
How much do TQQQ and SPXL overlap?
At least 25% of the two portfolios overlap by weight, across 36 shared holdings. The largest shared positions are NVDA, AAPL, MSFT. Holding both still adds meaningful diversification.
How often do TQQQ and SPXL pay dividends?
Both pay quarterly. The most recent payments were $0.1560 for TQQQ and $0.3103 for SPXL.
How much income does $10,000 in TQQQ vs SPXL generate?
At current TTM yields, $10,000 in TQQQ would generate roughly $5.73 per month ($69 annually). The same amount in SPXL would produce about $4.23 per month ($51 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both TQQQ and SPXL?
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 TQQQ vs SPXL with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how TQQQ and SPXL 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.