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<h2>Key Points</h2><ul><li>TQQQ and SPXL both use daily 3x leverage but track different indexes, leading to different sector exposures and performance patterns.</li><li>TQQQ posted a higher one-year return but experienced a deeper five-year drawdown compared to SPXL.</li><li>Both funds feature very high liquidity for active traders.</li><li>10 stocks we like better than Direxion Shares ETF Trust - Direxion Daily S&amp;P 500 Bull 3x Shares ›</li></ul><p>The <strong>ProShares - UltraPro QQQ</strong> <span class="ticker">(NASDAQ:TQQQ)</span> and the <strong>Direxion Daily S&amp;P 500 Bull 3X ETF</strong> <span class="ticker">(NYSEMKT:SPXL)</span> are both designed for aggressive traders seeking amplified daily moves, but their underlying benchmarks create meaningful differences.</p><p>This comparison details where costs, returns, risk, and portfolio structure diverge.</p><h2 id="snapshot-cost-amp-size">Snapshot (cost &amp; size)</h2><section><table><tbody><tr><th>Metric</th><th>TQQQ</th><th>SPXL</th></tr><tr><td>Issuer</td><td>ProShares</td><td>Direxion</td></tr><tr><td>Expense ratio</td><td>0.82%</td><td>0.84%</td></tr><tr><td>1-yr return (as of March 15, 2026)</td><td>48.42%</td><td>36.92%</td></tr><tr><td>Dividend yield</td><td>0.69%</td><td>0.69%</td></tr><tr><td>Beta (5Y monthly)</td><td>3.59</td><td>3.09</td></tr><tr><td>AUM</td><td>$27.3 billion</td><td>$5.6 billion</td></tr></tbody></table></section><p><em>Beta measures price volatility relative to the S&amp;P 500; beta is calculated from five-year monthly returns. The 1-yr return represents total return over the trailing 12 months.</em></p><p>With identical dividend yields and very similar expense ratios, neither ETF has a strong advantage over the other. However, because leveraged ETFs like TQQQ and SPXL are typically short-term investments, factors like fees and dividend income may not make a substantial difference for most investors anyway.</p><h2 id="performance-amp-risk-comparison">Performance &amp; risk comparison</h2><section><table><tbody><tr><th>Metric</th><th>TQQQ</th><th>SPXL</th></tr><tr><td>Max drawdown (5 y)</td><td>-81.65%</td><td>-63.80%</td></tr><tr><td>Growth of $1,000 over 5 years</td><td>$2,075</td><td>$2,367</td></tr></tbody></table></section><h2 id="whatx27s-inside">What's inside</h2><p>SPXL tracks the S&amp;P 500 with daily 3x leverage. It holds just over 500 positions, with top equity allocations to <strong>Nvidia</strong>, <strong>Apple</strong>, and <strong>Microsoft</strong>.</p><p>TQQQ, by contrast, follows the Nasdaq-100 and is heavily tilted toward technology. It holds only 101 stocks, and its portfolio is dominated by mega-cap tech giants like Nvidia and Apple. Like SPXL, it resets its leverage daily, which may lead to performance drift over time.</p><p>For more guidance on ETF investing, check out the full guide at this link.</p><h2 id="what-this-means-for-investors">What this means for investors</h2><p>Leveraged ETFs can be lucrative, but they also carry more risk. Both of these funds reset their leverage daily, and the compounding effects of these resets make them more vulnerable to volatility.</p><p>Both funds aim for three times the daily returns of their underlying benchmarks, but because they track different indexes, that can lead to different risk profiles. TQQQ’s heavy tilt toward tech stocks may result in larger swings — both positive and negative — during tech rallies and corrections.</p><p>SPXL is more diversified, with around five times as many holdings as TQQQ. The S&amp;P 500 generally experiences less volatility than the Nasdaq-100, so investors are likely to see less dramatic price swings with SPXL. That said, tech stocks have greater potential for above-average returns, so TQQQ could be the more lucrative of the two funds. </p><p>Choosing between them will typically come down to your risk tolerance and goals. While all leveraged ETFs carry risk, SPXL offers slightly more stability. TQQQ, on the other hand, can be more volatile but also more lucrative.</p><h2>Should you buy stock in Direxion Shares ETF Trust - Direxion Daily S&amp;P 500 Bull 3x Shares right now?</h2>
<p>Before you buy stock in Direxion Shares ETF Trust - Direxion Daily S&amp;P 500 Bull 3x Shares, consider this:</p>
<p>The <em>Motley Fool Stock Advisor</em> analyst team just identified what they believe are the <strong>10 best stocks</strong> for investors to buy now… and Direxion Shares ETF Trust - Direxion Daily S&amp;P 500 Bull 3x Shares wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.</p>
<p>Consider when <strong>Netflix</strong> made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, <strong>you’d have $514,000</strong>!* Or when <strong>Nvidia</strong> made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, <strong>you’d have $1,105,029</strong>!*</p>
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<p style="color: #767676; text-align: left"><em>*Stock Advisor returns as of March 15, 2026. </em></p><p><em>Katie Brockman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Apple, Microsoft, and Nvidia and is short shares of Apple. The Motley Fool has a disclosure policy.</em></p>
<p>The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.</p>
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.SPX

<p>The article compares two leveraged ETFs, TQQQ and SPXL, which both utilize daily 3x leverage but track different indexes. TQQQ, focused on the Nasdaq-100, has shown a higher one-year return but a deeper five-year drawdown compared to SPXL, which tracks the S&P 500. Both funds are highly liquid and have similar expense ratios and dividend yields. Investors must consider their risk tolerance, as TQQQ is more volatile due to its tech focus, while SPXL offers slightly more stability. The article also suggests looking into other investment opportunities beyond these ETFs.</p>

- The ProShares UltraPro QQQ (TQQQ) and Direxion Daily S&P 500 Bull 3X ETF (SPXL) both utilize daily 3x leverage but track different indices, affecting their performance and risk profiles.  
- TQQQ has shown a higher one-year return of 48.42% compared to SPXL's 36.92%, but TQQQ also has a more significant five-year maximum drawdown.  
- Choosing between these funds depends on individual risk tolerance, as TQQQ is more volatile and concentrated in tech stocks, while SPXL offers greater diversification and stability.

nasdaq

Invesco QQQ Trust

SPDR S&P 500

S&P 500

VG S&P 500

Direxion S&P 500 Bull 3X

Invesco Nasdaq 100 ETF

Global X NASDAQ 100 Collar 95-110 ETF

iShares Core S&P 500

First Trust NASDAQ-100 Equal Weighted

NASDAQ-100

Pro UltrPro S&Pro 500

ProShares Ultra QQQ

Proshares UltraPro QQQ

SPXL vs. TQQQ: Is S&P 500 Stability or Tech-Focused Growth the Better Buy for Leveraged ETF Investors?