QLD charges a slightly higher expense ratio and yields less than SPXL
SPXL delivered a stronger five-year growth of $1,000 and a higher beta, but both funds saw similarly steep drawdowns
QLD leans more heavily into technology and Nasdaq-100 names, while SPXL offers broader S&P 500 exposure
Direxion Daily S&P 500 Bull 3X Shares (NYSEMKT:SPXL) and ProShares – Ultra QQQ (NYSEMKT:QLD) both offer daily leveraged exposure to large-cap U.S. stocks, but differ in cost, sector tilts, and long-term performance, QLD focusing on the tech-heavy Nasdaq-100 and SPXL tracking the broader S&P 500.
SPXL and QLD both use leverage to amplify daily returns, but their index focus creates distinct risk and return profiles. SPXL offers triple exposure to the S&P 500, while QLD provides double exposure to the Nasdaq-100. This comparison highlights their key differences in cost, holdings, risk, and performance.
| Metric | SPXL | QLD |
|---|---|---|
| Issuer | Direxion | ProShares |
| Expense ratio | 0.87% | 0.98% |
| 1-yr return (as of 2026-02-06) | 24.02% | 19.81% |
| Dividend yield | 0.67% | 0.16% |
| AUM | $5.7 billion | $10.75 billion |
Beta measures price volatility relative to the S&P 500; beta is calculated from five-year weekly returns. The 1-yr return represents total return over the trailing 12 months.
SPXL is marginally more affordable on fees, with a 0.87% expense ratio compared to QLD’s 0.98%. SPXL also offers a higher yield at 0.67%, whereas QLD yields just 0.16%—a meaningful gap for yield-focused investors.
| Metric | SPXL | QLD |
|---|---|---|
| Max drawdown (5 y) | -63.84% | -63.78% |
| Growth of $1,000 over 5 years | $2,785 | $2,128 |
QLD delivers 2x daily leverage to the Nasdaq-100, resulting in a portfolio that is 53% technology, 17% communication services, and 13% consumer cyclical stocks, spread across 121 holdings. Top positions include Nvidia Corp (NASDAQ:NVDA) at 7.08%, Apple Inc (NASDAQ:AAPL) at 6.83%, and Microsoft Corp (NASDAQ:MSFT) at 5.15%. QLD traded for nearly 20 years and, like SPXL, uses a daily leverage reset. As a result, its performance may diverge from the index over longer periods particularly in volatile markets.
SPXL tracks the S&P 500 with triple (3x) daily leverage, resulting in a broader sector mix: 35% technology, 13% financial services, and 11% communication services, across 516 holdings. Its top stocks also include Nvidia, Apple, and Microsoft, each with smaller individual weights due to the S&P 500’s more diversified structure. The daily leverage reset for both funds increases compounding effects and risk.
For more guidance on ETF investing, check out the full guide at this link.
SPXL and QLD are designed to amplify daily stock market movements. While this makes them effective for short-term strategies, they do not perform like traditional long-term index funds. The key decision is whether you prefer 3x daily exposure to the broad S&P 500 with Direxion Daily S&P 500 Bull 3X Shares, or 2x daily exposure to the tech-focused Nasdaq-100 with ProShares Ultra QQQ.
SPXL offers broader market exposure with higher risk due to 3x leverage. QLD applies less leverage but is more concentrated in large-cap technology stocks. The minor fee difference is less significant than the impact of leverage and concentration.
For investors, the daily reset is the defining risk. In volatile markets, these funds may lose value even if the underlying index remains flat, with SPXL typically being less forgiving. SPXL is best suited for short-term traders positioning for a broad market rally and who can tolerate sharp drawdowns. QLD fits investors targeting leveraged exposure to technology-led moves with slightly less intensity. These EFTs reward timing rather than patience, and holding them through volatility is where most losses occur.
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Eric Trie has positions in Nvidia. The Motley Fool has positions in and recommends Apple, Microsoft, and Nvidia. The Motley Fool has a disclosure policy.
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