SPXL and TQQQ ETFs: Performance Comparison Amidst Market Volatility

NEW YORK, NY — The Direxion Daily S&P 500 Bull 3X Shares (SPXL) and ProShares – UltraPro QQQ (TQQQ) are two popular leveraged exchange-traded funds (ETFs) that amplify exposure to U.S. stock market indices. As of November 5, 2025, SPXL had a current price of $100.24, a 3.71% decrease, while TQQQ was experiencing a 6.22% drop, priced at $6.65.

Both funds cater to day traders seeking substantial daily returns. SPXL targets the S&P 500 index, which comprises a diverse range of companies, while TQQQ focuses on the tech-heavy Nasdaq-100. Due to their design, TQQQ generally faces more significant price drawdowns. For instance, the max drawdown over five years for TQQQ stood at a staggering 81.8%, compared to SPXL’s 63.8%.

Performance metrics reveal that TQQQ has outperformed SPXL over the last year, with a return of 68.1%, compared to SPXL’s 42.5%. However, risk is a considerable factor to watch. TQQQ carries a higher beta of 3.5, indicating greater volatility than SPXL’s beta of 3.0.

With total assets under management (AUM) of $30.6 billion, TQQQ dominates over SPXL’s $6.1 billion. Additionally, the funds show comparable expense ratios, with TQQQ at 0.82% and SPXL at 0.87%. Both funds share a modest dividend yield, which may be less significant for aggressive traders.

Investors must consider market conditions before choosing between these two ETFs. The inflation-driven market crisis in 2022 severely affected TQQQ, while its gains during the artificial intelligence (AI) boom made it an attractive option. This volatility makes TQQQ less ideal for those seeking steadier returns.

Anders Bylund, a financial analyst, highlights that while both SPXL and TQQQ have outperformed their unleveraged counterparts in the long run, the choice comes down to individual risk tolerance and investment strategy. He notes, “A small bet on TQQQ or SPXL can be a thrilling addition to a diversified portfolio, but caution is advised.”