SPXL vs. QLD: Tech Tilt, Fees and Scale After a Red-Hot Year

Overview

• Over the past year, QLD returned 27.6% versus 24.6% for SPXL as of January 30, 2026.
• Across five years, SPXL’s hypothetical $1,000 grew to $3,127 versus $2,370 for QLD despite similar max drawdowns near minus 64%.
• QLD’s expense ratio is 0.98% with about $10.7 billion in assets, compared with 0.93% and roughly $5.9 billion for SPXL.
• QLD is concentrated in technology and communication services with top positions in Nvidia, Apple and Microsoft, while SPXL mirrors the broader S&P 500 sector mix.
• Both funds employ daily leverage resets that can cause multi-day returns to deviate from simple 2x or 3x multiples, suiting aggressive, short-term trading strategies.