SPXL vs. SSO: New Data Underscores the 3X–vs–2X Tradeoff in Leveraged S&P 500 ETFs

Overview

• As of March 14, 2026, SPXL’s trailing one-year total return is 45.08% versus 33.75% for SSO.
• Over five years, $1,000 grew to $2,367 in SPXL and $2,140 in SSO, with deeper max drawdowns for SPXL at -63.80% versus -46.73% for SSO and higher beta at 3.09 versus 2.03.
• Expense ratios are close at 0.84% for SPXL and 0.87% for SSO, with dividend yields of 0.69% and 0.68% respectively, and assets of $5.6 billion for SPXL and $6.8 billion for SSO.
• Both funds use derivatives to target multiples of the S&P 500’s daily return—3x for SPXL and 2x for SSO—which introduces compounding effects and path dependence over multi-day periods.
• Holdings broadly mirror the S&P 500, with Nvidia, Apple, and Microsoft among SPXL’s largest positions, and both products are positioned for tactical, very short holding periods.