Compare/Updated Oct 26, 2026, refreshed every trading day
SPXL vs UPRO
Direxion Daily S&P 500 Bull 3X Shares against ProShares - UltraPro S&P500: 4 years of returns, risk and today’s technical read, from Kavout’s own data.
SPXL did slightly better than UPRO over the period: $1,000 invested on Oct 28, 2022 grew to $4,239 versus $4,193 for UPRO, a total-return advantage of 4.6 percentage points. SPXL also led over 3 months, 6 months, YTD, 1 year, and 3 years, while both funds returned -4.0% over the past month. The difference was small, consistent with their 1.000 daily-move correlation and typical monthly gap of only 0.04 points. SPXL’s 38.2% 12-month volatility was marginally higher than UPRO’s 38.1%, and its worst drawdown was -49.0% versus -48.9%. UPRO had the lower expense ratio, 0.89% versus 0.95%, while SPXL had larger fund assets, $7B versus $5B. Overall, SPXL was the performance leader, but the two funds had nearly identical risk and behavior.
- Price is above its 200-day average ($253); 50-day at $287.
- RSI 41, neutral. Supertrend says sell. ADX 17, so the trend is weak.
- Price is above its 200-day average ($133); 50-day at $150.
- RSI 41, neutral. Supertrend says sell. ADX 17, so the trend is weak.
Head to head
Which has returned more, SPXL or UPRO?
SPXL beat UPRO in 32 of the last 48 months; UPRO won the other 16. The typical monthly gap was 0.04 points.
Total return by period
Which is riskier?
SPXL: Dec 6, 2024 to Apr 8, 2025; UPRO: Feb 19, 2025 to Apr 8, 2025
- 1.000
- correlation of daily moves, 4 years
- 1.00
- SPXL move per 1% in UPRO
- 1.000
- correlation, last 12 months
Month by month
Of the last 48 months. The typical gap was 0.04 points.
When did they diverge?
| Month | SPXL | UPRO | Gap |
|---|---|---|---|
| July 2026 | -0.9% | -1.1% | +0.15 pts |
| February 2023 | -8.6% | -8.8% | +0.13 pts |
| November 2022 | +14.5% | +14.4% | +0.13 pts |
| January 2023 | +18.3% | +18.1% | +0.12 pts |
Where the numbers come from. 1000 daily adjusted closes per fund from the Kavout market-data API, dividends included. Signals and indicators are Kavout’s own, refreshed nightly. Every figure is calculated from those adjusted closes.
Holdings and fees
What do you actually own with SPXL and UPRO?
Go deeper
Ask InvestGPT which one fits your portfolio.
Eight research agents read your holdings, the overlap and the tax side, then answer in plain words. Free accounts get one report a month.
More comparisons
Find another comparison.
Track both, get told when something changes.
Add SPXL and UPRO to a watchlist and Kavout emails you when a signal flips or a price target is hit.
Free account, no card