SPXL vs. SSO: Which Leveraged S&P 500 ETF Is Right for You?

By Katie Brockman – Mar 14, 2026 at 4:36PM ESTKey PointsSPXL carries higher risk and potential return, with a 3x leverage factor compared to SSO’s 2x.SPXL’s expense ratio is slightly lower, and it also offers a marginally higher dividend yield.Both funds use daily leverage resets, making them suitable mainly for short-term tactical trading.The ProShares - Ultra S&P 500 ETF (SSO 1.16%) and the Direxion Daily S&P 500 Bull 3X ETF (SPXL 1.78%) are both designed for investors seeking magnified daily moves of the S&P 500, using derivatives to achieve 2x and 3x daily returns, respectively. This comparison highlights how the two funds stack up in terms of cost, risk, performance, and portfolio makeup for anyone considering leveraged S&P 500 exposure.Snapshot (cost & size)MetricSSOSPXLIssuerProSharesDirexionExpense ratio0.87%0.84%1-yr return (as of March 14, 2026)33.75%45.08%Dividend yield0.68%0.69%Beta (5Y monthly)2.033.09AUM$6.8 billion$5.6 billionBeta measures price volatility relative to the S&P 500; beta is calculated from five-year monthly returns. The 1-yr return represents total return over the trailing 12 months.SPXL has the advantage on fees and income, with a marginally lower expense ratio and higher dividend yield. While these are factors to consider with any investment, they may be less important considerations for short-term trades like leveraged ETFs.Performance & risk comparisonMetricSSOSPXLMax drawdown (5 y)-46.73%-63.80%Growth of $1,000 over 5 years$2,140$2,367What's insideSPXL is built for aggressive traders, aiming for three times the daily movement of the S&P 500. Its top holdings are in line with the S&P 500, with Nvidia, Apple, and Microsoft rounding out the top three. Like SSO, SPXL resets its leverage daily, which can cause its performance to diverge from the index over longer periods.SSO, meanwhile, uses a similar leveraged strategy but targets 2x daily returns on the S&P 500. Both funds are designed for tactical trading — not long-term buy-and-hold investing — due to the compounding effects of daily leverage resets.For more guidance on ETF investing, check out the full guide at this link.What this means for investorsBoth SSO and SPXL offer leveraged exposure to the S&P 500, increasing earning potential compared to a standard S&P 500 ETF that delivers returns in line with the index. However, they differ significantly in terms of their risk and reward profiles.SPXL aims for triple the daily returns of the S&P 500, while SSO targets double the daily returns. This gives SPXL more potential for lucrative earnings, but it also carries much more risk.Leveraged ETFs function best as very short-term investments. Typically, investors only hold them for a single trading day, or a few days at most. Because both funds reset their leverage daily, longer holds can substantially increase volatility.If the S&P 500 is performing particularly well while you’re holding one of these ETFs, SPXL could maximize those earnings with its 3x daily leverage. But if the index performs poorly, you could see much steeper drawdowns with SPXL than you would with SSO.When choosing between these two ETFs, the deciding factor will likely be how much risk you’re comfortable taking. If you’re willing to take a big swing in hopes of increasing your earning potential, SPXL could be the more lucrative of the two. For those looking to limit risk with a leveraged ETF, SSO could be the better option.Read NextMar 13, 2026 •By Katie BrockmanLeveraged ETF Showdown: Is SOXL's Semiconductor Focus or SPXL's S&P 500 Stability the Better Choice for Investors?Mar 3, 2026 •By David DierkingLeveraged ETFs Are Designed to Be Aggressive and Speculative. That's Both the Appeal and the Risk.Feb 27, 2026 •By James BrumleyDo Leveraged ETFs Belong in a Long-Term Investment Portfolio?Feb 16, 2026 •By Leo SunLeveraged ETFs Are Aggressive by Design. Here's What That Means for InvestorsFeb 9, 2026 •By Eric TrieA Leveraged Bet on the Broad Market or Big Tech: SPXL vs. QLDFeb 3, 2026 •By Dave KovaleskiThese 2 ETFs Have Been Red-Hot: Can it Continue?About the AuthorKatie Brockman is a contributing writer at The Motley Fool covering retirement, Social Security, and investing fundamentals. Prior to The Motley Fool, Katie held various writing and editing roles at companies ranging from small start-ups to multimillion-dollar brands. Her work has appeared in USA Today, Inc magazine, and other authoritative media outlets. She holds a bachelor’s degree in business administration and management from Illinois Wesleyan University.TMFKatieBrockmanStocks MentionedDirexion Shares ETF Trust - Direxion Daily S&P 500 Bull 3x SharesNYSEMKT: SPXL$196.35(-1.78%)-$3.56ProShares Trust - ProShares Ultra S&p500NYSEMKT: SSO$53.88(-1.16%)-$0.63*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.