AALG vs. SPUU

Last updated Jun 25, 2026

AALG (Leverage Shares 2X Long AAL Daily ETF) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) are both Leveraged Equities funds. AALG is actively managed, while SPUU is passively managed. At a 0.47 correlation, their price movements are largely independent. AALG charges 0.78%/yr vs 0.60%/yr for SPUU.

Performance

AALG vs. SPUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long AAL Daily ETF (AALG) and Direxion Daily S&P 500 Bull 2X ETF (SPUU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AALG achieves a 8.10% return, which is significantly lower than SPUU's 13.21% return.

AALG

• 1D: 15.81%
• 1M: 52.87%
• YTD: 8.10%
• 6M: 3.48%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPUU

• 1D: -0.25%
• 1M: -3.30%
• YTD: 13.21%
• 6M: 10.18%
• 1Y: 39.63%
• 3Y*: 34.28%
• 5Y*: 18.24%
• 10Y*: 24.79%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AALG vs. SPUU - Yearly Performance Comparison

	2026 (YTD)	2025
AALG Leverage Shares 2X Long AAL Daily ETF	8.10%	29.58%
SPUU Direxion Daily S&P 500 Bull 2X ETF	13.21%	16.33%

Correlation

The correlation between AALG and SPUU is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 11, 2025	0.47

Return for Risk

AALG vs. SPUU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AALG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

SPUU

SPUU Risk / Return Rank: 50
SPUU Sharpe Ratio Rank: 51
SPUU Sortino Ratio Rank: 46
SPUU Omega Ratio Rank: 48
SPUU Calmar Ratio Rank: 49
SPUU Martin Ratio Rank: 58

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AALG vs. SPUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long AAL Daily ETF (AALG) and Direxion Daily S&P 500 Bull 2X ETF (SPUU). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AALG	SPUU	Difference
Sharpe ratio: Return per unit of total volatility	—	1.59	—
Sortino ratio: Return per unit of downside risk	—	2.11	—
Omega ratio: Gain probability vs. loss probability	—	1.28	—
Calmar ratio: Return relative to maximum drawdown	—	2.19	—
Martin ratio: Return relative to average drawdown	—	9.27	—

Drawdowns

AALG vs. SPUU - Drawdown Comparison

The maximum AALG drawdown since its inception was -64.19%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for AALG and SPUU.

Drawdown Indicators

	AALG	SPUU	Difference
Max Drawdown Largest peak-to-trough decline	-64.19%	-59.35%	-4.84%
Max Drawdown (1Y) Largest decline over 1 year	—	-18.19%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-35.18%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-46.59%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-59.35%	—
Current Drawdown Current decline from peak	-4.39%	-6.72%	+2.33%
Average Drawdown Average peak-to-trough decline	-25.48%	-9.48%	-16.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.29%	—

Volatility

Volatility by Period

	AALG	SPUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.63%	—
Volatility (6M) Calculated over the trailing 6-month period	—	19.85%	—
Volatility (1Y) Calculated over the trailing 1-year period	96.92%	25.15%	+71.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	96.92%	33.67%	+63.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	96.92%	35.80%	+61.12%

AALG vs. SPUU - Expense Ratio Comparison

AALG has a 0.78% expense ratio, which is higher than SPUU's 0.60% expense ratio.

Dividends

AALG vs. SPUU - Dividend Comparison

AALG's dividend yield for the trailing twelve months is around 1.44%, more than SPUU's 1.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AALG Leverage Shares 2X Long AAL Daily ETF	1.44%	1.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPUU Direxion Daily S&P 500 Bull 2X ETF	1.39%	1.63%	0.55%	0.83%	0.88%	3.04%	8.03%	1.80%	5.50%	6.96%	8.08%	4.42%

Frequently Asked Questions

Can I hold both AALG and SPUU in my portfolio?

AALG and SPUU have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AALG or SPUU?

On fees, SPUU is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AALG or SPUU?

SPUU is cheaper with a 0.60% expense ratio, compared with 0.78% for AALG.

Which ETF pays a higher dividend yield, AALG or SPUU?

AALG has the higher dividend yield at 1.44%, compared with 1.39% for SPUU.

What is the main difference between AALG and SPUU?

They also come from different issuers: Leverage Shares and Direxion. Their fees differ too: 0.78% for AALG and 0.60% for SPUU.