AVS vs. SPUU
AVS (Direxion Daily AVGO Bear 1X Shares) and SPUU (Direxion Daily S&P 500 Bull 2x Shares) are both exchange-traded funds - AVS is a Inverse Equities fund actively managed by Direxion, while SPUU is a Leveraged Equities fund tracking the S&P 500 Index (200%). AVS is actively managed, while SPUU is passively managed. Over the past year, AVS returned -46.04% vs 54.50% for SPUU. At a correlation of -0.60, they often move in opposite directions. AVS charges 0.98%/yr vs 0.64%/yr for SPUU.
Performance
AVS vs. SPUU - Performance Comparison
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Returns By Period
In the year-to-date period, AVS achieves a -22.61% return, which is significantly lower than SPUU's 20.66% return.
AVS
- 1D
- 12.36%
- 1M
- -0.75%
- YTD
- -22.61%
- 6M
- -16.23%
- 1Y
- -46.04%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPUU
- 1D
- 0.70%
- 1M
- 9.03%
- YTD
- 20.66%
- 6M
- 19.95%
- 1Y
- 54.50%
- 3Y*
- 38.69%
- 5Y*
- 20.36%
- 10Y*
- 24.74%
AVS vs. SPUU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
AVS Direxion Daily AVGO Bear 1X Shares | -22.61% | -45.96% | -27.15% |
SPUU Direxion Daily S&P 500 Bull 2x Shares | 20.66% | 26.55% | 2.43% |
Correlation
The correlation between AVS and SPUU is -0.55, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.55 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2024 | -0.60 |
The correlation between AVS and SPUU has been stable across timeframes, ranging from -0.60 to -0.55 - a consistent structural relationship.
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Return for Risk
AVS vs. SPUU — Risk / Return Rank
AVS
SPUU
AVS vs. SPUU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AVGO Bear 1X Shares (AVS) and Direxion Daily S&P 500 Bull 2x Shares (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.
| AVS | SPUU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.32 | ||
| Sortino ratioReturn per unit of downside risk | -4.44 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.38 | -0.57 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | 3.01 | -3.85 |
| Martin ratioReturn relative to average drawdown | -1.41 | 13.28 | -14.69 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| AVS | SPUU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.03 | 2.29 | -3.32 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.61 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.69 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.96 | 0.64 | -1.60 |
Drawdowns
AVS vs. SPUU - Drawdown Comparison
The maximum AVS drawdown since its inception was -76.77%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for AVS and SPUU.
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Drawdown Indicators
| AVS | SPUU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.77% | -59.35% | -17.42% |
Max Drawdown (1Y)Largest decline over 1 year | -55.22% | -18.19% | -37.03% |
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 DrawdownCurrent decline from peak | -73.73% | -0.58% | -73.15% |
Average DrawdownAverage peak-to-trough decline | -48.93% | -9.50% | -39.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 32.58% | 4.12% | +28.46% |
Volatility
AVS vs. SPUU - Volatility Comparison
Direxion Daily AVGO Bear 1X Shares (AVS) has a higher volatility of 17.18% compared to Direxion Daily S&P 500 Bull 2x Shares (SPUU) at 5.60%. This indicates that AVS's price experiences larger fluctuations and is considered to be riskier than SPUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AVS | SPUU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.18% | 5.60% | +11.58% |
Volatility (6M)Calculated over the trailing 6-month period | 32.88% | 18.10% | +14.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.81% | 23.88% | +20.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 53.72% | 33.46% | +20.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.72% | 35.76% | +17.96% |
AVS vs. SPUU - Expense Ratio Comparison
AVS has a 0.98% expense ratio, which is higher than SPUU's 0.64% expense ratio.
Dividends
AVS vs. SPUU - Dividend Comparison
AVS's dividend yield for the trailing twelve months is around 3.94%, more than SPUU's 1.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AVS Direxion Daily AVGO Bear 1X Shares | 3.94% | 4.22% | 1.63% | 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 Shares | 1.33% | 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
AVS and SPUU have a correlation of -0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AVS has higher volatility (17.18%) compared to SPUU (5.60%). In terms of maximum drawdown, AVS dropped -76.77% vs SPUU's -59.35%.
On 1-year performance, SPUU leads with 54.50% vs -46.04% for AVS. On fees, SPUU is cheaper at 0.64% per year. On volatility, SPUU has been the lower-risk option at 5.60%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SPUU has performed better with a 54.50% return vs -46.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPUU is cheaper with a 0.64% expense ratio, compared with 0.98% for AVS.
AVS has the higher dividend yield at 3.94%, compared with 1.33% for SPUU.
AVS is categorized as Inverse Equities, while SPUU is Leveraged Equities. Their fees differ too: 0.98% for AVS and 0.64% for SPUU.
SPUU currently has the higher Sharpe Ratio (2.29 vs -1.03), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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