BABX vs. SPUU

Last updated Jun 5, 2026

BABX (GraniteShares 2x Long BABA Daily ETF) and SPUU (Direxion Daily S&P 500 Bull 2x Shares) are both Leveraged Equities funds. BABX is actively managed, while SPUU is passively managed. Over the past 3 years, BABX returned 5.92%/yr vs 38.69%/yr for SPUU. At a 0.34 correlation, their price movements are largely independent. BABX charges 1.15%/yr vs 0.64%/yr for SPUU.

Performance

BABX vs. SPUU - Performance Comparison

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

Returns By Period

In the year-to-date period, BABX achieves a -34.02% return, which is significantly lower than SPUU's 20.66% return.

BABX

• 1D: -2.02%
• 1M: -11.70%
• YTD: -34.02%
• 6M: -43.39%
• 1Y: -12.32%
• 3Y*: 5.92%
• 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%

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

BABX vs. SPUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BABX GraniteShares 2x Long BABA Daily ETF	-34.02%	123.85%	1.23%	-33.89%	-7.32%
SPUU Direxion Daily S&P 500 Bull 2x Shares	20.66%	26.55%	44.25%	47.28%	-9.16%

Correlation

The correlation between BABX and SPUU is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (All Time) Calculated using the full available price history since Dec 14, 2022	0.34

BABX vs. SPUU - Sectors Allocation Comparison

Sectors	BABX	SPUU
Consumer Cyclical	66.7%	4.2%
Basic Materials	-	0.7%
Communication Services	-	4.6%
Consumer Defensive	-	2.0%
Energy	-	1.4%
Financial Services	-	4.8%
Healthcare	-	3.6%
Industrials	-	3.3%
Real Estate	-	0.8%
Technology	-	16.5%
Utilities	-	1.1%

Return for Risk

BABX vs. SPUU — Risk / Return Rank

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

BABX

BABX Risk / Return Rank: 9
BABX Sharpe Ratio Rank: 8
BABX Sortino Ratio Rank: 12
BABX Omega Ratio Rank: 12
BABX Calmar Ratio Rank: 7
BABX Martin Ratio Rank: 8

SPUU

SPUU Risk / Return Rank: 67
SPUU Sharpe Ratio Rank: 72
SPUU Sortino Ratio Rank: 63
SPUU Omega Ratio Rank: 64
SPUU Calmar Ratio Rank: 62
SPUU Martin Ratio Rank: 72

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.

BABX vs. SPUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long BABA Daily ETF (BABX) 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.

	BABX	SPUU	Difference
Sharpe ratio: Return per unit of total volatility	-0.14	2.29	-2.44
Sortino ratio: Return per unit of downside risk	0.45	2.91	-2.46
Omega ratio: Gain probability vs. loss probability	1.05	1.38	-0.33
Calmar ratio: Return relative to maximum drawdown	-0.19	3.01	-3.20
Martin ratio: Return relative to average drawdown	-0.34	13.28	-13.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BABX vs. SPUU - Sharpe Ratio Comparison

The current BABX Sharpe Ratio is -0.14, which is lower than the SPUU Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of BABX and SPUU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BABX	SPUU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.14	2.29	-2.44
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	-0.03	0.64	-0.67

Drawdowns

BABX vs. SPUU - Drawdown Comparison

The maximum BABX drawdown since its inception was -70.62%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for BABX and SPUU.

Drawdown Indicators

	BABX	SPUU	Difference
Max Drawdown Largest peak-to-trough decline	-70.62%	-59.35%	-11.27%
Max Drawdown (1Y) Largest decline over 1 year	-64.86%	-18.19%	-46.67%
Max Drawdown (3Y) Largest decline over 3 years	-64.86%	-35.18%	-29.68%
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	-62.76%	-0.58%	-62.18%
Average Drawdown Average peak-to-trough decline	-45.26%	-9.50%	-35.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.51%	4.12%	+32.39%

Volatility

BABX vs. SPUU - Volatility Comparison

GraniteShares 2x Long BABA Daily ETF (BABX) has a higher volatility of 29.33% compared to Direxion Daily S&P 500 Bull 2x Shares (SPUU) at 5.60%. This indicates that BABX'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.

Volatility by Period

	BABX	SPUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.33%	5.60%	+23.73%
Volatility (6M) Calculated over the trailing 6-month period	57.66%	18.10%	+39.56%
Volatility (1Y) Calculated over the trailing 1-year period	87.54%	23.88%	+63.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.08%	33.46%	+49.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	83.08%	35.76%	+47.32%

BABX vs. SPUU - Expense Ratio Comparison

BABX has a 1.15% expense ratio, which is higher than SPUU's 0.64% expense ratio.

Dividends

BABX vs. SPUU - Dividend Comparison

BABX has not paid dividends to shareholders, while SPUU's dividend yield for the trailing twelve months is around 1.33%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BABX GraniteShares 2x Long BABA Daily ETF	0.00%	0.00%	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 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

Can I hold both BABX and SPUU in my portfolio?

BABX and SPUU have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BABX or SPUU?

BABX has higher volatility (29.33%) compared to SPUU (5.60%). In terms of maximum drawdown, BABX dropped -70.62% vs SPUU's -59.35%.

Which ETF is better, BABX or SPUU?

On 3-year performance, SPUU leads with 38.69% vs 5.92% for BABX. 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.

Which ETF has performed better, BABX or SPUU?

Over the 3-year period, SPUU has performed better with a 38.69% return vs 5.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BABX or SPUU?

SPUU is cheaper with a 0.64% expense ratio, compared with 1.15% for BABX.

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

SPUU has the higher dividend yield at 1.33%, compared with 0.00% for BABX.

What is the main difference between BABX and SPUU?

They also come from different issuers: GraniteShares and Direxion. Their fees differ too: 1.15% for BABX and 0.64% for SPUU.

Which has better risk-adjusted returns?

SPUU currently has the higher Sharpe Ratio (2.29 vs -0.14), 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.