BULZ vs. SPY

Last updated Jun 4, 2026

BULZ (MicroSectors Solactive FANG & Innovation 3X Leveraged ETN) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - BULZ is a Leveraged Equities fund tracking the Solactive FANG Innovation, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 3 years, BULZ returned 102.20%/yr vs 22.35%/yr for SPY. Their correlation of 0.87 suggests significant overlap in exposure. BULZ charges 0.95%/yr vs 0.09%/yr for SPY.

Performance

BULZ vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Solactive FANG & Innovation 3X Leveraged ETN (BULZ) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BULZ achieves a 100.89% return, which is significantly higher than SPY's 10.91% return.

BULZ

• 1D: -3.69%
• 1M: 48.46%
• YTD: 100.89%
• 6M: 88.97%
• 1Y: 258.75%
• 3Y*: 102.20%
• 5Y*: —
• 10Y*: —

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

BULZ vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BULZ MicroSectors Solactive FANG & Innovation 3X Leveraged ETN	100.89%	60.09%	54.09%	394.22%	-92.26%	12.62%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	8.87%

Correlation

The correlation between BULZ and SPY is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (All Time) Calculated using the full available price history since Aug 19, 2021	0.87

The correlation between BULZ and SPY has been stable across timeframes, ranging from 0.81 to 0.87 - a consistent structural relationship.

BULZ vs. SPY - Sectors Allocation Comparison

Sectors	BULZ	SPY
Technology	62.3%	35.9%
Communication Services	25.0%	11.3%
Consumer Cyclical	12.8%	10.3%
Basic Materials	-	1.8%
Consumer Defensive	-	4.8%
Energy	-	3.6%
Financial Services	-	11.8%
Healthcare	-	8.4%
Industrials	-	7.8%
Real Estate	-	1.9%
Utilities	-	2.4%

Return for Risk

BULZ vs. SPY — Risk / Return Rank

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

BULZ

BULZ Risk / Return Rank: 76
BULZ Sharpe Ratio Rank: 93
BULZ Sortino Ratio Rank: 67
BULZ Omega Ratio Rank: 68
BULZ Calmar Ratio Rank: 85
BULZ Martin Ratio Rank: 69

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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.

BULZ vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Solactive FANG & Innovation 3X Leveraged ETN (BULZ) and State Street SPDR S&P 500 ETF (SPY). 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.

	BULZ	SPY	Difference
Sharpe ratio: Return per unit of total volatility	3.51	2.38	+1.13
Sortino ratio: Return per unit of downside risk	3.13	3.24	-0.11
Omega ratio: Gain probability vs. loss probability	1.42	1.43	-0.01
Calmar ratio: Return relative to maximum drawdown	4.81	3.16	+1.64
Martin ratio: Return relative to average drawdown	12.88	14.72	-1.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BULZ vs. SPY - Sharpe Ratio Comparison

The current BULZ Sharpe Ratio is 3.51, which is higher than the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of BULZ and SPY, 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

	BULZ	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.51	2.38	+1.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.82	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.59	-0.40

Drawdowns

BULZ vs. SPY - Drawdown Comparison

The maximum BULZ drawdown since its inception was -94.44%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for BULZ and SPY.

Drawdown Indicators

	BULZ	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-94.44%	-55.19%	-39.25%
Max Drawdown (1Y) Largest decline over 1 year	-54.22%	-8.88%	-45.34%
Max Drawdown (3Y) Largest decline over 3 years	-67.96%	-18.76%	-49.20%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-5.35%	-0.70%	-4.65%
Average Drawdown Average peak-to-trough decline	-58.42%	-9.05%	-49.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.19%	1.91%	+18.28%

Volatility

BULZ vs. SPY - Volatility Comparison

MicroSectors Solactive FANG & Innovation 3X Leveraged ETN (BULZ) has a higher volatility of 22.49% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that BULZ's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BULZ	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.49%	2.84%	+19.65%
Volatility (6M) Calculated over the trailing 6-month period	56.86%	8.90%	+47.96%
Volatility (1Y) Calculated over the trailing 1-year period	74.35%	11.83%	+62.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	91.23%	17.05%	+74.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	91.23%	17.94%	+73.29%

BULZ vs. SPY - Expense Ratio Comparison

BULZ has a 0.95% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

BULZ vs. SPY - Dividend Comparison

BULZ has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 0.98%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BULZ MicroSectors Solactive FANG & Innovation 3X Leveraged ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both BULZ and SPY in my portfolio?

BULZ and SPY have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BULZ or SPY?

BULZ has higher volatility (22.49%) compared to SPY (2.84%). In terms of maximum drawdown, BULZ dropped -94.44% vs SPY's -55.19%.

Which ETF is better, BULZ or SPY?

On 3-year performance, BULZ leads with 102.20% vs 22.35% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BULZ or SPY?

Over the 3-year period, BULZ has performed better with a 102.20% return vs 22.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BULZ or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.95% for BULZ.

Which ETF pays a higher dividend yield, BULZ or SPY?

SPY has the higher dividend yield at 0.98%, compared with 0.00% for BULZ.

What is the main difference between BULZ and SPY?

BULZ is categorized as Leveraged Equities, while SPY is S&P 500. BULZ tracks Solactive FANG Innovation, while SPY tracks S&P 500 Index. They also come from different issuers: BMO and State Street. Their fees differ too: 0.95% for BULZ and 0.09% for SPY.

Which has better risk-adjusted returns?

BULZ currently has the higher Sharpe Ratio (3.51 vs 2.38), 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.