CARU vs. SPUU

Last updated Jun 24, 2026

CARU (Max Auto Industry 3X Leveraged ETN) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) are both Leveraged Equities funds - CARU tracks the Prime Auto Industry Index - Benchmark TR Net (--300%) while SPUU tracks the S&P 500 Index (200% Daily). Both are passively managed. Over the past year, CARU returned -22.74% vs 43.00% for SPUU. A 0.67 correlation means they provide meaningful diversification when combined. CARU charges 0.95%/yr vs 0.60%/yr for SPUU.

Performance

CARU vs. SPUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Max Auto Industry 3X Leveraged ETN (CARU) 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, CARU achieves a -32.53% return, which is significantly lower than SPUU's 13.33% return.

CARU

• 1D: -3.02%
• 1M: -9.49%
• YTD: -32.53%
• 6M: -39.00%
• 1Y: -22.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPUU

• 1D: -2.91%
• 1M: -3.20%
• YTD: 13.33%
• 6M: 10.95%
• 1Y: 43.00%
• 3Y*: 34.33%
• 5Y*: 18.44%
• 10Y*: 24.81%

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

CARU vs. SPUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CARU Max Auto Industry 3X Leveraged ETN	-32.53%	7.29%	23.44%	-9.74%
SPUU Direxion Daily S&P 500 Bull 2X ETF	13.33%	26.55%	44.25%	15.72%

Correlation

The correlation between CARU and SPUU is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (All Time) Calculated using the full available price history since Jun 28, 2023	0.67

The correlation between CARU and SPUU has been stable across timeframes, ranging from 0.67 to 0.69 - a consistent structural relationship.

Return for Risk

CARU vs. SPUU — Risk / Return Rank

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

CARU

CARU Risk / Return Rank: 6
CARU Sharpe Ratio Rank: 6
CARU Sortino Ratio Rank: 7
CARU Omega Ratio Rank: 7
CARU Calmar Ratio Rank: 5
CARU Martin Ratio Rank: 5

SPUU

SPUU Risk / Return Rank: 51
SPUU Sharpe Ratio Rank: 52
SPUU Sortino Ratio Rank: 47
SPUU Omega Ratio Rank: 48
SPUU Calmar Ratio Rank: 50
SPUU Martin Ratio Rank: 59

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.

CARU vs. SPUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Max Auto Industry 3X Leveraged ETN (CARU) 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.

	CARU	SPUU	Difference
Sharpe ratio: Return per unit of total volatility	-0.33	1.72	-2.04
Sortino ratio: Return per unit of downside risk	-0.03	2.25	-2.28
Omega ratio: Gain probability vs. loss probability	1.00	1.30	-0.30
Calmar ratio: Return relative to maximum drawdown	-0.45	2.38	-2.82
Martin ratio: Return relative to average drawdown	-0.89	10.11	-11.00

CARU vs. SPUU - Sharpe Ratio Comparison

The current CARU Sharpe Ratio is -0.33, which is lower than the SPUU Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of CARU 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.

Drawdowns

CARU vs. SPUU - Drawdown Comparison

The maximum CARU drawdown since its inception was -66.44%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for CARU and SPUU.

Drawdown Indicators

	CARU	SPUU	Difference
Max Drawdown Largest peak-to-trough decline	-66.44%	-59.35%	-7.09%
Max Drawdown (1Y) Largest decline over 1 year	-50.87%	-18.19%	-32.68%
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	-46.72%	-6.62%	-40.10%
Average Drawdown Average peak-to-trough decline	-35.96%	-9.48%	-26.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.49%	4.27%	+21.22%

Volatility

CARU vs. SPUU - Volatility Comparison

Max Auto Industry 3X Leveraged ETN (CARU) has a higher volatility of 24.02% compared to Direxion Daily S&P 500 Bull 2X ETF (SPUU) at 9.70%. This indicates that CARU'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

	CARU	SPUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.02%	9.70%	+14.32%
Volatility (6M) Calculated over the trailing 6-month period	52.55%	19.93%	+32.62%
Volatility (1Y) Calculated over the trailing 1-year period	69.98%	25.22%	+44.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.42%	33.67%	+46.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.42%	35.81%	+44.61%

CARU vs. SPUU - Expense Ratio Comparison

CARU has a 0.95% expense ratio, which is higher than SPUU's 0.60% expense ratio.

Dividends

CARU vs. SPUU - Dividend Comparison

CARU has not paid dividends to shareholders, while SPUU's dividend yield for the trailing twelve months is around 1.42%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CARU Max Auto Industry 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%
SPUU Direxion Daily S&P 500 Bull 2X ETF	1.42%	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 CARU and SPUU in my portfolio?

CARU and SPUU have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CARU or SPUU?

CARU has higher volatility (24.02%) compared to SPUU (9.70%). In terms of maximum drawdown, CARU dropped -66.44% vs SPUU's -59.35%.

Which ETF is better, CARU or SPUU?

On 1-year performance, SPUU leads with 43.00% vs -22.74% for CARU. On fees, SPUU is cheaper at 0.60% per year. On volatility, SPUU has been the lower-risk option at 9.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CARU or SPUU?

Over the 1-year period, SPUU has performed better with a 43.00% return vs -22.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CARU or SPUU?

SPUU is cheaper with a 0.60% expense ratio, compared with 0.95% for CARU.

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

SPUU has the higher dividend yield at 1.42%, compared with 0.00% for CARU.

What is the main difference between CARU and SPUU?

CARU tracks Prime Auto Industry Index - Benchmark TR Net (--300%), while SPUU tracks S&P 500 Index (200% Daily). They also come from different issuers: Max and Direxion. Their fees differ too: 0.95% for CARU and 0.60% for SPUU.

Which has better risk-adjusted returns?

SPUU currently has the higher Sharpe Ratio (1.72 vs -0.33), 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.