CARU vs. SPUU
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 3 years, CARU returned -13.48%/yr vs 31.33%/yr for SPUU. Their 0.67 correlation means they have sometimes moved together and sometimes differently. CARU charges 0.95%/yr vs 0.60%/yr for SPUU.
Performance
CARU vs. SPUU - Performance Comparison
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Returns By Period
In the year-to-date period, CARU achieves a -27.45% return, which is significantly lower than SPUU's 16.72% return.
CARU
- 1D
- -3.38%
- 1M
- -7.81%
- 6M
- -26.28%
- YTD
- -27.45%
- 1Y
- -15.02%
- 3Y*
- -13.48%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -4.50%
SPUU
- 1D
- 1.52%
- 1M
- 0.24%
- 6M
- 14.02%
- YTD
- 16.72%
- 1Y
- 38.14%
- 3Y*
- 31.33%
- 5Y*
- 17.73%
- 10Y*
- 23.82%
- ALL TIME*
- 21.37%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $54.57K | $33.91K | $20.26K | |
| $4.20M | $4.55M | $4.33M |
CARU vs. SPUU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CARU Max Auto Industry 3X Leveraged ETN | -27.45% | 7.29% | 23.44% | -9.74% |
SPUU Direxion Daily S&P 500 Bull 2X ETF | 16.72% | 26.55% | 44.25% | 15.72% |
Correlation
The correlation between CARU and SPUU is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.66 |
Correlation (3Y) Balances recent behavior with more history. | 0.67 |
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 0.66 to 0.67 - a consistent structural relationship.
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Return for Risk
CARU vs. SPUU — Risk / Return Rank
CARU
SPUU
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 ratioReturn per unit of total volatility | -1.57 | ||
| Sortino ratioReturn per unit of downside risk | -1.71 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.23 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | -0.37 | 1.85 | -2.22 |
| Martin ratioReturn relative to average drawdown | -0.67 | 7.47 | -8.14 |
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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.
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Drawdown Indicators
| CARU | SPUU | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 | -59.03% | -35.18% | -23.85% |
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 | -42.71% | -3.83% | -38.88% |
Average DrawdownAverage peak-to-trough decline | -36.14% | -9.44% | -26.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.21% | 4.51% | +23.70% |
Volatility
CARU vs. SPUU - Volatility Comparison
Max Auto Industry 3X Leveraged ETN (CARU) has a higher volatility of 23.56% compared to Direxion Daily S&P 500 Bull 2X ETF (SPUU) at 7.10%. 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.
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Volatility by Period
| CARU | SPUU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.56% | 7.10% | +16.46% |
Volatility (6M)Calculated over the trailing 6-month period | 54.90% | 20.38% | +34.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 71.83% | 25.88% | +45.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 80.20% | 33.70% | +46.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 80.20% | 35.79% | +44.41% |
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 1.34%.
| 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 | 1.34% | 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
CARU and SPUU have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CARU has higher volatility (23.56%) compared to SPUU (7.10%). In terms of maximum drawdown, CARU dropped -66.44% vs SPUU's -59.35%.
On 3-year performance, SPUU leads with 31.33% vs -13.48% for CARU. On fees, SPUU is cheaper at 0.60% per year. On volatility, SPUU has been the lower-risk option at 7.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SPUU has performed better with a 31.33% return vs -13.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPUU is cheaper with a 0.60% expense ratio, compared with 0.95% for CARU.
SPUU has the higher dividend yield at 1.34%, compared with 0.00% for CARU.
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.
SPUU currently has the higher Sharpe Ratio (1.30 vs -0.26), 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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