CVNX vs. SPUU

Last updated Jun 23, 2026

CVNX (Defiance Daily Target 2X Long CVNA ETF) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) are both Leveraged Equities funds. CVNX is actively managed, while SPUU is passively managed. Over the past year, CVNX returned -27.67% vs 50.08% for SPUU. At a 0.40 correlation, their price movements are largely independent. CVNX charges 1.31%/yr vs 0.60%/yr for SPUU.

Performance

CVNX vs. SPUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long CVNA ETF (CVNX) 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, CVNX achieves a -46.52% return, which is significantly lower than SPUU's 16.72% return.

CVNX

• 1D: 0.00%
• 1M: 2.52%
• YTD: -46.52%
• 6M: -49.11%
• 1Y: -27.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPUU

• 1D: -0.68%
• 1M: -0.31%
• YTD: 16.72%
• 6M: 15.35%
• 1Y: 50.08%
• 3Y*: 35.65%
• 5Y*: 19.41%
• 10Y*: 25.18%

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

CVNX vs. SPUU - Yearly Performance Comparison

	2026 (YTD)	2025
CVNX Defiance Daily Target 2X Long CVNA ETF	-46.52%	29.94%
SPUU Direxion Daily S&P 500 Bull 2X ETF	16.72%	31.63%

Correlation

The correlation between CVNX and SPUU is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (All Time) Calculated using the full available price history since May 29, 2025	0.40

Return for Risk

CVNX vs. SPUU — Risk / Return Rank

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

CVNX

CVNX Risk / Return Rank: 8
CVNX Sharpe Ratio Rank: 6
CVNX Sortino Ratio Rank: 11
CVNX Omega Ratio Rank: 11
CVNX Calmar Ratio Rank: 5
CVNX Martin Ratio Rank: 6

SPUU

SPUU Risk / Return Rank: 60
SPUU Sharpe Ratio Rank: 63
SPUU Sortino Ratio Rank: 55
SPUU Omega Ratio Rank: 57
SPUU Calmar Ratio Rank: 58
SPUU Martin Ratio Rank: 66

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.

CVNX vs. SPUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long CVNA ETF (CVNX) 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.

	CVNX	SPUU	Difference
Sharpe ratio: Return per unit of total volatility	-0.24	2.01	-2.25
Sortino ratio: Return per unit of downside risk	0.45	2.56	-2.12
Omega ratio: Gain probability vs. loss probability	1.06	1.34	-0.28
Calmar ratio: Return relative to maximum drawdown	-0.40	2.77	-3.17
Martin ratio: Return relative to average drawdown	-0.73	11.83	-12.56

CVNX vs. SPUU - Sharpe Ratio Comparison

The current CVNX Sharpe Ratio is -0.24, which is lower than the SPUU Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of CVNX 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

CVNX vs. SPUU - Drawdown Comparison

The maximum CVNX drawdown since its inception was -69.62%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for CVNX and SPUU.

Drawdown Indicators

	CVNX	SPUU	Difference
Max Drawdown Largest peak-to-trough decline	-69.62%	-59.35%	-10.27%
Max Drawdown (1Y) Largest decline over 1 year	-69.62%	-18.19%	-51.43%
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	-57.59%	-3.83%	-53.76%
Average Drawdown Average peak-to-trough decline	-30.69%	-9.48%	-21.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.05%	4.25%	+33.80%

Volatility

CVNX vs. SPUU - Volatility Comparison

Defiance Daily Target 2X Long CVNA ETF (CVNX) has a higher volatility of 26.57% compared to Direxion Daily S&P 500 Bull 2X ETF (SPUU) at 9.25%. This indicates that CVNX'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

	CVNX	SPUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.57%	9.25%	+17.32%
Volatility (6M) Calculated over the trailing 6-month period	84.77%	19.73%	+65.04%
Volatility (1Y) Calculated over the trailing 1-year period	116.97%	25.08%	+91.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	115.85%	33.65%	+82.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	115.85%	35.86%	+79.99%

CVNX vs. SPUU - Expense Ratio Comparison

CVNX has a 1.31% expense ratio, which is higher than SPUU's 0.60% expense ratio.

Dividends

CVNX vs. SPUU - Dividend Comparison

CVNX has not paid dividends to shareholders, while SPUU's dividend yield for the trailing twelve months is around 1.37%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CVNX Defiance Daily Target 2X Long CVNA 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 ETF	1.37%	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 CVNX and SPUU in my portfolio?

CVNX and SPUU have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CVNX or SPUU?

CVNX has higher volatility (26.57%) compared to SPUU (9.25%). In terms of maximum drawdown, CVNX dropped -69.62% vs SPUU's -59.35%.

Which ETF is better, CVNX or SPUU?

On 1-year performance, SPUU leads with 50.08% vs -27.67% for CVNX. On fees, SPUU is cheaper at 0.60% per year. On volatility, SPUU has been the lower-risk option at 9.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVNX or SPUU?

Over the 1-year period, SPUU has performed better with a 50.08% return vs -27.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVNX or SPUU?

SPUU is cheaper with a 0.60% expense ratio, compared with 1.31% for CVNX.

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

SPUU has the higher dividend yield at 1.37%, compared with 0.00% for CVNX.

What is the main difference between CVNX and SPUU?

They also come from different issuers: Defiance and Direxion. Their fees differ too: 1.31% for CVNX and 0.60% for SPUU.

Which has better risk-adjusted returns?

SPUU currently has the higher Sharpe Ratio (2.01 vs -0.24), 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.