DLLL vs. SPUU

Last updated Jun 24, 2026

DLLL (GraniteShares 2x Long DELL Daily ETF) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) are both Leveraged Equities funds - DLLL tracks the Dell Technologies Inc. (DELL) while SPUU tracks the S&P 500 Index (200% Daily). Both are passively managed. Over the past year, DLLL returned 765.95% vs 43.00% for SPUU. A 0.52 correlation means they provide meaningful diversification when combined. DLLL charges 1.50%/yr vs 0.60%/yr for SPUU.

Performance

DLLL vs. SPUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long DELL Daily ETF (DLLL) 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, DLLL achieves a 762.51% return, which is significantly higher than SPUU's 13.33% return.

DLLL

• 1D: 4.21%
• 1M: 89.37%
• YTD: 762.51%
• 6M: 738.64%
• 1Y: 765.95%
• 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)

DLLL vs. SPUU - Yearly Performance Comparison

	2026 (YTD)	2025
DLLL GraniteShares 2x Long DELL Daily ETF	762.51%	-3.72%
SPUU Direxion Daily S&P 500 Bull 2X ETF	13.33%	20.57%

Correlation

The correlation between DLLL and SPUU is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (All Time) Calculated using the full available price history since Feb 13, 2025	0.52

The correlation between DLLL and SPUU has been stable across timeframes, ranging from 0.46 to 0.52 - a consistent structural relationship.

DLLL vs. SPUU - Sectors Allocation Comparison

Sectors	DLLL	SPUU
Technology	66.6%	39.0%
Basic Materials	-	1.7%
Communication Services	-	10.6%
Consumer Cyclical	-	9.9%
Consumer Defensive	-	4.5%
Energy	-	3.1%
Financial Services	-	11.1%
Healthcare	-	8.3%
Industrials	-	7.8%
Real Estate	-	1.8%
Utilities	-	2.1%

Return for Risk

DLLL vs. SPUU — Risk / Return Rank

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

DLLL

DLLL Risk / Return Rank: 96
DLLL Sharpe Ratio Rank: 99
DLLL Sortino Ratio Rank: 94
DLLL Omega Ratio Rank: 92
DLLL Calmar Ratio Rank: 98
DLLL Martin Ratio Rank: 95

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.

DLLL vs. SPUU - Risk-Adjusted Trends Comparison

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

	DLLL	SPUU	Difference
Sharpe ratio: Return per unit of total volatility	5.91	1.72	+4.19
Sortino ratio: Return per unit of downside risk	4.55	2.25	+2.30
Omega ratio: Gain probability vs. loss probability	1.56	1.30	+0.26
Calmar ratio: Return relative to maximum drawdown	13.52	2.38	+11.15
Martin ratio: Return relative to average drawdown	27.52	10.11	+17.42

DLLL vs. SPUU - Sharpe Ratio Comparison

The current DLLL Sharpe Ratio is 5.91, which is higher than the SPUU Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of DLLL 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

DLLL vs. SPUU - Drawdown Comparison

The maximum DLLL drawdown since its inception was -68.58%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for DLLL and SPUU.

Drawdown Indicators

	DLLL	SPUU	Difference
Max Drawdown Largest peak-to-trough decline	-68.58%	-59.35%	-9.23%
Max Drawdown (1Y) Largest decline over 1 year	-57.19%	-18.19%	-39.00%
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	-18.41%	-6.62%	-11.79%
Average Drawdown Average peak-to-trough decline	-25.86%	-9.48%	-16.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.05%	4.27%	+23.78%

Volatility

DLLL vs. SPUU - Volatility Comparison

GraniteShares 2x Long DELL Daily ETF (DLLL) has a higher volatility of 66.89% compared to Direxion Daily S&P 500 Bull 2X ETF (SPUU) at 9.70%. This indicates that DLLL'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

	DLLL	SPUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	66.89%	9.70%	+57.19%
Volatility (6M) Calculated over the trailing 6-month period	102.56%	19.93%	+82.63%
Volatility (1Y) Calculated over the trailing 1-year period	131.00%	25.22%	+105.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	129.67%	33.67%	+96.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	129.67%	35.81%	+93.86%

DLLL vs. SPUU - Expense Ratio Comparison

DLLL has a 1.50% expense ratio, which is higher than SPUU's 0.60% expense ratio.

Dividends

DLLL vs. SPUU - Dividend Comparison

DLLL 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
DLLL GraniteShares 2x Long DELL 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 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 DLLL and SPUU in my portfolio?

DLLL and SPUU have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DLLL or SPUU?

DLLL has higher volatility (66.89%) compared to SPUU (9.70%). In terms of maximum drawdown, DLLL dropped -68.58% vs SPUU's -59.35%.

Which ETF is better, DLLL or SPUU?

On 1-year performance, DLLL leads with 765.95% vs 43.00% for SPUU. 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, DLLL or SPUU?

Over the 1-year period, DLLL has performed better with a 765.95% return vs 43.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DLLL or SPUU?

SPUU is cheaper with a 0.60% expense ratio, compared with 1.50% for DLLL.

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

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

What is the main difference between DLLL and SPUU?

DLLL tracks Dell Technologies Inc. (DELL), while SPUU tracks S&P 500 Index (200% Daily). They also come from different issuers: GraniteShares and Direxion. Their fees differ too: 1.50% for DLLL and 0.60% for SPUU.

Which has better risk-adjusted returns?

DLLL currently has the higher Sharpe Ratio (5.91 vs 1.72), 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.