EET vs. SPUU

Last updated Aug 6, 2026

EET (ProShares Ultra MSCI Emerging Markets) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) are both Leveraged Equities funds - EET tracks the MSCI Emerging Markets Index (200%) while SPUU tracks the S&P 500 Index (200% Daily). Both are passively managed. Over the past 10 years, EET returned 7.71%/yr vs 24.23%/yr for SPUU. Their 0.67 correlation means they have sometimes moved together and sometimes differently. EET charges 0.95%/yr vs 0.60%/yr for SPUU.

Performance

EET vs. SPUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra MSCI Emerging Markets (EET) 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, EET achieves a 33.73% return, which is significantly higher than SPUU's 23.91% return. Over the past 10 years, EET has underperformed SPUU with an annualized return of 7.71%, while SPUU has yielded a comparatively higher 24.23% annualized return.

EET

• 1D: 0.24%
• 1M: -6.70%
• 6M: 16.89%
• YTD: 33.73%
• 1Y: 66.99%
• 3Y*: 30.04%
• 5Y*: 4.24%
• 10Y*: 7.71%
• ALL TIME*: 4.39%

SPUU

• 1D: -0.36%
• 1M: 4.55%
• 6M: 22.96%
• YTD: 23.91%
• 1Y: 43.76%
• 3Y*: 36.03%
• 5Y*: 18.72%
• 10Y*: 24.23%
• ALL TIME*: 21.94%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EET ProShares Ultra MSCI Emerging Markets	$623.17K	$1.18M	$1.55M
SPUU Direxion Daily S&P 500 Bull 2X ETF	$5.27M	$4.83M	$4.60M

EET vs. SPUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EET ProShares Ultra MSCI Emerging Markets	33.73%	63.14%	2.88%	7.06%	-43.07%	-10.93%	18.92%	31.87%	-33.84%	82.41%
SPUU Direxion Daily S&P 500 Bull 2X ETF	23.91%	26.55%	44.25%	47.28%	-38.72%	61.27%	21.85%	66.84%	-14.59%	44.33%

Correlation

The correlation between EET and SPUU is 0.77, 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.	0.77
Correlation (3Y) Balances recent behavior with more history.	0.67
Correlation (5Y) Shows whether the relationship held over a longer period.	0.66
Correlation (10Y) Provides a long-term view across more market conditions.	0.66
Correlation (All Time) Calculated using the full available price history since Jun 6, 2014	0.67

The correlation between EET and SPUU shifts across timeframes, from 0.66 (10 years) to 0.77 (1 year), reflecting how their relationship changes across market environments.

EET vs. SPUU - Sectors Allocation Comparison

Sectors	EET	SPUU
Financial Services	57.7%	5.5%
Basic Materials	-	0.8%
Communication Services	-	4.2%
Consumer Cyclical	-	3.9%
Consumer Defensive	-	2.1%
Energy	-	1.5%
Healthcare	-	4.1%
Industrials	-	3.5%
Real Estate	-	0.9%
Technology	-	17.0%
Utilities	-	1.2%

Return for Risk

EET vs. SPUU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EET

EET Risk / Return Rank: 51
EET Sharpe Ratio Rank: 48
EET Sortino Ratio Rank: 45
EET Omega Ratio Rank: 50
EET Calmar Ratio Rank: 61
EET Martin Ratio Rank: 53

SPUU

SPUU Risk / Return Rank: 62
SPUU Sharpe Ratio Rank: 63
SPUU Sortino Ratio Rank: 58
SPUU Omega Ratio Rank: 58
SPUU Calmar Ratio Rank: 60
SPUU Martin Ratio Rank: 70

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EET vs. SPUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI Emerging Markets (EET) 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.

	EET	SPUU	Difference
Sharpe ratio: Return per unit of total volatility	1.37	1.70	-0.34
Sortino ratio: Return per unit of downside risk	1.87	2.26	-0.39
Omega ratio: Gain probability vs. loss probability	1.26	1.29	-0.03
Calmar ratio: Return relative to maximum drawdown	2.45	2.42	+0.04
Martin ratio: Return relative to average drawdown	7.05	9.75	-2.70

EET vs. SPUU - Sharpe Ratio Comparison

The current EET Sharpe Ratio is 1.37, which is comparable to the SPUU Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of EET 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

EET vs. SPUU - Drawdown Comparison

The maximum EET drawdown since its inception was -71.66%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for EET and SPUU.

Drawdown Indicators

	EET	SPUU	Difference
Max Drawdown Largest peak-to-trough decline	-71.66%	-59.35%	-12.31%
Max Drawdown (1Y) Largest decline over 1 year	-27.43%	-18.19%	-9.24%
Max Drawdown (3Y) Largest decline over 3 years	-34.89%	-35.18%	+0.29%
Max Drawdown (5Y) Largest decline over 5 years	-61.36%	-46.59%	-14.77%
Max Drawdown (10Y) Largest decline over 10 years	-69.07%	-59.35%	-9.72%
Current Drawdown Current decline from peak	-16.02%	-0.36%	-15.66%
Average Drawdown Average peak-to-trough decline	-37.03%	-9.43%	-27.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.53%	4.50%	+5.03%

Volatility

EET vs. SPUU - Volatility Comparison

ProShares Ultra MSCI Emerging Markets (EET) has a higher volatility of 17.65% compared to Direxion Daily S&P 500 Bull 2X ETF (SPUU) at 8.12%. This indicates that EET'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

	EET	SPUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.65%	8.12%	+9.53%
Volatility (6M) Calculated over the trailing 6-month period	45.25%	20.70%	+24.55%
Volatility (1Y) Calculated over the trailing 1-year period	49.29%	25.84%	+23.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.82%	33.76%	+6.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.31%	35.81%	+5.50%

EET vs. SPUU - Expense Ratio Comparison

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

Dividends

EET vs. SPUU - Dividend Comparison

EET's dividend yield for the trailing twelve months is around 1.50%, more than SPUU's 1.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EET ProShares Ultra MSCI Emerging Markets	1.50%	1.82%	3.85%	2.14%	0.00%	0.00%	0.01%	1.40%	0.16%	0.00%	0.00%	0.00%
SPUU Direxion Daily S&P 500 Bull 2X ETF	1.27%	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 EET and SPUU in my portfolio?

EET and SPUU have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EET or SPUU?

EET has higher volatility (17.65%) compared to SPUU (8.12%). In terms of maximum drawdown, EET dropped -71.66% vs SPUU's -59.35%.

Which ETF is better, EET or SPUU?

On 10-year performance, SPUU leads with 24.23% vs 7.71% for EET. On fees, SPUU is cheaper at 0.60% per year. On volatility, SPUU has been the lower-risk option at 8.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EET or SPUU?

Over the 10-year period, SPUU has performed better with a 24.23% return vs 7.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EET or SPUU?

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

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

EET has the higher dividend yield at 1.50%, compared with 1.27% for SPUU.

What is the main difference between EET and SPUU?

EET tracks MSCI Emerging Markets Index (200%), while SPUU tracks S&P 500 Index (200% Daily). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for EET and 0.60% for SPUU.

Which has better risk-adjusted returns?

SPUU currently has the higher Sharpe Ratio (1.70 vs 1.37), 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.