GGLS vs. SPUU
GGLS (Direxion Daily GOOGL Bear 1X Shares) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) are both exchange-traded funds - GGLS is a Inverse Equities fund tracking the Alphabet Inc. Class A (--100%), while SPUU is a Leveraged Equities fund tracking the S&P 500 Index (200% Daily). Both are passively managed. Over the past 3 years, GGLS returned -31.32%/yr vs 33.35%/yr for SPUU. At a correlation of -0.62, they often move in opposite directions. GGLS charges 1.09%/yr vs 0.60%/yr for SPUU.
Performance
GGLS vs. SPUU - Performance Comparison
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Returns By Period
In the year-to-date period, GGLS achieves a -14.98% return, which is significantly lower than SPUU's 18.57% return.
GGLS
- 1D
- -2.08%
- 1M
- -0.32%
- 6M
- -8.79%
- YTD
- -14.98%
- 1Y
- -51.51%
- 3Y*
- -31.32%
- 5Y*
- —
- 10Y*
- —
SPUU
- 1D
- 0.61%
- 1M
- 2.60%
- 6M
- 14.73%
- YTD
- 18.57%
- 1Y
- 38.47%
- 3Y*
- 33.35%
- 5Y*
- 18.49%
- 10Y*
- 23.96%
GGLS vs. SPUU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GGLS Direxion Daily GOOGL Bear 1X Shares | -14.98% | -42.64% | -26.50% | -37.72% | 19.63% |
SPUU Direxion Daily S&P 500 Bull 2X ETF | 18.57% | 26.55% | 44.25% | 47.28% | -5.84% |
Correlation
The correlation between GGLS and SPUU is -0.59, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.59 |
Correlation (All Time) Calculated using the full available price history since Sep 7, 2022 | -0.62 |
The correlation between GGLS and SPUU has been stable across timeframes, ranging from -0.62 to -0.59 - a consistent structural relationship.
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Return for Risk
GGLS vs. SPUU — Risk / Return Rank
GGLS
SPUU
GGLS vs. SPUU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily GOOGL Bear 1X Shares (GGLS) 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.
| GGLS | SPUU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.26 | ||
| Sortino ratioReturn per unit of downside risk | -4.74 | ||
| Omega ratioGain probability vs. loss probability | 0.67 | 1.27 | -0.60 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 2.13 | -3.04 |
| Martin ratioReturn relative to average drawdown | -1.29 | 8.81 | -10.09 |
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Drawdowns
GGLS vs. SPUU - Drawdown Comparison
The maximum GGLS drawdown since its inception was -81.24%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for GGLS and SPUU.
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Drawdown Indicators
| GGLS | SPUU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.24% | -59.35% | -21.89% |
Max Drawdown (1Y)Largest decline over 1 year | -56.40% | -18.19% | -38.21% |
Max Drawdown (3Y)Largest decline over 3 years | -72.36% | -35.18% | -37.18% |
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 | -79.11% | -2.31% | -76.80% |
Average DrawdownAverage peak-to-trough decline | -47.71% | -9.46% | -38.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.03% | 4.38% | +35.65% |
Volatility
GGLS vs. SPUU - Volatility Comparison
Direxion Daily GOOGL Bear 1X Shares (GGLS) has a higher volatility of 9.67% compared to Direxion Daily S&P 500 Bull 2X ETF (SPUU) at 7.57%. This indicates that GGLS'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
| GGLS | SPUU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.67% | 7.57% | +2.10% |
Volatility (6M)Calculated over the trailing 6-month period | 22.75% | 20.10% | +2.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.95% | 25.25% | +4.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.28% | 33.69% | -2.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.28% | 35.76% | -4.48% |
GGLS vs. SPUU - Expense Ratio Comparison
GGLS has a 1.09% expense ratio, which is higher than SPUU's 0.60% expense ratio.
Dividends
GGLS vs. SPUU - Dividend Comparison
GGLS's dividend yield for the trailing twelve months is around 3.00%, more than SPUU's 1.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GGLS Direxion Daily GOOGL Bear 1X Shares | 3.00% | 4.87% | 4.31% | 5.80% | 0.20% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPUU Direxion Daily S&P 500 Bull 2X ETF | 1.32% | 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
GGLS and SPUU have a correlation of -0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GGLS has higher volatility (9.67%) compared to SPUU (7.57%). In terms of maximum drawdown, GGLS dropped -81.24% vs SPUU's -59.35%.
On 3-year performance, SPUU leads with 33.35% vs -31.32% for GGLS. On fees, SPUU is cheaper at 0.60% per year. On volatility, SPUU has been the lower-risk option at 7.57%. 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 33.35% return vs -31.32%. 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 1.09% for GGLS.
GGLS has the higher dividend yield at 3.00%, compared with 1.32% for SPUU.
GGLS is categorized as Inverse Equities, while SPUU is Leveraged Equities. GGLS tracks Alphabet Inc. Class A (--100%), while SPUU tracks S&P 500 Index (200% Daily). Their fees differ too: 1.09% for GGLS and 0.60% for SPUU.
SPUU currently has the higher Sharpe Ratio (1.53 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.
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