ISUL vs. SPUU

Last updated Jun 23, 2026

ISUL (GraniteShares 2X Long ISRG Daily ETF) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) are both Leveraged Equities funds. ISUL is actively managed, while SPUU is passively managed. A 0.52 correlation means they provide meaningful diversification when combined. ISUL charges 1.50%/yr vs 0.60%/yr for SPUU.

Performance

ISUL vs. SPUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2X Long ISRG Daily ETF (ISUL) 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, ISUL achieves a -53.66% return, which is significantly lower than SPUU's 16.72% return.

ISUL

• 1D: -2.21%
• 1M: -17.13%
• YTD: -53.66%
• 6M: -55.94%
• 1Y: —
• 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)

ISUL vs. SPUU - Yearly Performance Comparison

	2026 (YTD)	2025
ISUL GraniteShares 2X Long ISRG Daily ETF	-53.66%	55.46%
SPUU Direxion Daily S&P 500 Bull 2X ETF	16.72%	1.90%

Correlation

The correlation between ISUL and SPUU is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 7, 2025	0.52

Return for Risk

ISUL vs. SPUU — Risk / Return Rank

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

ISUL

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

ISUL vs. SPUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2X Long ISRG Daily ETF (ISUL) 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.

	ISUL	SPUU	Difference
Sharpe ratio: Return per unit of total volatility	—	2.01	—
Sortino ratio: Return per unit of downside risk	—	2.56	—
Omega ratio: Gain probability vs. loss probability	—	1.34	—
Calmar ratio: Return relative to maximum drawdown	—	2.77	—
Martin ratio: Return relative to average drawdown	—	11.83	—

Drawdowns

ISUL vs. SPUU - Drawdown Comparison

The maximum ISUL drawdown since its inception was -57.53%, roughly equal to the maximum SPUU drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for ISUL and SPUU.

Drawdown Indicators

	ISUL	SPUU	Difference
Max Drawdown Largest peak-to-trough decline	-57.53%	-59.35%	+1.82%
Max Drawdown (1Y) Largest decline over 1 year	—	-18.19%	—
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	-57.53%	-3.83%	-53.70%
Average Drawdown Average peak-to-trough decline	-26.06%	-9.48%	-16.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.25%	—

Volatility

Volatility by Period

	ISUL	SPUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.25%	—
Volatility (6M) Calculated over the trailing 6-month period	—	19.73%	—
Volatility (1Y) Calculated over the trailing 1-year period	65.96%	25.08%	+40.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	65.96%	33.65%	+32.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	65.96%	35.86%	+30.10%

ISUL vs. SPUU - Expense Ratio Comparison

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

Dividends

ISUL vs. SPUU - Dividend Comparison

ISUL 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
ISUL GraniteShares 2X Long ISRG 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	1.37%	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 ISUL and SPUU in my portfolio?

ISUL and SPUU have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ISUL or SPUU?

On fees, SPUU is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ISUL or SPUU?

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

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

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

What is the main difference between ISUL and SPUU?

They also come from different issuers: GraniteShares and Direxion. Their fees differ too: 1.50% for ISUL and 0.60% for SPUU.