IWFL vs. SPUU

Last updated Apr 1, 2026

Compare and contrast key facts about ETRACS 2x Leveraged US Growth Factor TR ETN (IWFL) and Direxion Daily S&P 500 Bull 2x Shares (SPUU).

IWFL and SPUU are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IWFL is a passively managed fund by UBS that tracks the performance of the Russell 1000 Growth (200%). It was launched on Feb 5, 2021. SPUU is a passively managed fund by Direxion that tracks the performance of the S&P 500 Index (200%). It was launched on May 28, 2014. Both IWFL and SPUU are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

IWFL vs. SPUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS 2x Leveraged US Growth Factor TR ETN (IWFL) and Direxion Daily S&P 500 Bull 2x Shares (SPUU). The values are adjusted to include any dividend payments, if applicable.

IWFL vs. SPUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
IWFL ETRACS 2x Leveraged US Growth Factor TR ETN	-20.92%	18.54%	61.94%	84.47%	-55.71%	46.03%
SPUU Direxion Daily S&P 500 Bull 2x Shares	-8.72%	26.55%	44.25%	47.28%	-38.72%	50.65%

Returns By Period

In the year-to-date period, IWFL achieves a -20.92% return, which is significantly lower than SPUU's -8.72% return.

IWFL

• 1D: 8.62%
• 1M: -7.73%
• YTD: -20.92%
• 6M: -20.42%
• 1Y: 19.37%
• 3Y*: 29.85%
• 5Y*: 13.29%
• 10Y*: —

SPUU

• 1D: 1.43%
• 1M: -9.19%
• YTD: -8.72%
• 6M: -6.20%
• 1Y: 28.11%
• 3Y*: 29.46%
• 5Y*: 16.19%
• 10Y*: 21.84%

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

IWFL vs. SPUU - Expense Ratio Comparison

IWFL has a 0.95% expense ratio, which is higher than SPUU's 0.64% expense ratio.

IWFL

ETRACS 2x Leveraged US Growth Factor TR ETN

SPUU

Direxion Daily S&P 500 Bull 2x Shares

Return for Risk

IWFL vs. SPUU — Risk / Return Rank

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

IWFL

IWFL Risk / Return Rank: 28
IWFL Sharpe Ratio Rank: 22
IWFL Sortino Ratio Rank: 32
IWFL Omega Ratio Rank: 36
IWFL Calmar Ratio Rank: 26
IWFL Martin Ratio Rank: 25

SPUU

SPUU Risk / Return Rank: 46
SPUU Sharpe Ratio Rank: 40
SPUU Sortino Ratio Rank: 45
SPUU Omega Ratio Rank: 48
SPUU Calmar Ratio Rank: 46
SPUU Martin Ratio Rank: 53

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.

IWFL vs. SPUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS 2x Leveraged US Growth Factor TR ETN (IWFL) and Direxion Daily S&P 500 Bull 2x Shares (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.

	IWFL	SPUU	Difference
Sharpe ratio Return per unit of total volatility	0.35	0.78	-0.43
Sortino ratio Return per unit of downside risk	0.93	1.29	-0.37
Omega ratio Gain probability vs. loss probability	1.14	1.19	-0.05
Calmar ratio Return relative to maximum drawdown	0.60	1.25	-0.65
Martin ratio Return relative to average drawdown	1.92	5.36	-3.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IWFL vs. SPUU - Sharpe Ratio Comparison

The current IWFL Sharpe Ratio is 0.35, which is lower than the SPUU Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of IWFL and SPUU, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	IWFL	SPUU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.35	0.78	-0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	0.49	-0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.56	-0.30

Correlation

The correlation between IWFL and SPUU is 0.93, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

IWFL vs. SPUU - Dividend Comparison

IWFL has not paid dividends to shareholders, while SPUU's dividend yield for the trailing twelve months is around 1.76%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWFL ETRACS 2x Leveraged US Growth Factor TR ETN	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 Shares	1.76%	1.63%	0.55%	0.83%	0.88%	3.04%	8.03%	1.80%	5.50%	6.96%	8.08%	4.42%

Drawdowns

IWFL vs. SPUU - Drawdown Comparison

The maximum IWFL drawdown since its inception was -59.29%, roughly equal to the maximum SPUU drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for IWFL and SPUU.

Drawdown Indicators

	IWFL	SPUU	Difference
Max Drawdown Largest peak-to-trough decline	-59.29%	-59.35%	+0.06%
Max Drawdown (1Y) Largest decline over 1 year	-32.80%	-23.10%	-9.70%
Max Drawdown (5Y) Largest decline over 5 years	-59.29%	-46.59%	-12.70%
Max Drawdown (10Y) Largest decline over 10 years	—	-59.35%	—
Current Drawdown Current decline from peak	-27.01%	-12.15%	-14.86%
Average Drawdown Average peak-to-trough decline	-20.34%	-9.62%	-10.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.30%	5.41%	+4.89%

Volatility

IWFL vs. SPUU - Volatility Comparison

ETRACS 2x Leveraged US Growth Factor TR ETN (IWFL) has a higher volatility of 15.12% compared to Direxion Daily S&P 500 Bull 2x Shares (SPUU) at 10.73%. This indicates that IWFL'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

	IWFL	SPUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.12%	10.73%	+4.39%
Volatility (6M) Calculated over the trailing 6-month period	26.96%	19.20%	+7.76%
Volatility (1Y) Calculated over the trailing 1-year period	55.71%	36.23%	+19.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.77%	33.47%	+13.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.78%	35.72%	+11.06%