IWML vs. SPUU
IWML (ETRACS 2x Leveraged US Size Factor TR ETN) and SPUU (Direxion Daily S&P 500 Bull 2x Shares) are both Leveraged Equities funds - IWML tracks the Russell 2000 Index while SPUU tracks the S&P 500 Index (200%). Both are passively managed. Over the past 5 years, IWML returned 2.91%/yr vs 20.19%/yr for SPUU. A 0.79 correlation means they provide meaningful diversification when combined. IWML charges 0.95%/yr vs 0.64%/yr for SPUU.
Performance
IWML vs. SPUU - Performance Comparison
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Returns By Period
In the year-to-date period, IWML achieves a 32.65% return, which is significantly higher than SPUU's 19.82% return.
IWML
- 1D
- -2.04%
- 1M
- 6.57%
- YTD
- 32.65%
- 6M
- 29.46%
- 1Y
- 78.21%
- 3Y*
- 25.01%
- 5Y*
- 2.91%
- 10Y*
- —
SPUU
- 1D
- -1.27%
- 1M
- 10.01%
- YTD
- 19.82%
- 6M
- 19.11%
- 1Y
- 53.61%
- 3Y*
- 38.21%
- 5Y*
- 20.19%
- 10Y*
- 24.77%
IWML vs. SPUU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IWML ETRACS 2x Leveraged US Size Factor TR ETN | 32.65% | 9.64% | 15.70% | 22.31% | -41.80% | 2.08% |
SPUU Direxion Daily S&P 500 Bull 2x Shares | 19.82% | 26.55% | 44.25% | 47.28% | -38.72% | 50.65% |
Correlation
The correlation between IWML and SPUU is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021 | 0.79 |
The correlation between IWML and SPUU has been stable across timeframes, ranging from 0.74 to 0.79 - a consistent structural relationship.
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Return for Risk
IWML vs. SPUU — Risk / Return Rank
IWML
SPUU
IWML vs. SPUU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS 2x Leveraged US Size Factor TR ETN (IWML) 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.
| IWML | SPUU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.20 | ||
| Sortino ratioReturn per unit of downside risk | -0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.38 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 3.46 | 2.96 | +0.49 |
| Martin ratioReturn relative to average drawdown | 12.11 | 13.06 | -0.96 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IWML | SPUU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.05 | 2.26 | -0.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.06 | 0.61 | -0.54 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.69 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.08 | 0.63 | -0.55 |
Drawdowns
IWML vs. SPUU - Drawdown Comparison
The maximum IWML drawdown since its inception was -60.06%, roughly equal to the maximum SPUU drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for IWML and SPUU.
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Drawdown Indicators
| IWML | SPUU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.06% | -59.35% | -0.71% |
Max Drawdown (1Y)Largest decline over 1 year | -22.75% | -18.19% | -4.56% |
Max Drawdown (3Y)Largest decline over 3 years | -51.82% | -35.18% | -16.64% |
Max Drawdown (5Y)Largest decline over 5 years | -60.06% | -46.59% | -13.47% |
Max Drawdown (10Y)Largest decline over 10 years | — | -59.35% | — |
Current DrawdownCurrent decline from peak | -2.67% | -1.27% | -1.40% |
Average DrawdownAverage peak-to-trough decline | -31.91% | -9.51% | -22.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.48% | 4.12% | +2.36% |
Volatility
IWML vs. SPUU - Volatility Comparison
ETRACS 2x Leveraged US Size Factor TR ETN (IWML) has a higher volatility of 9.79% compared to Direxion Daily S&P 500 Bull 2x Shares (SPUU) at 5.71%. This indicates that IWML'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
| IWML | SPUU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.79% | 5.71% | +4.08% |
Volatility (6M)Calculated over the trailing 6-month period | 27.49% | 18.09% | +9.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.36% | 23.90% | +14.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.08% | 33.46% | +12.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.17% | 35.77% | +10.40% |
IWML vs. SPUU - Expense Ratio Comparison
IWML has a 0.95% expense ratio, which is higher than SPUU's 0.64% expense ratio.
Dividends
IWML vs. SPUU - Dividend Comparison
IWML has not paid dividends to shareholders, while SPUU's dividend yield for the trailing twelve months is around 1.34%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWML ETRACS 2x Leveraged US Size 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 | 1.34% | 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
IWML and SPUU have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IWML has higher volatility (9.79%) compared to SPUU (5.71%). In terms of maximum drawdown, IWML dropped -60.06% vs SPUU's -59.35%.
On 5-year performance, SPUU leads with 20.19% vs 2.91% for IWML. On fees, SPUU is cheaper at 0.64% per year. On volatility, SPUU has been the lower-risk option at 5.71%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPUU has performed better with a 20.19% return vs 2.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPUU is cheaper with a 0.64% expense ratio, compared with 0.95% for IWML.
SPUU has the higher dividend yield at 1.34%, compared with 0.00% for IWML.
IWML tracks Russell 2000 Index, while SPUU tracks S&P 500 Index (200%). They also come from different issuers: UBS and Direxion. Their fees differ too: 0.95% for IWML and 0.64% for SPUU.
SPUU currently has the higher Sharpe Ratio (2.26 vs 2.05), 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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