KBAB vs. SPUU

Last updated Jun 5, 2026

KBAB (KraneShares 2x Long BABA Daily ETF) and SPUU (Direxion Daily S&P 500 Bull 2x Shares) are both Leveraged Equities funds. KBAB is actively managed, while SPUU is passively managed. Over the past year, KBAB returned -12.41% vs 54.50% for SPUU. At a 0.38 correlation, their price movements are largely independent. KBAB charges 1.00%/yr vs 0.64%/yr for SPUU.

Performance

KBAB vs. SPUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares 2x Long BABA Daily ETF (KBAB) and Direxion Daily S&P 500 Bull 2x Shares (SPUU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KBAB achieves a -34.51% return, which is significantly lower than SPUU's 20.66% return.

KBAB

• 1D: -2.24%
• 1M: -11.65%
• YTD: -34.51%
• 6M: -43.88%
• 1Y: -12.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPUU

• 1D: 0.70%
• 1M: 9.03%
• YTD: 20.66%
• 6M: 19.95%
• 1Y: 54.50%
• 3Y*: 38.69%
• 5Y*: 20.36%
• 10Y*: 24.74%

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

KBAB vs. SPUU - Yearly Performance Comparison

	2026 (YTD)	2025
KBAB KraneShares 2x Long BABA Daily ETF	-34.51%	-7.77%
SPUU Direxion Daily S&P 500 Bull 2x Shares	20.66%	41.41%

Correlation

The correlation between KBAB and SPUU is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (All Time) Calculated using the full available price history since Mar 13, 2025	0.38

KBAB vs. SPUU - Sectors Allocation Comparison

Sectors	KBAB	SPUU
Consumer Cyclical	100.0%	4.2%
Basic Materials	-	0.7%
Communication Services	-	4.6%
Consumer Defensive	-	2.0%
Energy	-	1.4%
Financial Services	-	4.8%
Healthcare	-	3.6%
Industrials	-	3.3%
Real Estate	-	0.8%
Technology	-	16.5%
Utilities	-	1.1%

Return for Risk

KBAB vs. SPUU — Risk / Return Rank

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

KBAB

KBAB Risk / Return Rank: 9
KBAB Sharpe Ratio Rank: 8
KBAB Sortino Ratio Rank: 12
KBAB Omega Ratio Rank: 12
KBAB Calmar Ratio Rank: 7
KBAB Martin Ratio Rank: 7

SPUU

SPUU Risk / Return Rank: 67
SPUU Sharpe Ratio Rank: 72
SPUU Sortino Ratio Rank: 63
SPUU Omega Ratio Rank: 64
SPUU Calmar Ratio Rank: 62
SPUU Martin Ratio Rank: 72

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.

KBAB vs. SPUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares 2x Long BABA Daily ETF (KBAB) 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.

	KBAB	SPUU	Difference
Sharpe ratio: Return per unit of total volatility	-0.14	2.29	-2.44
Sortino ratio: Return per unit of downside risk	0.45	2.91	-2.46
Omega ratio: Gain probability vs. loss probability	1.05	1.38	-0.33
Calmar ratio: Return relative to maximum drawdown	-0.19	3.01	-3.20
Martin ratio: Return relative to average drawdown	-0.34	13.28	-13.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KBAB vs. SPUU - Sharpe Ratio Comparison

The current KBAB Sharpe Ratio is -0.14, which is lower than the SPUU Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of KBAB 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.

Sharpe Ratios by Period

	KBAB	SPUU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.14	2.29	-2.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.61	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.69	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.37	0.64	-1.01

Drawdowns

KBAB vs. SPUU - Drawdown Comparison

The maximum KBAB drawdown since its inception was -65.23%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for KBAB and SPUU.

Drawdown Indicators

	KBAB	SPUU	Difference
Max Drawdown Largest peak-to-trough decline	-65.23%	-59.35%	-5.88%
Max Drawdown (1Y) Largest decline over 1 year	-65.23%	-18.19%	-47.04%
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	-63.11%	-0.58%	-62.53%
Average Drawdown Average peak-to-trough decline	-37.47%	-9.50%	-27.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.68%	4.12%	+32.56%

Volatility

KBAB vs. SPUU - Volatility Comparison

KraneShares 2x Long BABA Daily ETF (KBAB) has a higher volatility of 28.64% compared to Direxion Daily S&P 500 Bull 2x Shares (SPUU) at 5.60%. This indicates that KBAB'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

	KBAB	SPUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	28.64%	5.60%	+23.04%
Volatility (6M) Calculated over the trailing 6-month period	57.46%	18.10%	+39.36%
Volatility (1Y) Calculated over the trailing 1-year period	87.67%	23.88%	+63.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	90.88%	33.46%	+57.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	90.88%	35.76%	+55.12%

KBAB vs. SPUU - Expense Ratio Comparison

KBAB has a 1.00% expense ratio, which is higher than SPUU's 0.64% expense ratio.

Dividends

KBAB vs. SPUU - Dividend Comparison

KBAB's dividend yield for the trailing twelve months is around 91.44%, more than SPUU's 1.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KBAB KraneShares 2x Long BABA Daily ETF	91.44%	59.88%	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	1.33%	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 KBAB and SPUU in my portfolio?

KBAB and SPUU have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KBAB or SPUU?

KBAB has higher volatility (28.64%) compared to SPUU (5.60%). In terms of maximum drawdown, KBAB dropped -65.23% vs SPUU's -59.35%.

Which ETF is better, KBAB or SPUU?

On 1-year performance, SPUU leads with 54.50% vs -12.41% for KBAB. On fees, SPUU is cheaper at 0.64% per year. On volatility, SPUU has been the lower-risk option at 5.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KBAB or SPUU?

Over the 1-year period, SPUU has performed better with a 54.50% return vs -12.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KBAB or SPUU?

SPUU is cheaper with a 0.64% expense ratio, compared with 1.00% for KBAB.

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

KBAB has the higher dividend yield at 91.44%, compared with 1.33% for SPUU.

What is the main difference between KBAB and SPUU?

They also come from different issuers: KraneShares and Direxion. Their fees differ too: 1.00% for KBAB and 0.64% for SPUU.

Which has better risk-adjusted returns?

SPUU currently has the higher Sharpe Ratio (2.29 vs -0.14), 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.