LABD vs. SPUU
LABD (Direxion Daily S&P Biotech Bear 3x Shares) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) are both Leveraged Equities funds from Direxion - LABD tracks the S&P Biotechnology Select Industry Index (-300%) while SPUU tracks the S&P 500 Index (200% Daily). Both are passively managed. Over the past 10 years, LABD returned -58.40%/yr vs 23.89%/yr for SPUU. At a correlation of -0.55, they often move in opposite directions. LABD charges 1.06%/yr vs 0.60%/yr for SPUU.
Performance
LABD vs. SPUU - Performance Comparison
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Returns By Period
In the year-to-date period, LABD achieves a -61.31% return, which is significantly lower than SPUU's 17.85% return. Over the past 10 years, LABD has underperformed SPUU with an annualized return of -58.40%, while SPUU has yielded a comparatively higher 23.89% annualized return.
LABD
- 1D
- 7.19%
- 1M
- -38.51%
- 6M
- -59.02%
- YTD
- -61.31%
- 1Y
- -87.02%
- 3Y*
- -59.73%
- 5Y*
- -47.75%
- 10Y*
- -58.40%
SPUU
- 1D
- -1.52%
- 1M
- 1.98%
- 6M
- 13.42%
- YTD
- 17.85%
- 1Y
- 38.09%
- 3Y*
- 33.08%
- 5Y*
- 18.17%
- 10Y*
- 23.89%
LABD vs. SPUU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
LABD Direxion Daily S&P Biotech Bear 3x Shares | -61.31% | -70.07% | -21.43% | -41.77% | -32.68% | 1.86% | -89.75% | -70.80% | -6.26% | -75.67% |
SPUU Direxion Daily S&P 500 Bull 2X ETF | 17.85% | 26.55% | 44.25% | 47.28% | -38.72% | 61.27% | 21.85% | 66.84% | -14.59% | 44.33% |
Correlation
The correlation between LABD and SPUU is -0.46, 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 | -0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.56 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.54 |
Correlation (All Time) Calculated using the full available price history since May 28, 2015 | -0.55 |
The correlation between LABD and SPUU has been stable across timeframes, ranging from -0.56 to -0.46 - a consistent structural relationship.
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Return for Risk
LABD vs. SPUU — Risk / Return Rank
LABD
SPUU
LABD vs. SPUU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P Biotech Bear 3x Shares (LABD) 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.
| LABD | SPUU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.61 | ||
| Sortino ratioReturn per unit of downside risk | -4.76 | ||
| Omega ratioGain probability vs. loss probability | 0.70 | 1.26 | -0.56 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | 2.10 | -3.08 |
| Martin ratioReturn relative to average drawdown | -1.36 | 8.72 | -10.08 |
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Drawdowns
LABD vs. SPUU - Drawdown Comparison
The maximum LABD drawdown since its inception was -100.00%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for LABD and SPUU.
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Drawdown Indicators
| LABD | SPUU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -59.35% | -40.65% |
Max Drawdown (1Y)Largest decline over 1 year | -89.59% | -18.19% | -71.40% |
Max Drawdown (3Y)Largest decline over 3 years | -97.43% | -35.18% | -62.25% |
Max Drawdown (5Y)Largest decline over 5 years | -99.04% | -46.59% | -52.45% |
Max Drawdown (10Y)Largest decline over 10 years | -99.99% | -59.35% | -40.64% |
Current DrawdownCurrent decline from peak | -99.99% | -2.90% | -97.09% |
Average DrawdownAverage peak-to-trough decline | -91.03% | -9.46% | -81.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 63.83% | 4.38% | +59.45% |
Volatility
LABD vs. SPUU - Volatility Comparison
Direxion Daily S&P Biotech Bear 3x Shares (LABD) has a higher volatility of 24.76% compared to Direxion Daily S&P 500 Bull 2X ETF (SPUU) at 8.12%. This indicates that LABD'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
| LABD | SPUU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.76% | 8.12% | +16.64% |
Volatility (6M)Calculated over the trailing 6-month period | 65.13% | 20.13% | +45.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 79.49% | 25.30% | +54.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 96.77% | 33.69% | +63.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.76% | 35.76% | +60.00% |
LABD vs. SPUU - Expense Ratio Comparison
LABD has a 1.06% expense ratio, which is higher than SPUU's 0.60% expense ratio.
Dividends
LABD vs. SPUU - Dividend Comparison
LABD's dividend yield for the trailing twelve months is around 8.12%, more than SPUU's 1.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LABD Direxion Daily S&P Biotech Bear 3x Shares | 8.12% | 6.67% | 4.68% | 6.13% | 0.53% | 0.00% | 3.94% | 1.75% | 0.81% | 0.00% | 0.00% | 0.00% |
SPUU Direxion Daily S&P 500 Bull 2X ETF | 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
LABD and SPUU have a correlation of -0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LABD has higher volatility (24.76%) compared to SPUU (8.12%). In terms of maximum drawdown, LABD dropped -100.00% vs SPUU's -59.35%.
On 10-year performance, SPUU leads with 23.89% vs -58.40% for LABD. On fees, SPUU is cheaper at 0.60% per year. On volatility, SPUU has been the lower-risk option at 8.12%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPUU has performed better with a 23.89% return vs -58.40%. 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 1.06% for LABD.
LABD has the higher dividend yield at 8.12%, compared with 1.33% for SPUU.
LABD tracks S&P Biotechnology Select Industry Index (-300%), while SPUU tracks S&P 500 Index (200% Daily). Their fees differ too: 1.06% for LABD and 0.60% for SPUU.
SPUU currently has the higher Sharpe Ratio (1.52 vs -1.10), 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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