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 -56.42%/yr vs 23.82%/yr for SPUU. Their -0.55 correlation means they have often moved in opposite directions in the past. 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 -55.11% return, which is significantly lower than SPUU's 16.72% return. Over the past 10 years, LABD has underperformed SPUU with an annualized return of -56.42%, while SPUU has yielded a comparatively higher 23.82% annualized return.
LABD
- 1D
- 8.48%
- 1M
- 26.56%
- 6M
- -50.76%
- YTD
- -55.11%
- 1Y
- -85.49%
- 3Y*
- -58.18%
- 5Y*
- -46.59%
- 10Y*
- -56.42%
- ALL TIME*
- -55.10%
SPUU
- 1D
- 1.52%
- 1M
- 0.24%
- 6M
- 14.02%
- YTD
- 16.72%
- 1Y
- 38.14%
- 3Y*
- 31.33%
- 5Y*
- 17.73%
- 10Y*
- 23.82%
- ALL TIME*
- 21.37%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $66.43M | $107.77M | $90.23M | |
| $4.20M | $4.55M | $4.33M |
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 | -55.11% | -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 | 16.72% | 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 -0.45, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.45 |
Correlation (3Y) Balances recent behavior with more history. | -0.52 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.56 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.54 |
Correlation (All Time) Calculated using the full available price history since May 28, 2015 | -0.55 |
The correlation between LABD and SPUU shifts across timeframes, from -0.56 (5 years) to -0.45 (1 year), reflecting how their relationship changes across market environments.
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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 | -2.37 | ||
| Sortino ratioReturn per unit of downside risk | -4.33 | ||
| Omega ratioGain probability vs. loss probability | 0.72 | 1.23 | -0.51 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 1.85 | -2.81 |
| Martin ratioReturn relative to average drawdown | -1.28 | 7.47 | -8.74 |
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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% | -3.83% | -96.16% |
Average DrawdownAverage peak-to-trough decline | -91.08% | -9.44% | -81.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 67.04% | 4.51% | +62.53% |
Volatility
LABD vs. SPUU - Volatility Comparison
Direxion Daily S&P Biotech Bear 3x Shares (LABD) has a higher volatility of 24.34% compared to Direxion Daily S&P 500 Bull 2X ETF (SPUU) at 7.10%. 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 | 24.34% | 7.10% | +17.24% |
Volatility (6M)Calculated over the trailing 6-month period | 65.59% | 20.38% | +45.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 80.29% | 25.88% | +54.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 96.73% | 33.70% | +63.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.74% | 35.79% | +59.95% |
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 7.00%, more than SPUU's 1.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LABD Direxion Daily S&P Biotech Bear 3x Shares | 7.00% | 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 | 1.34% | 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
LABD and SPUU have a correlation of -0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LABD has higher volatility (24.34%) compared to SPUU (7.10%). In terms of maximum drawdown, LABD dropped -100.00% vs SPUU's -59.35%.
On 10-year performance, SPUU leads with 23.82% vs -56.42% for LABD. On fees, SPUU is cheaper at 0.60% per year. On volatility, SPUU has been the lower-risk option at 7.10%. 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 23.82% return vs -56.42%. 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 7.00%, compared with 1.34% 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 (1.30 vs -1.07), 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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