MVLL vs. SPUU

Last updated Jun 24, 2026

MVLL (GraniteShares 2x Long MRVL Daily ETF) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) are both Leveraged Equities funds - MVLL tracks the Marvell Technology Inc. (MRVL) while SPUU tracks the S&P 500 Index (200% Daily). Both are passively managed. Over the past year, MVLL returned 686.37% vs 43.00% for SPUU. A 0.56 correlation means they provide meaningful diversification when combined. MVLL charges 1.50%/yr vs 0.60%/yr for SPUU.

Performance

MVLL vs. SPUU - Performance Comparison

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

Returns By Period

In the year-to-date period, MVLL achieves a 610.13% return, which is significantly higher than SPUU's 13.33% return.

MVLL

• 1D: -18.97%
• 1M: 63.90%
• YTD: 610.13%
• 6M: 563.50%
• 1Y: 686.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPUU

• 1D: -2.91%
• 1M: -3.20%
• YTD: 13.33%
• 6M: 10.95%
• 1Y: 43.00%
• 3Y*: 34.33%
• 5Y*: 18.44%
• 10Y*: 24.81%

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

MVLL vs. SPUU - Yearly Performance Comparison

	2026 (YTD)	2025
MVLL GraniteShares 2x Long MRVL Daily ETF	610.13%	-8.44%
SPUU Direxion Daily S&P 500 Bull 2X ETF	13.33%	34.96%

Correlation

The correlation between MVLL and SPUU is 0.54, 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	0.54
Correlation (All Time) Calculated using the full available price history since Mar 7, 2025	0.56

The correlation between MVLL and SPUU has been stable across timeframes, ranging from 0.54 to 0.56 - a consistent structural relationship.

MVLL vs. SPUU - Sectors Allocation Comparison

Sectors	MVLL	SPUU
Technology	66.6%	39.0%
Basic Materials	-	1.7%
Communication Services	-	10.6%
Consumer Cyclical	-	9.9%
Consumer Defensive	-	4.5%
Energy	-	3.1%
Financial Services	-	11.1%
Healthcare	-	8.3%
Industrials	-	7.8%
Real Estate	-	1.8%
Utilities	-	2.1%

Return for Risk

MVLL vs. SPUU — Risk / Return Rank

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

MVLL

MVLL Risk / Return Rank: 93
MVLL Sharpe Ratio Rank: 98
MVLL Sortino Ratio Rank: 87
MVLL Omega Ratio Rank: 87
MVLL Calmar Ratio Rank: 98
MVLL Martin Ratio Rank: 95

SPUU

SPUU Risk / Return Rank: 51
SPUU Sharpe Ratio Rank: 52
SPUU Sortino Ratio Rank: 47
SPUU Omega Ratio Rank: 48
SPUU Calmar Ratio Rank: 50
SPUU Martin Ratio Rank: 59

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.

MVLL vs. SPUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long MRVL Daily ETF (MVLL) 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.

	MVLL	SPUU	Difference
Sharpe ratio: Return per unit of total volatility	4.78	1.72	+3.06
Sortino ratio: Return per unit of downside risk	3.64	2.25	+1.39
Omega ratio: Gain probability vs. loss probability	1.50	1.30	+0.20
Calmar ratio: Return relative to maximum drawdown	14.16	2.38	+11.78
Martin ratio: Return relative to average drawdown	28.61	10.11	+18.50

MVLL vs. SPUU - Sharpe Ratio Comparison

The current MVLL Sharpe Ratio is 4.78, which is higher than the SPUU Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of MVLL 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.

Drawdowns

MVLL vs. SPUU - Drawdown Comparison

The maximum MVLL drawdown since its inception was -59.02%, roughly equal to the maximum SPUU drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for MVLL and SPUU.

Drawdown Indicators

	MVLL	SPUU	Difference
Max Drawdown Largest peak-to-trough decline	-59.02%	-59.35%	+0.33%
Max Drawdown (1Y) Largest decline over 1 year	-48.93%	-18.19%	-30.74%
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	-31.21%	-6.62%	-24.59%
Average Drawdown Average peak-to-trough decline	-22.40%	-9.48%	-12.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.17%	4.27%	+19.90%

Volatility

MVLL vs. SPUU - Volatility Comparison

GraniteShares 2x Long MRVL Daily ETF (MVLL) has a higher volatility of 87.05% compared to Direxion Daily S&P 500 Bull 2X ETF (SPUU) at 9.70%. This indicates that MVLL'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

	MVLL	SPUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	87.05%	9.70%	+77.35%
Volatility (6M) Calculated over the trailing 6-month period	113.21%	19.93%	+93.28%
Volatility (1Y) Calculated over the trailing 1-year period	145.20%	25.22%	+119.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	147.26%	33.67%	+113.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	147.26%	35.81%	+111.45%

MVLL vs. SPUU - Expense Ratio Comparison

MVLL has a 1.50% expense ratio, which is higher than SPUU's 0.60% expense ratio.

Dividends

MVLL vs. SPUU - Dividend Comparison

MVLL has not paid dividends to shareholders, while SPUU's dividend yield for the trailing twelve months is around 1.42%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MVLL GraniteShares 2x Long MRVL Daily ETF	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 ETF	1.42%	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 MVLL and SPUU in my portfolio?

MVLL and SPUU have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MVLL or SPUU?

MVLL has higher volatility (87.05%) compared to SPUU (9.70%). In terms of maximum drawdown, MVLL dropped -59.02% vs SPUU's -59.35%.

Which ETF is better, MVLL or SPUU?

On 1-year performance, MVLL leads with 686.37% vs 43.00% for SPUU. On fees, SPUU is cheaper at 0.60% per year. On volatility, SPUU has been the lower-risk option at 9.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MVLL or SPUU?

Over the 1-year period, MVLL has performed better with a 686.37% return vs 43.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MVLL or SPUU?

SPUU is cheaper with a 0.60% expense ratio, compared with 1.50% for MVLL.

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

SPUU has the higher dividend yield at 1.42%, compared with 0.00% for MVLL.

What is the main difference between MVLL and SPUU?

MVLL tracks Marvell Technology Inc. (MRVL), while SPUU tracks S&P 500 Index (200% Daily). They also come from different issuers: GraniteShares and Direxion. Their fees differ too: 1.50% for MVLL and 0.60% for SPUU.

Which has better risk-adjusted returns?

MVLL currently has the higher Sharpe Ratio (4.78 vs 1.72), 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.