MVV vs. SPUU

Last updated Jun 3, 2026

MVV (ProShares Ultra Midcap 400) and SPUU (Direxion Daily S&P 500 Bull 2x Shares) are both Leveraged Equities funds - MVV tracks the S&P MidCap 400 Index (200%) while SPUU tracks the S&P 500 Index (200%). Both are passively managed. Over the past 10 years, MVV returned 13.68%/yr vs 24.93%/yr for SPUU. Their correlation of 0.83 suggests significant overlap in exposure. MVV charges 0.95%/yr vs 0.64%/yr for SPUU.

Performance

MVV vs. SPUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Midcap 400 (MVV) 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, MVV achieves a 26.09% return, which is significantly higher than SPUU's 21.37% return. Over the past 10 years, MVV has underperformed SPUU with an annualized return of 13.68%, while SPUU has yielded a comparatively higher 24.93% annualized return.

MVV

• 1D: 1.75%
• 1M: 6.05%
• YTD: 26.09%
• 6M: 27.71%
• 1Y: 48.71%
• 3Y*: 22.19%
• 5Y*: 6.86%
• 10Y*: 13.68%

SPUU

• 1D: 0.09%
• 1M: 10.49%
• YTD: 21.37%
• 6M: 21.39%
• 1Y: 57.39%
• 3Y*: 38.80%
• 5Y*: 20.89%
• 10Y*: 24.93%

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

MVV vs. SPUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MVV ProShares Ultra Midcap 400	26.09%	3.48%	17.75%	22.51%	-31.96%	48.57%	6.20%	49.50%	-25.44%	30.81%
SPUU Direxion Daily S&P 500 Bull 2x Shares	21.37%	26.55%	44.25%	47.28%	-38.72%	61.27%	21.85%	66.84%	-14.59%	44.33%

Correlation

The correlation between MVV 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	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jun 9, 2014	0.83

The correlation between MVV and SPUU has been stable across timeframes, ranging from 0.75 to 0.84 - a consistent structural relationship.

MVV vs. SPUU - Sectors Allocation Comparison

Sectors	MVV	SPUU
Industrials	25.1%	3.3%
Technology	15.8%	16.5%
Financial Services	14.3%	4.8%
Consumer Cyclical	10.6%	4.2%
Healthcare	8.7%	3.6%
Real Estate	7.5%	0.8%
Energy	5.5%	1.4%
Basic Materials	4.8%	0.7%
Consumer Defensive	3.7%	2.0%
Utilities	3.1%	1.1%
Communication Services	1.0%	4.6%

Return for Risk

MVV vs. SPUU — Risk / Return Rank

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

MVV

MVV Risk / Return Rank: 47
MVV Sharpe Ratio Rank: 44
MVV Sortino Ratio Rank: 44
MVV Omega Ratio Rank: 41
MVV Calmar Ratio Rank: 54
MVV Martin Ratio Rank: 54

SPUU

SPUU Risk / Return Rank: 68
SPUU Sharpe Ratio Rank: 73
SPUU Sortino Ratio Rank: 65
SPUU Omega Ratio Rank: 66
SPUU Calmar Ratio Rank: 65
SPUU Martin Ratio Rank: 74

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.

MVV vs. SPUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Midcap 400 (MVV) 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.

	MVV	SPUU	Difference
Sharpe ratio Return per unit of total volatility	1.57	2.42	-0.85
Sortino ratio Return per unit of downside risk	2.22	3.03	-0.81
Omega ratio Gain probability vs. loss probability	1.27	1.40	-0.13
Calmar ratio Return relative to maximum drawdown	2.73	3.25	-0.52
Martin ratio Return relative to average drawdown	9.38	14.34	-4.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MVV vs. SPUU - Sharpe Ratio Comparison

The current MVV Sharpe Ratio is 1.57, which is lower than the SPUU Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of MVV 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

	MVV	SPUU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.57	2.42	-0.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	0.63	-0.45
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	0.70	-0.38
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.64	-0.38

Drawdowns

MVV vs. SPUU - Drawdown Comparison

The maximum MVV drawdown since its inception was -85.54%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for MVV and SPUU.

Drawdown Indicators

	MVV	SPUU	Difference
Max Drawdown Largest peak-to-trough decline	-85.54%	-59.35%	-26.19%
Max Drawdown (1Y) Largest decline over 1 year	-17.68%	-18.19%	+0.51%
Max Drawdown (3Y) Largest decline over 3 years	-44.80%	-35.18%	-9.62%
Max Drawdown (5Y) Largest decline over 5 years	-45.53%	-46.59%	+1.06%
Max Drawdown (10Y) Largest decline over 10 years	-69.19%	-59.35%	-9.84%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-20.55%	-9.51%	-11.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.14%	4.12%	+1.02%

Volatility

MVV vs. SPUU - Volatility Comparison

ProShares Ultra Midcap 400 (MVV) has a higher volatility of 8.69% compared to Direxion Daily S&P 500 Bull 2x Shares (SPUU) at 5.59%. This indicates that MVV'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

	MVV	SPUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.69%	5.59%	+3.10%
Volatility (6M) Calculated over the trailing 6-month period	22.69%	18.07%	+4.62%
Volatility (1Y) Calculated over the trailing 1-year period	31.22%	23.87%	+7.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.64%	33.46%	+6.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.37%	35.77%	+6.60%

MVV vs. SPUU - Expense Ratio Comparison

MVV has a 0.95% expense ratio, which is higher than SPUU's 0.64% expense ratio.

Dividends

MVV vs. SPUU - Dividend Comparison

MVV's dividend yield for the trailing twelve months is around 0.67%, less than SPUU's 1.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MVV ProShares Ultra Midcap 400	0.67%	0.77%	0.39%	0.77%	0.93%	0.16%	0.29%	0.62%	0.62%	0.21%	0.43%	0.17%
SPUU Direxion Daily S&P 500 Bull 2x Shares	1.32%	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 MVV and SPUU in my portfolio?

MVV 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.

Which is riskier, MVV or SPUU?

MVV has higher volatility (8.69%) compared to SPUU (5.59%). In terms of maximum drawdown, MVV dropped -85.54% vs SPUU's -59.35%.

Which ETF is better, MVV or SPUU?

On 10-year performance, SPUU leads with 24.93% vs 13.68% for MVV. On fees, SPUU is cheaper at 0.64% per year. On volatility, SPUU has been the lower-risk option at 5.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MVV or SPUU?

Over the 10-year period, SPUU has performed better with a 24.93% return vs 13.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MVV or SPUU?

SPUU is cheaper with a 0.64% expense ratio, compared with 0.95% for MVV.

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

SPUU has the higher dividend yield at 1.32%, compared with 0.67% for MVV.

What is the main difference between MVV and SPUU?

MVV tracks S&P MidCap 400 Index (200%), while SPUU tracks S&P 500 Index (200%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for MVV and 0.64% for SPUU.

Which has better risk-adjusted returns?

SPUU currently has the higher Sharpe Ratio (2.42 vs 1.57), 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.