NIOG vs. SPUU

Last updated Jun 4, 2026

NIOG (Leverage Shares 2X Long NIO Daily ETF) and SPUU (Direxion Daily S&P 500 Bull 2x Shares) are both Leveraged Equities funds - NIOG tracks the NIO Inc. (NIO) while SPUU tracks the S&P 500 Index (200%). Both are passively managed. At a 0.20 correlation, their price movements are largely independent. NIOG charges 0.75%/yr vs 0.64%/yr for SPUU.

Performance

NIOG vs. SPUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long NIO Daily ETF (NIOG) 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, NIOG achieves a 5.09% return, which is significantly lower than SPUU's 19.82% return.

NIOG

• 1D: -8.37%
• 1M: -14.00%
• YTD: 5.09%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPUU

• 1D: -1.27%
• 1M: 10.01%
• YTD: 19.82%
• 6M: 19.11%
• 1Y: 53.61%
• 3Y*: 38.21%
• 5Y*: 20.19%
• 10Y*: 24.77%

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

NIOG vs. SPUU - Yearly Performance Comparison

	2026 (YTD)	2025
NIOG Leverage Shares 2X Long NIO Daily ETF	5.09%	5.33%
SPUU Direxion Daily S&P 500 Bull 2x Shares	19.82%	1.79%

Correlation

The correlation between NIOG and SPUU is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 19, 2025	0.20

Return for Risk

NIOG vs. SPUU — Risk / Return Rank

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

SPUU

SPUU Risk / Return Rank: 63
SPUU Sharpe Ratio Rank: 67
SPUU Sortino Ratio Rank: 60
SPUU Omega Ratio Rank: 60
SPUU Calmar Ratio Rank: 59
SPUU Martin Ratio Rank: 69

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.

NIOG vs. SPUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long NIO Daily ETF (NIOG) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	NIOG	SPUU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.26	—
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	0.21	0.63	-0.42

Drawdowns

NIOG vs. SPUU - Drawdown Comparison

The maximum NIOG drawdown since its inception was -45.19%, smaller than the maximum SPUU drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for NIOG and SPUU.

Drawdown Indicators

	NIOG	SPUU	Difference
Max Drawdown Largest peak-to-trough decline	-45.19%	-59.35%	+14.16%
Max Drawdown (1Y) Largest decline over 1 year	—	-18.19%	—
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	-34.15%	-1.27%	-32.88%
Average Drawdown Average peak-to-trough decline	-19.65%	-9.51%	-10.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.12%	—

Volatility

Volatility by Period

	NIOG	SPUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.71%	—
Volatility (6M) Calculated over the trailing 6-month period	—	18.09%	—
Volatility (1Y) Calculated over the trailing 1-year period	120.05%	23.90%	+96.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	120.05%	33.46%	+86.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	120.05%	35.77%	+84.28%

NIOG vs. SPUU - Expense Ratio Comparison

NIOG has a 0.75% expense ratio, which is higher than SPUU's 0.64% expense ratio.

Dividends

NIOG vs. SPUU - Dividend Comparison

NIOG has not paid dividends to shareholders, while SPUU's dividend yield for the trailing twelve months is around 1.34%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NIOG Leverage Shares 2X Long NIO 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 Shares	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

Can I hold both NIOG and SPUU in my portfolio?

NIOG and SPUU have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NIOG or SPUU?

On fees, SPUU is cheaper at 0.64% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NIOG or SPUU?

SPUU is cheaper with a 0.64% expense ratio, compared with 0.75% for NIOG.

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

SPUU has the higher dividend yield at 1.34%, compared with 0.00% for NIOG.

What is the main difference between NIOG and SPUU?

NIOG tracks NIO Inc. (NIO), while SPUU tracks S&P 500 Index (200%). They also come from different issuers: Leverage Shares and Direxion. Their fees differ too: 0.75% for NIOG and 0.64% for SPUU.