NVDD vs. SPUU
NVDD (Direxion Daily NVDA Bear 1X Shares) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) are both exchange-traded funds - NVDD is a Inverse Equities fund actively managed by Direxion, while SPUU is a Leveraged Equities fund tracking the S&P 500 Index (200% Daily). NVDD is actively managed, while SPUU is passively managed. Over the past year, NVDD returned -20.12% vs 42.24% for SPUU. Their -0.64 correlation means they have often moved in opposite directions in the past. NVDD charges 1.01%/yr vs 0.60%/yr for SPUU.
Performance
NVDD vs. SPUU - Performance Comparison
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Returns By Period
In the year-to-date period, NVDD achieves a -13.43% return, which is significantly lower than SPUU's 20.19% return.
NVDD
- 1D
- -2.79%
- 1M
- -6.62%
- 6M
- -13.93%
- YTD
- -13.43%
- 1Y
- -20.12%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -48.64%
SPUU
- 1D
- 2.97%
- 1M
- 3.22%
- 6M
- 15.98%
- YTD
- 20.19%
- 1Y
- 42.24%
- 3Y*
- 34.65%
- 5Y*
- 18.35%
- 10Y*
- 23.85%
- ALL TIME*
- 21.65%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.44M | $5.40M | $4.86M | |
| $4.50M | $4.98M | $4.51M |
NVDD vs. SPUU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
NVDD Direxion Daily NVDA Bear 1X Shares | -13.43% | -38.72% | -69.77% | -8.97% |
SPUU Direxion Daily S&P 500 Bull 2X ETF | 20.19% | 26.55% | 44.25% | 12.45% |
Correlation
The correlation between NVDD and SPUU is -0.63, 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. | -0.63 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2023 | -0.64 |
The correlation between NVDD and SPUU has been stable across timeframes, ranging from -0.64 to -0.63 - a consistent structural relationship.
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Return for Risk
NVDD vs. SPUU — Risk / Return Rank
NVDD
SPUU
NVDD vs. SPUU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily NVDA Bear 1X Shares (NVDD) 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.
| NVDD | SPUU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.20 | ||
| Sortino ratioReturn per unit of downside risk | -2.80 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.28 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.64 | 2.33 | -2.97 |
| Martin ratioReturn relative to average drawdown | -1.34 | 9.41 | -10.75 |
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Drawdowns
NVDD vs. SPUU - Drawdown Comparison
The maximum NVDD drawdown since its inception was -88.34%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for NVDD and SPUU.
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Drawdown Indicators
| NVDD | SPUU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.34% | -59.35% | -28.99% |
Max Drawdown (1Y)Largest decline over 1 year | -31.63% | -18.19% | -13.44% |
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 DrawdownCurrent decline from peak | -86.96% | -0.97% | -85.99% |
Average DrawdownAverage peak-to-trough decline | -68.05% | -9.43% | -58.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.10% | 4.50% | +10.60% |
Volatility
NVDD vs. SPUU - Volatility Comparison
Direxion Daily NVDA Bear 1X Shares (NVDD) has a higher volatility of 12.08% compared to Direxion Daily S&P 500 Bull 2X ETF (SPUU) at 7.66%. This indicates that NVDD'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
| NVDD | SPUU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.08% | 7.66% | +4.42% |
Volatility (6M)Calculated over the trailing 6-month period | 28.46% | 20.55% | +7.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.47% | 25.83% | +10.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.06% | 33.73% | +13.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 47.06% | 35.81% | +11.25% |
NVDD vs. SPUU - Expense Ratio Comparison
NVDD has a 1.01% expense ratio, which is higher than SPUU's 0.60% expense ratio.
Dividends
NVDD vs. SPUU - Dividend Comparison
NVDD's dividend yield for the trailing twelve months is around 3.77%, more than SPUU's 1.31% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NVDD Direxion Daily NVDA Bear 1X Shares | 3.77% | 4.19% | 4.83% | 1.31% | 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 | 1.31% | 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
NVDD and SPUU have a correlation of -0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NVDD has higher volatility (12.08%) compared to SPUU (7.66%). In terms of maximum drawdown, NVDD dropped -88.34% vs SPUU's -59.35%.
On 1-year performance, SPUU leads with 42.24% vs -20.12% for NVDD. On fees, SPUU is cheaper at 0.60% per year. On volatility, SPUU has been the lower-risk option at 7.66%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SPUU has performed better with a 42.24% return vs -20.12%. 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 1.01% for NVDD.
NVDD has the higher dividend yield at 3.77%, compared with 1.31% for SPUU.
NVDD is categorized as Inverse Equities, while SPUU is Leveraged Equities. Their fees differ too: 1.01% for NVDD and 0.60% for SPUU.
SPUU currently has the higher Sharpe Ratio (1.65 vs -0.55), 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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