RCAX vs. SPUU

Last updated Aug 1, 2026

RCAX (Defiance Daily Target 2X Long RCAT ETF) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) are both Leveraged Equities funds - RCAX tracks the Red Cat Holdings, Inc. (RCAT) while SPUU tracks the S&P 500 Index (200% Daily). Both are passively managed. Their 0.41 correlation means their historical movements had little consistent relationship. RCAX charges 1.31%/yr vs 0.60%/yr for SPUU.

Performance

RCAX vs. SPUU - Performance Comparison

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

Returns By Period

RCAX

• 1D: 4.47%
• 1M: -53.08%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
RCAX Defiance Daily Target 2X Long RCAT ETF	$909.56K	$1.38M	$4.68M
SPUU Direxion Daily S&P 500 Bull 2X ETF	$4.20M	$4.55M	$4.33M

RCAX vs. SPUU - Yearly Performance Comparison

	2026 (YTD)
RCAX Defiance Daily Target 2X Long RCAT ETF	-87.11%
SPUU Direxion Daily S&P 500 Bull 2X ETF	12.64%

Correlation

The correlation between RCAX and SPUU is 0.41, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 3, 2026	0.41

Return for Risk

RCAX vs. SPUU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

RCAX

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

SPUU

SPUU Risk / Return Rank: 54
SPUU Sharpe Ratio Rank: 54
SPUU Sortino Ratio Rank: 51
SPUU Omega Ratio Rank: 52
SPUU Calmar Ratio Rank: 52
SPUU Martin Ratio Rank: 62

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

RCAX vs. SPUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long RCAT ETF (RCAX) 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.

	RCAX	SPUU	Difference
Sharpe ratio: Return per unit of total volatility	—	1.30	—
Sortino ratio: Return per unit of downside risk	—	1.80	—
Omega ratio: Gain probability vs. loss probability	—	1.23	—
Calmar ratio: Return relative to maximum drawdown	—	1.85	—
Martin ratio: Return relative to average drawdown	—	7.47	—

Drawdowns

RCAX vs. SPUU - Drawdown Comparison

The maximum RCAX drawdown since its inception was -91.59%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for RCAX and SPUU.

Drawdown Indicators

	RCAX	SPUU	Difference
Max Drawdown Largest peak-to-trough decline	-91.59%	-59.35%	-32.24%
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	-89.70%	-3.83%	-85.87%
Average Drawdown Average peak-to-trough decline	-55.15%	-9.44%	-45.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.51%	—

Volatility

Volatility by Period

	RCAX	SPUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.10%	—
Volatility (6M) Calculated over the trailing 6-month period	—	20.38%	—
Volatility (1Y) Calculated over the trailing 1-year period	227.62%	25.88%	+201.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	227.62%	33.70%	+193.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	227.62%	35.79%	+191.83%

RCAX vs. SPUU - Expense Ratio Comparison

RCAX has a 1.31% expense ratio, which is higher than SPUU's 0.60% expense ratio.

Dividends

RCAX vs. SPUU - Dividend Comparison

RCAX 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
RCAX Defiance Daily Target 2X Long RCAT 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	1.34%	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 RCAX and SPUU in my portfolio?

RCAX and SPUU have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, RCAX or SPUU?

On fees, SPUU is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, RCAX or SPUU?

SPUU is cheaper with a 0.60% expense ratio, compared with 1.31% for RCAX.

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

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

What is the main difference between RCAX and SPUU?

RCAX tracks Red Cat Holdings, Inc. (RCAT), while SPUU tracks S&P 500 Index (200% Daily). They also come from different issuers: Defiance and Direxion. Their fees differ too: 1.31% for RCAX and 0.60% for SPUU.