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SIJ vs. SPUU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SIJ vs. SPUU

Last updated Jun 4, 2026

SIJ (ProShares UltraShort Industrials) and SPUU (Direxion Daily S&P 500 Bull 2x Shares) are both Leveraged Equities funds - SIJ tracks the DJ Global United States (All) / Industrials -IND (-200%) while SPUU tracks the S&P 500 Index (200%). Both are passively managed. Over the past 10 years, SIJ returned -27.77%/yr vs 24.77%/yr for SPUU. At a correlation of -0.77, they often move in opposite directions. SIJ charges 0.95%/yr vs 0.64%/yr for SPUU.

Performance

SIJ vs. SPUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Industrials (SIJ) and Direxion Daily S&P 500 Bull 2x Shares (SPUU). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SIJ achieves a -21.28% return, which is significantly lower than SPUU's 19.82% return. Over the past 10 years, SIJ has underperformed SPUU with an annualized return of -27.77%, while SPUU has yielded a comparatively higher 24.77% annualized return.

SIJ

1D
-0.08%
1M
-3.55%
YTD
-21.28%
6M
-22.55%
1Y
-31.23%
3Y*
-29.54%
5Y*
-18.51%
10Y*
-27.77%

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)

SIJ vs. SPUU - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SIJ
ProShares UltraShort Industrials		-21.28%-29.33%-21.63%-24.18%18.15%-34.31%-54.09%-45.12%20.55%-36.32%
SPUU
Direxion Daily S&P 500 Bull 2x Shares		19.82%26.55%44.25%47.28%-38.72%61.27%21.85%66.84%-14.59%44.33%

Correlation

The correlation between SIJ and SPUU is -0.66, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.66

Correlation (3Y)
Calculated over the trailing 3-year period

-0.74

Correlation (5Y)
Calculated over the trailing 5-year period

-0.82

Correlation (10Y)
Calculated over the trailing 10-year period

-0.79

Correlation (All Time)
Calculated using the full available price history since Jun 9, 2014

-0.77

The correlation between SIJ and SPUU shifts across timeframes, from -0.82 (5 years) to -0.66 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares UltraShort Industrials

Direxion Daily S&P 500 Bull 2x Shares

Often compared with SIJ:
SIJ vs. SLVSIJ vs. NRGUSIJ vs. AMDGSIJ vs. QLDSIJ vs. TERGSIJ vs. TQQQSIJ vs. KORU
Often compared with SPUU:
SPUU vs. SSOSPUU vs. SPYSPUU vs. SPXLSPUU vs. VOOSPUU vs. QLDSPUU vs. DDMSPUU vs. QQQ

Return for Risk

SIJ vs. SPUU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SIJ
SIJ Risk / Return Rank: 22
Overall Rank
SIJ Sharpe Ratio Rank: 11
Sharpe Ratio Rank
SIJ Sortino Ratio Rank: 22
Sortino Ratio Rank
SIJ Omega Ratio Rank: 22
Omega Ratio Rank
SIJ Calmar Ratio Rank: 11
Calmar Ratio Rank
SIJ Martin Ratio Rank: 11
Martin Ratio Rank
SPUU
SPUU Risk / Return Rank: 6363
Overall Rank
SPUU Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
SPUU Sortino Ratio Rank: 6060
Sortino Ratio Rank
SPUU Omega Ratio Rank: 6060
Omega Ratio Rank
SPUU Calmar Ratio Rank: 5959
Calmar Ratio Rank
SPUU Martin Ratio Rank: 6969
Martin Ratio Rank
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.

SIJ vs. SPUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Industrials (SIJ) 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.

SIJSPUUDifference
Sharpe ratioReturn per unit of total volatility
-1.00
2.26

-3.25

Sortino ratioReturn per unit of downside risk
-1.37
2.87

-4.24

Omega ratioGain probability vs. loss probability

0.84

1.38

-0.53

Calmar ratioReturn relative to maximum drawdown

-0.89

2.96

-3.85

Martin ratioReturn relative to average drawdown

-1.50

13.06

-14.56

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SIJ vs. SPUU - Sharpe Ratio Comparison

The current SIJ Sharpe Ratio is -1.00, which is lower than the SPUU Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of SIJ 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.

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Sharpe Ratios by Period

SIJSPUUDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.00

2.26

-3.25

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.52

0.61

-1.13

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.70

0.69

-1.40

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.63

0.63

-1.26

Drawdowns

SIJ vs. SPUU - Drawdown Comparison

The maximum SIJ drawdown since its inception was -99.93%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for SIJ and SPUU.

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Drawdown Indicators

SIJSPUUDifference

Max Drawdown

Largest peak-to-trough decline

-99.93%

-59.35%

-40.58%

Max Drawdown (1Y)

Largest decline over 1 year

-35.40%

-18.19%

-17.21%

Max Drawdown (3Y)

Largest decline over 3 years

-69.84%

-35.18%

-34.66%

Max Drawdown (5Y)

Largest decline over 5 years

-76.49%

-46.59%

-29.90%

Max Drawdown (10Y)

Largest decline over 10 years

-96.54%

-59.35%

-37.19%

Current Drawdown

Current decline from peak

-99.92%

-1.27%

-98.65%

Average Drawdown

Average peak-to-trough decline

-86.74%

-9.51%

-77.23%

Ulcer Index

Depth and duration of drawdowns from previous peaks

20.81%

4.12%

+16.69%

Volatility

SIJ vs. SPUU - Volatility Comparison

ProShares UltraShort Industrials (SIJ) has a higher volatility of 10.18% compared to Direxion Daily S&P 500 Bull 2x Shares (SPUU) at 5.71%. This indicates that SIJ'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

SIJSPUUDifference

Volatility (1M)

Calculated over the trailing 1-month period

10.18%

5.71%

+4.47%

Volatility (6M)

Calculated over the trailing 6-month period

26.39%

18.09%

+8.30%

Volatility (1Y)

Calculated over the trailing 1-year period

31.52%

23.90%

+7.62%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

35.84%

33.46%

+2.38%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

39.62%

35.77%

+3.85%

SIJ vs. SPUU - Expense Ratio Comparison

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

Dividends

SIJ vs. SPUU - Dividend Comparison

SIJ's dividend yield for the trailing twelve months is around 5.75%, more than SPUU's 1.34% yield.

PositionTTM20252024202320222021202020192018201720162015
SIJ
ProShares UltraShort Industrials		5.75%5.38%5.99%4.90%0.00%0.00%0.00%1.49%0.39%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

SIJ and SPUU have a correlation of -0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SIJ has higher volatility (10.18%) compared to SPUU (5.71%). In terms of maximum drawdown, SIJ dropped -99.93% vs SPUU's -59.35%.

On 10-year performance, SPUU leads with 24.77% vs -27.77% for SIJ. On fees, SPUU is cheaper at 0.64% per year. On volatility, SPUU has been the lower-risk option at 5.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPUU has performed better with a 24.77% return vs -27.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

SIJ has the higher dividend yield at 5.75%, compared with 1.34% for SPUU.

SIJ tracks DJ Global United States (All) / Industrials -IND (-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 SIJ and 0.64% for SPUU.

SPUU currently has the higher Sharpe Ratio (2.26 vs -1.00), 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.

Portfolio Optimizer

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