SMCX vs. SPUU

Last updated Aug 4, 2026

SMCX (Defiance Daily Target 2X Long SMCI ETF) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) are both Leveraged Equities funds. SMCX is actively managed, while SPUU is passively managed. Over the past year, SMCX returned -93.55% vs 42.24% for SPUU. Their 0.47 correlation means their historical movements had little consistent relationship. SMCX charges 1.29%/yr vs 0.60%/yr for SPUU.

Performance

SMCX vs. SPUU - Performance Comparison

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

Returns By Period

In the year-to-date period, SMCX achieves a -66.27% return, which is significantly lower than SPUU's 20.19% return.

SMCX

• 1D: 1.72%
• 1M: 0.79%
• 6M: -65.61%
• YTD: -66.27%
• 1Y: -93.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -90.73%

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%

*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)
SMCX Defiance Daily Target 2X Long SMCI ETF	$67.65M	$49.80M	$65.83M
SPUU Direxion Daily S&P 500 Bull 2X ETF	$4.50M	$4.98M	$4.51M

SMCX vs. SPUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMCX Defiance Daily Target 2X Long SMCI ETF	-66.27%	-69.78%	-90.42%
SPUU Direxion Daily S&P 500 Bull 2X ETF	20.19%	26.55%	7.73%

Correlation

The correlation between SMCX and SPUU is 0.54, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.54
Correlation (All Time) Calculated using the full available price history since Aug 22, 2024	0.47

The correlation between SMCX and SPUU has been stable across timeframes, ranging from 0.47 to 0.54 - a consistent structural relationship.

Return for Risk

SMCX vs. SPUU — Risk / Return Rank

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

SMCX

SMCX Risk / Return Rank: 3
SMCX Sharpe Ratio Rank: 5
SMCX Sortino Ratio Rank: 4
SMCX Omega Ratio Rank: 4
SMCX Calmar Ratio Rank: 0
SMCX Martin Ratio Rank: 3

SPUU

SPUU Risk / Return Rank: 68
SPUU Sharpe Ratio Rank: 70
SPUU Sortino Ratio Rank: 65
SPUU Omega Ratio Rank: 65
SPUU Calmar Ratio Rank: 65
SPUU Martin Ratio Rank: 74

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.

SMCX vs. SPUU - Risk-Adjusted Trends Comparison

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

	SMCX	SPUU	Difference
Sharpe ratio: Return per unit of total volatility	-0.53	1.65	-2.17
Sortino ratio: Return per unit of downside risk	-0.67	2.19	-2.87
Omega ratio: Gain probability vs. loss probability	0.91	1.28	-0.37
Calmar ratio: Return relative to maximum drawdown	-0.98	2.33	-3.31
Martin ratio: Return relative to average drawdown	-1.24	9.41	-10.65

SMCX vs. SPUU - Sharpe Ratio Comparison

The current SMCX Sharpe Ratio is -0.53, which is lower than the SPUU Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of SMCX 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.

Drawdowns

SMCX vs. SPUU - Drawdown Comparison

The maximum SMCX drawdown since its inception was -99.28%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for SMCX and SPUU.

Drawdown Indicators

	SMCX	SPUU	Difference
Max Drawdown Largest peak-to-trough decline	-99.28%	-59.35%	-39.93%
Max Drawdown (1Y) Largest decline over 1 year	-95.47%	-18.19%	-77.28%
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	-99.02%	-0.97%	-98.05%
Average Drawdown Average peak-to-trough decline	-88.74%	-9.43%	-79.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	75.42%	4.50%	+70.92%

Volatility

SMCX vs. SPUU - Volatility Comparison

Defiance Daily Target 2X Long SMCI ETF (SMCX) has a higher volatility of 54.15% compared to Direxion Daily S&P 500 Bull 2X ETF (SPUU) at 7.66%. This indicates that SMCX'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

	SMCX	SPUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	54.15%	7.66%	+46.49%
Volatility (6M) Calculated over the trailing 6-month period	183.78%	20.55%	+163.23%
Volatility (1Y) Calculated over the trailing 1-year period	178.56%	25.83%	+152.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	204.04%	33.73%	+170.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	204.04%	35.81%	+168.23%

SMCX vs. SPUU - Expense Ratio Comparison

SMCX has a 1.29% expense ratio, which is higher than SPUU's 0.60% expense ratio.

Dividends

SMCX vs. SPUU - Dividend Comparison

SMCX's dividend yield for the trailing twelve months is around 13.00%, more than SPUU's 1.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMCX Defiance Daily Target 2X Long SMCI ETF	13.00%	4.39%	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	1.31%	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

Can I hold both SMCX and SPUU in my portfolio?

SMCX and SPUU have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMCX or SPUU?

SMCX has higher volatility (54.15%) compared to SPUU (7.66%). In terms of maximum drawdown, SMCX dropped -99.28% vs SPUU's -59.35%.

Which ETF is better, SMCX or SPUU?

On 1-year performance, SPUU leads with 42.24% vs -93.55% for SMCX. 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.

Which ETF has performed better, SMCX or SPUU?

Over the 1-year period, SPUU has performed better with a 42.24% return vs -93.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMCX or SPUU?

SPUU is cheaper with a 0.60% expense ratio, compared with 1.29% for SMCX.

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

SMCX has the higher dividend yield at 13.00%, compared with 1.31% for SPUU.

What is the main difference between SMCX and SPUU?

They also come from different issuers: Defiance and Direxion. Their fees differ too: 1.29% for SMCX and 0.60% for SPUU.

Which has better risk-adjusted returns?

SPUU currently has the higher Sharpe Ratio (1.65 vs -0.53), 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.