SMCY vs. SPUU

Last updated Jun 26, 2026

SMCY (YieldMax SMCI Option Income Strategy ETF) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) are both exchange-traded funds - SMCY is a Derivative Income fund actively managed by YieldMax, while SPUU is a Leveraged Equities fund tracking the S&P 500 Index (200% Daily). SMCY is actively managed, while SPUU is passively managed. Over the past year, SMCY returned -33.89% vs 39.60% for SPUU. At a 0.48 correlation, their price movements are largely independent. SMCY charges 0.99%/yr vs 0.60%/yr for SPUU.

Performance

SMCY vs. SPUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax SMCI Option Income Strategy ETF (SMCY) 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, SMCY achieves a -2.36% return, which is significantly lower than SPUU's 13.24% return.

SMCY

• 1D: -2.02%
• 1M: -14.96%
• YTD: -2.36%
• 6M: -5.19%
• 1Y: -33.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPUU

• 1D: 0.03%
• 1M: -4.55%
• YTD: 13.24%
• 6M: 10.22%
• 1Y: 39.60%
• 3Y*: 34.71%
• 5Y*: 18.25%
• 10Y*: 25.28%

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

SMCY vs. SPUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMCY YieldMax SMCI Option Income Strategy ETF	-2.36%	-15.41%	-33.36%
SPUU Direxion Daily S&P 500 Bull 2X ETF	13.24%	26.55%	10.76%

Correlation

The correlation between SMCY and SPUU is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.54
Correlation (All Time) Calculated using the full available price history since Sep 12, 2024	0.48

The correlation between SMCY and SPUU has been stable across timeframes, ranging from 0.48 to 0.54 - a consistent structural relationship.

Return for Risk

SMCY vs. SPUU — Risk / Return Rank

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

SMCY

SMCY Risk / Return Rank: 6
SMCY Sharpe Ratio Rank: 5
SMCY Sortino Ratio Rank: 7
SMCY Omega Ratio Rank: 6
SMCY Calmar Ratio Rank: 5
SMCY Martin Ratio Rank: 5

SPUU

SPUU Risk / Return Rank: 52
SPUU Sharpe Ratio Rank: 53
SPUU Sortino Ratio Rank: 48
SPUU Omega Ratio Rank: 50
SPUU Calmar Ratio Rank: 51
SPUU Martin Ratio Rank: 60

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.

SMCY vs. SPUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax SMCI Option Income Strategy ETF (SMCY) 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.

	SMCY	SPUU	Difference
Sharpe ratio: Return per unit of total volatility	-0.47	1.59	-2.06
Sortino ratio: Return per unit of downside risk	-0.24	2.11	-2.35
Omega ratio: Gain probability vs. loss probability	0.96	1.28	-0.31
Calmar ratio: Return relative to maximum drawdown	-0.56	2.19	-2.75
Martin ratio: Return relative to average drawdown	-0.93	9.22	-10.15

SMCY vs. SPUU - Sharpe Ratio Comparison

The current SMCY Sharpe Ratio is -0.47, which is lower than the SPUU Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of SMCY 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

SMCY vs. SPUU - Drawdown Comparison

The maximum SMCY drawdown since its inception was -64.75%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for SMCY and SPUU.

Drawdown Indicators

	SMCY	SPUU	Difference
Max Drawdown Largest peak-to-trough decline	-64.75%	-59.35%	-5.40%
Max Drawdown (1Y) Largest decline over 1 year	-60.43%	-18.19%	-42.24%
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	-52.93%	-6.69%	-46.24%
Average Drawdown Average peak-to-trough decline	-37.34%	-9.48%	-27.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.46%	4.31%	+32.15%

Volatility

SMCY vs. SPUU - Volatility Comparison

YieldMax SMCI Option Income Strategy ETF (SMCY) has a higher volatility of 41.21% compared to Direxion Daily S&P 500 Bull 2X ETF (SPUU) at 9.51%. This indicates that SMCY'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

	SMCY	SPUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	41.21%	9.51%	+31.70%
Volatility (6M) Calculated over the trailing 6-month period	67.11%	19.81%	+47.30%
Volatility (1Y) Calculated over the trailing 1-year period	72.15%	25.05%	+47.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.50%	33.67%	+46.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.50%	35.79%	+44.71%

SMCY vs. SPUU - Expense Ratio Comparison

SMCY has a 0.99% expense ratio, which is higher than SPUU's 0.60% expense ratio.

Dividends

SMCY vs. SPUU - Dividend Comparison

SMCY's dividend yield for the trailing twelve months is around 211.43%, more than SPUU's 1.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMCY YieldMax SMCI Option Income Strategy ETF	211.43%	231.43%	38.43%	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	1.39%	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 SMCY and SPUU in my portfolio?

SMCY 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, SMCY or SPUU?

SMCY has higher volatility (41.21%) compared to SPUU (9.51%). In terms of maximum drawdown, SMCY dropped -64.75% vs SPUU's -59.35%.

Which ETF is better, SMCY or SPUU?

On 1-year performance, SPUU leads with 39.60% vs -33.89% for SMCY. On fees, SPUU is cheaper at 0.60% per year. On volatility, SPUU has been the lower-risk option at 9.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMCY or SPUU?

Over the 1-year period, SPUU has performed better with a 39.60% return vs -33.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMCY or SPUU?

SPUU is cheaper with a 0.60% expense ratio, compared with 0.99% for SMCY.

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

SMCY has the higher dividend yield at 211.43%, compared with 1.39% for SPUU.

What is the main difference between SMCY and SPUU?

SMCY is categorized as Derivative Income, while SPUU is Leveraged Equities. They also come from different issuers: YieldMax and Direxion. Their fees differ too: 0.99% for SMCY and 0.60% for SPUU.

Which has better risk-adjusted returns?

SPUU currently has the higher Sharpe Ratio (1.59 vs -0.47), 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.