SPDN vs. SPUU
SPDN (Direxion Daily S&P 500 Bear 1x Shares) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) are both exchange-traded funds - SPDN is a Inverse Equities fund tracking the S&P 500 Index, while SPUU is a Leveraged Equities fund tracking the S&P 500 Index (200% Daily). Both are passively managed. Over the past 10 years, SPDN returned -12.18%/yr vs 23.82%/yr for SPUU. Their -0.97 correlation means they have often moved in opposite directions in the past. SPDN charges 0.50%/yr vs 0.60%/yr for SPUU.
Performance
SPDN vs. SPUU - Performance Comparison
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Returns By Period
In the year-to-date period, SPDN achieves a -6.42% return, which is significantly lower than SPUU's 16.72% return. Over the past 10 years, SPDN has underperformed SPUU with an annualized return of -12.18%, while SPUU has yielded a comparatively higher 23.82% annualized return.
SPDN
- 1D
- -0.80%
- 1M
- 0.00%
- 6M
- -5.52%
- YTD
- -6.42%
- 1Y
- -12.79%
- 3Y*
- -10.75%
- 5Y*
- -7.84%
- 10Y*
- -12.18%
- ALL TIME*
- -12.21%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $433.42M | $387.95M | $422.31M | |
| $4.20M | $4.55M | $4.33M |
SPDN vs. SPUU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | -6.42% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
SPUU Direxion Daily S&P 500 Bull 2X ETF | 16.72% | 26.55% | 44.25% | 47.28% | -38.72% | 61.27% | 21.85% | 66.84% | -14.59% | 44.33% |
Correlation
The correlation between SPDN and SPUU is -0.99, 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. | -0.99 |
Correlation (3Y) Balances recent behavior with more history. | -0.99 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.99 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.97 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2016 | -0.97 |
The correlation between SPDN and SPUU has been stable across timeframes, ranging from -0.99 to -0.97 - a consistent structural relationship.
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Return for Risk
SPDN vs. SPUU — Risk / Return Rank
SPDN
SPUU
SPDN vs. SPUU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bear 1x Shares (SPDN) 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.
| SPDN | SPUU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.18 | ||
| Sortino ratioReturn per unit of downside risk | -3.02 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.23 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.71 | 1.85 | -2.56 |
| Martin ratioReturn relative to average drawdown | -1.27 | 7.47 | -8.74 |
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Drawdowns
SPDN vs. SPUU - Drawdown Comparison
The maximum SPDN drawdown since its inception was -75.31%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for SPDN and SPUU.
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Drawdown Indicators
| SPDN | SPUU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -59.35% | -15.96% |
Max Drawdown (1Y)Largest decline over 1 year | -15.93% | -18.19% | +2.26% |
Max Drawdown (3Y)Largest decline over 3 years | -38.24% | -35.18% | -3.06% |
Max Drawdown (5Y)Largest decline over 5 years | -43.85% | -46.59% | +2.74% |
Max Drawdown (10Y)Largest decline over 10 years | -73.97% | -59.35% | -14.62% |
Current DrawdownCurrent decline from peak | -74.80% | -3.83% | -70.97% |
Average DrawdownAverage peak-to-trough decline | -48.93% | -9.44% | -39.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.90% | 4.51% | +4.39% |
Volatility
SPDN vs. SPUU - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 3.55%, while Direxion Daily S&P 500 Bull 2X ETF (SPUU) has a volatility of 7.10%. This indicates that SPDN experiences smaller price fluctuations and is considered to be less risky 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
| SPDN | SPUU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.55% | 7.10% | -3.55% |
Volatility (6M)Calculated over the trailing 6-month period | 10.15% | 20.38% | -10.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.98% | 25.88% | -12.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.97% | 33.70% | -16.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.03% | 35.79% | -17.76% |
SPDN vs. SPUU - Expense Ratio Comparison
SPDN has a 0.50% expense ratio, which is lower than SPUU's 0.60% expense ratio.
Dividends
SPDN vs. SPUU - Dividend Comparison
SPDN's dividend yield for the trailing twelve months is around 3.32%, more than SPUU's 1.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | 3.32% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% | 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
SPDN and SPUU have a correlation of -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPUU has higher volatility (7.10%) compared to SPDN (3.55%). In terms of maximum drawdown, SPDN dropped -75.31% vs SPUU's -59.35%.
On 10-year performance, SPUU leads with 23.82% vs -12.18% for SPDN. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 3.55%. 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 23.82% return vs -12.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDN is cheaper with a 0.50% expense ratio, compared with 0.60% for SPUU.
SPDN has the higher dividend yield at 3.32%, compared with 1.34% for SPUU.
SPDN is categorized as Inverse Equities, while SPUU is Leveraged Equities. SPDN tracks S&P 500 Index, while SPUU tracks S&P 500 Index (200% Daily). Their fees differ too: 0.50% for SPDN and 0.60% for SPUU.
SPUU currently has the higher Sharpe Ratio (1.30 vs -0.88), 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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