SPUU vs. ARMG

Last updated Jun 3, 2026

SPUU (Direxion Daily S&P 500 Bull 2x Shares) and ARMG (Leverage Shares 2X Long ARM Daily ETF) are both Leveraged Equities funds. SPUU is passively managed, while ARMG is actively managed. Over the past year, SPUU returned 57.39% vs 507.81% for ARMG. A 0.60 correlation means they provide meaningful diversification when combined. SPUU charges 0.64%/yr vs 0.75%/yr for ARMG.

Performance

SPUU vs. ARMG - Performance Comparison

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

Returns By Period

In the year-to-date period, SPUU achieves a 21.37% return, which is significantly lower than ARMG's 888.42% return.

SPUU

• 1D: 0.09%
• 1M: 10.49%
• YTD: 21.37%
• 6M: 21.39%
• 1Y: 57.39%
• 3Y*: 38.80%
• 5Y*: 20.89%
• 10Y*: 24.93%

ARMG

• 1D: -3.36%
• 1M: 219.03%
• YTD: 888.42%
• 6M: 521.40%
• 1Y: 507.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPUU vs. ARMG - Yearly Performance Comparison

	2026 (YTD)	2025
SPUU Direxion Daily S&P 500 Bull 2x Shares	21.37%	28.82%
ARMG Leverage Shares 2X Long ARM Daily ETF	888.42%	-61.80%

Correlation

The correlation between SPUU and ARMG 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 Jan 15, 2025	0.60

The correlation between SPUU and ARMG has been stable across timeframes, ranging from 0.54 to 0.60 - a consistent structural relationship.

Return for Risk

SPUU vs. ARMG — Risk / Return Rank

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

SPUU

SPUU Risk / Return Rank: 68
SPUU Sharpe Ratio Rank: 73
SPUU Sortino Ratio Rank: 65
SPUU Omega Ratio Rank: 66
SPUU Calmar Ratio Rank: 65
SPUU Martin Ratio Rank: 74

ARMG

ARMG Risk / Return Rank: 83
ARMG Sharpe Ratio Rank: 95
ARMG Sortino Ratio Rank: 80
ARMG Omega Ratio Rank: 76
ARMG Calmar Ratio Rank: 94
ARMG Martin Ratio Rank: 71

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.

SPUU vs. ARMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bull 2x Shares (SPUU) and Leverage Shares 2X Long ARM Daily ETF (ARMG). 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.

	SPUU	ARMG	Difference
Sharpe ratio Return per unit of total volatility	2.42	3.93	-1.51
Sortino ratio Return per unit of downside risk	3.03	3.63	-0.59
Omega ratio Gain probability vs. loss probability	1.40	1.46	-0.06
Calmar ratio Return relative to maximum drawdown	3.25	7.63	-4.39
Martin ratio Return relative to average drawdown	14.34	13.49	+0.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPUU vs. ARMG - Sharpe Ratio Comparison

The current SPUU Sharpe Ratio is 2.42, which is lower than the ARMG Sharpe Ratio of 3.93. The chart below compares the historical Sharpe Ratios of SPUU and ARMG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPUU	ARMG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.42	3.93	-1.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	1.18	-0.54

Drawdowns

SPUU vs. ARMG - Drawdown Comparison

The maximum SPUU drawdown since its inception was -59.35%, smaller than the maximum ARMG drawdown of -80.28%. Use the drawdown chart below to compare losses from any high point for SPUU and ARMG.

Drawdown Indicators

	SPUU	ARMG	Difference
Max Drawdown Largest peak-to-trough decline	-59.35%	-80.28%	+20.93%
Max Drawdown (1Y) Largest decline over 1 year	-18.19%	-68.13%	+49.94%
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	0.00%	-3.36%	+3.36%
Average Drawdown Average peak-to-trough decline	-9.51%	-53.19%	+43.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.12%	38.55%	-34.43%

Volatility

SPUU vs. ARMG - Volatility Comparison

The current volatility for Direxion Daily S&P 500 Bull 2x Shares (SPUU) is 5.59%, while Leverage Shares 2X Long ARM Daily ETF (ARMG) has a volatility of 66.04%. This indicates that SPUU experiences smaller price fluctuations and is considered to be less risky than ARMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPUU	ARMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.59%	66.04%	-60.45%
Volatility (6M) Calculated over the trailing 6-month period	18.07%	103.87%	-85.80%
Volatility (1Y) Calculated over the trailing 1-year period	23.87%	130.25%	-106.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.46%	138.46%	-105.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.77%	138.46%	-102.69%

SPUU vs. ARMG - Expense Ratio Comparison

SPUU has a 0.64% expense ratio, which is lower than ARMG's 0.75% expense ratio.

Dividends

SPUU vs. ARMG - Dividend Comparison

SPUU's dividend yield for the trailing twelve months is around 1.32%, more than ARMG's 0.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARMG Leverage Shares 2X Long ARM Daily ETF	0.49%	4.86%	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 Shares	1.32%	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 SPUU and ARMG in my portfolio?

SPUU and ARMG 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, SPUU or ARMG?

ARMG has higher volatility (66.04%) compared to SPUU (5.59%). In terms of maximum drawdown, SPUU dropped -59.35% vs ARMG's -80.28%.

Which ETF is better, SPUU or ARMG?

On 1-year performance, ARMG leads with 507.81% vs 57.39% for SPUU. On fees, SPUU is cheaper at 0.64% per year. On volatility, SPUU has been the lower-risk option at 5.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPUU or ARMG?

Over the 1-year period, ARMG has performed better with a 507.81% return vs 57.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPUU or ARMG?

SPUU is cheaper with a 0.64% expense ratio, compared with 0.75% for ARMG.

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

SPUU has the higher dividend yield at 1.32%, compared with 0.49% for ARMG.

What is the main difference between SPUU and ARMG?

They also come from different issuers: Direxion and Leverage Shares. Their fees differ too: 0.64% for SPUU and 0.75% for ARMG.

Which has better risk-adjusted returns?

ARMG currently has the higher Sharpe Ratio (3.93 vs 2.42), 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.