SPUU vs. GEMG

Last updated Jun 24, 2026

SPUU (Direxion Daily S&P 500 Bull 2X ETF) and GEMG (Leverage Shares 2X Long GEMI Daily ETF) are both Leveraged Equities funds. SPUU is passively managed, while GEMG is actively managed. At a 0.45 correlation, their price movements are largely independent. SPUU charges 0.60%/yr vs 0.75%/yr for GEMG.

Performance

SPUU vs. GEMG - Performance Comparison

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

Returns By Period

In the year-to-date period, SPUU achieves a 13.33% return, which is significantly higher than GEMG's -89.02% return.

SPUU

• 1D: -2.91%
• 1M: -3.20%
• YTD: 13.33%
• 6M: 10.95%
• 1Y: 43.00%
• 3Y*: 34.33%
• 5Y*: 18.44%
• 10Y*: 24.81%

GEMG

• 1D: -6.14%
• 1M: -33.52%
• YTD: -89.02%
• 6M: -91.24%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPUU vs. GEMG - Yearly Performance Comparison

	2026 (YTD)	2025
SPUU Direxion Daily S&P 500 Bull 2X ETF	13.33%	1.38%
GEMG Leverage Shares 2X Long GEMI Daily ETF	-89.02%	-71.91%

Correlation

The correlation between SPUU and GEMG is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 5, 2025	0.45

Return for Risk

SPUU vs. GEMG — Risk / Return Rank

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

SPUU

SPUU Risk / Return Rank: 51
SPUU Sharpe Ratio Rank: 52
SPUU Sortino Ratio Rank: 47
SPUU Omega Ratio Rank: 48
SPUU Calmar Ratio Rank: 50
SPUU Martin Ratio Rank: 59

GEMG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. GEMG - Risk-Adjusted Trends Comparison

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

	SPUU	GEMG	Difference
Sharpe ratio: Return per unit of total volatility	1.72	—	—
Sortino ratio: Return per unit of downside risk	2.25	—	—
Omega ratio: Gain probability vs. loss probability	1.30	—	—
Calmar ratio: Return relative to maximum drawdown	2.38	—	—
Martin ratio: Return relative to average drawdown	10.11	—	—

Drawdowns

SPUU vs. GEMG - Drawdown Comparison

The maximum SPUU drawdown since its inception was -59.35%, smaller than the maximum GEMG drawdown of -97.26%. Use the drawdown chart below to compare losses from any high point for SPUU and GEMG.

Drawdown Indicators

	SPUU	GEMG	Difference
Max Drawdown Largest peak-to-trough decline	-59.35%	-97.26%	+37.91%
Max Drawdown (1Y) Largest decline over 1 year	-18.19%	—	—
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	-6.62%	-97.10%	+90.48%
Average Drawdown Average peak-to-trough decline	-9.48%	-81.17%	+71.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.27%	—	—

Volatility

Volatility by Period

	SPUU	GEMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.70%	—	—
Volatility (6M) Calculated over the trailing 6-month period	19.93%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	25.22%	219.33%	-194.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.67%	219.33%	-185.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.81%	219.33%	-183.52%

SPUU vs. GEMG - Expense Ratio Comparison

SPUU has a 0.60% expense ratio, which is lower than GEMG's 0.75% expense ratio.

Dividends

SPUU vs. GEMG - Dividend Comparison

SPUU's dividend yield for the trailing twelve months is around 1.42%, while GEMG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GEMG Leverage Shares 2X Long GEMI Daily ETF	0.00%	0.00%	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	1.42%	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 GEMG in my portfolio?

SPUU and GEMG have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPUU or GEMG?

On fees, SPUU is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPUU or GEMG?

SPUU is cheaper with a 0.60% expense ratio, compared with 0.75% for GEMG.

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

SPUU has the higher dividend yield at 1.42%, compared with 0.00% for GEMG.

What is the main difference between SPUU and GEMG?

They also come from different issuers: Direxion and Leverage Shares. Their fees differ too: 0.60% for SPUU and 0.75% for GEMG.