SPUU vs. PWB

Last updated Jun 14, 2026

SPUU (Direxion Daily S&P 500 Bull 2X ETF) and PWB (Invesco Dynamic Large Cap Growth ETF) are both exchange-traded funds - SPUU is a Leveraged Equities fund tracking the S&P 500 Index (200% Daily), while PWB is a Large Cap Growth Equities fund tracking the Dynamic Large Cap Growth Intellidex Index. Both are passively managed. Over the past 10 years, SPUU returned 24.69%/yr vs 18.33%/yr for PWB. Their correlation of 0.88 suggests significant overlap in exposure. SPUU charges 0.60%/yr vs 0.56%/yr for PWB.

Performance

SPUU vs. PWB - 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 Invesco Dynamic Large Cap Growth ETF (PWB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPUU achieves a 15.56% return, which is significantly lower than PWB's 25.98% return. Over the past 10 years, SPUU has outperformed PWB with an annualized return of 24.69%, while PWB has yielded a comparatively lower 18.33% annualized return.

SPUU

• 1D: 1.20%
• 1M: -2.20%
• YTD: 15.56%
• 6M: 15.85%
• 1Y: 47.93%
• 3Y*: 34.75%
• 5Y*: 19.14%
• 10Y*: 24.69%

PWB

• 1D: 1.29%
• 1M: 2.46%
• YTD: 25.98%
• 6M: 26.73%
• 1Y: 43.40%
• 3Y*: 32.74%
• 5Y*: 17.69%
• 10Y*: 18.33%

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

SPUU vs. PWB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPUU Direxion Daily S&P 500 Bull 2X ETF	15.56%	26.55%	44.25%	47.28%	-38.72%	61.27%	21.85%	66.84%	-14.59%	44.33%
PWB Invesco Dynamic Large Cap Growth ETF	25.98%	24.94%	31.04%	30.61%	-25.81%	19.58%	31.89%	24.68%	0.88%	30.71%

Correlation

The correlation between SPUU and PWB is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jun 6, 2014	0.88

The correlation between SPUU and PWB has been stable across timeframes, ranging from 0.88 to 0.93 - a consistent structural relationship.

SPUU vs. PWB - Sectors Allocation Comparison

Sectors	SPUU	PWB
Technology	39.0%	48.9%
Financial Services	11.1%	9.2%
Communication Services	10.6%	10.6%
Consumer Cyclical	9.9%	4.8%
Healthcare	8.3%	3.2%
Industrials	7.8%	14.8%
Consumer Defensive	4.5%	7.4%
Energy	3.1%	-
Utilities	2.1%	1.6%
Real Estate	1.8%	-
Basic Materials	1.7%	1.2%

Return for Risk

SPUU vs. PWB — Risk / Return Rank

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

SPUU

SPUU Risk / Return Rank: 60
SPUU Sharpe Ratio Rank: 63
SPUU Sortino Ratio Rank: 56
SPUU Omega Ratio Rank: 58
SPUU Calmar Ratio Rank: 56
SPUU Martin Ratio Rank: 66

PWB

PWB Risk / Return Rank: 76
PWB Sharpe Ratio Rank: 77
PWB Sortino Ratio Rank: 71
PWB Omega Ratio Rank: 72
PWB Calmar Ratio Rank: 77
PWB Martin Ratio Rank: 83

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. PWB - 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 Invesco Dynamic Large Cap Growth ETF (PWB). 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	PWB	Difference
Sharpe ratio: Return per unit of total volatility	1.81	2.14	-0.33
Sortino ratio: Return per unit of downside risk	2.35	2.78	-0.43
Omega ratio: Gain probability vs. loss probability	1.31	1.37	-0.06
Calmar ratio: Return relative to maximum drawdown	2.47	3.50	-1.03
Martin ratio: Return relative to average drawdown	10.61	14.63	-4.02

SPUU vs. PWB - Sharpe Ratio Comparison

The current SPUU Sharpe Ratio is 1.81, which is comparable to the PWB Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of SPUU and PWB, 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

SPUU vs. PWB - Drawdown Comparison

The maximum SPUU drawdown since its inception was -59.35%, which is greater than PWB's maximum drawdown of -52.58%. Use the drawdown chart below to compare losses from any high point for SPUU and PWB.

Drawdown Indicators

	SPUU	PWB	Difference
Max Drawdown Largest peak-to-trough decline	-59.35%	-52.58%	-6.77%
Max Drawdown (1Y) Largest decline over 1 year	-18.19%	-12.11%	-6.08%
Max Drawdown (3Y) Largest decline over 3 years	-35.18%	-22.10%	-13.08%
Max Drawdown (5Y) Largest decline over 5 years	-46.59%	-31.41%	-15.18%
Max Drawdown (10Y) Largest decline over 10 years	-59.35%	-32.36%	-26.99%
Current Drawdown Current decline from peak	-4.78%	-2.10%	-2.68%
Average Drawdown Average peak-to-trough decline	-9.49%	-8.23%	-1.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.23%	2.89%	+1.34%

Volatility

SPUU vs. PWB - Volatility Comparison

Direxion Daily S&P 500 Bull 2X ETF (SPUU) and Invesco Dynamic Large Cap Growth ETF (PWB) have volatilities of 8.72% and 8.70%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPUU	PWB	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.72%	8.70%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	19.45%	16.70%	+2.75%
Volatility (1Y) Calculated over the trailing 1-year period	24.81%	19.80%	+5.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.59%	21.23%	+12.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.83%	20.83%	+15.00%

SPUU vs. PWB - Expense Ratio Comparison

SPUU has a 0.60% expense ratio, which is higher than PWB's 0.56% expense ratio.

Dividends

SPUU vs. PWB - Dividend Comparison

SPUU's dividend yield for the trailing twelve months is around 1.39%, while PWB has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PWB Invesco Dynamic Large Cap Growth ETF	0.00%	0.00%	0.08%	0.37%	0.31%	0.04%	0.21%	0.58%	0.97%	0.54%	0.82%	0.67%
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 SPUU and PWB in my portfolio?

SPUU and PWB have a correlation of 0.89, 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 PWB?

SPUU has higher volatility (8.72%) compared to PWB (8.70%). In terms of maximum drawdown, SPUU dropped -59.35% vs PWB's -52.58%.

Which ETF is better, SPUU or PWB?

On 10-year performance, SPUU leads with 24.69% vs 18.33% for PWB. On fees, PWB is cheaper at 0.56% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPUU or PWB?

Over the 10-year period, SPUU has performed better with a 24.69% return vs 18.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPUU or PWB?

PWB is cheaper with a 0.56% expense ratio, compared with 0.60% for SPUU.

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

SPUU has the higher dividend yield at 1.39%, compared with 0.00% for PWB.

What is the main difference between SPUU and PWB?

SPUU is categorized as Leveraged Equities, while PWB is Large Cap Growth Equities. SPUU tracks S&P 500 Index (200% Daily), while PWB tracks Dynamic Large Cap Growth Intellidex Index. They also come from different issuers: Direxion and Invesco. Their fees differ too: 0.60% for SPUU and 0.56% for PWB.

Which has better risk-adjusted returns?

PWB currently has the higher Sharpe Ratio (2.14 vs 1.81), 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.