SPUU vs. QULL
SPUU (Direxion Daily S&P 500 Bull 2X ETF) and QULL (ETRACS 2x Leveraged MSCI US Quality Factor TR ETN) are both Leveraged Equities funds - SPUU tracks the S&P 500 Index (200% Daily) while QULL tracks the MSCI USA Sector Neutral Quality Index. Both are passively managed. Over the past 5 years, SPUU returned 20.14%/yr vs 17.03%/yr for QULL. With a 0.96 correlation, they move nearly in lockstep. SPUU charges 0.60%/yr vs 0.95%/yr for QULL.
Performance
SPUU vs. QULL - Performance Comparison
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Returns By Period
In the year-to-date period, SPUU achieves a 19.44% return, which is significantly higher than QULL's 18.41% return.
SPUU
- 1D
- 3.36%
- 1M
- 3.66%
- YTD
- 19.44%
- 6M
- 19.99%
- 1Y
- 52.90%
- 3Y*
- 35.39%
- 5Y*
- 20.14%
- 10Y*
- 25.04%
QULL
- 1D
- 2.19%
- 1M
- 7.87%
- YTD
- 18.41%
- 6M
- 17.51%
- 1Y
- 44.24%
- 3Y*
- 31.36%
- 5Y*
- 17.03%
- 10Y*
- —
SPUU vs. QULL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SPUU Direxion Daily S&P 500 Bull 2X ETF | 19.44% | 26.55% | 44.25% | 47.28% | -38.72% | 52.18% |
QULL ETRACS 2x Leveraged MSCI US Quality Factor TR ETN | 18.41% | 17.61% | 38.03% | 57.07% | -42.00% | 51.36% |
Correlation
The correlation between SPUU and QULL is 0.93, 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 | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021 | 0.96 |
The correlation between SPUU and QULL has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.
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Return for Risk
SPUU vs. QULL — Risk / Return Rank
SPUU
QULL
SPUU vs. QULL - 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 ETRACS 2x Leveraged MSCI US Quality Factor TR ETN (QULL). 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 | QULL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.32 | ||
| Sortino ratioReturn per unit of downside risk | +0.20 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.31 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.92 | 2.41 | +0.51 |
| Martin ratioReturn relative to average drawdown | 12.56 | 10.73 | +1.83 |
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Drawdowns
SPUU vs. QULL - Drawdown Comparison
The maximum SPUU drawdown since its inception was -59.35%, which is greater than QULL's maximum drawdown of -51.83%. Use the drawdown chart below to compare losses from any high point for SPUU and QULL.
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Drawdown Indicators
| SPUU | QULL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.35% | -51.83% | -7.52% |
Max Drawdown (1Y)Largest decline over 1 year | -18.19% | -18.43% | +0.24% |
Max Drawdown (3Y)Largest decline over 3 years | -35.18% | -36.82% | +1.64% |
Max Drawdown (5Y)Largest decline over 5 years | -46.59% | -51.83% | +5.24% |
Max Drawdown (10Y)Largest decline over 10 years | -59.35% | — | — |
Current DrawdownCurrent decline from peak | -1.59% | 0.00% | -1.59% |
Average DrawdownAverage peak-to-trough decline | -9.49% | -13.97% | +4.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.22% | 4.14% | +0.08% |
Volatility
SPUU vs. QULL - Volatility Comparison
Direxion Daily S&P 500 Bull 2X ETF (SPUU) has a higher volatility of 9.23% compared to ETRACS 2x Leveraged MSCI US Quality Factor TR ETN (QULL) at 5.94%. This indicates that SPUU's price experiences larger fluctuations and is considered to be riskier than QULL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPUU | QULL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.23% | 5.94% | +3.29% |
Volatility (6M)Calculated over the trailing 6-month period | 19.71% | 19.16% | +0.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.95% | 24.58% | +0.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.64% | 35.66% | -2.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.84% | 35.08% | +0.76% |
SPUU vs. QULL - Expense Ratio Comparison
SPUU has a 0.60% expense ratio, which is lower than QULL's 0.95% expense ratio.
Dividends
SPUU vs. QULL - Dividend Comparison
SPUU's dividend yield for the trailing twelve months is around 1.34%, while QULL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QULL ETRACS 2x Leveraged MSCI US Quality Factor TR ETN | 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 | 1.34% | 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
With a correlation of 0.93, SPUU and QULL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
SPUU has higher volatility (9.23%) compared to QULL (5.94%). In terms of maximum drawdown, SPUU dropped -59.35% vs QULL's -51.83%.
On 5-year performance, SPUU leads with 20.14% vs 17.03% for QULL. On fees, SPUU is cheaper at 0.60% per year. On volatility, QULL has been the lower-risk option at 5.94%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPUU has performed better with a 20.14% return vs 17.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPUU is cheaper with a 0.60% expense ratio, compared with 0.95% for QULL.
SPUU has the higher dividend yield at 1.34%, compared with 0.00% for QULL.
SPUU tracks S&P 500 Index (200% Daily), while QULL tracks MSCI USA Sector Neutral Quality Index. They also come from different issuers: Direxion and UBS. Their fees differ too: 0.60% for SPUU and 0.95% for QULL.
SPUU currently has the higher Sharpe Ratio (2.13 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.
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