SPUU vs. SPXS
SPUU (Direxion Daily S&P 500 Bull 2X ETF) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - SPUU is a Leveraged Equities fund tracking the S&P 500 Index (200% Daily), while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, SPUU returned 24.28%/yr vs -41.58%/yr for SPXS. Their -0.97 correlation means they have often moved in opposite directions in the past. SPUU charges 0.60%/yr vs 1.08%/yr for SPXS.
Performance
SPUU vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, SPUU achieves a 24.37% return, which is significantly higher than SPXS's -30.85% return. Over the past 10 years, SPUU has outperformed SPXS with an annualized return of 24.28%, while SPXS has yielded a comparatively lower -41.58% annualized return.
SPUU
- 1D
- 3.48%
- 1M
- 6.81%
- 6M
- 22.20%
- YTD
- 24.37%
- 1Y
- 42.90%
- 3Y*
- 36.19%
- 5Y*
- 18.90%
- 10Y*
- 24.28%
- ALL TIME*
- 21.98%
SPXS
- 1D
- -5.35%
- 1M
- -9.81%
- 6M
- -29.09%
- YTD
- -30.85%
- 1Y
- -44.28%
- 3Y*
- -41.84%
- 5Y*
- -33.69%
- 10Y*
- -41.58%
- ALL TIME*
- -44.97%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.02M | $5.05M | $4.57M | |
| $328.40M | $280.09M | $339.12M |
SPUU vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPUU Direxion Daily S&P 500 Bull 2X ETF | 24.37% | 26.55% | 44.25% | 47.28% | -38.72% | 61.27% | 21.85% | 66.84% | -14.59% | 44.33% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -30.85% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
Correlation
The correlation between SPUU and SPXS is -1.00, 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. | -1.00 |
Correlation (3Y) Balances recent behavior with more history. | -1.00 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -1.00 |
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 6, 2014 | -0.97 |
The correlation between SPUU and SPXS has been stable across timeframes, ranging from -1.00 to -0.97 - a consistent structural relationship.
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Return for Risk
SPUU vs. SPXS — Risk / Return Rank
SPUU
SPXS
SPUU vs. SPXS - 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 Direxion Daily S&P 500 Bear 3X Shares (SPXS). 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 | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.82 | ||
| Sortino ratioReturn per unit of downside risk | +4.04 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 0.80 | +0.48 |
| Calmar ratioReturn relative to maximum drawdown | 2.37 | -0.98 | +3.35 |
| Martin ratioReturn relative to average drawdown | 9.56 | -1.76 | +11.32 |
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Drawdowns
SPUU vs. SPXS - Drawdown Comparison
The maximum SPUU drawdown since its inception was -59.35%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SPUU and SPXS.
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Drawdown Indicators
| SPUU | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.35% | -100.00% | +40.65% |
Max Drawdown (1Y)Largest decline over 1 year | -18.19% | -45.14% | +26.95% |
Max Drawdown (3Y)Largest decline over 3 years | -35.18% | -84.95% | +49.77% |
Max Drawdown (5Y)Largest decline over 5 years | -46.59% | -90.62% | +44.03% |
Max Drawdown (10Y)Largest decline over 10 years | -59.35% | -99.58% | +40.23% |
Current DrawdownCurrent decline from peak | 0.00% | -100.00% | +100.00% |
Average DrawdownAverage peak-to-trough decline | -9.43% | -96.32% | +86.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.50% | 25.17% | -20.67% |
Volatility
SPUU vs. SPXS - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bull 2X ETF (SPUU) is 8.18%, while Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a volatility of 12.53%. This indicates that SPUU experiences smaller price fluctuations and is considered to be less risky than SPXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPUU | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.18% | 12.53% | -4.35% |
Volatility (6M)Calculated over the trailing 6-month period | 20.79% | 31.17% | -10.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.00% | 38.81% | -12.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.76% | 50.86% | -17.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.82% | 53.63% | -17.81% |
SPUU vs. SPXS - Expense Ratio Comparison
SPUU has a 0.60% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
SPUU vs. SPXS - Dividend Comparison
SPUU's dividend yield for the trailing twelve months is around 1.26%, less than SPXS's 4.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPUU Direxion Daily S&P 500 Bull 2X ETF | 1.26% | 1.63% | 0.55% | 0.83% | 0.88% | 3.04% | 8.03% | 1.80% | 5.50% | 6.96% | 8.08% | 4.42% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.91% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SPUU and SPXS have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXS has higher volatility (12.53%) compared to SPUU (8.18%). In terms of maximum drawdown, SPUU dropped -59.35% vs SPXS's -100.00%.
On 10-year performance, SPUU leads with 24.28% vs -41.58% for SPXS. On fees, SPUU is cheaper at 0.60% per year. On volatility, SPUU has been the lower-risk option at 8.18%. 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 24.28% return vs -41.58%. 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 1.08% for SPXS.
SPXS has the higher dividend yield at 4.91%, compared with 1.26% for SPUU.
SPUU is categorized as Leveraged Equities, while SPXS is Inverse Equities. SPUU tracks S&P 500 Index (200% Daily), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 0.60% for SPUU and 1.08% for SPXS.
SPUU currently has the higher Sharpe Ratio (1.67 vs -1.15), 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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