SPUU vs. SPY

Last updated Jun 9, 2026

SPUU (Direxion Daily S&P 500 Bull 2X ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - SPUU is a Leveraged Equities fund tracking the S&P 500 Index (200% Daily), while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, SPUU returned 24.31%/yr vs 15.27%/yr for SPY. With a 0.97 correlation, they move nearly in lockstep. SPUU charges 0.60%/yr vs 0.09%/yr for SPY.

Performance

SPUU vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPUU achieves a 14.92% return, which is significantly higher than SPY's 8.70% return. Over the past 10 years, SPUU has outperformed SPY with an annualized return of 24.31%, while SPY has yielded a comparatively lower 15.27% annualized return.

SPUU

• 1D: 0.60%
• 1M: 0.07%
• YTD: 14.92%
• 6M: 14.42%
• 1Y: 45.91%
• 3Y*: 35.91%
• 5Y*: 19.28%
• 10Y*: 24.31%

SPY

• 1D: 0.23%
• 1M: 0.22%
• YTD: 8.70%
• 6M: 8.75%
• 1Y: 24.79%
• 3Y*: 21.35%
• 5Y*: 13.42%
• 10Y*: 15.27%

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

SPUU vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPUU Direxion Daily S&P 500 Bull 2X ETF	14.92%	26.55%	44.25%	47.28%	-38.72%	61.27%	21.85%	66.84%	-14.59%	44.33%
SPY State Street SPDR S&P 500 ETF	8.70%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between SPUU and SPY is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jun 9, 2014	0.97

The correlation between SPUU and SPY has been stable across timeframes, ranging from 0.97 to 1.00 - a consistent structural relationship.

SPUU vs. SPY - Sectors Allocation Comparison

Sectors	SPUU	SPY
Technology	16.4%	35.9%
Financial Services	4.7%	11.8%
Communication Services	4.5%	11.3%
Consumer Cyclical	4.2%	10.3%
Healthcare	3.6%	8.4%
Industrials	3.2%	7.8%
Consumer Defensive	2.0%	4.8%
Energy	1.4%	3.6%
Utilities	1.1%	2.4%
Real Estate	0.8%	1.9%
Basic Materials	0.7%	1.8%

Return for Risk

SPUU vs. SPY — 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: 57
SPUU Martin Ratio Rank: 66

SPY

SPY Risk / Return Rank: 69
SPY Sharpe Ratio Rank: 70
SPY Sortino Ratio Rank: 67
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.89	2.06	-0.17
Sortino ratio: Return per unit of downside risk	2.43	2.78	-0.35
Omega ratio: Gain probability vs. loss probability	1.32	1.38	-0.05
Calmar ratio: Return relative to maximum drawdown	2.54	2.80	-0.27
Martin ratio: Return relative to average drawdown	11.10	12.93	-1.83
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. SPY - Sharpe Ratio Comparison

The current SPUU Sharpe Ratio is 1.89, which is comparable to the SPY Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of SPUU and SPY, 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	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	2.06	-0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.79	-0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	0.85	-0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.58	+0.04

Drawdowns

SPUU vs. SPY - Drawdown Comparison

The maximum SPUU drawdown since its inception was -59.35%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SPUU and SPY.

Drawdown Indicators

	SPUU	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-59.35%	-55.19%	-4.16%
Max Drawdown (1Y) Largest decline over 1 year	-18.19%	-8.88%	-9.31%
Max Drawdown (3Y) Largest decline over 3 years	-35.18%	-18.76%	-16.42%
Max Drawdown (5Y) Largest decline over 5 years	-46.59%	-24.50%	-22.09%
Max Drawdown (10Y) Largest decline over 10 years	-59.35%	-33.72%	-25.63%
Current Drawdown Current decline from peak	-5.31%	-2.68%	-2.63%
Average Drawdown Average peak-to-trough decline	-9.50%	-9.04%	-0.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.15%	1.92%	+2.23%

Volatility

SPUU vs. SPY - Volatility Comparison

Direxion Daily S&P 500 Bull 2X ETF (SPUU) has a higher volatility of 7.64% compared to State Street SPDR S&P 500 ETF (SPY) at 3.72%. This indicates that SPUU's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPUU	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.64%	3.72%	+3.92%
Volatility (6M) Calculated over the trailing 6-month period	18.95%	9.31%	+9.64%
Volatility (1Y) Calculated over the trailing 1-year period	24.47%	12.10%	+12.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.54%	17.09%	+16.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.82%	17.96%	+17.86%

SPUU vs. SPY - Expense Ratio Comparison

SPUU has a 0.60% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

SPUU vs. SPY - Dividend Comparison

SPUU's dividend yield for the trailing twelve months is around 1.40%, more than SPY's 1.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPUU Direxion Daily S&P 500 Bull 2X ETF	1.40%	1.63%	0.55%	0.83%	0.88%	3.04%	8.03%	1.80%	5.50%	6.96%	8.08%	4.42%
SPY State Street SPDR S&P 500 ETF	1.00%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both SPUU and SPY in my portfolio?

With a correlation of 1.00, SPUU and SPY 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.

Which is riskier, SPUU or SPY?

SPUU has higher volatility (7.64%) compared to SPY (3.72%). In terms of maximum drawdown, SPUU dropped -59.35% vs SPY's -55.19%.

Which ETF is better, SPUU or SPY?

On 10-year performance, SPUU leads with 24.31% vs 15.27% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPUU or SPY?

Over the 10-year period, SPUU has performed better with a 24.31% return vs 15.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPUU or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.60% for SPUU.

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

SPUU has the higher dividend yield at 1.40%, compared with 1.00% for SPY.

What is the main difference between SPUU and SPY?

SPUU is categorized as Leveraged Equities, while SPY is S&P 500. SPUU tracks S&P 500 Index (200% Daily), while SPY tracks S&P 500 Index. They also come from different issuers: Direxion and State Street. Their fees differ too: 0.60% for SPUU and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.06 vs 1.89), 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.