SPUU vs. SSO
Compare and contrast key facts about Direxion Daily S&P 500 Bull 2x Shares (SPUU) and ProShares Ultra S&P500 (SSO).
SPUU and SSO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPUU is a passively managed fund by Direxion that tracks the performance of the S&P 500 Index (200%). It was launched on May 28, 2014. SSO is a passively managed fund by ProShares that tracks the performance of the S&P 500. It was launched on Jun 19, 2006. Both SPUU and SSO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
SPUU vs. SSO - Performance Comparison
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SPUU vs. SSO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPUU Direxion Daily S&P 500 Bull 2x Shares | -10.01% | 26.55% | 44.25% | 47.28% | -38.72% | 61.27% | 21.85% | 66.84% | -14.59% | 44.33% |
SSO ProShares Ultra S&P500 | -10.23% | 26.19% | 43.48% | 46.65% | -38.98% | 60.57% | 21.54% | 63.45% | -14.60% | 44.35% |
Returns By Period
The year-to-date returns for both stocks are quite close, with SPUU having a -10.01% return and SSO slightly lower at -10.23%. Both investments have delivered pretty close results over the past 10 years, with SPUU having a 21.67% annualized return and SSO not far behind at 21.06%.
SPUU
- 1D
- 5.86%
- 1M
- -10.17%
- YTD
- -10.01%
- 6M
- -6.87%
- 1Y
- 27.13%
- 3Y*
- 28.85%
- 5Y*
- 15.86%
- 10Y*
- 21.67%
SSO
- 1D
- 5.75%
- 1M
- -10.37%
- YTD
- -10.23%
- 6M
- -7.08%
- 1Y
- 26.35%
- 3Y*
- 28.27%
- 5Y*
- 15.34%
- 10Y*
- 21.06%
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SPUU vs. SSO - Expense Ratio Comparison
SPUU has a 0.64% expense ratio, which is lower than SSO's 0.87% expense ratio.
Return for Risk
SPUU vs. SSO — Risk / Return Rank
SPUU
SSO
SPUU vs. SSO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bull 2x Shares (SPUU) and ProShares Ultra S&P500 (SSO). 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 | SSO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.75 | 0.73 | +0.03 |
Sortino ratioReturn per unit of downside risk | 1.26 | 1.23 | +0.03 |
Omega ratioGain probability vs. loss probability | 1.19 | 1.19 | 0.00 |
Calmar ratioReturn relative to maximum drawdown | 1.24 | 1.20 | +0.04 |
Martin ratioReturn relative to average drawdown | 5.35 | 5.18 | +0.17 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPUU | SSO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.75 | 0.73 | +0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.48 | 0.46 | +0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.61 | 0.59 | +0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.56 | 0.38 | +0.18 |
Correlation
The correlation between SPUU and SSO is 0.97, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
SPUU vs. SSO - Dividend Comparison
SPUU's dividend yield for the trailing twelve months is around 1.78%, more than SSO's 0.82% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPUU Direxion Daily S&P 500 Bull 2x Shares | 1.78% | 1.63% | 0.55% | 0.83% | 0.88% | 3.04% | 8.03% | 1.80% | 5.50% | 6.96% | 8.08% | 4.42% |
SSO ProShares Ultra S&P500 | 0.82% | 0.68% | 0.85% | 0.18% | 0.50% | 0.18% | 0.20% | 0.50% | 0.75% | 0.39% | 0.51% | 0.63% |
Drawdowns
SPUU vs. SSO - Drawdown Comparison
The maximum SPUU drawdown since its inception was -59.35%, smaller than the maximum SSO drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for SPUU and SSO.
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Drawdown Indicators
| SPUU | SSO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.35% | -84.67% | +25.32% |
Max Drawdown (1Y)Largest decline over 1 year | -23.10% | -23.17% | +0.07% |
Max Drawdown (5Y)Largest decline over 5 years | -46.59% | -46.73% | +0.14% |
Max Drawdown (10Y)Largest decline over 10 years | -59.35% | -59.34% | -0.01% |
Current DrawdownCurrent decline from peak | -13.39% | -13.46% | +0.07% |
Average DrawdownAverage peak-to-trough decline | -9.62% | -19.72% | +10.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.35% | 5.38% | -0.03% |
Volatility
SPUU vs. SSO - Volatility Comparison
Direxion Daily S&P 500 Bull 2x Shares (SPUU) and ProShares Ultra S&P500 (SSO) have volatilities of 10.70% and 10.60%, 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.
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Volatility by Period
| SPUU | SSO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.70% | 10.60% | +0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 19.17% | 18.95% | +0.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.23% | 36.45% | -0.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.47% | 33.66% | -0.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.73% | 35.86% | -0.13% |