SPUU vs. TQQQ

Last updated Jun 24, 2026

SPUU (Direxion Daily S&P 500 Bull 2X ETF) and TQQQ (ProShares UltraPro QQQ) are both Leveraged Equities funds - SPUU tracks the S&P 500 Index (200% Daily) while TQQQ tracks the NASDAQ-100 Index (300%). Both are passively managed. Over the past 10 years, SPUU returned 24.81%/yr vs 45.48%/yr for TQQQ. Their correlation of 0.89 suggests significant overlap in exposure. SPUU charges 0.60%/yr vs 0.95%/yr for TQQQ.

Performance

SPUU vs. TQQQ - 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 ProShares UltraPro QQQ (TQQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPUU achieves a 13.33% return, which is significantly lower than TQQQ's 41.43% return. Over the past 10 years, SPUU has underperformed TQQQ with an annualized return of 24.81%, while TQQQ has yielded a comparatively higher 45.48% annualized return.

SPUU

• 1D: -2.91%
• 1M: -3.20%
• YTD: 13.33%
• 6M: 10.95%
• 1Y: 43.00%
• 3Y*: 34.33%
• 5Y*: 18.44%
• 10Y*: 24.81%

TQQQ

• 1D: -9.86%
• 1M: -4.37%
• YTD: 41.43%
• 6M: 35.75%
• 1Y: 100.69%
• 3Y*: 58.02%
• 5Y*: 21.47%
• 10Y*: 45.48%

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

SPUU vs. TQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPUU Direxion Daily S&P 500 Bull 2X ETF	13.33%	26.55%	44.25%	47.28%	-38.72%	61.27%	21.85%	66.84%	-14.59%	44.33%
TQQQ ProShares UltraPro QQQ	41.43%	34.35%	58.27%	198.04%	-79.09%	82.98%	110.05%	133.84%	-19.79%	118.06%

Correlation

The correlation between SPUU and TQQQ is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jun 6, 2014	0.89

The correlation between SPUU and TQQQ has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.

SPUU vs. TQQQ - Sectors Allocation Comparison

Sectors	SPUU	TQQQ
Technology	39.0%	53.8%
Financial Services	11.1%	0.2%
Communication Services	10.6%	15.8%
Consumer Cyclical	9.9%	12.3%
Healthcare	8.3%	4.2%
Industrials	7.8%	2.8%
Consumer Defensive	4.5%	7.7%
Energy	3.1%	0.6%
Utilities	2.1%	1.4%
Real Estate	1.8%	0.1%
Basic Materials	1.7%	1.1%

Return for Risk

SPUU vs. TQQQ — Risk / Return Rank

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

SPUU

SPUU Risk / Return Rank: 51
SPUU Sharpe Ratio Rank: 52
SPUU Sortino Ratio Rank: 47
SPUU Omega Ratio Rank: 48
SPUU Calmar Ratio Rank: 50
SPUU Martin Ratio Rank: 59

TQQQ

TQQQ Risk / Return Rank: 53
TQQQ Sharpe Ratio Rank: 58
TQQQ Sortino Ratio Rank: 47
TQQQ Omega Ratio Rank: 49
TQQQ Calmar Ratio Rank: 57
TQQQ Martin Ratio Rank: 52

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. TQQQ - 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 ProShares UltraPro QQQ (TQQQ). 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	TQQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.72	1.90	-0.18
Sortino ratio: Return per unit of downside risk	2.25	2.27	-0.02
Omega ratio: Gain probability vs. loss probability	1.30	1.30	-0.01
Calmar ratio: Return relative to maximum drawdown	2.38	2.74	-0.36
Martin ratio: Return relative to average drawdown	10.11	8.72	+1.39

SPUU vs. TQQQ - Sharpe Ratio Comparison

The current SPUU Sharpe Ratio is 1.72, which is comparable to the TQQQ Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of SPUU and TQQQ, 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. TQQQ - Drawdown Comparison

The maximum SPUU drawdown since its inception was -59.35%, smaller than the maximum TQQQ drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for SPUU and TQQQ.

Drawdown Indicators

	SPUU	TQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-59.35%	-81.66%	+22.31%
Max Drawdown (1Y) Largest decline over 1 year	-18.19%	-36.97%	+18.78%
Max Drawdown (3Y) Largest decline over 3 years	-35.18%	-58.04%	+22.86%
Max Drawdown (5Y) Largest decline over 5 years	-46.59%	-81.66%	+35.07%
Max Drawdown (10Y) Largest decline over 10 years	-59.35%	-81.66%	+22.31%
Current Drawdown Current decline from peak	-6.62%	-14.65%	+8.03%
Average Drawdown Average peak-to-trough decline	-9.48%	-18.49%	+9.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.27%	11.59%	-7.32%

Volatility

SPUU vs. TQQQ - Volatility Comparison

The current volatility for Direxion Daily S&P 500 Bull 2X ETF (SPUU) is 9.70%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 27.27%. This indicates that SPUU experiences smaller price fluctuations and is considered to be less risky than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPUU	TQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.70%	27.27%	-17.57%
Volatility (6M) Calculated over the trailing 6-month period	19.93%	43.35%	-23.42%
Volatility (1Y) Calculated over the trailing 1-year period	25.22%	53.39%	-28.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.67%	67.41%	-33.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.81%	66.32%	-30.51%

SPUU vs. TQQQ - Expense Ratio Comparison

SPUU has a 0.60% expense ratio, which is lower than TQQQ's 0.95% expense ratio.

Dividends

SPUU vs. TQQQ - Dividend Comparison

SPUU's dividend yield for the trailing twelve months is around 1.42%, more than TQQQ's 0.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPUU Direxion Daily S&P 500 Bull 2X ETF	1.42%	1.63%	0.55%	0.83%	0.88%	3.04%	8.03%	1.80%	5.50%	6.96%	8.08%	4.42%
TQQQ ProShares UltraPro QQQ	0.42%	0.65%	1.27%	1.26%	0.57%	0.00%	0.00%	0.06%	0.11%	0.00%	0.00%	0.01%

Frequently Asked Questions

Can I hold both SPUU and TQQQ in my portfolio?

With a correlation of 0.94, SPUU and TQQQ 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 TQQQ?

TQQQ has higher volatility (27.27%) compared to SPUU (9.70%). In terms of maximum drawdown, SPUU dropped -59.35% vs TQQQ's -81.66%.

Which ETF is better, SPUU or TQQQ?

On 10-year performance, TQQQ leads with 45.48% vs 24.81% for SPUU. On fees, SPUU is cheaper at 0.60% per year. On volatility, SPUU has been the lower-risk option at 9.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPUU or TQQQ?

Over the 10-year period, TQQQ has performed better with a 45.48% return vs 24.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPUU or TQQQ?

SPUU is cheaper with a 0.60% expense ratio, compared with 0.95% for TQQQ.

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

SPUU has the higher dividend yield at 1.42%, compared with 0.42% for TQQQ.

What is the main difference between SPUU and TQQQ?

SPUU tracks S&P 500 Index (200% Daily), while TQQQ tracks NASDAQ-100 Index (300%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.60% for SPUU and 0.95% for TQQQ.

Which has better risk-adjusted returns?

TQQQ currently has the higher Sharpe Ratio (1.90 vs 1.72), 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.