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SPUU vs. USD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPUU vs. USD

Last updated Jun 16, 2026

SPUU (Direxion Daily S&P 500 Bull 2X ETF) and USD (ProShares Ultra Semiconductors) are both Leveraged Equities funds - SPUU tracks the S&P 500 Index (200% Daily) while USD tracks the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, SPUU returned 25.04%/yr vs 61.82%/yr for USD. A 0.74 correlation means they provide meaningful diversification when combined. SPUU charges 0.60%/yr vs 0.95%/yr for USD.

Performance

SPUU vs. USD - 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 Ultra Semiconductors (USD). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SPUU achieves a 19.44% return, which is significantly lower than USD's 103.68% return. Over the past 10 years, SPUU has underperformed USD with an annualized return of 25.04%, while USD has yielded a comparatively higher 61.82% annualized 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%

USD

1D
9.00%
1M
11.71%
YTD
103.68%
6M
118.16%
1Y
251.95%
3Y*
115.80%
5Y*
68.08%
10Y*
61.82%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPUU vs. USD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPUU
Direxion Daily S&P 500 Bull 2X ETF		19.44%26.55%44.25%47.28%-38.72%61.27%21.85%66.84%-14.59%44.33%
USD
ProShares Ultra Semiconductors		103.68%62.08%139.64%228.79%-68.57%104.27%68.16%110.37%-26.88%81.72%

Correlation

The correlation between SPUU and USD is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.72

Correlation (3Y)
Calculated over the trailing 3-year period

0.74

Correlation (5Y)
Calculated over the trailing 5-year period

0.78

Correlation (10Y)
Calculated over the trailing 10-year period

0.74

Correlation (All Time)
Calculated using the full available price history since Jun 6, 2014

0.74

The correlation between SPUU and USD has been stable across timeframes, ranging from 0.72 to 0.78 - a consistent structural relationship.

SPUU vs. USD - Sectors Allocation Comparison

Sectors
SPUU
USD

Technology

39.0%
29.1%

Financial Services

11.1%
32.1%

Communication Services

10.6%

-

Consumer Cyclical

9.9%

-

Healthcare

8.3%

-

Industrials

7.8%

-

Consumer Defensive

4.5%

-

Energy

3.1%
0.0%

Utilities

2.1%

-

Real Estate

1.8%

-

Basic Materials

1.7%

-

Technology

SPUU
39.0%
USD
29.1%

Financial Services

SPUU
11.1%
USD
32.1%

Communication Services

SPUU
10.6%
USD

-

Consumer Cyclical

SPUU
9.9%
USD

-

Healthcare

SPUU
8.3%
USD

-

Industrials

SPUU
7.8%
USD

-

Consumer Defensive

SPUU
4.5%
USD

-

Energy

SPUU
3.1%
USD
0.0%

Utilities

SPUU
2.1%
USD

-

Real Estate

SPUU
1.8%
USD

-

Basic Materials

SPUU
1.7%
USD

-

Compare stocks, funds, or ETFs

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Direxion Daily S&P 500 Bull 2X ETF

ProShares Ultra Semiconductors

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Often compared with USD:
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Return for Risk

SPUU vs. USD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPUU
SPUU Risk / Return Rank: 6969
Overall Rank
SPUU Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
SPUU Sortino Ratio Rank: 6565
Sortino Ratio Rank
SPUU Omega Ratio Rank: 6767
Omega Ratio Rank
SPUU Calmar Ratio Rank: 6464
Calmar Ratio Rank
SPUU Martin Ratio Rank: 7474
Martin Ratio Rank
USD
USD Risk / Return Rank: 9191
Overall Rank
USD Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
USD Sortino Ratio Rank: 8585
Sortino Ratio Rank
USD Omega Ratio Rank: 8686
Omega Ratio Rank
USD Calmar Ratio Rank: 9696
Calmar Ratio Rank
USD Martin Ratio Rank: 9393
Martin Ratio Rank
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. USD - 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 Ultra Semiconductors (USD). 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.

SPUUUSDDifference
Sharpe ratioReturn per unit of total volatility
2.14
3.86

-1.73

Sortino ratioReturn per unit of downside risk
2.69
3.38

-0.68

Omega ratioGain probability vs. loss probability

1.36

1.46

-0.10

Calmar ratioReturn relative to maximum drawdown

2.92

7.98

-5.06

Martin ratioReturn relative to average drawdown

12.56

22.33

-9.77

SPUU vs. USD - Sharpe Ratio Comparison

The current SPUU Sharpe Ratio is 2.14, which is lower than the USD Sharpe Ratio of 3.86. The chart below compares the historical Sharpe Ratios of SPUU and USD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

SPUU vs. USD - Drawdown Comparison

The maximum SPUU drawdown since its inception was -59.35%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for SPUU and USD.

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Drawdown Indicators

SPUUUSDDifference

Max Drawdown

Largest peak-to-trough decline

-59.35%

-88.63%

+29.28%

Max Drawdown (1Y)

Largest decline over 1 year

-18.19%

-31.80%

+13.61%

Max Drawdown (3Y)

Largest decline over 3 years

-35.18%

-64.46%

+29.28%

Max Drawdown (5Y)

Largest decline over 5 years

-46.59%

-77.85%

+31.26%

Max Drawdown (10Y)

Largest decline over 10 years

-59.35%

-77.85%

+18.50%

Current Drawdown

Current decline from peak

-1.59%

-5.90%

+4.31%

Average Drawdown

Average peak-to-trough decline

-9.49%

-32.32%

+22.83%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.22%

11.34%

-7.12%

Volatility

SPUU vs. USD - Volatility Comparison

The current volatility for Direxion Daily S&P 500 Bull 2X ETF (SPUU) is 9.23%, while ProShares Ultra Semiconductors (USD) has a volatility of 30.47%. This indicates that SPUU experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPUUUSDDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.23%

30.47%

-21.24%

Volatility (6M)

Calculated over the trailing 6-month period

19.71%

52.98%

-33.27%

Volatility (1Y)

Calculated over the trailing 1-year period

24.95%

65.79%

-40.84%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

33.64%

77.31%

-43.67%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

35.84%

69.69%

-33.85%

SPUU vs. USD - Expense Ratio Comparison

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

Dividends

SPUU vs. USD - Dividend Comparison

SPUU's dividend yield for the trailing twelve months is around 1.34%, more than USD's 0.23% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
USD
ProShares Ultra Semiconductors		0.23%0.39%0.10%0.05%0.30%0.00%0.14%0.72%0.93%0.32%0.46%0.39%

Frequently Asked Questions

SPUU and USD have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

USD has higher volatility (30.47%) compared to SPUU (9.23%). In terms of maximum drawdown, SPUU dropped -59.35% vs USD's -88.63%.

On 10-year performance, USD leads with 61.82% vs 25.04% for SPUU. On fees, SPUU is cheaper at 0.60% per year. On volatility, SPUU has been the lower-risk option at 9.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, USD has performed better with a 61.82% return vs 25.04%. 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 USD.

SPUU has the higher dividend yield at 1.34%, compared with 0.23% for USD.

SPUU tracks S&P 500 Index (200% Daily), while USD tracks Dow Jones U.S. Semiconductors Index (200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.60% for SPUU and 0.95% for USD.

USD currently has the higher Sharpe Ratio (3.86 vs 2.13), 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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