SPUU vs. VIOV

Last updated Jun 9, 2026

SPUU (Direxion Daily S&P 500 Bull 2X ETF) and VIOV (Vanguard S&P Small-Cap 600 Value ETF) are both exchange-traded funds - SPUU is a Leveraged Equities fund tracking the S&P 500 Index (200% Daily), while VIOV is a Small Cap Value Equities fund tracking the S&P SmallCap 600 Value Index. Both are passively managed. Over the past 10 years, SPUU returned 24.31%/yr vs 10.22%/yr for VIOV. A 0.73 correlation means they provide meaningful diversification when combined. SPUU charges 0.60%/yr vs 0.10%/yr for VIOV.

Performance

SPUU vs. VIOV - 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 Vanguard S&P Small-Cap 600 Value ETF (VIOV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with SPUU having a 14.92% return and VIOV slightly higher at 15.63%. Over the past 10 years, SPUU has outperformed VIOV with an annualized return of 24.31%, while VIOV has yielded a comparatively lower 10.22% 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%

VIOV

• 1D: 0.77%
• 1M: 0.98%
• YTD: 15.63%
• 6M: 16.09%
• 1Y: 36.39%
• 3Y*: 13.67%
• 5Y*: 5.54%
• 10Y*: 10.22%

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

SPUU vs. VIOV - 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%
VIOV Vanguard S&P Small-Cap 600 Value ETF	15.63%	6.63%	7.44%	15.36%	-11.37%	30.67%	2.81%	24.44%	-12.85%	11.54%

Correlation

The correlation between SPUU and VIOV is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Jun 9, 2014	0.73

The correlation between SPUU and VIOV has been stable across timeframes, ranging from 0.68 to 0.74 - a consistent structural relationship.

SPUU vs. VIOV - Sectors Allocation Comparison

Sectors	SPUU	VIOV
Technology	16.4%	10.6%
Financial Services	4.7%	19.8%
Communication Services	4.5%	3.4%
Consumer Cyclical	4.2%	15.4%
Healthcare	3.6%	7.5%
Industrials	3.2%	12.7%
Consumer Defensive	2.0%	3.8%
Energy	1.4%	9.1%
Utilities	1.1%	1.9%
Real Estate	0.8%	8.8%
Basic Materials	0.7%	6.3%

Return for Risk

SPUU vs. VIOV — 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

VIOV

VIOV Risk / Return Rank: 71
VIOV Sharpe Ratio Rank: 67
VIOV Sortino Ratio Rank: 70
VIOV Omega Ratio Rank: 62
VIOV Calmar Ratio Rank: 82
VIOV Martin Ratio Rank: 74

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. VIOV - 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 Vanguard S&P Small-Cap 600 Value ETF (VIOV). 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	VIOV	Difference
Sharpe ratio: Return per unit of total volatility	1.89	1.99	-0.10
Sortino ratio: Return per unit of downside risk	2.43	2.85	-0.42
Omega ratio: Gain probability vs. loss probability	1.32	1.34	-0.02
Calmar ratio: Return relative to maximum drawdown	2.54	3.92	-1.38
Martin ratio: Return relative to average drawdown	11.10	12.76	-1.65
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. VIOV - Sharpe Ratio Comparison

The current SPUU Sharpe Ratio is 1.89, which is comparable to the VIOV Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of SPUU and VIOV, 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	VIOV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	1.99	-0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.25	+0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	0.43	+0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.53	+0.09

Drawdowns

SPUU vs. VIOV - Drawdown Comparison

The maximum SPUU drawdown since its inception was -59.35%, which is greater than VIOV's maximum drawdown of -47.36%. Use the drawdown chart below to compare losses from any high point for SPUU and VIOV.

Drawdown Indicators

	SPUU	VIOV	Difference
Max Drawdown Largest peak-to-trough decline	-59.35%	-47.36%	-11.99%
Max Drawdown (1Y) Largest decline over 1 year	-18.19%	-9.33%	-8.86%
Max Drawdown (3Y) Largest decline over 3 years	-35.18%	-28.44%	-6.74%
Max Drawdown (5Y) Largest decline over 5 years	-46.59%	-28.44%	-18.15%
Max Drawdown (10Y) Largest decline over 10 years	-59.35%	-47.36%	-11.99%
Current Drawdown Current decline from peak	-5.31%	-0.99%	-4.32%
Average Drawdown Average peak-to-trough decline	-9.50%	-7.37%	-2.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.15%	2.86%	+1.29%

Volatility

SPUU vs. VIOV - Volatility Comparison

Direxion Daily S&P 500 Bull 2X ETF (SPUU) has a higher volatility of 7.64% compared to Vanguard S&P Small-Cap 600 Value ETF (VIOV) at 4.83%. This indicates that SPUU's price experiences larger fluctuations and is considered to be riskier than VIOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPUU	VIOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.64%	4.83%	+2.81%
Volatility (6M) Calculated over the trailing 6-month period	18.95%	11.71%	+7.24%
Volatility (1Y) Calculated over the trailing 1-year period	24.47%	18.45%	+6.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.54%	21.96%	+11.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.82%	23.90%	+11.92%

SPUU vs. VIOV - Expense Ratio Comparison

SPUU has a 0.60% expense ratio, which is higher than VIOV's 0.10% expense ratio.

Dividends

SPUU vs. VIOV - Dividend Comparison

SPUU's dividend yield for the trailing twelve months is around 1.40%, less than VIOV's 1.59% 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%
VIOV Vanguard S&P Small-Cap 600 Value ETF	1.59%	1.69%	1.78%	2.18%	1.81%	1.59%	1.42%	1.60%	1.76%	1.43%	1.17%	1.32%

Frequently Asked Questions

Can I hold both SPUU and VIOV in my portfolio?

SPUU and VIOV have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPUU or VIOV?

SPUU has higher volatility (7.64%) compared to VIOV (4.83%). In terms of maximum drawdown, SPUU dropped -59.35% vs VIOV's -47.36%.

Which ETF is better, SPUU or VIOV?

On 10-year performance, SPUU leads with 24.31% vs 10.22% for VIOV. On fees, VIOV is cheaper at 0.10% per year. On volatility, VIOV has been the lower-risk option at 4.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPUU or VIOV?

Over the 10-year period, SPUU has performed better with a 24.31% return vs 10.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPUU or VIOV?

VIOV is cheaper with a 0.10% expense ratio, compared with 0.60% for SPUU.

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

VIOV has the higher dividend yield at 1.59%, compared with 1.40% for SPUU.

What is the main difference between SPUU and VIOV?

SPUU is categorized as Leveraged Equities, while VIOV is Small Cap Value Equities. SPUU tracks S&P 500 Index (200% Daily), while VIOV tracks S&P SmallCap 600 Value Index. They also come from different issuers: Direxion and Vanguard. Their fees differ too: 0.60% for SPUU and 0.10% for VIOV.

Which has better risk-adjusted returns?

VIOV currently has the higher Sharpe Ratio (1.99 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.