SPXL vs. SPUU

Last updated Jun 23, 2026

SPXL (Direxion Daily S&P 500 Bull 3X ETF) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) are both Leveraged Equities funds from Direxion - SPXL tracks the S&P 500 while SPUU tracks the S&P 500 Index (200% Daily). Both are passively managed. Over the past 10 years, SPXL returned 30.87%/yr vs 25.18%/yr for SPUU. With a 0.97 correlation, they move nearly in lockstep. SPXL charges 0.84%/yr vs 0.60%/yr for SPUU.

Performance

SPXL vs. SPUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily S&P 500 Bull 3X ETF (SPXL) and Direxion Daily S&P 500 Bull 2X ETF (SPUU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPXL achieves a 22.70% return, which is significantly higher than SPUU's 16.72% return. Over the past 10 years, SPXL has outperformed SPUU with an annualized return of 30.87%, while SPUU has yielded a comparatively lower 25.18% annualized return.

SPXL

• 1D: -0.94%
• 1M: -1.11%
• YTD: 22.70%
• 6M: 20.82%
• 1Y: 75.56%
• 3Y*: 48.64%
• 5Y*: 22.24%
• 10Y*: 30.87%

SPUU

• 1D: -0.68%
• 1M: -0.31%
• YTD: 16.72%
• 6M: 15.35%
• 1Y: 50.08%
• 3Y*: 35.65%
• 5Y*: 19.41%
• 10Y*: 25.18%

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

SPXL vs. SPUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXL Direxion Daily S&P 500 Bull 3X ETF	22.70%	31.94%	63.61%	69.49%	-56.55%	98.75%	9.64%	102.80%	-25.11%	71.03%
SPUU Direxion Daily S&P 500 Bull 2X ETF	16.72%	26.55%	44.25%	47.28%	-38.72%	61.27%	21.85%	66.84%	-14.59%	44.33%

Correlation

The correlation between SPXL and SPUU 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 6, 2014	0.97

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

SPXL vs. SPUU - Sectors Allocation Comparison

Sectors	SPXL	SPUU
Technology	39.0%	39.0%
Financial Services	11.1%	11.1%
Communication Services	10.6%	10.6%
Consumer Cyclical	9.9%	9.9%
Healthcare	8.3%	8.3%
Industrials	7.8%	7.8%
Consumer Defensive	4.5%	4.5%
Energy	3.1%	3.1%
Utilities	2.1%	2.1%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

SPXL vs. SPUU — Risk / Return Rank

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

SPXL

SPXL Risk / Return Rank: 59
SPXL Sharpe Ratio Rank: 64
SPXL Sortino Ratio Rank: 53
SPXL Omega Ratio Rank: 55
SPXL Calmar Ratio Rank: 59
SPXL Martin Ratio Rank: 65

SPUU

SPUU Risk / Return Rank: 60
SPUU Sharpe Ratio Rank: 63
SPUU Sortino Ratio Rank: 55
SPUU Omega Ratio Rank: 57
SPUU Calmar Ratio Rank: 58
SPUU Martin Ratio Rank: 66

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.

SPXL vs. SPUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bull 3X ETF (SPXL) and Direxion Daily S&P 500 Bull 2X ETF (SPUU). 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.

	SPXL	SPUU	Difference
Sharpe ratio: Return per unit of total volatility	2.05	2.01	+0.04
Sortino ratio: Return per unit of downside risk	2.49	2.56	-0.07
Omega ratio: Gain probability vs. loss probability	1.33	1.34	-0.01
Calmar ratio: Return relative to maximum drawdown	2.84	2.77	+0.07
Martin ratio: Return relative to average drawdown	11.62	11.83	-0.21

SPXL vs. SPUU - Sharpe Ratio Comparison

The current SPXL Sharpe Ratio is 2.05, which is comparable to the SPUU Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of SPXL and SPUU, 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

SPXL vs. SPUU - Drawdown Comparison

The maximum SPXL drawdown since its inception was -76.86%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for SPXL and SPUU.

Drawdown Indicators

	SPXL	SPUU	Difference
Max Drawdown Largest peak-to-trough decline	-76.86%	-59.35%	-17.51%
Max Drawdown (1Y) Largest decline over 1 year	-26.77%	-18.19%	-8.58%
Max Drawdown (3Y) Largest decline over 3 years	-48.95%	-35.18%	-13.77%
Max Drawdown (5Y) Largest decline over 5 years	-63.80%	-46.59%	-17.21%
Max Drawdown (10Y) Largest decline over 10 years	-76.86%	-59.35%	-17.51%
Current Drawdown Current decline from peak	-6.24%	-3.83%	-2.41%
Average Drawdown Average peak-to-trough decline	-16.10%	-9.48%	-6.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.52%	4.25%	+2.27%

Volatility

SPXL vs. SPUU - Volatility Comparison

Direxion Daily S&P 500 Bull 3X ETF (SPXL) has a higher volatility of 13.99% compared to Direxion Daily S&P 500 Bull 2X ETF (SPUU) at 9.25%. This indicates that SPXL's price experiences larger fluctuations and is considered to be riskier than SPUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXL	SPUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.99%	9.25%	+4.74%
Volatility (6M) Calculated over the trailing 6-month period	29.23%	19.73%	+9.50%
Volatility (1Y) Calculated over the trailing 1-year period	37.20%	25.08%	+12.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.50%	33.65%	+16.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.56%	35.86%	+17.70%

SPXL vs. SPUU - Expense Ratio Comparison

SPXL has a 0.84% expense ratio, which is higher than SPUU's 0.60% expense ratio.

Dividends

SPXL vs. SPUU - Dividend Comparison

SPXL's dividend yield for the trailing twelve months is around 0.55%, less than SPUU's 1.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPUU Direxion Daily S&P 500 Bull 2X ETF	1.37%	1.63%	0.55%	0.83%	0.88%	3.04%	8.03%	1.80%	5.50%	6.96%	8.08%	4.42%
SPXL Direxion Daily S&P 500 Bull 3X ETF	0.55%	0.69%	0.74%	0.98%	0.32%	0.11%	0.22%	0.84%	1.02%	3.88%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPXL and SPUU in my portfolio?

With a correlation of 1.00, SPXL and SPUU 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, SPXL or SPUU?

SPXL has higher volatility (13.99%) compared to SPUU (9.25%). In terms of maximum drawdown, SPXL dropped -76.86% vs SPUU's -59.35%.

Which ETF is better, SPXL or SPUU?

On 10-year performance, SPXL leads with 30.87% vs 25.18% for SPUU. On fees, SPUU is cheaper at 0.60% per year. On volatility, SPUU has been the lower-risk option at 9.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXL or SPUU?

Over the 10-year period, SPXL has performed better with a 30.87% return vs 25.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXL or SPUU?

SPUU is cheaper with a 0.60% expense ratio, compared with 0.84% for SPXL.

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

SPUU has the higher dividend yield at 1.37%, compared with 0.55% for SPXL.

What is the main difference between SPXL and SPUU?

SPXL tracks S&P 500, while SPUU tracks S&P 500 Index (200% Daily). Their fees differ too: 0.84% for SPXL and 0.60% for SPUU.

Which has better risk-adjusted returns?

SPXL currently has the higher Sharpe Ratio (2.05 vs 2.01), 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.