SPYQ vs. SPUU

Last updated Jun 20, 2026

SPYQ (Tradr 2X Long SPY Quarterly ETF) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) are both Leveraged Equities funds. SPYQ is actively managed, while SPUU is passively managed. Over the past year, SPYQ returned 46.74% vs 51.11% for SPUU. With a 0.99 correlation, they move nearly in lockstep. SPYQ charges 1.30%/yr vs 0.60%/yr for SPUU.

Performance

SPYQ vs. SPUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tradr 2X Long SPY Quarterly ETF (SPYQ) 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, SPYQ achieves a 15.66% return, which is significantly lower than SPUU's 17.52% return.

SPYQ

• 1D: 2.13%
• 1M: 1.13%
• YTD: 15.66%
• 6M: 15.98%
• 1Y: 46.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPUU

• 1D: 2.10%
• 1M: 0.99%
• YTD: 17.52%
• 6M: 17.61%
• 1Y: 51.11%
• 3Y*: 34.66%
• 5Y*: 20.35%
• 10Y*: 24.76%

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

SPYQ vs. SPUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPYQ Tradr 2X Long SPY Quarterly ETF	15.66%	26.22%	4.73%
SPUU Direxion Daily S&P 500 Bull 2X ETF	17.52%	26.55%	3.14%

Correlation

The correlation between SPYQ and SPUU is 0.99 - 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	0.99
Correlation (All Time) Calculated using the full available price history since Oct 1, 2024	0.99

The correlation between SPYQ and SPUU has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.

Return for Risk

SPYQ vs. SPUU — Risk / Return Rank

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

SPYQ

SPYQ Risk / Return Rank: 56
SPYQ Sharpe Ratio Rank: 58
SPYQ Sortino Ratio Rank: 52
SPYQ Omega Ratio Rank: 54
SPYQ Calmar Ratio Rank: 52
SPYQ Martin Ratio Rank: 63

SPUU

SPUU Risk / Return Rank: 61
SPUU Sharpe Ratio Rank: 65
SPUU Sortino Ratio Rank: 56
SPUU Omega Ratio Rank: 58
SPUU Calmar Ratio Rank: 59
SPUU Martin Ratio Rank: 68

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.

SPYQ vs. SPUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 2X Long SPY Quarterly ETF (SPYQ) 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.

	SPYQ	SPUU	Difference
Sharpe ratio: Return per unit of total volatility	1.88	2.03	-0.15
Sortino ratio: Return per unit of downside risk	2.45	2.58	-0.13
Omega ratio: Gain probability vs. loss probability	1.32	1.34	-0.02
Calmar ratio: Return relative to maximum drawdown	2.47	2.79	-0.32
Martin ratio: Return relative to average drawdown	10.83	11.94	-1.11

SPYQ vs. SPUU - Sharpe Ratio Comparison

The current SPYQ Sharpe Ratio is 1.88, which is comparable to the SPUU Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of SPYQ 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

SPYQ vs. SPUU - Drawdown Comparison

The maximum SPYQ drawdown since its inception was -35.88%, smaller than the maximum SPUU drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for SPYQ and SPUU.

Drawdown Indicators

	SPYQ	SPUU	Difference
Max Drawdown Largest peak-to-trough decline	-35.88%	-59.35%	+23.47%
Max Drawdown (1Y) Largest decline over 1 year	-18.70%	-18.19%	-0.51%
Max Drawdown (3Y) Largest decline over 3 years	—	-35.18%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-46.59%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-59.35%	—
Current Drawdown Current decline from peak	-2.67%	-3.17%	+0.50%
Average Drawdown Average peak-to-trough decline	-4.86%	-9.49%	+4.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.26%	4.24%	+0.02%

Volatility

SPYQ vs. SPUU - Volatility Comparison

The current volatility for Tradr 2X Long SPY Quarterly ETF (SPYQ) is 8.32%, while Direxion Daily S&P 500 Bull 2X ETF (SPUU) has a volatility of 9.43%. This indicates that SPYQ experiences smaller price fluctuations and is considered to be less risky than SPUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYQ	SPUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.32%	9.43%	-1.11%
Volatility (6M) Calculated over the trailing 6-month period	19.45%	19.88%	-0.43%
Volatility (1Y) Calculated over the trailing 1-year period	24.58%	25.03%	-0.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.62%	33.65%	+0.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.62%	35.84%	-1.22%

SPYQ vs. SPUU - Expense Ratio Comparison

SPYQ has a 1.30% expense ratio, which is higher than SPUU's 0.60% expense ratio.

Dividends

SPYQ vs. SPUU - Dividend Comparison

SPYQ's dividend yield for the trailing twelve months is around 0.14%, less than SPUU's 1.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPUU Direxion Daily S&P 500 Bull 2X ETF	1.36%	1.63%	0.55%	0.83%	0.88%	3.04%	8.03%	1.80%	5.50%	6.96%	8.08%	4.42%
SPYQ Tradr 2X Long SPY Quarterly ETF	0.14%	0.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPYQ and SPUU in my portfolio?

With a correlation of 0.99, SPYQ 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, SPYQ or SPUU?

SPUU has higher volatility (9.43%) compared to SPYQ (8.32%). In terms of maximum drawdown, SPYQ dropped -35.88% vs SPUU's -59.35%.

Which ETF is better, SPYQ or SPUU?

On 1-year performance, SPUU leads with 51.11% vs 46.74% for SPYQ. On fees, SPUU is cheaper at 0.60% per year. On volatility, SPYQ has been the lower-risk option at 8.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYQ or SPUU?

Over the 1-year period, SPUU has performed better with a 51.11% return vs 46.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYQ or SPUU?

SPUU is cheaper with a 0.60% expense ratio, compared with 1.30% for SPYQ.

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

SPUU has the higher dividend yield at 1.36%, compared with 0.14% for SPYQ.

What is the main difference between SPYQ and SPUU?

They also come from different issuers: AXS and Direxion. Their fees differ too: 1.30% for SPYQ and 0.60% for SPUU.

Which has better risk-adjusted returns?

SPUU currently has the higher Sharpe Ratio (2.03 vs 1.88), 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.