TSMU vs. SPUU

Last updated Apr 2, 2026

Compare and contrast key facts about GraniteShares 2x Long TSM Daily ETF (TSMU) and Direxion Daily S&P 500 Bull 2x Shares (SPUU).

TSMU and SPUU are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TSMU is an actively managed fund by GraniteShares. It was launched on Nov 11, 2024. SPUU is a passively managed fund by Direxion that tracks the performance of the S&P 500 Index (200%). It was launched on May 28, 2014.

Performance

TSMU vs. SPUU - Performance Comparison

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

TSMU vs. SPUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSMU GraniteShares 2x Long TSM Daily ETF	17.44%	74.83%	3.04%
SPUU Direxion Daily S&P 500 Bull 2x Shares	-8.72%	26.55%	-3.97%

Returns By Period

In the year-to-date period, TSMU achieves a 17.44% return, which is significantly higher than SPUU's -8.72% return.

TSMU

• 1D: 1.99%
• 1M: -16.60%
• YTD: 17.44%
• 6M: 21.67%
• 1Y: 210.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPUU

• 1D: 1.43%
• 1M: -9.19%
• YTD: -8.72%
• 6M: -6.20%
• 1Y: 28.11%
• 3Y*: 29.46%
• 5Y*: 16.19%
• 10Y*: 21.84%

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

TSMU vs. SPUU - Expense Ratio Comparison

TSMU has a 1.50% expense ratio, which is higher than SPUU's 0.64% expense ratio.

TSMU

GraniteShares 2x Long TSM Daily ETF

SPUU

Direxion Daily S&P 500 Bull 2x Shares

Return for Risk

TSMU vs. SPUU — Risk / Return Rank

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

TSMU

TSMU Risk / Return Rank: 94
TSMU Sharpe Ratio Rank: 96
TSMU Sortino Ratio Rank: 93
TSMU Omega Ratio Rank: 87
TSMU Calmar Ratio Rank: 98
TSMU Martin Ratio Rank: 96

SPUU

SPUU Risk / Return Rank: 46
SPUU Sharpe Ratio Rank: 40
SPUU Sortino Ratio Rank: 45
SPUU Omega Ratio Rank: 48
SPUU Calmar Ratio Rank: 46
SPUU Martin Ratio Rank: 53

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.

TSMU vs. SPUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long TSM Daily ETF (TSMU) and Direxion Daily S&P 500 Bull 2x Shares (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.

	TSMU	SPUU	Difference
Sharpe ratio Return per unit of total volatility	2.75	0.78	+1.97
Sortino ratio Return per unit of downside risk	2.96	1.29	+1.66
Omega ratio Gain probability vs. loss probability	1.37	1.19	+0.18
Calmar ratio Return relative to maximum drawdown	6.25	1.25	+5.00
Martin ratio Return relative to average drawdown	19.22	5.36	+13.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TSMU vs. SPUU - Sharpe Ratio Comparison

The current TSMU Sharpe Ratio is 2.75, which is higher than the SPUU Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of TSMU and SPUU, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TSMU	SPUU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.75	0.78	+1.97
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.49	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.90	0.56	+0.34

Correlation

The correlation between TSMU and SPUU is 0.63, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

TSMU vs. SPUU - Dividend Comparison

TSMU has not paid dividends to shareholders, while SPUU's dividend yield for the trailing twelve months is around 1.76%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TSMU GraniteShares 2x Long TSM Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPUU Direxion Daily S&P 500 Bull 2x Shares	1.76%	1.63%	0.55%	0.83%	0.88%	3.04%	8.03%	1.80%	5.50%	6.96%	8.08%	4.42%

Drawdowns

TSMU vs. SPUU - Drawdown Comparison

The maximum TSMU drawdown since its inception was -63.73%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for TSMU and SPUU.

Drawdown Indicators

	TSMU	SPUU	Difference
Max Drawdown Largest peak-to-trough decline	-63.73%	-59.35%	-4.38%
Max Drawdown (1Y) Largest decline over 1 year	-35.18%	-23.10%	-12.08%
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	-24.57%	-12.15%	-12.42%
Average Drawdown Average peak-to-trough decline	-17.00%	-9.62%	-7.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.44%	5.41%	+6.03%

Volatility

TSMU vs. SPUU - Volatility Comparison

GraniteShares 2x Long TSM Daily ETF (TSMU) has a higher volatility of 27.92% compared to Direxion Daily S&P 500 Bull 2x Shares (SPUU) at 10.73%. This indicates that TSMU'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

	TSMU	SPUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	27.92%	10.73%	+17.19%
Volatility (6M) Calculated over the trailing 6-month period	54.47%	19.20%	+35.27%
Volatility (1Y) Calculated over the trailing 1-year period	77.26%	36.23%	+41.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.81%	33.47%	+47.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.81%	35.72%	+45.09%