TSMU vs. SPUU

Last updated Aug 2, 2026

TSMU (GraniteShares 2x Long TSM Daily ETF) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) are both Leveraged Equities funds. TSMU is actively managed, while SPUU is passively managed. Over the past year, TSMU returned 118.59% vs 38.14% for SPUU. Their 0.64 correlation means they have sometimes moved together and sometimes differently. TSMU charges 1.50%/yr vs 0.60%/yr for SPUU.

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 ETF (SPUU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSMU achieves a 45.22% return, which is significantly higher than SPUU's 16.72% return.

TSMU

• 1D: 0.37%
• 1M: -15.84%
• 6M: 25.27%
• YTD: 45.22%
• 1Y: 118.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 75.77%

SPUU

• 1D: 1.52%
• 1M: 0.24%
• 6M: 14.02%
• YTD: 16.72%
• 1Y: 38.14%
• 3Y*: 31.33%
• 5Y*: 17.73%
• 10Y*: 23.82%
• ALL TIME*: 21.37%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SPUU Direxion Daily S&P 500 Bull 2X ETF	$4.20M	$4.55M	$4.33M
TSMU GraniteShares 2x Long TSM Daily ETF	$5.79M	$7.14M	$6.95M

TSMU vs. SPUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSMU GraniteShares 2x Long TSM Daily ETF	45.22%	74.83%	3.55%
SPUU Direxion Daily S&P 500 Bull 2X ETF	16.72%	26.55%	-4.51%

Correlation

The correlation between TSMU and SPUU is 0.64, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.64
Correlation (All Time) Calculated using the full available price history since Nov 12, 2024	0.64

The correlation between TSMU and SPUU has been stable across timeframes, ranging from 0.64 to 0.64 - a consistent structural relationship.

TSMU vs. SPUU - Sectors Allocation Comparison

Sectors	TSMU	SPUU
Technology	66.6%	17.0%
Basic Materials	-	0.8%
Communication Services	-	4.2%
Consumer Cyclical	-	3.9%
Consumer Defensive	-	2.1%
Energy	-	1.5%
Financial Services	-	5.5%
Healthcare	-	4.1%
Industrials	-	3.5%
Real Estate	-	0.9%
Utilities	-	1.2%

Return for Risk

TSMU vs. SPUU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TSMU

TSMU Risk / Return Rank: 62
TSMU Sharpe Ratio Rank: 54
TSMU Sortino Ratio Rank: 59
TSMU Omega Ratio Rank: 53
TSMU Calmar Ratio Rank: 75
TSMU Martin Ratio Rank: 66

SPUU

SPUU Risk / Return Rank: 54
SPUU Sharpe Ratio Rank: 54
SPUU Sortino Ratio Rank: 51
SPUU Omega Ratio Rank: 52
SPUU Calmar Ratio Rank: 52
SPUU Martin Ratio Rank: 62

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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 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.

	TSMU	SPUU	Difference
Sharpe ratio: Return per unit of total volatility	1.32	1.30	+0.01
Sortino ratio: Return per unit of downside risk	2.01	1.80	+0.21
Omega ratio: Gain probability vs. loss probability	1.24	1.23	+0.01
Calmar ratio: Return relative to maximum drawdown	2.64	1.85	+0.79
Martin ratio: Return relative to average drawdown	8.05	7.47	+0.58

TSMU vs. SPUU - Sharpe Ratio Comparison

The current TSMU Sharpe Ratio is 1.32, which is comparable to the SPUU Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of TSMU 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

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	-40.67%	-18.19%	-22.48%
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	-30.97%	-3.83%	-27.14%
Average Drawdown Average peak-to-trough decline	-16.13%	-9.44%	-6.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.35%	4.51%	+8.84%

Volatility

TSMU vs. SPUU - Volatility Comparison

GraniteShares 2x Long TSM Daily ETF (TSMU) has a higher volatility of 28.06% compared to Direxion Daily S&P 500 Bull 2X ETF (SPUU) at 7.10%. 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	28.06%	7.10%	+20.96%
Volatility (6M) Calculated over the trailing 6-month period	66.24%	20.38%	+45.86%
Volatility (1Y) Calculated over the trailing 1-year period	81.66%	25.88%	+55.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	84.08%	33.70%	+50.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	84.08%	35.79%	+48.29%

TSMU vs. SPUU - Expense Ratio Comparison

TSMU has a 1.50% expense ratio, which is higher than SPUU's 0.60% expense ratio.

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 1.34%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
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%

Frequently Asked Questions

Can I hold both TSMU and SPUU in my portfolio?

TSMU and SPUU have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSMU or SPUU?

TSMU has higher volatility (28.06%) compared to SPUU (7.10%). In terms of maximum drawdown, TSMU dropped -63.73% vs SPUU's -59.35%.

Which ETF is better, TSMU or SPUU?

On 1-year performance, TSMU leads with 118.59% vs 38.14% for SPUU. On fees, SPUU is cheaper at 0.60% per year. On volatility, SPUU has been the lower-risk option at 7.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSMU or SPUU?

Over the 1-year period, TSMU has performed better with a 118.59% return vs 38.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSMU or SPUU?

SPUU is cheaper with a 0.60% expense ratio, compared with 1.50% for TSMU.

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

SPUU has the higher dividend yield at 1.34%, compared with 0.00% for TSMU.

What is the main difference between TSMU and SPUU?

They also come from different issuers: GraniteShares and Direxion. Their fees differ too: 1.50% for TSMU and 0.60% for SPUU.

Which has better risk-adjusted returns?

TSMU currently has the higher Sharpe Ratio (1.32 vs 1.30), 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.