UBR vs. SPUU
UBR (ProShares Ultra MSCI Brazil) and SPUU (Direxion Daily S&P 500 Bull 2x Shares) are both Leveraged Equities funds - UBR tracks the MSCI Brazil Index (200%) while SPUU tracks the S&P 500 Index (200%). Both are passively managed. Over the past 10 years, UBR returned -1.90%/yr vs 24.77%/yr for SPUU. At a 0.44 correlation, their price movements are largely independent. UBR charges 0.95%/yr vs 0.64%/yr for SPUU.
Performance
UBR vs. SPUU - Performance Comparison
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Returns By Period
In the year-to-date period, UBR achieves a 13.03% return, which is significantly lower than SPUU's 19.82% return. Over the past 10 years, UBR has underperformed SPUU with an annualized return of -1.90%, while SPUU has yielded a comparatively higher 24.77% annualized return.
UBR
- 1D
- -5.40%
- 1M
- -21.46%
- YTD
- 13.03%
- 6M
- 3.25%
- 1Y
- 56.81%
- 3Y*
- 8.90%
- 5Y*
- -5.17%
- 10Y*
- -1.90%
SPUU
- 1D
- -1.27%
- 1M
- 10.01%
- YTD
- 19.82%
- 6M
- 19.11%
- 1Y
- 53.61%
- 3Y*
- 38.21%
- 5Y*
- 20.19%
- 10Y*
- 24.77%
UBR vs. SPUU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UBR ProShares Ultra MSCI Brazil | 13.03% | 96.11% | -57.05% | 49.98% | 5.60% | -39.03% | -60.67% | 44.19% | -19.11% | 35.36% |
SPUU Direxion Daily S&P 500 Bull 2x Shares | 19.82% | 26.55% | 44.25% | 47.28% | -38.72% | 61.27% | 21.85% | 66.84% | -14.59% | 44.33% |
Correlation
The correlation between UBR and SPUU is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.40 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Jun 9, 2014 | 0.44 |
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Return for Risk
UBR vs. SPUU — Risk / Return Rank
UBR
SPUU
UBR vs. SPUU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI Brazil (UBR) 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.
| UBR | SPUU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.11 | ||
| Sortino ratioReturn per unit of downside risk | -1.20 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.38 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.81 | 2.96 | -1.15 |
| Martin ratioReturn relative to average drawdown | 5.36 | 13.06 | -7.70 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| UBR | SPUU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.15 | 2.26 | -1.11 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.09 | 0.61 | -0.70 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.03 | 0.69 | -0.72 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.20 | 0.63 | -0.83 |
Drawdowns
UBR vs. SPUU - Drawdown Comparison
The maximum UBR drawdown since its inception was -97.15%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for UBR and SPUU.
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Drawdown Indicators
| UBR | SPUU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.15% | -59.35% | -37.80% |
Max Drawdown (1Y)Largest decline over 1 year | -31.50% | -18.19% | -13.31% |
Max Drawdown (3Y)Largest decline over 3 years | -58.11% | -35.18% | -22.93% |
Max Drawdown (5Y)Largest decline over 5 years | -67.07% | -46.59% | -20.48% |
Max Drawdown (10Y)Largest decline over 10 years | -87.57% | -59.35% | -28.22% |
Current DrawdownCurrent decline from peak | -92.84% | -1.27% | -91.57% |
Average DrawdownAverage peak-to-trough decline | -77.90% | -9.51% | -68.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.63% | 4.12% | +6.51% |
Volatility
UBR vs. SPUU - Volatility Comparison
ProShares Ultra MSCI Brazil (UBR) has a higher volatility of 15.51% compared to Direxion Daily S&P 500 Bull 2x Shares (SPUU) at 5.71%. This indicates that UBR'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.
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Volatility by Period
| UBR | SPUU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.51% | 5.71% | +9.80% |
Volatility (6M)Calculated over the trailing 6-month period | 41.58% | 18.09% | +23.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.62% | 23.90% | +25.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.66% | 33.46% | +22.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.68% | 35.77% | +30.91% |
UBR vs. SPUU - Expense Ratio Comparison
UBR has a 0.95% expense ratio, which is higher than SPUU's 0.64% expense ratio.
Dividends
UBR vs. SPUU - Dividend Comparison
UBR's dividend yield for the trailing twelve months is around 1.85%, more than SPUU's 1.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPUU Direxion Daily S&P 500 Bull 2x Shares | 1.34% | 1.63% | 0.55% | 0.83% | 0.88% | 3.04% | 8.03% | 1.80% | 5.50% | 6.96% | 8.08% | 4.42% |
UBR ProShares Ultra MSCI Brazil | 1.85% | 2.05% | 8.09% | 1.15% | 0.00% | 0.00% | 0.00% | 0.53% | 0.13% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UBR and SPUU have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UBR has higher volatility (15.51%) compared to SPUU (5.71%). In terms of maximum drawdown, UBR dropped -97.15% vs SPUU's -59.35%.
On 10-year performance, SPUU leads with 24.77% vs -1.90% for UBR. On fees, SPUU is cheaper at 0.64% per year. On volatility, SPUU has been the lower-risk option at 5.71%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPUU has performed better with a 24.77% return vs -1.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPUU is cheaper with a 0.64% expense ratio, compared with 0.95% for UBR.
UBR has the higher dividend yield at 1.85%, compared with 1.34% for SPUU.
UBR tracks MSCI Brazil Index (200%), while SPUU tracks S&P 500 Index (200%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for UBR and 0.64% for SPUU.
SPUU currently has the higher Sharpe Ratio (2.26 vs 1.15), 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.
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