UGE vs. SPUU

Last updated Aug 2, 2026

UGE (ProShares Ultra Consumer Goods) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) are both Leveraged Equities funds - UGE tracks the Dow Jones U.S. Consumer Goods Index (200%) while SPUU tracks the S&P 500 Index (200% Daily). Both are passively managed. Over the past 10 years, UGE returned 8.02%/yr vs 23.82%/yr for SPUU. Their 0.58 correlation means they have sometimes moved together and sometimes differently. UGE charges 0.95%/yr vs 0.60%/yr for SPUU.

Performance

UGE vs. SPUU - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with UGE having a 17.12% return and SPUU slightly lower at 16.72%. Over the past 10 years, UGE has underperformed SPUU with an annualized return of 8.02%, while SPUU has yielded a comparatively higher 23.82% annualized return.

UGE

• 1D: -0.93%
• 1M: -0.32%
• 6M: 2.15%
• YTD: 17.12%
• 1Y: 9.90%
• 3Y*: 5.40%
• 5Y*: -2.60%
• 10Y*: 8.02%
• ALL TIME*: 11.24%

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
UGE ProShares Ultra Consumer Goods	$1.19M	$921.37K	$1.06M

UGE vs. SPUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UGE ProShares Ultra Consumer Goods	17.12%	-5.21%	16.40%	2.38%	-46.78%	42.44%	56.64%	58.28%	-30.14%	32.38%
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 UGE and SPUU is -0.11, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.11
Correlation (3Y) Balances recent behavior with more history.	0.20
Correlation (5Y) Shows whether the relationship held over a longer period.	0.50
Correlation (10Y) Provides a long-term view across more market conditions.	0.58
Correlation (All Time) Calculated using the full available price history since Jun 6, 2014	0.58

The correlation between UGE and SPUU shifts across timeframes, from -0.11 (1 year) to 0.58 (10 years), reflecting how their relationship changes across market environments.

UGE vs. SPUU - Sectors Allocation Comparison

Sectors	UGE	SPUU
Consumer Defensive	98.1%	2.1%
Consumer Cyclical	1.9%	3.9%
Basic Materials	-	0.8%
Communication Services	-	4.2%
Energy	-	1.5%
Financial Services	-	5.5%
Healthcare	-	4.1%
Industrials	-	3.5%
Real Estate	-	0.9%
Technology	-	17.0%
Utilities	-	1.2%

Return for Risk

UGE vs. SPUU — Risk / Return Rank

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

UGE

UGE Risk / Return Rank: 20
UGE Sharpe Ratio Rank: 20
UGE Sortino Ratio Rank: 21
UGE Omega Ratio Rank: 20
UGE Calmar Ratio Rank: 21
UGE Martin Ratio Rank: 18

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.

UGE vs. SPUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Consumer Goods (UGE) 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.

	UGE	SPUU	Difference
Sharpe ratio: Return per unit of total volatility	0.39	1.30	-0.91
Sortino ratio: Return per unit of downside risk	0.76	1.80	-1.04
Omega ratio: Gain probability vs. loss probability	1.09	1.23	-0.14
Calmar ratio: Return relative to maximum drawdown	0.59	1.85	-1.26
Martin ratio: Return relative to average drawdown	0.96	7.47	-6.50

UGE vs. SPUU - Sharpe Ratio Comparison

The current UGE Sharpe Ratio is 0.39, which is lower than the SPUU Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of UGE 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

UGE vs. SPUU - Drawdown Comparison

The maximum UGE drawdown since its inception was -71.36%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for UGE and SPUU.

Drawdown Indicators

	UGE	SPUU	Difference
Max Drawdown Largest peak-to-trough decline	-71.36%	-59.35%	-12.01%
Max Drawdown (1Y) Largest decline over 1 year	-18.95%	-18.19%	-0.76%
Max Drawdown (3Y) Largest decline over 3 years	-23.36%	-35.18%	+11.82%
Max Drawdown (5Y) Largest decline over 5 years	-56.55%	-46.59%	-9.96%
Max Drawdown (10Y) Largest decline over 10 years	-57.14%	-59.35%	+2.21%
Current Drawdown Current decline from peak	-33.84%	-3.83%	-30.01%
Average Drawdown Average peak-to-trough decline	-18.86%	-9.44%	-9.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.54%	4.51%	+7.03%

Volatility

UGE vs. SPUU - Volatility Comparison

ProShares Ultra Consumer Goods (UGE) has a higher volatility of 12.37% compared to Direxion Daily S&P 500 Bull 2X ETF (SPUU) at 7.10%. This indicates that UGE'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

	UGE	SPUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.37%	7.10%	+5.27%
Volatility (6M) Calculated over the trailing 6-month period	23.37%	20.38%	+2.99%
Volatility (1Y) Calculated over the trailing 1-year period	28.34%	25.88%	+2.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.88%	33.70%	-1.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.25%	35.79%	-2.54%

UGE vs. SPUU - Expense Ratio Comparison

UGE has a 0.95% expense ratio, which is higher than SPUU's 0.60% expense ratio.

Dividends

UGE vs. SPUU - Dividend Comparison

UGE's dividend yield for the trailing twelve months is around 2.09%, 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 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%
UGE ProShares Ultra Consumer Goods	2.09%	2.54%	1.43%	1.20%	0.74%	0.20%	0.41%	0.86%	0.76%	0.68%	0.76%	0.60%

Frequently Asked Questions

Can I hold both UGE and SPUU in my portfolio?

UGE and SPUU have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UGE or SPUU?

UGE has higher volatility (12.37%) compared to SPUU (7.10%). In terms of maximum drawdown, UGE dropped -71.36% vs SPUU's -59.35%.

Which ETF is better, UGE or SPUU?

On 10-year performance, SPUU leads with 23.82% vs 8.02% for UGE. 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, UGE or SPUU?

Over the 10-year period, SPUU has performed better with a 23.82% return vs 8.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UGE or SPUU?

SPUU is cheaper with a 0.60% expense ratio, compared with 0.95% for UGE.

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

UGE has the higher dividend yield at 2.09%, compared with 1.34% for SPUU.

What is the main difference between UGE and SPUU?

UGE tracks Dow Jones U.S. Consumer Goods Index (200%), while SPUU tracks S&P 500 Index (200% Daily). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for UGE and 0.60% for SPUU.

Which has better risk-adjusted returns?

SPUU currently has the higher Sharpe Ratio (1.30 vs 0.39), 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.