UWM vs. SPUU

Last updated Jun 4, 2026

UWM (ProShares Ultra Russell2000) and SPUU (Direxion Daily S&P 500 Bull 2x Shares) are both Leveraged Equities funds - UWM tracks the Russell 2000 Index (200%) while SPUU tracks the S&P 500 Index (200%). Both are passively managed. Over the past 10 years, UWM returned 12.16%/yr vs 24.77%/yr for SPUU. A 0.79 correlation means they provide meaningful diversification when combined. UWM charges 0.95%/yr vs 0.64%/yr for SPUU.

Performance

UWM vs. SPUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Russell2000 (UWM) and Direxion Daily S&P 500 Bull 2x Shares (SPUU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UWM achieves a 31.87% return, which is significantly higher than SPUU's 19.82% return. Over the past 10 years, UWM has underperformed SPUU with an annualized return of 12.16%, while SPUU has yielded a comparatively higher 24.77% annualized return.

UWM

• 1D: -2.69%
• 1M: 6.41%
• YTD: 31.87%
• 6M: 28.56%
• 1Y: 76.77%
• 3Y*: 25.03%
• 5Y*: 1.71%
• 10Y*: 12.16%

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%

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

UWM vs. SPUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UWM ProShares Ultra Russell2000	31.87%	13.59%	11.32%	22.62%	-43.69%	23.91%	16.57%	48.62%	-25.89%	26.92%
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 UWM and SPUU is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jun 9, 2014	0.79

The correlation between UWM and SPUU has been stable across timeframes, ranging from 0.77 to 0.81 - a consistent structural relationship.

UWM vs. SPUU - Sectors Allocation Comparison

Sectors	UWM	SPUU
Industrials	17.7%	3.3%
Technology	17.0%	16.5%
Healthcare	16.5%	3.6%
Financial Services	15.8%	4.8%
Consumer Cyclical	8.4%	4.2%
Real Estate	6.1%	0.8%
Energy	6.1%	1.4%
Basic Materials	4.8%	0.7%
Utilities	2.9%	1.1%
Communication Services	2.4%	4.6%
Consumer Defensive	2.4%	2.0%

Return for Risk

UWM vs. SPUU — Risk / Return Rank

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

UWM

UWM Risk / Return Rank: 59
UWM Sharpe Ratio Rank: 60
UWM Sortino Ratio Rank: 54
UWM Omega Ratio Rank: 49
UWM Calmar Ratio Rank: 69
UWM Martin Ratio Rank: 65

SPUU

SPUU Risk / Return Rank: 63
SPUU Sharpe Ratio Rank: 67
SPUU Sortino Ratio Rank: 60
SPUU Omega Ratio Rank: 60
SPUU Calmar Ratio Rank: 59
SPUU Martin Ratio Rank: 69

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.

UWM vs. SPUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Russell2000 (UWM) 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.

	UWM	SPUU	Difference
Sharpe ratio: Return per unit of total volatility	2.03	2.26	-0.22
Sortino ratio: Return per unit of downside risk	2.63	2.87	-0.24
Omega ratio: Gain probability vs. loss probability	1.31	1.38	-0.07
Calmar ratio: Return relative to maximum drawdown	3.46	2.96	+0.50
Martin ratio: Return relative to average drawdown	11.85	13.06	-1.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UWM vs. SPUU - Sharpe Ratio Comparison

The current UWM Sharpe Ratio is 2.03, which is comparable to the SPUU Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of UWM 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.

Sharpe Ratios by Period

	UWM	SPUU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.03	2.26	-0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.04	0.61	-0.57
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.26	0.69	-0.43
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	0.63	-0.49

Drawdowns

UWM vs. SPUU - Drawdown Comparison

The maximum UWM drawdown since its inception was -88.21%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for UWM and SPUU.

Drawdown Indicators

	UWM	SPUU	Difference
Max Drawdown Largest peak-to-trough decline	-88.21%	-59.35%	-28.86%
Max Drawdown (1Y) Largest decline over 1 year	-22.28%	-18.19%	-4.09%
Max Drawdown (3Y) Largest decline over 3 years	-49.79%	-35.18%	-14.61%
Max Drawdown (5Y) Largest decline over 5 years	-61.62%	-46.59%	-15.03%
Max Drawdown (10Y) Largest decline over 10 years	-71.46%	-59.35%	-12.11%
Current Drawdown Current decline from peak	-3.55%	-1.27%	-2.28%
Average Drawdown Average peak-to-trough decline	-30.88%	-9.51%	-21.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.50%	4.12%	+2.38%

Volatility

UWM vs. SPUU - Volatility Comparison

ProShares Ultra Russell2000 (UWM) has a higher volatility of 11.45% compared to Direxion Daily S&P 500 Bull 2x Shares (SPUU) at 5.71%. This indicates that UWM'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

	UWM	SPUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.45%	5.71%	+5.74%
Volatility (6M) Calculated over the trailing 6-month period	26.82%	18.09%	+8.73%
Volatility (1Y) Calculated over the trailing 1-year period	38.04%	23.90%	+14.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.01%	33.46%	+11.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.08%	35.77%	+10.31%

UWM vs. SPUU - Expense Ratio Comparison

UWM has a 0.95% expense ratio, which is higher than SPUU's 0.64% expense ratio.

Dividends

UWM vs. SPUU - Dividend Comparison

UWM's dividend yield for the trailing twelve months is around 0.78%, less 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%
UWM ProShares Ultra Russell2000	0.78%	1.05%	1.16%	0.34%	0.40%	0.00%	0.07%	0.55%	0.41%	0.11%	0.27%	0.23%

Frequently Asked Questions

Can I hold both UWM and SPUU in my portfolio?

UWM and SPUU have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UWM or SPUU?

UWM has higher volatility (11.45%) compared to SPUU (5.71%). In terms of maximum drawdown, UWM dropped -88.21% vs SPUU's -59.35%.

Which ETF is better, UWM or SPUU?

On 10-year performance, SPUU leads with 24.77% vs 12.16% for UWM. 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.

Which ETF has performed better, UWM or SPUU?

Over the 10-year period, SPUU has performed better with a 24.77% return vs 12.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UWM or SPUU?

SPUU is cheaper with a 0.64% expense ratio, compared with 0.95% for UWM.

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

SPUU has the higher dividend yield at 1.34%, compared with 0.78% for UWM.

What is the main difference between UWM and SPUU?

UWM tracks Russell 2000 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 UWM and 0.64% for SPUU.

Which has better risk-adjusted returns?

SPUU currently has the higher Sharpe Ratio (2.26 vs 2.03), 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.