UXI vs. SPUU

Last updated Jun 4, 2026

UXI (ProShares Ultra Industrials) and SPUU (Direxion Daily S&P 500 Bull 2x Shares) are both Leveraged Equities funds - UXI tracks the Dow Jones U.S. Industrials Index (200%) while SPUU tracks the S&P 500 Index (200%). Both are passively managed. Over the past 10 years, UXI returned 19.32%/yr vs 24.77%/yr for SPUU. A 0.79 correlation means they provide meaningful diversification when combined. UXI charges 0.95%/yr vs 0.64%/yr for SPUU.

Performance

UXI vs. SPUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Industrials (UXI) 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, UXI achieves a 21.82% return, which is significantly higher than SPUU's 19.82% return. Over the past 10 years, UXI has underperformed SPUU with an annualized return of 19.32%, while SPUU has yielded a comparatively higher 24.77% annualized return.

UXI

• 1D: 0.07%
• 1M: 3.06%
• YTD: 21.82%
• 6M: 23.67%
• 1Y: 38.90%
• 3Y*: 35.05%
• 5Y*: 11.54%
• 10Y*: 19.32%

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)

UXI vs. SPUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UXI ProShares Ultra Industrials	21.82%	28.84%	26.48%	27.34%	-32.90%	34.64%	16.37%	67.44%	-28.13%	51.81%
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 UXI and SPUU is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jun 9, 2014	0.79

The correlation between UXI and SPUU shifts across timeframes, from 0.69 (1 year) to 0.83 (5 years), reflecting how their relationship changes across market environments.

UXI vs. SPUU - Sectors Allocation Comparison

Sectors	UXI	SPUU
Industrials	56.8%	3.3%
Utilities	3.0%	1.1%
Technology	2.4%	16.5%
Consumer Cyclical	0.3%	4.2%
Basic Materials	-	0.7%
Communication Services	-	4.6%
Consumer Defensive	-	2.0%
Energy	-	1.4%
Financial Services	-	4.8%
Healthcare	-	3.6%
Real Estate	-	0.8%

Return for Risk

UXI vs. SPUU — Risk / Return Rank

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

UXI

UXI Risk / Return Rank: 35
UXI Sharpe Ratio Rank: 35
UXI Sortino Ratio Rank: 35
UXI Omega Ratio Rank: 32
UXI Calmar Ratio Rank: 34
UXI Martin Ratio Rank: 38

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.

UXI vs. SPUU - Risk-Adjusted Trends Comparison

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

	UXI	SPUU	Difference
Sharpe ratio: Return per unit of total volatility	1.27	2.26	-0.99
Sortino ratio: Return per unit of downside risk	1.87	2.87	-1.00
Omega ratio: Gain probability vs. loss probability	1.22	1.38	-0.16
Calmar ratio: Return relative to maximum drawdown	1.66	2.96	-1.31
Martin ratio: Return relative to average drawdown	5.93	13.06	-7.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UXI vs. SPUU - Sharpe Ratio Comparison

The current UXI Sharpe Ratio is 1.27, which is lower than the SPUU Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of UXI 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

	UXI	SPUU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.27	2.26	-0.99
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	0.61	-0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.69	-0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.63	-0.35

Drawdowns

UXI vs. SPUU - Drawdown Comparison

The maximum UXI drawdown since its inception was -89.01%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for UXI and SPUU.

Drawdown Indicators

	UXI	SPUU	Difference
Max Drawdown Largest peak-to-trough decline	-89.01%	-59.35%	-29.66%
Max Drawdown (1Y) Largest decline over 1 year	-23.59%	-18.19%	-5.40%
Max Drawdown (3Y) Largest decline over 3 years	-36.42%	-35.18%	-1.24%
Max Drawdown (5Y) Largest decline over 5 years	-48.25%	-46.59%	-1.66%
Max Drawdown (10Y) Largest decline over 10 years	-66.48%	-59.35%	-7.13%
Current Drawdown Current decline from peak	-7.08%	-1.27%	-5.81%
Average Drawdown Average peak-to-trough decline	-22.61%	-9.51%	-13.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.57%	4.12%	+2.45%

Volatility

UXI vs. SPUU - Volatility Comparison

ProShares Ultra Industrials (UXI) has a higher volatility of 9.86% compared to Direxion Daily S&P 500 Bull 2x Shares (SPUU) at 5.71%. This indicates that UXI'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

	UXI	SPUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.86%	5.71%	+4.15%
Volatility (6M) Calculated over the trailing 6-month period	25.69%	18.09%	+7.60%
Volatility (1Y) Calculated over the trailing 1-year period	30.91%	23.90%	+7.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.90%	33.46%	+2.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.42%	35.77%	+3.65%

UXI vs. SPUU - Expense Ratio Comparison

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

Dividends

UXI vs. SPUU - Dividend Comparison

UXI's dividend yield for the trailing twelve months is around 0.67%, 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%
UXI ProShares Ultra Industrials	0.67%	0.90%	0.18%	0.21%	0.24%	0.03%	0.29%	0.58%	0.37%	0.24%	0.38%	0.41%

Frequently Asked Questions

Can I hold both UXI and SPUU in my portfolio?

UXI and SPUU have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UXI or SPUU?

UXI has higher volatility (9.86%) compared to SPUU (5.71%). In terms of maximum drawdown, UXI dropped -89.01% vs SPUU's -59.35%.

Which ETF is better, UXI or SPUU?

On 10-year performance, SPUU leads with 24.77% vs 19.32% for UXI. 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, UXI or SPUU?

Over the 10-year period, SPUU has performed better with a 24.77% return vs 19.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UXI or SPUU?

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

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

SPUU has the higher dividend yield at 1.34%, compared with 0.67% for UXI.

What is the main difference between UXI and SPUU?

UXI tracks Dow Jones U.S. Industrials 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 UXI and 0.64% for SPUU.

Which has better risk-adjusted returns?

SPUU currently has the higher Sharpe Ratio (2.26 vs 1.27), 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.