VIOV vs. SPUU

Last updated Jun 9, 2026

VIOV (Vanguard S&P Small-Cap 600 Value ETF) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) are both exchange-traded funds - VIOV is a Small Cap Value Equities fund tracking the S&P SmallCap 600 Value Index, while SPUU is a Leveraged Equities fund tracking the S&P 500 Index (200% Daily). Both are passively managed. Over the past 10 years, VIOV returned 10.22%/yr vs 24.31%/yr for SPUU. A 0.73 correlation means they provide meaningful diversification when combined. VIOV charges 0.10%/yr vs 0.60%/yr for SPUU.

Performance

VIOV vs. SPUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P Small-Cap 600 Value ETF (VIOV) 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 VIOV having a 15.63% return and SPUU slightly lower at 14.92%. Over the past 10 years, VIOV has underperformed SPUU with an annualized return of 10.22%, while SPUU has yielded a comparatively higher 24.31% annualized return.

VIOV

• 1D: 0.77%
• 1M: 0.98%
• YTD: 15.63%
• 6M: 16.09%
• 1Y: 36.39%
• 3Y*: 13.67%
• 5Y*: 5.54%
• 10Y*: 10.22%

SPUU

• 1D: 0.60%
• 1M: 0.07%
• YTD: 14.92%
• 6M: 14.42%
• 1Y: 45.91%
• 3Y*: 35.91%
• 5Y*: 19.28%
• 10Y*: 24.31%

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

VIOV vs. SPUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIOV Vanguard S&P Small-Cap 600 Value ETF	15.63%	6.63%	7.44%	15.36%	-11.37%	30.67%	2.81%	24.44%	-12.85%	11.54%
SPUU Direxion Daily S&P 500 Bull 2X ETF	14.92%	26.55%	44.25%	47.28%	-38.72%	61.27%	21.85%	66.84%	-14.59%	44.33%

Correlation

The correlation between VIOV and SPUU is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Jun 6, 2014	0.73

The correlation between VIOV and SPUU has been stable across timeframes, ranging from 0.68 to 0.74 - a consistent structural relationship.

VIOV vs. SPUU - Sectors Allocation Comparison

Sectors	VIOV	SPUU
Financial Services	19.8%	4.7%
Consumer Cyclical	15.4%	4.2%
Industrials	12.7%	3.2%
Technology	10.6%	16.4%
Energy	9.1%	1.4%
Real Estate	8.8%	0.8%
Healthcare	7.5%	3.6%
Basic Materials	6.3%	0.7%
Consumer Defensive	3.8%	2.0%
Communication Services	3.4%	4.5%
Utilities	1.9%	1.1%

Return for Risk

VIOV vs. SPUU — Risk / Return Rank

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

VIOV

VIOV Risk / Return Rank: 71
VIOV Sharpe Ratio Rank: 67
VIOV Sortino Ratio Rank: 70
VIOV Omega Ratio Rank: 62
VIOV Calmar Ratio Rank: 82
VIOV Martin Ratio Rank: 74

SPUU

SPUU Risk / Return Rank: 60
SPUU Sharpe Ratio Rank: 63
SPUU Sortino Ratio Rank: 56
SPUU Omega Ratio Rank: 58
SPUU Calmar Ratio Rank: 57
SPUU Martin Ratio Rank: 66

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.

VIOV vs. SPUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Small-Cap 600 Value ETF (VIOV) 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.

	VIOV	SPUU	Difference
Sharpe ratio: Return per unit of total volatility	1.99	1.89	+0.10
Sortino ratio: Return per unit of downside risk	2.85	2.43	+0.42
Omega ratio: Gain probability vs. loss probability	1.34	1.32	+0.02
Calmar ratio: Return relative to maximum drawdown	3.92	2.54	+1.38
Martin ratio: Return relative to average drawdown	12.76	11.10	+1.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VIOV vs. SPUU - Sharpe Ratio Comparison

The current VIOV Sharpe Ratio is 1.99, which is comparable to the SPUU Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of VIOV 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

	VIOV	SPUU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.99	1.89	+0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.25	0.58	-0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	0.68	-0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.62	-0.09

Drawdowns

VIOV vs. SPUU - Drawdown Comparison

The maximum VIOV drawdown since its inception was -47.36%, smaller than the maximum SPUU drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for VIOV and SPUU.

Drawdown Indicators

	VIOV	SPUU	Difference
Max Drawdown Largest peak-to-trough decline	-47.36%	-59.35%	+11.99%
Max Drawdown (1Y) Largest decline over 1 year	-9.33%	-18.19%	+8.86%
Max Drawdown (3Y) Largest decline over 3 years	-28.44%	-35.18%	+6.74%
Max Drawdown (5Y) Largest decline over 5 years	-28.44%	-46.59%	+18.15%
Max Drawdown (10Y) Largest decline over 10 years	-47.36%	-59.35%	+11.99%
Current Drawdown Current decline from peak	-0.99%	-5.31%	+4.32%
Average Drawdown Average peak-to-trough decline	-7.37%	-9.50%	+2.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.86%	4.15%	-1.29%

Volatility

VIOV vs. SPUU - Volatility Comparison

The current volatility for Vanguard S&P Small-Cap 600 Value ETF (VIOV) is 4.83%, while Direxion Daily S&P 500 Bull 2X ETF (SPUU) has a volatility of 7.64%. This indicates that VIOV experiences smaller price fluctuations and is considered to be less risky than SPUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIOV	SPUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.83%	7.64%	-2.81%
Volatility (6M) Calculated over the trailing 6-month period	11.71%	18.95%	-7.24%
Volatility (1Y) Calculated over the trailing 1-year period	18.45%	24.47%	-6.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.96%	33.54%	-11.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.90%	35.82%	-11.92%

VIOV vs. SPUU - Expense Ratio Comparison

VIOV has a 0.10% expense ratio, which is lower than SPUU's 0.60% expense ratio.

Dividends

VIOV vs. SPUU - Dividend Comparison

VIOV's dividend yield for the trailing twelve months is around 1.59%, more than SPUU's 1.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPUU Direxion Daily S&P 500 Bull 2X ETF	1.40%	1.63%	0.55%	0.83%	0.88%	3.04%	8.03%	1.80%	5.50%	6.96%	8.08%	4.42%
VIOV Vanguard S&P Small-Cap 600 Value ETF	1.59%	1.69%	1.78%	2.18%	1.81%	1.59%	1.42%	1.60%	1.76%	1.43%	1.17%	1.32%

Frequently Asked Questions

Can I hold both VIOV and SPUU in my portfolio?

VIOV and SPUU have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VIOV or SPUU?

SPUU has higher volatility (7.64%) compared to VIOV (4.83%). In terms of maximum drawdown, VIOV dropped -47.36% vs SPUU's -59.35%.

Which ETF is better, VIOV or SPUU?

On 10-year performance, SPUU leads with 24.31% vs 10.22% for VIOV. On fees, VIOV is cheaper at 0.10% per year. On volatility, VIOV has been the lower-risk option at 4.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VIOV or SPUU?

Over the 10-year period, SPUU has performed better with a 24.31% return vs 10.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VIOV or SPUU?

VIOV is cheaper with a 0.10% expense ratio, compared with 0.60% for SPUU.

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

VIOV has the higher dividend yield at 1.59%, compared with 1.40% for SPUU.

What is the main difference between VIOV and SPUU?

VIOV is categorized as Small Cap Value Equities, while SPUU is Leveraged Equities. VIOV tracks S&P SmallCap 600 Value Index, while SPUU tracks S&P 500 Index (200% Daily). They also come from different issuers: Vanguard and Direxion. Their fees differ too: 0.10% for VIOV and 0.60% for SPUU.

Which has better risk-adjusted returns?

VIOV currently has the higher Sharpe Ratio (1.99 vs 1.89), 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.