XMMO vs. SPUU

Last updated Jun 14, 2026

XMMO (Invesco S&P MidCap Momentum ETF) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) are both exchange-traded funds - XMMO is a Momentum fund tracking the S&P MidCap 400 Momentum 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, XMMO returned 19.95%/yr vs 24.69%/yr for SPUU. A 0.79 correlation means they provide meaningful diversification when combined. XMMO charges 0.35%/yr vs 0.60%/yr for SPUU.

Performance

XMMO vs. SPUU - Performance Comparison

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

Returns By Period

In the year-to-date period, XMMO achieves a 22.77% return, which is significantly higher than SPUU's 15.56% return. Over the past 10 years, XMMO has underperformed SPUU with an annualized return of 19.95%, while SPUU has yielded a comparatively higher 24.69% annualized return.

XMMO

• 1D: 0.96%
• 1M: 0.41%
• YTD: 22.77%
• 6M: 22.33%
• 1Y: 37.93%
• 3Y*: 30.62%
• 5Y*: 15.91%
• 10Y*: 19.95%

SPUU

• 1D: 1.20%
• 1M: -2.20%
• YTD: 15.56%
• 6M: 15.85%
• 1Y: 47.93%
• 3Y*: 34.75%
• 5Y*: 19.14%
• 10Y*: 24.69%

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

XMMO vs. SPUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XMMO Invesco S&P MidCap Momentum ETF	22.77%	13.04%	38.03%	20.39%	-16.02%	16.69%	29.17%	36.78%	6.12%	37.18%
SPUU Direxion Daily S&P 500 Bull 2X ETF	15.56%	26.55%	44.25%	47.28%	-38.72%	61.27%	21.85%	66.84%	-14.59%	44.33%

Correlation

The correlation between XMMO and SPUU is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Jun 6, 2014	0.79

The correlation between XMMO and SPUU has been stable across timeframes, ranging from 0.74 to 0.80 - a consistent structural relationship.

XMMO vs. SPUU - Sectors Allocation Comparison

Sectors	XMMO	SPUU
Industrials	40.8%	7.8%
Technology	19.1%	39.0%
Basic Materials	7.0%	1.7%
Energy	6.8%	3.1%
Healthcare	6.3%	8.3%
Real Estate	5.7%	1.8%
Utilities	5.7%	2.1%
Consumer Cyclical	4.6%	9.9%
Financial Services	2.3%	11.1%
Communication Services	1.4%	10.6%
Consumer Defensive	0.5%	4.5%

Return for Risk

XMMO vs. SPUU — Risk / Return Rank

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

XMMO

XMMO Risk / Return Rank: 74
XMMO Sharpe Ratio Rank: 65
XMMO Sortino Ratio Rank: 65
XMMO Omega Ratio Rank: 63
XMMO Calmar Ratio Rank: 88
XMMO Martin Ratio Rank: 89

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: 56
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.

XMMO vs. SPUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap Momentum ETF (XMMO) 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.

	XMMO	SPUU	Difference
Sharpe ratio: Return per unit of total volatility	1.86	1.81	+0.05
Sortino ratio: Return per unit of downside risk	2.58	2.35	+0.23
Omega ratio: Gain probability vs. loss probability	1.33	1.31	+0.02
Calmar ratio: Return relative to maximum drawdown	4.41	2.47	+1.94
Martin ratio: Return relative to average drawdown	17.54	10.61	+6.93

XMMO vs. SPUU - Sharpe Ratio Comparison

The current XMMO Sharpe Ratio is 1.86, which is comparable to the SPUU Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of XMMO 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

XMMO vs. SPUU - Drawdown Comparison

The maximum XMMO drawdown since its inception was -55.37%, smaller than the maximum SPUU drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for XMMO and SPUU.

Drawdown Indicators

	XMMO	SPUU	Difference
Max Drawdown Largest peak-to-trough decline	-55.37%	-59.35%	+3.98%
Max Drawdown (1Y) Largest decline over 1 year	-8.34%	-18.19%	+9.85%
Max Drawdown (3Y) Largest decline over 3 years	-24.93%	-35.18%	+10.25%
Max Drawdown (5Y) Largest decline over 5 years	-27.91%	-46.59%	+18.68%
Max Drawdown (10Y) Largest decline over 10 years	-36.74%	-59.35%	+22.61%
Current Drawdown Current decline from peak	-1.19%	-4.78%	+3.59%
Average Drawdown Average peak-to-trough decline	-9.44%	-9.49%	+0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	4.23%	-2.14%

Volatility

XMMO vs. SPUU - Volatility Comparison

Invesco S&P MidCap Momentum ETF (XMMO) and Direxion Daily S&P 500 Bull 2X ETF (SPUU) have volatilities of 9.07% and 8.72%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XMMO	SPUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.07%	8.72%	+0.35%
Volatility (6M) Calculated over the trailing 6-month period	16.76%	19.45%	-2.69%
Volatility (1Y) Calculated over the trailing 1-year period	19.74%	24.81%	-5.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.62%	33.59%	-11.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.35%	35.83%	-13.48%

XMMO vs. SPUU - Expense Ratio Comparison

XMMO has a 0.35% expense ratio, which is lower than SPUU's 0.60% expense ratio.

Dividends

XMMO vs. SPUU - Dividend Comparison

XMMO's dividend yield for the trailing twelve months is around 0.61%, less than SPUU's 1.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPUU Direxion Daily S&P 500 Bull 2X ETF	1.39%	1.63%	0.55%	0.83%	0.88%	3.04%	8.03%	1.80%	5.50%	6.96%	8.08%	4.42%
XMMO Invesco S&P MidCap Momentum ETF	0.61%	0.78%	0.34%	0.80%	1.43%	0.41%	0.61%	0.60%	0.19%	0.21%	0.22%	0.64%

Frequently Asked Questions

Can I hold both XMMO and SPUU in my portfolio?

XMMO and SPUU have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XMMO or SPUU?

XMMO has higher volatility (9.07%) compared to SPUU (8.72%). In terms of maximum drawdown, XMMO dropped -55.37% vs SPUU's -59.35%.

Which ETF is better, XMMO or SPUU?

On 10-year performance, SPUU leads with 24.69% vs 19.95% for XMMO. On fees, XMMO is cheaper at 0.35% per year. On volatility, SPUU has been the lower-risk option at 8.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XMMO or SPUU?

Over the 10-year period, SPUU has performed better with a 24.69% return vs 19.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XMMO or SPUU?

XMMO is cheaper with a 0.35% expense ratio, compared with 0.60% for SPUU.

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

SPUU has the higher dividend yield at 1.39%, compared with 0.61% for XMMO.

What is the main difference between XMMO and SPUU?

XMMO is categorized as Momentum, while SPUU is Leveraged Equities. XMMO tracks S&P MidCap 400 Momentum Index, while SPUU tracks S&P 500 Index (200% Daily). They also come from different issuers: Invesco and Direxion. Their fees differ too: 0.35% for XMMO and 0.60% for SPUU.

Which has better risk-adjusted returns?

XMMO currently has the higher Sharpe Ratio (1.86 vs 1.81), 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.