Data as of .
SPUU vs SSO: which held to its multiple?
Over the days both have traded, SPUU finished 1.6 points from its stated multiple and SSO 1.7.
ETFIQ Decay Resistance Score: SPUU scores higher
Did it keep up with its own daily multiple, compounded day by day?
A percentile among the 391 leveraged ETFs, long, over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it · How it is computed
Performance, window by window
| Window | Total return | Multiple would give | Difference | |||
|---|---|---|---|---|---|---|
| SPUU | SSO | SPUU | SSO | SPUU | SSO | |
| 1 month | −2.6% | −2.7% | −2.1% | −2.1% | −0.4 pts | −0.6 pts |
| 3 months | +5.0% | +4.9% | +6.6% | +6.6% | −1.6 pts | −1.7 pts |
| 6 months | +30.1% | +29.8% | +32.0% | +32.0% | −1.9 pts | −2.3 pts |
| 1 year | +29.0% | +28.5% | +35.0% | +35.0% | −6.0 pts | −6.5 pts |
| 3 years | +148.9% | +145.8% | +155.8% | +155.8% | −6.8 pts | −10.0 pts |
| Since launch | +988.5% | +2989.0% | not meaningful | not meaningful | not meaningful | not meaningful |
| SPUU Direxion Daily S&P 500(R) Bull 2X ETF Aims to return twice the daily move of the S&P 500 | SSO ProShares Ultra S&P500 Aims to return twice the daily move of the S&P 500 | |
|---|---|---|
| Issuer | Direxion | ProShares |
| Sets out to return | +2x | +2x |
| On | SPY | SPY |
| Segment | us large cap | us large cap |
| Fund returned, 3 months | +5.0% | +4.9% |
| Underlying returned, 3 months | +3.3% | +3.3% |
| What the stated multiple implies, 3 months | +6.6% | +6.6% |
| Difference from stated, 3 months | −1.6 pts | −1.7 pts |
| Fund returned, 1 year or since launch | +29.0% | +28.5% |
| Difference from stated, over that window | −6.0 pts | −6.5 pts |
| Underlying volatility | 12% | 12% |
| Difference over the days both have traded | −1.6 pts | −1.7 pts |
| Expense ratio | 0.60% | 0.87% |
| Launched | Jun 6, 2014 | Jan 4, 2010 |
SPUU in plain words
Three months to Sep 11, 2026: SPUU returned +5.0% where its own daily promise gave +6.3%, 1.4 points short. Read the multiple against the whole window instead and +2 times SPY's 3.3% implies +6.6%, which makes SPUU look 1.6 points short. 0.3 of that is daily compounding, which happens to any +2 times fund over the same path, and the rest is the fund. SPUU aims to return +2 times SPY's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. SPY moved at 12% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
SSO in plain words
Three months to Sep 11, 2026: SSO returned +4.9% where its own daily promise gave +6.3%, 1.4 points short. Read the multiple against the whole window instead and +2 times SPY's 3.3% implies +6.6%, which makes SSO look 1.7 points short. SSO aims to return +2 times SPY's move each day, then resets.
Questions people ask
- Which came closer to its stated multiple, SPUU or SSO?
- Over the window to Sep 11, 2026, SPUU finished 1.6 points from what its multiple implies and SSO finished 1.7 points from its own, so SPUU came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are SPUU and SSO levered on the same thing?
- Yes. Both are levered on the S&P 500, SPUU at +2 times and SSO at +2 times the daily move.
- Which one decays faster, SPUU or SSO?
- Decay follows how much the underlying moves about. Over this window SPUU’s moved at 12% annualized and SSO’s at 12%, so SPUU has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold SPUU or SSO for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
- Which is cheaper, SPUU or SSO?
- SPUU charges 0.60% a year and SSO charges 0.87%, so SPUU is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, SPUU against SSO, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/SPUU-SSO Free to use with attribution; the underlying files are at Open data.