Which came closer to its stated multiple, SPDN or SPUU?

Over the window to Sep 30, 2026, SPDN finished 1.4 points from what its multiple implies and SPUU finished 1.7 points from its own, so SPDN came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are SPDN and SPUU levered on the same thing?

Yes. Both are levered on the S&P 500, SPDN at -1 times and SPUU at +2 times the daily move.

Which one decays faster, SPDN or SPUU?

Decay follows how much the underlying moves about. Over this window SPDN’s moved at 11% annualized and SPUU’s at 11%, so SPDN has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold SPDN or SPUU 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, SPDN or SPUU?

SPDN charges 0.48% a year and SPUU charges 0.60%, so SPDN is cheaper. Fees come from each fund's prospectus.

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SPDN vs SPUU: which held to its multiple?

Over three months against its own daily promise, SPDN finished 1.7 points over and SPUU 1.4 points short. Direxion Daily S&P 500 (R) Bear 1X ETF and Direxion Daily S&P 500(R) Bull 2X ETF.

−1.1%

SPDN returned, 3 months

+3.4%

SPUU returned, 3 months

+1.4 pts

SPDN from its stated multiple

−1.7 pts

SPUU from its stated multiple

SPDN · 3 months to Sep 30, 20261.4 pts ahead of its stated multiple

SPDN returned −1.1% while −1 times SPY's move would have been −2.5%

SPUU · 3 months to Sep 30, 20261.7 pts short of its stated multiple

SPUU returned +3.4% while 2 times SPY's move would have been +5.0%

ETFIQ Decay Resistance Score · SPUU scores higherDid it keep up with its own daily multiple, compounded day by day?

SPDN among the 125 inverse ETFs over three months

SPDN 57.6

0.4, the lowest in this set99.6, the highest

SPUU among the 470 leveraged ETFs, long, over three months

SPUU 89.1

0.1, the lowest in this set99.9, the highest

A percentile among the 125 inverse ETFs over three months. SPUU is a percentile among the 470 leveraged ETFs, long, over three months, a different set, so the two marks are not on one scale. 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

	Total return		Multiple would give		Difference
Window	SPDN	SPUU	SPDN	SPUU	SPDN	SPUU
1 month	+0.8%	−1.4%	+0.3%	−0.7%	+0.5 pts	−0.7 pts
3 months	−1.1%	+3.4%	−2.5%	+5.0%	+1.4 pts	−1.7 pts
6 months	−12.1%	+32.5%	−17.0%	+34.0%	+4.9 pts	−1.5 pts
1 year	−8.6%	+25.1%	−15.7%	+31.4%	+7.1 pts	−6.3 pts
3 years	−34.9%	+169.7%	−85.0%	+170.0%	+50.1 pts	−0.2 pts
Since launch SPDN Jun 2016 · SPUU Jun 2014	−73.7%	+985.1%	not meaningful	not meaningful	not meaningful	not meaningful

SPDN and SPUU over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

SPDN

Direxion Daily S&P 500 (R) Bear 1X ETF · Aims to return 1 times the opposite of the daily move of the S&P 500

SPUU

Direxion Daily S&P 500(R) Bull 2X ETF · Aims to return twice the daily move of the S&P 500

Issuer Direxion Direxion

Sets out to return -1x +2x

Underlying asset SPY SPY

Segment us large cap us large cap

Fund returned, 3 months or since launch −1.1% +3.4%

Underlying returned, over that window +2.5% +2.5%

What the stated multiple implies, over that window −2.5% +5.0%

Difference from stated, over that window +1.4 pts −1.7 pts

Fund returned, 1 year or since launch −8.6% +25.1%

Difference from stated, over that window +7.1 pts −6.3 pts

Underlying volatility 11% 11%

Difference over the days both have traded +1.4 pts −1.7 pts

Expense ratio 0.48% 0.60%

Launched Jun 8, 2016 Jun 6, 2014

Net assets $269m $284m

SPDN and SPUU on the same fields, as of Sep 30, 2026. Source: ETFIQ.

SPDN in plain words

Three months to Sep 30, 2026: SPDN returned −1.1% where its own daily promise gave −2.8%, 1.7 points over. Read the multiple against the whole window instead and −1 times SPY's 2.5% implies −2.5%, which makes SPDN look 1.4 points over. 0.2 of that is daily compounding, which happens to any −1 times fund over the same path, and the rest is the fund. SPDN aims to return -1 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 -1 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 11% 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.

SPUU in plain words

Three months to Sep 30, 2026: SPUU returned +3.4% where its own daily promise gave +4.8%, 1.4 points short. Read the multiple against the whole window instead and 2 times SPY's 2.5% implies +5.0%, which makes SPUU look 1.7 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 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.

Questions people ask

Which came closer to its stated multiple, SPDN or SPUU?: Over the window to Sep 30, 2026, SPDN finished 1.4 points from what its multiple implies and SPUU finished 1.7 points from its own, so SPDN came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are SPDN and SPUU levered on the same thing?: Yes. Both are levered on the S&P 500, SPDN at -1 times and SPUU at +2 times the daily move.
Which one decays faster, SPDN or SPUU?: Decay follows how much the underlying moves about. Over this window SPDN’s moved at 11% annualized and SPUU’s at 11%, so SPDN has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold SPDN or SPUU 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, SPDN or SPUU?: SPDN charges 0.48% a year and SPUU charges 0.60%, so SPDN is cheaper. Fees come from each fund's prospectus.

Other comparisons

SPDN vs SPXL SPDN vs SPXS SPDN vs SPXU SPDN vs SPYU SPUU vs SPXL SPUU vs SPXS SPUU vs SPXU SPUU vs SPYU

SPY →SPDN on its own →SPUU on its own →How every figure is computed →Standards and sources →

Where these figures came from

SPDN and SPUU filings on SEC EDGAR ↗SPDN and SPUU prospectus with the expense ratio (SEC) ↗Direxion website ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, SPDN against SPUU, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/spdn-vs-spuu

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.