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

Over the window to Sep 30, 2026, SPUU finished 1.7 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 11% annualized and SSO’s at 11%, 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 0.84%, so SPUU is cheaper. Fees come from each fund's prospectus.

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SPUU vs SSO: which held to its multiple?

Over the days both have traded, SPUU finished 1.7 points from its stated multiple and SSO 1.7. Direxion Daily S&P 500(R) Bull 2X ETF and ProShares Ultra S&P500.

+3.4%

SPUU returned, 3 months

+3.3%

SSO returned, 3 months

−1.7 pts

SPUU from its stated multiple

−1.7 pts

SSO from its stated multiple

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%

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

SSO returned +3.3% 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?

SPUU 89.1

SSO 88.4

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

A percentile among the 470 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

	Total return		Multiple would give		Difference
Window	SPUU	SSO	SPUU	SSO	SPUU	SSO
1 month	−1.4%	−1.2%	−0.7%	−0.7%	−0.7 pts	−0.5 pts
3 months	+3.4%	+3.3%	+5.0%	+5.0%	−1.7 pts	−1.7 pts
6 months	+32.5%	+32.2%	+34.0%	+34.0%	−1.5 pts	−1.8 pts
1 year	+25.1%	+24.6%	+31.4%	+31.4%	−6.3 pts	−6.8 pts
3 years	+169.7%	+166.2%	+170.0%	+170.0%	−0.2 pts	−3.8 pts
Since launch SPUU Jun 2014 · SSO Jan 2010	+985.1%	+2980.8%	not meaningful	not meaningful	not meaningful	not meaningful

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

On the same fields

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

Underlying asset SPY SPY

Segment us large cap us large cap

Fund returned, 3 months or since launch +3.4% +3.3%

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

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

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

Fund returned, 1 year or since launch +25.1% +24.6%

Difference from stated, over that window −6.3 pts −6.8 pts

Underlying volatility 11% 11%

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

Expense ratio 0.60% 0.84%

Launched Jun 6, 2014 Jan 4, 2010

Net assets $284m $8.4bn

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

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 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 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.

SSO in plain words

Three months to Sep 30, 2026: SSO returned +3.3% 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 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 30, 2026, SPUU finished 1.7 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 11% annualized and SSO’s at 11%, 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 0.84%, so SPUU is cheaper. Fees come from each fund's prospectus.

Other comparisons

SPUU vs SPYU SPUU vs SPXU SPUU vs UPRO SPUU vs SDS SSO vs UPRO SSO vs SDS SSO vs SPXL SSO vs SPXS

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

Where these figures came from

SPUU filings on SEC EDGAR ↗SPUU prospectus with the expense ratio (SEC) ↗Direxion website ↗SSO filings on SEC EDGAR ↗SSO prospectus with the expense ratio (SEC) ↗ProShares page for SSO ↗

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

Open data

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