MAX S P 500 4X Leveraged ETN (SPYU) Performance
SPYU total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +17.8% since Dec 31, 2025
- 1 year
- +18.3% total return
- Since first price
- +204.2% since 2023
SPYU trailing returns vs SPY, QQQ, AGG
| Period | SPYU total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −6.8% | −6.8% | −1.0% | −5.0% | +0.9% |
| 3 months | +3.7% | +3.7% | +3.2% | +1.9% | −0.4% |
| 6 months | +12.8% | +12.8% | +7.8% | +8.4% | −1.5% |
| YTD | +17.8% | +17.8% | +12.3% | +15.1% | −1.0% |
| 1 year | +18.3% | +18.3% | +14.4% | +15.9% | −1.1% |
| Since inceptionDec 4, 2023 | +204.2% | +204.2% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: SPYU vs SPY
From Dec 4, 2023: SPYU grew to $30,424, SPY to $17,255.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
SPYU returns by calendar year
2 of 2 full years positive. Best 2024 (+61.4%), worst 2025 (+17.4%). 2026 is year to date.
SPYU annual returns table
| Year | SPYU | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +17.8% | −36.3% | +12.3% | +15.1% | −1.0% |
| 2025 | +17.4% | −61.1% | +17.7% | +20.8% | +7.2% |
| 2024 | +61.4% | −32.0% | +24.9% | +25.6% | +1.3% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
SPYU largest drawdowns
Now 13.8% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Dec 4, 2024 | −62.3% | Apr 8, 2025 | Oct 2, 2025 | 4 months | 10 months |
| Oct 29, 2025 | −37.2% | Mar 30, 2026 | Apr 30, 2026 | 5 months | 6 months |
| Jul 16, 2024 | −32.0% | Aug 5, 2024 | Oct 14, 2024 | 20 days | 3 months |
| Mar 27, 2024 | −21.8% | Apr 19, 2024 | May 21, 2024 | 23 days | 55 days |
| Jun 2, 2026 | −19.3% | Jul 29, 2026 | Aug 7, 2026 | 57 days | 2 months |
| Aug 13, 2026 | −14.0% | Sep 16, 2026 | not yet | 34 days | 2 months so far |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
SPYU risk statistics
| Statistic | Since 2023 |
|---|---|
| Annualized return | +35.9% |
| Volatility (annualized) | 49.8% |
| Sharpe ratio | 0.77 |
| Sortino ratio | 1.39 |
| Best month | +44.5% |
| Worst month | −24.1% |
| Best 12 months | +102.6% |
| Worst 12 months | −10.3% |
| Positive months | 61% |
| Beta vs S&P 500 | — |
| Correlation with S&P 500 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
SPYU rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 23 | −10.3% | +17.4% | +102.6% | 87% |
Every holding period starting at a month-end since 2023. Returns for 3 years and longer are annualized.
SPYU performance overview
MAX S P 500 4X Leveraged ETN (SPYU) returned +18.3% over the past year, with distributions reinvested. Since its first recorded price on Dec 4, 2023 it has returned +204.2%. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −62.3%, from Dec 4, 2024 to Apr 8, 2025, and it took 6 months to get back to the old high. Volatility has been 49.8% a year.
Related: SPYU chart. See the SPYU overview for the latest quote and fund facts.
SPYU performance FAQ
What is the SPYU return over the past year?
SPYU returned +18.3% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 18.3%.
How much would $10,000 invested in SPYU be worth?
$10,000 invested in SPYU at its first recorded close on December 4, 2023 would be worth about $30,424 on October 23, 2026 with distributions reinvested.
What was the worst year for SPYU?
The worst calendar year was 2025, with a total return of +17.4%. The best was 2024 at +61.4%.
What is the biggest drawdown of SPYU?
The largest peak-to-trough decline was −62.3% between December 4, 2024 and April 8, 2025. It recovered to the old high on October 2, 2025, 6 months after the bottom.
How volatile is SPYU?
Over the past history SPYU had an annualized volatility of 49.8% and a Sharpe ratio of 0.77 (excess return over 1–3 month T-bills per unit of risk).