APPX vs. MUU

Last updated Jun 4, 2026

APPX (Tradr 2X Long APP Daily ETF) and MUU (Direxion Daily MU Bull 2X Shares) are both Leveraged Equities funds. Both are actively managed. Over the past year, APPX returned 6.06% vs 6522.95% for MUU. At a 0.17 correlation, their price movements are largely independent. APPX charges 1.30%/yr vs 1.06%/yr for MUU.

Performance

APPX vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tradr 2X Long APP Daily ETF (APPX) and Direxion Daily MU Bull 2X Shares (MUU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APPX achieves a -51.66% return, which is significantly lower than MUU's 961.23% return.

APPX

• 1D: -11.50%
• 1M: 36.86%
• YTD: -51.66%
• 6M: -50.93%
• 1Y: 6.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MUU

• 1D: 3.08%
• 1M: 218.90%
• YTD: 961.23%
• 6M: 1,422.01%
• 1Y: 6,522.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

APPX vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025
APPX Tradr 2X Long APP Daily ETF	-51.66%	329.60%
MUU Direxion Daily MU Bull 2X Shares	961.23%	896.07%

Correlation

The correlation between APPX and MUU is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (All Time) Calculated using the full available price history since Apr 28, 2025	0.17

Return for Risk

APPX vs. MUU — Risk / Return Rank

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

APPX

APPX Risk / Return Rank: 14
APPX Sharpe Ratio Rank: 9
APPX Sortino Ratio Rank: 21
APPX Omega Ratio Rank: 23
APPX Calmar Ratio Rank: 10
APPX Martin Ratio Rank: 10

MUU

MUU Risk / Return Rank: 99
MUU Sharpe Ratio Rank: 100
MUU Sortino Ratio Rank: 98
MUU Omega Ratio Rank: 97
MUU Calmar Ratio Rank: 100
MUU Martin Ratio Rank: 100

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.

APPX vs. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 2X Long APP Daily ETF (APPX) and Direxion Daily MU Bull 2X Shares (MUU). 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.

	APPX	MUU	Difference
Sharpe ratio: Return per unit of total volatility	0.04	50.40	-50.36
Sortino ratio: Return per unit of downside risk	1.09	7.17	-6.09
Omega ratio: Gain probability vs. loss probability	1.15	1.91	-0.76
Calmar ratio: Return relative to maximum drawdown	0.07	125.85	-125.77
Martin ratio: Return relative to average drawdown	0.12	426.84	-426.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

APPX vs. MUU - Sharpe Ratio Comparison

The current APPX Sharpe Ratio is 0.04, which is lower than the MUU Sharpe Ratio of 50.40. The chart below compares the historical Sharpe Ratios of APPX and MUU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	APPX	MUU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.04	50.40	-50.36
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	6.68	-6.01

Drawdowns

APPX vs. MUU - Drawdown Comparison

The maximum APPX drawdown since its inception was -82.40%, which is greater than MUU's maximum drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for APPX and MUU.

Drawdown Indicators

	APPX	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-82.40%	-75.07%	-7.33%
Max Drawdown (1Y) Largest decline over 1 year	-82.40%	-52.72%	-29.68%
Current Drawdown Current decline from peak	-62.42%	0.00%	-62.42%
Average Drawdown Average peak-to-trough decline	-37.22%	-23.44%	-13.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	48.66%	15.51%	+33.15%

Volatility

APPX vs. MUU - Volatility Comparison

The current volatility for Tradr 2X Long APP Daily ETF (APPX) is 41.38%, while Direxion Daily MU Bull 2X Shares (MUU) has a volatility of 54.78%. This indicates that APPX experiences smaller price fluctuations and is considered to be less risky than MUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APPX	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	41.38%	54.78%	-13.40%
Volatility (6M) Calculated over the trailing 6-month period	122.02%	105.07%	+16.95%
Volatility (1Y) Calculated over the trailing 1-year period	141.00%	131.77%	+9.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	140.63%	133.67%	+6.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	140.63%	133.67%	+6.96%

APPX vs. MUU - Expense Ratio Comparison

APPX has a 1.30% expense ratio, which is higher than MUU's 1.06% expense ratio.

Dividends

APPX vs. MUU - Dividend Comparison

APPX's dividend yield for the trailing twelve months is around 19.41%, more than MUU's 0.46% yield.

Position	TTM	2025	2024
APPX Tradr 2X Long APP Daily ETF	19.41%	9.38%	0.00%
MUU Direxion Daily MU Bull 2X Shares	0.46%	4.27%	0.31%

Frequently Asked Questions

Can I hold both APPX and MUU in my portfolio?

APPX and MUU have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APPX or MUU?

MUU has higher volatility (54.78%) compared to APPX (41.38%). In terms of maximum drawdown, APPX dropped -82.40% vs MUU's -75.07%.

Which ETF is better, APPX or MUU?

On 1-year performance, MUU leads with 6522.95% vs 6.06% for APPX. On fees, MUU is cheaper at 1.06% per year. On volatility, APPX has been the lower-risk option at 41.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APPX or MUU?

Over the 1-year period, MUU has performed better with a 6522.95% return vs 6.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APPX or MUU?

MUU is cheaper with a 1.06% expense ratio, compared with 1.30% for APPX.

Which ETF pays a higher dividend yield, APPX or MUU?

APPX has the higher dividend yield at 19.41%, compared with 0.46% for MUU.

What is the main difference between APPX and MUU?

They also come from different issuers: Tradr and Direxion. Their fees differ too: 1.30% for APPX and 1.06% for MUU.

Which has better risk-adjusted returns?

MUU currently has the higher Sharpe Ratio (50.40 vs 0.04), 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.