BIS vs. MUU

Last updated Jul 14, 2026

BIS (ProShares UltraShort Nasdaq Biotechnology) and MUU (Direxion Daily MU Bull 2X Shares) are both Leveraged Equities funds - BIS tracks the NASDAQ Biotechnology Index (-200%) while MUU tracks the Micron Technology, Inc. (200% Daily). Both are passively managed. Over the past year, BIS returned -56.42% vs 2796.55% for MUU. At a correlation of -0.31, they often move in opposite directions. BIS charges 0.95%/yr vs 1.01%/yr for MUU.

Performance

BIS vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Nasdaq Biotechnology (BIS) 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, BIS achieves a -27.05% return, which is significantly lower than MUU's 575.80% return.

BIS

• 1D: 3.00%
• 1M: -18.23%
• 6M: -24.96%
• YTD: -27.05%
• 1Y: -56.42%
• 3Y*: -28.45%
• 5Y*: -17.36%
• 10Y*: -25.49%

MUU

• 1D: -9.01%
• 1M: -18.36%
• 6M: 372.65%
• YTD: 575.80%
• 1Y: 2,796.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BIS vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BIS ProShares UltraShort Nasdaq Biotechnology	-27.05%	-45.95%	17.99%
MUU Direxion Daily MU Bull 2X Shares	575.80%	599.03%	-40.91%

Correlation

The correlation between BIS and MUU is -0.23, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.23
Correlation (All Time) Calculated using the full available price history since Oct 10, 2024	-0.31

Return for Risk

BIS vs. MUU — Risk / Return Rank

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

BIS

BIS Risk / Return Rank: 1
BIS Sharpe Ratio Rank: 0
BIS Sortino Ratio Rank: 0
BIS Omega Ratio Rank: 0
BIS Calmar Ratio Rank: 1
BIS Martin Ratio Rank: 1

MUU

MUU Risk / Return Rank: 99
MUU Sharpe Ratio Rank: 100
MUU Sortino Ratio Rank: 97
MUU Omega Ratio Rank: 96
MUU Calmar Ratio Rank: 100
MUU Martin Ratio Rank: 99

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.

BIS vs. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Nasdaq Biotechnology (BIS) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BIS	MUU	Difference
Sharpe ratio: Return per unit of total volatility	-1.38	23.95	-25.33
Sortino ratio: Return per unit of downside risk	-2.34	5.62	-7.96
Omega ratio: Gain probability vs. loss probability	0.75	1.69	-0.95
Calmar ratio: Return relative to maximum drawdown	-0.93	66.09	-67.02
Martin ratio: Return relative to average drawdown	-1.45	221.31	-222.76

BIS vs. MUU - Sharpe Ratio Comparison

The current BIS Sharpe Ratio is -1.38, which is lower than the MUU Sharpe Ratio of 23.95. The chart below compares the historical Sharpe Ratios of BIS 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.

Drawdowns

BIS vs. MUU - Drawdown Comparison

The maximum BIS drawdown since its inception was -99.89%, which is greater than MUU's maximum drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for BIS and MUU.

Drawdown Indicators

	BIS	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-99.89%	-75.07%	-24.82%
Max Drawdown (1Y) Largest decline over 1 year	-60.93%	-52.72%	-8.21%
Max Drawdown (3Y) Largest decline over 3 years	-73.96%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-80.19%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-95.82%	—	—
Current Drawdown Current decline from peak	-99.88%	-36.32%	-63.56%
Average Drawdown Average peak-to-trough decline	-90.07%	-23.43%	-66.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.97%	16.57%	+22.40%

Volatility

BIS vs. MUU - Volatility Comparison

The current volatility for ProShares UltraShort Nasdaq Biotechnology (BIS) is 12.50%, while Direxion Daily MU Bull 2X Shares (MUU) has a volatility of 67.81%. This indicates that BIS 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

	BIS	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.50%	67.81%	-55.31%
Volatility (6M) Calculated over the trailing 6-month period	32.06%	116.35%	-84.29%
Volatility (1Y) Calculated over the trailing 1-year period	41.05%	145.78%	-104.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.99%	138.10%	-94.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.20%	138.10%	-91.90%

BIS vs. MUU - Expense Ratio Comparison

BIS has a 0.95% expense ratio, which is lower than MUU's 1.01% expense ratio.

Dividends

BIS vs. MUU - Dividend Comparison

BIS's dividend yield for the trailing twelve months is around 5.78%, more than MUU's 0.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BIS ProShares UltraShort Nasdaq Biotechnology	5.78%	5.25%	3.73%	1.75%	0.00%	0.00%	0.45%	2.11%	0.37%
MUU Direxion Daily MU Bull 2X Shares	0.70%	4.27%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BIS and MUU in my portfolio?

BIS and MUU have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BIS or MUU?

MUU has higher volatility (67.81%) compared to BIS (12.50%). In terms of maximum drawdown, BIS dropped -99.89% vs MUU's -75.07%.

Which ETF is better, BIS or MUU?

On 1-year performance, MUU leads with 2796.55% vs -56.42% for BIS. On fees, BIS is cheaper at 0.95% per year. On volatility, BIS has been the lower-risk option at 12.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BIS or MUU?

Over the 1-year period, MUU has performed better with a 2796.55% return vs -56.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BIS or MUU?

BIS is cheaper with a 0.95% expense ratio, compared with 1.01% for MUU.

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

BIS has the higher dividend yield at 5.78%, compared with 0.70% for MUU.

What is the main difference between BIS and MUU?

BIS tracks NASDAQ Biotechnology Index (-200%), while MUU tracks Micron Technology, Inc. (200% Daily). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for BIS and 1.01% for MUU.

Which has better risk-adjusted returns?

MUU currently has the higher Sharpe Ratio (23.95 vs -1.38), 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.