CVAR vs. MUU

Last updated Jul 11, 2026

CVAR (Cultivar ETF) and MUU (Direxion Daily MU Bull 2X Shares) are both exchange-traded funds - CVAR is a Mid Cap Value Equities fund actively managed by Cultivar, while MUU is a Leveraged Equities fund tracking the Micron Technology, Inc. (200% Daily). CVAR is actively managed, while MUU is passively managed. Over the past year, CVAR returned 9.00% vs 3083.51% for MUU. At a 0.25 correlation, their price movements are largely independent. CVAR charges 0.87%/yr vs 1.01%/yr for MUU.

Performance

CVAR vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cultivar ETF (CVAR) 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, CVAR achieves a 2.22% return, which is significantly lower than MUU's 642.75% return.

CVAR

• 1D: 0.47%
• 1M: 0.62%
• 6M: -1.01%
• YTD: 2.22%
• 1Y: 9.00%
• 3Y*: 7.61%
• 5Y*: —
• 10Y*: —

MUU

• 1D: -2.52%
• 1M: -10.27%
• 6M: 421.21%
• YTD: 642.75%
• 1Y: 3,083.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CVAR vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CVAR Cultivar ETF	2.22%	14.95%	-3.03%
MUU Direxion Daily MU Bull 2X Shares	642.75%	599.03%	-40.91%

Correlation

The correlation between CVAR and MUU is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (All Time) Calculated using the full available price history since Oct 10, 2024	0.25

The correlation between CVAR and MUU shifts across timeframes, from 0.14 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CVAR vs. MUU — Risk / Return Rank

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

CVAR

CVAR Risk / Return Rank: 23
CVAR Sharpe Ratio Rank: 24
CVAR Sortino Ratio Rank: 23
CVAR Omega Ratio Rank: 22
CVAR Calmar Ratio Rank: 25
CVAR Martin Ratio Rank: 22

MUU

MUU Risk / Return Rank: 99
MUU Sharpe Ratio Rank: 100
MUU Sortino Ratio Rank: 97
MUU Omega Ratio Rank: 97
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.

CVAR vs. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cultivar ETF (CVAR) 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.

	CVAR	MUU	Difference
Sharpe ratio: Return per unit of total volatility	0.70	27.27	-26.57
Sortino ratio: Return per unit of downside risk	1.07	5.80	-4.72
Omega ratio: Gain probability vs. loss probability	1.13	1.72	-0.60
Calmar ratio: Return relative to maximum drawdown	0.97	75.03	-74.06
Martin ratio: Return relative to average drawdown	2.09	245.78	-243.68

CVAR vs. MUU - Sharpe Ratio Comparison

The current CVAR Sharpe Ratio is 0.70, which is lower than the MUU Sharpe Ratio of 27.27. The chart below compares the historical Sharpe Ratios of CVAR 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

CVAR vs. MUU - Drawdown Comparison

The maximum CVAR drawdown since its inception was -19.39%, smaller than the maximum MUU drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for CVAR and MUU.

Drawdown Indicators

	CVAR	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-19.39%	-75.07%	+55.68%
Max Drawdown (1Y) Largest decline over 1 year	-8.45%	-52.72%	+44.27%
Max Drawdown (3Y) Largest decline over 3 years	-15.58%	—	—
Current Drawdown Current decline from peak	-4.74%	-30.01%	+25.27%
Average Drawdown Average peak-to-trough decline	-5.51%	-23.40%	+17.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.92%	16.41%	-12.49%

Volatility

CVAR vs. MUU - Volatility Comparison

The current volatility for Cultivar ETF (CVAR) is 3.82%, while Direxion Daily MU Bull 2X Shares (MUU) has a volatility of 67.23%. This indicates that CVAR 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

	CVAR	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.82%	67.23%	-63.41%
Volatility (6M) Calculated over the trailing 6-month period	7.93%	116.08%	-108.15%
Volatility (1Y) Calculated over the trailing 1-year period	11.72%	145.04%	-133.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.41%	138.03%	-122.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.41%	138.03%	-122.62%

CVAR vs. MUU - Expense Ratio Comparison

CVAR has a 0.87% expense ratio, which is lower than MUU's 1.01% expense ratio.

Dividends

CVAR vs. MUU - Dividend Comparison

CVAR's dividend yield for the trailing twelve months is around 1.49%, more than MUU's 0.64% yield.

Position	TTM	2025	2024	2023	2022
CVAR Cultivar ETF	1.49%	1.53%	3.57%	1.41%	5.52%
MUU Direxion Daily MU Bull 2X Shares	0.64%	4.27%	0.31%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CVAR and MUU in my portfolio?

CVAR and MUU have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CVAR or MUU?

MUU has higher volatility (67.23%) compared to CVAR (3.82%). In terms of maximum drawdown, CVAR dropped -19.39% vs MUU's -75.07%.

Which ETF is better, CVAR or MUU?

On 1-year performance, MUU leads with 3083.51% vs 9.00% for CVAR. On fees, CVAR is cheaper at 0.87% per year. On volatility, CVAR has been the lower-risk option at 3.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVAR or MUU?

Over the 1-year period, MUU has performed better with a 3083.51% return vs 9.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVAR or MUU?

CVAR is cheaper with a 0.87% expense ratio, compared with 1.01% for MUU.

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

CVAR has the higher dividend yield at 1.49%, compared with 0.64% for MUU.

What is the main difference between CVAR and MUU?

CVAR is categorized as Mid Cap Value Equities, while MUU is Leveraged Equities. They also come from different issuers: Cultivar and Direxion. Their fees differ too: 0.87% for CVAR and 1.01% for MUU.

Which has better risk-adjusted returns?

MUU currently has the higher Sharpe Ratio (27.27 vs 0.70), 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.