DFEN vs. MUU

Last updated Jun 25, 2026

DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) and MUU (Direxion Daily MU Bull 2X Shares) are both Leveraged Equities funds from Direxion - DFEN tracks the Dow Jones U.S. Select Aerospace & Defense Index (300% Daily) while MUU tracks the Micron Technology, Inc. (200% Daily). Both are passively managed. At a correlation of -0.54, they often move in opposite directions. DFEN charges 0.96%/yr vs 1.01%/yr for MUU.

Performance

DFEN vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) and Direxion Daily MU Bull 2X Shares (MUU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

DFEN

• 1D: 0.08%
• 1M: 12.05%
• YTD: 15.77%
• 6M: 6.52%
• 1Y: 75.05%
• 3Y*: 68.94%
• 5Y*: 29.60%
• 10Y*: —

MUU

• 1D: -0.64%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DFEN vs. MUU - Yearly Performance Comparison

	2026 (YTD)
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	-1.96%
MUU Direxion Daily MU Bull 2X Shares	-12.53%

Correlation

The correlation between DFEN and MUU is -0.54, 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 (All Time) Calculated using the full available price history since Jun 16, 2026	-0.54

Return for Risk

DFEN vs. MUU — Risk / Return Rank

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

DFEN

DFEN Risk / Return Rank: 35
DFEN Sharpe Ratio Rank: 35
DFEN Sortino Ratio Rank: 38
DFEN Omega Ratio Rank: 34
DFEN Calmar Ratio Rank: 39
DFEN Martin Ratio Rank: 31

MUU

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

DFEN vs. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) 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.

	DFEN	MUU	Difference
Sharpe ratio: Return per unit of total volatility	1.14	—	—
Sortino ratio: Return per unit of downside risk	1.82	—	—
Omega ratio: Gain probability vs. loss probability	1.21	—	—
Calmar ratio: Return relative to maximum drawdown	1.81	—	—
Martin ratio: Return relative to average drawdown	4.10	—	—

Drawdowns

DFEN vs. MUU - Drawdown Comparison

The maximum DFEN drawdown since its inception was -91.36%, which is greater than MUU's maximum drawdown of -26.63%. Use the drawdown chart below to compare losses from any high point for DFEN and MUU.

Drawdown Indicators

	DFEN	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-91.36%	-26.63%	-64.73%
Max Drawdown (1Y) Largest decline over 1 year	-41.75%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-43.13%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-55.30%	—	—
Current Drawdown Current decline from peak	-24.13%	-26.63%	+2.50%
Average Drawdown Average peak-to-trough decline	-45.13%	-12.91%	-32.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.36%	—	—

Volatility

Volatility by Period

	DFEN	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.94%	—	—
Volatility (6M) Calculated over the trailing 6-month period	55.34%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	66.15%	263.57%	-197.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.76%	263.57%	-202.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.61%	263.57%	-191.96%

DFEN vs. MUU - Expense Ratio Comparison

DFEN has a 0.96% expense ratio, which is lower than MUU's 1.01% expense ratio.

Dividends

DFEN vs. MUU - Dividend Comparison

DFEN's dividend yield for the trailing twelve months is around 7.66%, more than MUU's 0.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	7.66%	8.89%	14.12%	1.13%	0.46%	1.89%	0.48%	0.50%	1.07%	1.50%
MUU Direxion Daily MU Bull 2X Shares	0.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DFEN and MUU in my portfolio?

DFEN and MUU have a correlation of -0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DFEN or MUU?

On fees, DFEN is cheaper at 0.96% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DFEN or MUU?

DFEN is cheaper with a 0.96% expense ratio, compared with 1.01% for MUU.

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

DFEN has the higher dividend yield at 7.66%, compared with 0.23% for MUU.

What is the main difference between DFEN and MUU?

DFEN tracks Dow Jones U.S. Select Aerospace & Defense Index (300% Daily), while MUU tracks Micron Technology, Inc. (200% Daily). Their fees differ too: 0.96% for DFEN and 1.01% for MUU.