DKNX vs. MUU

Last updated Jun 6, 2026

DKNX (Defiance Daily Target 2X Long DKNG ETF) and MUU (Direxion Daily MU Bull 2X Shares) are both Leveraged Equities funds. Both are actively managed. At a 0.01 correlation, their price movements are largely independent. DKNX charges 1.29%/yr vs 1.06%/yr for MUU.

Performance

DKNX vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long DKNG ETF (DKNX) 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, DKNX achieves a -57.81% return, which is significantly lower than MUU's 558.99% return.

DKNX

• 1D: -3.93%
• 1M: 4.37%
• YTD: -57.81%
• 6M: -57.32%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MUU

• 1D: -26.65%
• 1M: 50.22%
• YTD: 558.99%
• 6M: 826.13%
• 1Y: 3,710.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DKNX vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025
DKNX Defiance Daily Target 2X Long DKNG ETF	-57.81%	-50.48%
MUU Direxion Daily MU Bull 2X Shares	558.99%	465.00%

Correlation

The correlation between DKNX and MUU is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 1, 2025	0.01

Return for Risk

DKNX vs. MUU — Risk / Return Rank

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

MUU

MUU Risk / Return Rank: 98
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.

DKNX vs. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long DKNG ETF (DKNX) 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.

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

Sharpe Ratios by Period

	DKNX	MUU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	27.74	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.88	4.68	-5.55

Drawdowns

DKNX vs. MUU - Drawdown Comparison

The maximum DKNX drawdown since its inception was -86.10%, which is greater than MUU's maximum drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for DKNX and MUU.

Drawdown Indicators

	DKNX	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-86.10%	-75.07%	-11.03%
Max Drawdown (1Y) Largest decline over 1 year	—	-52.72%	—
Current Drawdown Current decline from peak	-81.39%	-37.90%	-43.49%
Average Drawdown Average peak-to-trough decline	-58.12%	-23.45%	-34.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	15.73%	—

Volatility

Volatility by Period

	DKNX	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	66.40%	—
Volatility (6M) Calculated over the trailing 6-month period	—	111.50%	—
Volatility (1Y) Calculated over the trailing 1-year period	96.13%	135.81%	-39.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	96.13%	135.74%	-39.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	96.13%	135.74%	-39.61%

DKNX vs. MUU - Expense Ratio Comparison

DKNX has a 1.29% expense ratio, which is higher than MUU's 1.06% expense ratio.

Dividends

DKNX vs. MUU - Dividend Comparison

DKNX has not paid dividends to shareholders, while MUU's dividend yield for the trailing twelve months is around 0.73%.

Position	TTM	2025	2024
DKNX Defiance Daily Target 2X Long DKNG ETF	0.00%	0.00%	0.00%
MUU Direxion Daily MU Bull 2X Shares	0.73%	4.27%	0.31%

Frequently Asked Questions

Can I hold both DKNX and MUU in my portfolio?

DKNX and MUU have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DKNX or MUU?

On fees, MUU is cheaper at 1.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DKNX or MUU?

MUU is cheaper with a 1.06% expense ratio, compared with 1.29% for DKNX.

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

MUU has the higher dividend yield at 0.73%, compared with 0.00% for DKNX.

What is the main difference between DKNX and MUU?

They also come from different issuers: Defiance and Direxion. Their fees differ too: 1.29% for DKNX and 1.06% for MUU.