DVOL vs. MUU

Last updated Jul 14, 2026

DVOL (First Trust Dorsey Wright Momentum & Low Volatility ETF) and MUU (Direxion Daily MU Bull 2X Shares) are both exchange-traded funds - DVOL is a Momentum fund tracking the Dorsey Wright Momentum Plus Low Volatility Index, while MUU is a Leveraged Equities fund tracking the Micron Technology, Inc. (200% Daily). Both are passively managed. Over the past year, DVOL returned 8.70% vs 2796.55% for MUU. At a 0.14 correlation, their price movements are largely independent. DVOL charges 0.60%/yr vs 1.01%/yr for MUU.

Performance

DVOL vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL) 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, DVOL achieves a 6.45% return, which is significantly lower than MUU's 575.80% return.

DVOL

• 1D: 0.13%
• 1M: 1.81%
• 6M: 3.84%
• YTD: 6.45%
• 1Y: 8.70%
• 3Y*: 13.37%
• 5Y*: 7.13%
• 10Y*: —

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)

DVOL vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DVOL First Trust Dorsey Wright Momentum & Low Volatility ETF	6.45%	4.30%	1.18%
MUU Direxion Daily MU Bull 2X Shares	575.80%	599.03%	-40.91%

Correlation

The correlation between DVOL and MUU is 0.06, 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 (1Y) Calculated over the trailing 1-year period	0.06
Correlation (All Time) Calculated using the full available price history since Oct 10, 2024	0.14

Return for Risk

DVOL vs. MUU — Risk / Return Rank

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

DVOL

DVOL Risk / Return Rank: 25
DVOL Sharpe Ratio Rank: 25
DVOL Sortino Ratio Rank: 25
DVOL Omega Ratio Rank: 23
DVOL Calmar Ratio Rank: 23
DVOL Martin Ratio Rank: 28

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.

DVOL vs. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL) 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.

	DVOL	MUU	Difference
Sharpe ratio: Return per unit of total volatility	0.75	23.95	-23.20
Sortino ratio: Return per unit of downside risk	1.17	5.62	-4.45
Omega ratio: Gain probability vs. loss probability	1.14	1.69	-0.56
Calmar ratio: Return relative to maximum drawdown	0.89	66.09	-65.20
Martin ratio: Return relative to average drawdown	3.12	221.31	-218.19

DVOL vs. MUU - Sharpe Ratio Comparison

The current DVOL Sharpe Ratio is 0.75, which is lower than the MUU Sharpe Ratio of 23.95. The chart below compares the historical Sharpe Ratios of DVOL 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

DVOL vs. MUU - Drawdown Comparison

The maximum DVOL drawdown since its inception was -38.26%, smaller than the maximum MUU drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for DVOL and MUU.

Drawdown Indicators

	DVOL	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-38.26%	-75.07%	+36.81%
Max Drawdown (1Y) Largest decline over 1 year	-9.82%	-52.72%	+42.90%
Max Drawdown (3Y) Largest decline over 3 years	-11.66%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.65%	—	—
Current Drawdown Current decline from peak	-0.41%	-36.32%	+35.91%
Average Drawdown Average peak-to-trough decline	-7.10%	-23.43%	+16.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	16.57%	-13.77%

Volatility

DVOL vs. MUU - Volatility Comparison

The current volatility for First Trust Dorsey Wright Momentum & Low Volatility ETF (DVOL) is 2.54%, while Direxion Daily MU Bull 2X Shares (MUU) has a volatility of 67.81%. This indicates that DVOL 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

	DVOL	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.54%	67.81%	-65.27%
Volatility (6M) Calculated over the trailing 6-month period	9.38%	116.35%	-106.97%
Volatility (1Y) Calculated over the trailing 1-year period	11.69%	145.78%	-134.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.38%	138.10%	-123.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.64%	138.10%	-120.46%

DVOL vs. MUU - Expense Ratio Comparison

DVOL has a 0.60% expense ratio, which is lower than MUU's 1.01% expense ratio.

Dividends

DVOL vs. MUU - Dividend Comparison

DVOL's dividend yield for the trailing twelve months is around 0.76%, more than MUU's 0.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DVOL First Trust Dorsey Wright Momentum & Low Volatility ETF	0.76%	0.86%	0.67%	1.28%	1.37%	0.47%	0.60%	1.79%	0.39%
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 DVOL and MUU in my portfolio?

DVOL and MUU have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DVOL or MUU?

MUU has higher volatility (67.81%) compared to DVOL (2.54%). In terms of maximum drawdown, DVOL dropped -38.26% vs MUU's -75.07%.

Which ETF is better, DVOL or MUU?

On 1-year performance, MUU leads with 2796.55% vs 8.70% for DVOL. On fees, DVOL is cheaper at 0.60% per year. On volatility, DVOL has been the lower-risk option at 2.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DVOL or MUU?

Over the 1-year period, MUU has performed better with a 2796.55% return vs 8.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DVOL or MUU?

DVOL is cheaper with a 0.60% expense ratio, compared with 1.01% for MUU.

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

DVOL has the higher dividend yield at 0.76%, compared with 0.70% for MUU.

What is the main difference between DVOL and MUU?

DVOL is categorized as Momentum, while MUU is Leveraged Equities. DVOL tracks Dorsey Wright Momentum Plus Low Volatility Index, while MUU tracks Micron Technology, Inc. (200% Daily). They also come from different issuers: First Trust and Direxion. Their fees differ too: 0.60% for DVOL and 1.01% for MUU.

Which has better risk-adjusted returns?

MUU currently has the higher Sharpe Ratio (23.95 vs 0.75), 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.