DXD vs. MUU

Last updated Aug 5, 2026

DXD (ProShares UltraShort Dow30) and MUU (Direxion Daily MU Bull 2X Shares) are both Leveraged Equities funds - DXD tracks the Dow Jones Industrial Average Index (-200%) while MUU tracks the Micron Technology, Inc. (200% Daily). Both are passively managed. Over the past year, DXD returned -31.35% vs 3107.14% for MUU. Their -0.32 correlation means they have often moved in opposite directions in the past. DXD charges 0.95%/yr vs 1.01%/yr for MUU.

Performance

DXD vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Dow30 (DXD) 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, DXD achieves a -20.27% return, which is significantly lower than MUU's 450.36% return.

DXD

• 1D: -3.36%
• 1M: -4.22%
• 6M: -16.65%
• YTD: -20.27%
• 1Y: -31.35%
• 3Y*: -22.34%
• 5Y*: -16.28%
• 10Y*: -24.85%
• ALL TIME*: -23.41%

MUU

• 1D: 14.92%
• 1M: -26.01%
• 6M: 169.13%
• YTD: 450.36%
• 1Y: 3,107.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 458.96%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DXD ProShares UltraShort Dow30	$12.93M	$11.34M	$30.23M
MUU Direxion Daily MU Bull 2X Shares	$1.48B	$1.48B	$2.29B

DXD vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DXD ProShares UltraShort Dow30	-20.27%	-21.11%	0.86%
MUU Direxion Daily MU Bull 2X Shares	450.36%	599.03%	-40.91%

Correlation

The correlation between DXD and MUU is -0.28, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.28
Correlation (All Time) Calculated using the full available price history since Oct 10, 2024	-0.32

Return for Risk

DXD vs. MUU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DXD

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

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: 99
MUU Martin Ratio Rank: 99

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DXD vs. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Dow30 (DXD) 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.

	DXD	MUU	Difference
Sharpe ratio: Return per unit of total volatility	-1.25	19.49	-20.74
Sortino ratio: Return per unit of downside risk	-1.82	5.08	-6.90
Omega ratio: Gain probability vs. loss probability	0.80	1.64	-0.84
Calmar ratio: Return relative to maximum drawdown	-0.98	46.30	-47.28
Martin ratio: Return relative to average drawdown	-1.83	149.20	-151.03

DXD vs. MUU - Sharpe Ratio Comparison

The current DXD Sharpe Ratio is -1.25, which is lower than the MUU Sharpe Ratio of 19.49. The chart below compares the historical Sharpe Ratios of DXD 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

DXD vs. MUU - Drawdown Comparison

The maximum DXD drawdown since its inception was -99.73%, which is greater than MUU's maximum drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for DXD and MUU.

Drawdown Indicators

	DXD	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-99.73%	-75.07%	-24.66%
Max Drawdown (1Y) Largest decline over 1 year	-32.02%	-68.07%	+36.05%
Max Drawdown (3Y) Largest decline over 3 years	-60.60%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-68.37%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-94.55%	—	—
Current Drawdown Current decline from peak	-99.73%	-55.16%	-44.57%
Average Drawdown Average peak-to-trough decline	-82.43%	-24.49%	-57.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.15%	21.08%	-3.93%

Volatility

DXD vs. MUU - Volatility Comparison

The current volatility for ProShares UltraShort Dow30 (DXD) is 8.39%, while Direxion Daily MU Bull 2X Shares (MUU) has a volatility of 63.27%. This indicates that DXD 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

	DXD	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.39%	63.27%	-54.88%
Volatility (6M) Calculated over the trailing 6-month period	20.20%	134.06%	-113.86%
Volatility (1Y) Calculated over the trailing 1-year period	25.32%	161.74%	-136.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.65%	146.75%	-117.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.94%	146.75%	-111.81%

DXD vs. MUU - Expense Ratio Comparison

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

Dividends

DXD vs. MUU - Dividend Comparison

DXD's dividend yield for the trailing twelve months is around 4.27%, more than MUU's 1.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DXD ProShares UltraShort Dow30	4.27%	4.25%	5.91%	3.87%	0.25%	0.00%	0.31%	1.76%	1.15%	0.12%
MUU Direxion Daily MU Bull 2X Shares	1.23%	4.27%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DXD and MUU in my portfolio?

DXD and MUU have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DXD or MUU?

MUU has higher volatility (63.27%) compared to DXD (8.39%). In terms of maximum drawdown, DXD dropped -99.73% vs MUU's -75.07%.

Which ETF is better, DXD or MUU?

On 1-year performance, MUU leads with 3107.14% vs -31.35% for DXD. On fees, DXD is cheaper at 0.95% per year. On volatility, DXD has been the lower-risk option at 8.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DXD or MUU?

Over the 1-year period, MUU has performed better with a 3107.14% return vs -31.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DXD or MUU?

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

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

DXD has the higher dividend yield at 4.27%, compared with 1.23% for MUU.

What is the main difference between DXD and MUU?

DXD tracks Dow Jones Industrial Average 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 DXD and 1.01% for MUU.

Which has better risk-adjusted returns?

MUU currently has the higher Sharpe Ratio (19.49 vs -1.25), 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.