EEV vs. MUU
EEV (ProShares UltraShort MSCI Emerging Markets) and MUU (Direxion Daily MU Bull 2X Shares) are both Leveraged Equities funds - EEV tracks the MSCI Emerging Markets Index (-200%) while MUU tracks the Micron Technology, Inc. (200% Daily). Both are passively managed. Over the past year, EEV returned -50.21% vs 2805.45% for MUU. Their -0.59 correlation means they have often moved in opposite directions in the past. EEV charges 0.95%/yr vs 1.01%/yr for MUU.
Performance
EEV vs. MUU - Performance Comparison
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Returns By Period
In the year-to-date period, EEV achieves a -35.13% return, which is significantly lower than MUU's 372.51% return.
EEV
- 1D
- -1.33%
- 1M
- 3.14%
- 6M
- -24.14%
- YTD
- -35.13%
- 1Y
- -50.21%
- 3Y*
- -29.41%
- 5Y*
- -16.05%
- 10Y*
- -21.99%
- ALL TIME*
- -25.39%
MUU
- 1D
- -12.24%
- 1M
- -36.47%
- 6M
- 134.93%
- YTD
- 372.51%
- 1Y
- 2,805.45%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 419.04%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $291.03K | $257.03K | $533.45K | |
| $1.51B | $1.57B | $2.27B |
EEV vs. MUU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
EEV ProShares UltraShort MSCI Emerging Markets | -35.13% | -43.35% | 17.03% |
MUU Direxion Daily MU Bull 2X Shares | 372.51% | 599.03% | -40.91% |
Correlation
The correlation between EEV and MUU is -0.65, 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. | -0.65 |
Correlation (All Time) Calculated using the full available price history since Oct 10, 2024 | -0.59 |
The correlation between EEV and MUU has been stable across timeframes, ranging from -0.65 to -0.59 - a consistent structural relationship.
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Return for Risk
EEV vs. MUU — Risk / Return Rank
EEV
MUU
EEV vs. MUU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Emerging Markets (EEV) 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.
| EEV | MUU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -17.13 | ||
| Sortino ratioReturn per unit of downside risk | -6.45 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.61 | -0.79 |
| Calmar ratioReturn relative to maximum drawdown | -0.85 | 38.27 | -39.12 |
| Martin ratioReturn relative to average drawdown | -1.42 | 127.21 | -128.63 |
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Drawdowns
EEV vs. MUU - Drawdown Comparison
The maximum EEV drawdown since its inception was -99.88%, which is greater than MUU's maximum drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for EEV and MUU.
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Drawdown Indicators
| EEV | MUU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.88% | -75.07% | -24.81% |
Max Drawdown (1Y)Largest decline over 1 year | -58.51% | -68.07% | +9.56% |
Max Drawdown (3Y)Largest decline over 3 years | -77.51% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -81.14% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -93.39% | — | — |
Current DrawdownCurrent decline from peak | -99.86% | -61.50% | -38.36% |
Average DrawdownAverage peak-to-trough decline | -93.04% | -24.34% | -68.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.01% | 20.44% | +14.57% |
Volatility
EEV vs. MUU - Volatility Comparison
The current volatility for ProShares UltraShort MSCI Emerging Markets (EEV) is 19.23%, while Direxion Daily MU Bull 2X Shares (MUU) has a volatility of 62.16%. This indicates that EEV 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.
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Volatility by Period
| EEV | MUU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.23% | 62.16% | -42.93% |
Volatility (6M)Calculated over the trailing 6-month period | 45.21% | 134.20% | -88.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.49% | 161.94% | -112.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 40.12% | 146.71% | -106.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.76% | 146.71% | -104.95% |
EEV vs. MUU - Expense Ratio Comparison
EEV has a 0.95% expense ratio, which is lower than MUU's 1.01% expense ratio.
Dividends
EEV vs. MUU - Dividend Comparison
EEV's dividend yield for the trailing twelve months is around 7.22%, more than MUU's 1.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EEV ProShares UltraShort MSCI Emerging Markets | 7.22% | 5.40% | 4.45% | 3.45% | 0.27% | 0.00% | 0.14% | 1.34% | 0.38% |
MUU Direxion Daily MU Bull 2X Shares | 1.44% | 4.27% | 0.31% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EEV and MUU have a correlation of -0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MUU has higher volatility (62.16%) compared to EEV (19.23%). In terms of maximum drawdown, EEV dropped -99.88% vs MUU's -75.07%.
On 1-year performance, MUU leads with 2805.45% vs -50.21% for EEV. On fees, EEV is cheaper at 0.95% per year. On volatility, EEV has been the lower-risk option at 19.23%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, MUU has performed better with a 2805.45% return vs -50.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EEV is cheaper with a 0.95% expense ratio, compared with 1.01% for MUU.
EEV has the higher dividend yield at 7.22%, compared with 1.44% for MUU.
EEV tracks MSCI Emerging Markets 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 EEV and 1.01% for MUU.
MUU currently has the higher Sharpe Ratio (16.13 vs -1.00), 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.
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