EFU vs. MUU

Last updated Jun 4, 2026

EFU (ProShares UltraShort MSCI EAFE) and MUU (Direxion Daily MU Bull 2X Shares) are both Leveraged Equities funds. EFU is passively managed, while MUU is actively managed. Over the past year, EFU returned -30.25% vs 6522.95% for MUU. At a correlation of -0.40, they often move in opposite directions. EFU charges 0.95%/yr vs 1.06%/yr for MUU.

Performance

EFU vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort MSCI EAFE (EFU) 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, EFU achieves a -16.12% return, which is significantly lower than MUU's 961.23% return.

EFU

• 1D: 1.27%
• 1M: -7.02%
• YTD: -16.12%
• 6M: -19.44%
• 1Y: -30.25%
• 3Y*: -23.88%
• 5Y*: -15.08%
• 10Y*: -19.60%

MUU

• 1D: 3.08%
• 1M: 218.90%
• YTD: 961.23%
• 6M: 1,422.01%
• 1Y: 6,522.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EFU vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EFU ProShares UltraShort MSCI EAFE	-16.12%	-41.07%	16.39%
MUU Direxion Daily MU Bull 2X Shares	961.23%	599.03%	-43.09%

Correlation

The correlation between EFU and MUU is -0.37, 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 (1Y) Calculated over the trailing 1-year period	-0.37
Correlation (All Time) Calculated using the full available price history since Oct 11, 2024	-0.40

Return for Risk

EFU vs. MUU — Risk / Return Rank

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

EFU

EFU Risk / Return Rank: 1
EFU Sharpe Ratio Rank: 1
EFU Sortino Ratio Rank: 2
EFU Omega Ratio Rank: 2
EFU Calmar Ratio Rank: 1
EFU Martin Ratio Rank: 1

MUU

MUU Risk / Return Rank: 99
MUU Sharpe Ratio Rank: 100
MUU Sortino Ratio Rank: 98
MUU Omega Ratio Rank: 97
MUU Calmar Ratio Rank: 100
MUU Martin Ratio Rank: 100

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.

EFU vs. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI EAFE (EFU) 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.

	EFU	MUU	Difference
Sharpe ratio: Return per unit of total volatility	-0.98	50.40	-51.39
Sortino ratio: Return per unit of downside risk	-1.36	7.17	-8.53
Omega ratio: Gain probability vs. loss probability	0.84	1.91	-1.07
Calmar ratio: Return relative to maximum drawdown	-0.89	125.85	-126.74
Martin ratio: Return relative to average drawdown	-1.50	426.84	-428.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EFU vs. MUU - Sharpe Ratio Comparison

The current EFU Sharpe Ratio is -0.98, which is lower than the MUU Sharpe Ratio of 50.40. The chart below compares the historical Sharpe Ratios of EFU 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.

Sharpe Ratios by Period

	EFU	MUU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.98	50.40	-51.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.45	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.57	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.44	6.68	-7.12

Drawdowns

EFU vs. MUU - Drawdown Comparison

The maximum EFU drawdown since its inception was -99.36%, which is greater than MUU's maximum drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for EFU and MUU.

Drawdown Indicators

	EFU	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-99.36%	-75.07%	-24.29%
Max Drawdown (1Y) Largest decline over 1 year	-34.19%	-52.72%	+18.53%
Max Drawdown (3Y) Largest decline over 3 years	-64.29%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-75.42%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-90.41%	—	—
Current Drawdown Current decline from peak	-99.35%	0.00%	-99.35%
Average Drawdown Average peak-to-trough decline	-87.13%	-23.44%	-63.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.14%	15.51%	+4.63%

Volatility

EFU vs. MUU - Volatility Comparison

The current volatility for ProShares UltraShort MSCI EAFE (EFU) is 10.10%, while Direxion Daily MU Bull 2X Shares (MUU) has a volatility of 54.78%. This indicates that EFU 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

	EFU	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.10%	54.78%	-44.68%
Volatility (6M) Calculated over the trailing 6-month period	26.06%	105.07%	-79.01%
Volatility (1Y) Calculated over the trailing 1-year period	30.91%	131.77%	-100.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.34%	133.67%	-100.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.20%	133.67%	-99.47%

EFU vs. MUU - Expense Ratio Comparison

EFU has a 0.95% expense ratio, which is lower than MUU's 1.06% expense ratio.

Dividends

EFU vs. MUU - Dividend Comparison

EFU's dividend yield for the trailing twelve months is around 5.38%, more than MUU's 0.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
EFU ProShares UltraShort MSCI EAFE	5.38%	5.57%	3.87%	6.41%	1.47%	0.00%	0.06%	0.95%	0.17%
MUU Direxion Daily MU Bull 2X Shares	0.46%	4.27%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EFU and MUU in my portfolio?

EFU and MUU have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EFU or MUU?

MUU has higher volatility (54.78%) compared to EFU (10.10%). In terms of maximum drawdown, EFU dropped -99.36% vs MUU's -75.07%.

Which ETF is better, EFU or MUU?

On 1-year performance, MUU leads with 6522.95% vs -30.25% for EFU. On fees, EFU is cheaper at 0.95% per year. On volatility, EFU has been the lower-risk option at 10.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EFU or MUU?

Over the 1-year period, MUU has performed better with a 6522.95% return vs -30.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EFU or MUU?

EFU is cheaper with a 0.95% expense ratio, compared with 1.06% for MUU.

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

EFU has the higher dividend yield at 5.38%, compared with 0.46% for MUU.

What is the main difference between EFU and MUU?

They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for EFU and 1.06% for MUU.

Which has better risk-adjusted returns?

MUU currently has the higher Sharpe Ratio (50.40 vs -0.98), 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.