EWV vs. MUU

Last updated Jun 24, 2026

EWV (ProShares UltraShort MSCI Japan) and MUU (Direxion Daily MU Bull 2X Shares) are both Leveraged Equities funds - EWV tracks the MSCI Japan Index (-200%) while MUU tracks the Micron Technology, Inc. (200% Daily). Both are passively managed. At a correlation of -1.00, they often move in opposite directions. EWV charges 0.95%/yr vs 1.01%/yr for MUU.

Performance

EWV vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort MSCI Japan (EWV) and Direxion Daily MU Bull 2X Shares (MUU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

EWV

• 1D: 9.12%
• 1M: -4.14%
• YTD: -27.73%
• 6M: -26.75%
• 1Y: -46.22%
• 3Y*: -28.99%
• 5Y*: -17.97%
• 10Y*: -20.50%

MUU

• 1D: -26.28%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EWV vs. MUU - Yearly Performance Comparison

	2026 (YTD)
EWV ProShares UltraShort MSCI Japan	2.71%
MUU Direxion Daily MU Bull 2X Shares	-12.11%

Correlation

The correlation between EWV and MUU is -1.00, 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 (All Time) Calculated using the full available price history since Jun 16, 2026	-1.00

Return for Risk

EWV vs. MUU — Risk / Return Rank

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

EWV

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

MUU

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

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.

EWV vs. MUU - Risk-Adjusted Trends Comparison

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

	EWV	MUU	Difference
Sharpe ratio: Return per unit of total volatility	-1.10	—	—
Sortino ratio: Return per unit of downside risk	-1.68	—	—
Omega ratio: Gain probability vs. loss probability	0.80	—	—
Calmar ratio: Return relative to maximum drawdown	-0.91	—	—
Martin ratio: Return relative to average drawdown	-1.50	—	—

Drawdowns

EWV vs. MUU - Drawdown Comparison

The maximum EWV drawdown since its inception was -99.20%, which is greater than MUU's maximum drawdown of -26.28%. Use the drawdown chart below to compare losses from any high point for EWV and MUU.

Drawdown Indicators

	EWV	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-99.20%	-26.28%	-72.92%
Max Drawdown (1Y) Largest decline over 1 year	-51.16%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-71.19%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-79.51%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-90.83%	—	—
Current Drawdown Current decline from peak	-99.13%	-26.28%	-72.85%
Average Drawdown Average peak-to-trough decline	-84.30%	-10.19%	-74.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.92%	—	—

Volatility

Volatility by Period

	EWV	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.65%	—	—
Volatility (6M) Calculated over the trailing 6-month period	34.20%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	42.12%	295.32%	-253.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.15%	295.32%	-258.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.09%	295.32%	-260.23%

EWV vs. MUU - Expense Ratio Comparison

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

Dividends

EWV vs. MUU - Dividend Comparison

EWV's dividend yield for the trailing twelve months is around 4.96%, while MUU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
EWV ProShares UltraShort MSCI Japan	4.96%	3.63%	3.39%	3.42%	0.65%	0.00%	0.00%	0.33%	0.00%
MUU Direxion Daily MU Bull 2X Shares	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EWV and MUU in my portfolio?

EWV and MUU have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EWV or MUU?

On fees, EWV is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EWV or MUU?

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

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

EWV has the higher dividend yield at 4.96%, compared with 0.00% for MUU.

What is the main difference between EWV and MUU?

EWV tracks MSCI Japan 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 EWV and 1.01% for MUU.