FAS vs. MUU

Last updated Jun 24, 2026

FAS (Direxion Daily Financial Bull 3X Shares) and MUU (Direxion Daily MU Bull 2X Shares) are both Leveraged Equities funds from Direxion - FAS tracks the Russell 1000 Financial Services Index (300%) while MUU tracks the Micron Technology, Inc. (200% Daily). Both are passively managed. At a correlation of -0.50, they often move in opposite directions. FAS charges 1.00%/yr vs 1.01%/yr for MUU.

Performance

FAS vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Financial Bull 3X Shares (FAS) and Direxion Daily MU Bull 2X Shares (MUU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FAS

• 1D: 0.67%
• 1M: 11.10%
• YTD: -10.50%
• 6M: -13.84%
• 1Y: 5.47%
• 3Y*: 41.93%
• 5Y*: 9.82%
• 10Y*: 22.50%

MUU

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

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

FAS vs. MUU - Yearly Performance Comparison

	2026 (YTD)
FAS Direxion Daily Financial Bull 3X Shares	2.27%
MUU Direxion Daily MU Bull 2X Shares	-12.11%

Correlation

The correlation between FAS and MUU is -0.50, 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	-0.50

Return for Risk

FAS vs. MUU — Risk / Return Rank

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

FAS

FAS Risk / Return Rank: 11
FAS Sharpe Ratio Rank: 10
FAS Sortino Ratio Rank: 11
FAS Omega Ratio Rank: 11
FAS Calmar Ratio Rank: 10
FAS Martin Ratio Rank: 10

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.

FAS vs. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Financial Bull 3X Shares (FAS) 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.

	FAS	MUU	Difference
Sharpe ratio: Return per unit of total volatility	0.13	—	—
Sortino ratio: Return per unit of downside risk	0.47	—	—
Omega ratio: Gain probability vs. loss probability	1.06	—	—
Calmar ratio: Return relative to maximum drawdown	0.13	—	—
Martin ratio: Return relative to average drawdown	0.30	—	—

Drawdowns

FAS vs. MUU - Drawdown Comparison

The maximum FAS drawdown since its inception was -91.61%, which is greater than MUU's maximum drawdown of -26.28%. Use the drawdown chart below to compare losses from any high point for FAS and MUU.

Drawdown Indicators

	FAS	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-91.61%	-26.28%	-65.33%
Max Drawdown (1Y) Largest decline over 1 year	-40.88%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-43.10%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-66.88%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-85.99%	—	—
Current Drawdown Current decline from peak	-17.88%	-26.28%	+8.40%
Average Drawdown Average peak-to-trough decline	-31.10%	-10.19%	-20.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.17%	—	—

Volatility

Volatility by Period

	FAS	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.26%	—	—
Volatility (6M) Calculated over the trailing 6-month period	33.44%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	43.36%	295.32%	-251.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.35%	295.32%	-239.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.18%	295.32%	-234.14%

FAS vs. MUU - Expense Ratio Comparison

FAS has a 1.00% expense ratio, which is lower than MUU's 1.01% expense ratio.

Dividends

FAS vs. MUU - Dividend Comparison

FAS's dividend yield for the trailing twelve months is around 9.32%, while MUU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FAS Direxion Daily Financial Bull 3X Shares	9.32%	8.21%	0.76%	1.77%	0.91%	0.60%	0.47%	0.62%	1.43%	0.11%
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%	0.00%

Frequently Asked Questions

Can I hold both FAS and MUU in my portfolio?

FAS and MUU have a correlation of -0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FAS or MUU?

On fees, FAS is cheaper at 1.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FAS or MUU?

FAS is cheaper with a 1.00% expense ratio, compared with 1.01% for MUU.

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

FAS has the higher dividend yield at 9.32%, compared with 0.00% for MUU.

What is the main difference between FAS and MUU?

FAS tracks Russell 1000 Financial Services Index (300%), while MUU tracks Micron Technology, Inc. (200% Daily). Their fees differ too: 1.00% for FAS and 1.01% for MUU.