FLYU vs. DUSL

Last updated Aug 2, 2026

FLYU (MicroSectors Travel 3X Leveraged ETNs) and DUSL (Direxion Daily Industrials Bull 3X Shares) are both Leveraged Equities funds - FLYU tracks the MerQube MicroSectors U.S. Travel Index while DUSL tracks the Industrials Select Sector Index (300%). Both are passively managed. Over the past 3 years, FLYU returned 0.98%/yr vs 39.27%/yr for DUSL. Their 0.67 correlation means they have sometimes moved together and sometimes differently. FLYU charges 0.95%/yr vs 1.01%/yr for DUSL.

Performance

FLYU vs. DUSL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Travel 3X Leveraged ETNs (FLYU) and Direxion Daily Industrials Bull 3X Shares (DUSL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLYU achieves a -14.35% return, which is significantly lower than DUSL's 39.99% return.

FLYU

• 1D: -2.10%
• 1M: -9.79%
• 6M: -1.73%
• YTD: -14.35%
• 1Y: -4.05%
• 3Y*: 0.98%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.94%

DUSL

• 1D: 2.43%
• 1M: -7.89%
• 6M: 17.29%
• YTD: 39.99%
• 1Y: 50.01%
• 3Y*: 39.27%
• 5Y*: 20.90%
• 10Y*: —
• ALL TIME*: 18.43%

*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)
DUSL Direxion Daily Industrials Bull 3X Shares	$913.54K	$1.33M	$1.65M
FLYU MicroSectors Travel 3X Leveraged ETNs	$41.17K	$39.32K	$61.70K

FLYU vs. DUSL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FLYU MicroSectors Travel 3X Leveraged ETNs	-14.35%	-2.29%	33.00%	111.16%	-19.09%
DUSL Direxion Daily Industrials Bull 3X Shares	39.99%	37.50%	34.75%	37.23%	32.15%

Correlation

The correlation between FLYU and DUSL is 0.54, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.54
Correlation (3Y) Balances recent behavior with more history.	0.65
Correlation (All Time) Calculated using the full available price history since Jun 22, 2022	0.67

The correlation between FLYU and DUSL shifts across timeframes, from 0.54 (1 year) to 0.67 (all time), reflecting how their relationship changes across market environments.

FLYU vs. DUSL - Sectors Allocation Comparison

Sectors	FLYU	DUSL
Consumer Cyclical	52.6%	0.2%
Industrials	17.7%	18.8%
Technology	16.4%	1.2%
Communication Services	13.2%	-
Real Estate	0.1%	-
Basic Materials	-	0.4%
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Utilities	-	1.0%

Return for Risk

FLYU vs. DUSL — Risk / Return Rank

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

FLYU

FLYU Risk / Return Rank: 10
FLYU Sharpe Ratio Rank: 9
FLYU Sortino Ratio Rank: 14
FLYU Omega Ratio Rank: 13
FLYU Calmar Ratio Rank: 8
FLYU Martin Ratio Rank: 8

DUSL

DUSL Risk / Return Rank: 37
DUSL Sharpe Ratio Rank: 34
DUSL Sortino Ratio Rank: 37
DUSL Omega Ratio Rank: 35
DUSL Calmar Ratio Rank: 38
DUSL Martin Ratio Rank: 41

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.

FLYU vs. DUSL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Travel 3X Leveraged ETNs (FLYU) and Direxion Daily Industrials Bull 3X Shares (DUSL). 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.

	FLYU	DUSL	Difference
Sharpe ratio: Return per unit of total volatility	-0.14	0.85	-0.99
Sortino ratio: Return per unit of downside risk	0.34	1.41	-1.07
Omega ratio: Gain probability vs. loss probability	1.04	1.17	-0.13
Calmar ratio: Return relative to maximum drawdown	-0.21	1.30	-1.50
Martin ratio: Return relative to average drawdown	-0.41	4.31	-4.72

FLYU vs. DUSL - Sharpe Ratio Comparison

The current FLYU Sharpe Ratio is -0.14, which is lower than the DUSL Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of FLYU and DUSL, 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

FLYU vs. DUSL - Drawdown Comparison

The maximum FLYU drawdown since its inception was -69.00%, smaller than the maximum DUSL drawdown of -85.74%. Use the drawdown chart below to compare losses from any high point for FLYU and DUSL.

Drawdown Indicators

	FLYU	DUSL	Difference
Max Drawdown Largest peak-to-trough decline	-69.00%	-85.74%	+16.74%
Max Drawdown (1Y) Largest decline over 1 year	-52.33%	-33.68%	-18.65%
Max Drawdown (3Y) Largest decline over 3 years	-69.00%	-50.86%	-18.14%
Max Drawdown (5Y) Largest decline over 5 years	—	-58.43%	—
Current Drawdown Current decline from peak	-32.06%	-10.22%	-21.84%
Average Drawdown Average peak-to-trough decline	-26.65%	-21.74%	-4.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.23%	10.13%	+16.10%

Volatility

FLYU vs. DUSL - Volatility Comparison

MicroSectors Travel 3X Leveraged ETNs (FLYU) has a higher volatility of 21.04% compared to Direxion Daily Industrials Bull 3X Shares (DUSL) at 14.35%. This indicates that FLYU's price experiences larger fluctuations and is considered to be riskier than DUSL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLYU	DUSL	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.04%	14.35%	+6.69%
Volatility (6M) Calculated over the trailing 6-month period	61.81%	42.40%	+19.41%
Volatility (1Y) Calculated over the trailing 1-year period	76.03%	51.40%	+24.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	82.98%	53.05%	+29.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	82.98%	61.54%	+21.44%

FLYU vs. DUSL - Expense Ratio Comparison

FLYU has a 0.95% expense ratio, which is lower than DUSL's 1.01% expense ratio.

Dividends

FLYU vs. DUSL - Dividend Comparison

FLYU has not paid dividends to shareholders, while DUSL's dividend yield for the trailing twelve months is around 8.07%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DUSL Direxion Daily Industrials Bull 3X Shares	8.07%	11.39%	6.61%	1.28%	0.66%	0.07%	0.48%	1.01%	1.46%	0.57%
FLYU MicroSectors Travel 3X Leveraged ETNs	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 FLYU and DUSL in my portfolio?

FLYU and DUSL have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLYU or DUSL?

FLYU has higher volatility (21.04%) compared to DUSL (14.35%). In terms of maximum drawdown, FLYU dropped -69.00% vs DUSL's -85.74%.

Which ETF is better, FLYU or DUSL?

On 3-year performance, DUSL leads with 39.27% vs 0.98% for FLYU. On fees, FLYU is cheaper at 0.95% per year. On volatility, DUSL has been the lower-risk option at 14.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLYU or DUSL?

Over the 3-year period, DUSL has performed better with a 39.27% return vs 0.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLYU or DUSL?

FLYU is cheaper with a 0.95% expense ratio, compared with 1.01% for DUSL.

Which ETF pays a higher dividend yield, FLYU or DUSL?

DUSL has the higher dividend yield at 8.07%, compared with 0.00% for FLYU.

What is the main difference between FLYU and DUSL?

FLYU tracks MerQube MicroSectors U.S. Travel Index, while DUSL tracks Industrials Select Sector Index (300%). They also come from different issuers: REX and Direxion. Their fees differ too: 0.95% for FLYU and 1.01% for DUSL.

Which has better risk-adjusted returns?

DUSL currently has the higher Sharpe Ratio (0.85 vs -0.14), 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.