FNGD vs. MUU

Last updated Jun 3, 2026

FNGD (MicroSectors FANG+™ Index -3X Inverse Leveraged ETN) and MUU (Direxion Daily MU Bull 2X Shares) are both Leveraged Equities funds. FNGD is passively managed, while MUU is actively managed. Over the past year, FNGD returned -62.82% vs 6847.16% for MUU. At a correlation of -0.54, they often move in opposite directions. FNGD charges 0.95%/yr vs 1.06%/yr for MUU.

Performance

FNGD vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) 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, FNGD achieves a -43.70% return, which is significantly lower than MUU's 929.51% return.

FNGD

• 1D: 1.51%
• 1M: -31.76%
• YTD: -43.70%
• 6M: -34.07%
• 1Y: -62.82%
• 3Y*: -69.63%
• 5Y*: -66.27%
• 10Y*: —

MUU

• 1D: 5.32%
• 1M: 249.29%
• YTD: 929.51%
• 6M: 1,310.65%
• 1Y: 6,847.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FNGD vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN	-43.70%	-61.42%	-29.95%
MUU Direxion Daily MU Bull 2X Shares	929.51%	599.03%	-43.09%

Correlation

The correlation between FNGD and MUU is -0.47, 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	-0.47
Correlation (All Time) Calculated using the full available price history since Oct 11, 2024	-0.54

The correlation between FNGD and MUU has been stable across timeframes, ranging from -0.54 to -0.47 - a consistent structural relationship.

Return for Risk

FNGD vs. MUU — Risk / Return Rank

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

FNGD

FNGD Risk / Return Rank: 1
FNGD Sharpe Ratio Rank: 1
FNGD Sortino Ratio Rank: 1
FNGD Omega Ratio Rank: 1
FNGD Calmar Ratio Rank: 1
FNGD Martin Ratio Rank: 0

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.

FNGD vs. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) 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.

	FNGD	MUU	Difference
Sharpe ratio Return per unit of total volatility	-1.07	52.86	-53.94
Sortino ratio Return per unit of downside risk	-1.88	7.24	-9.13
Omega ratio Gain probability vs. loss probability	0.79	1.92	-1.12
Calmar ratio Return relative to maximum drawdown	-0.97	140.26	-141.23
Martin ratio Return relative to average drawdown	-1.91	476.67	-478.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FNGD vs. MUU - Sharpe Ratio Comparison

The current FNGD Sharpe Ratio is -1.07, which is lower than the MUU Sharpe Ratio of 52.86. The chart below compares the historical Sharpe Ratios of FNGD 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

	FNGD	MUU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.07	52.86	-53.94
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.75	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.78	6.58	-7.36

Drawdowns

FNGD vs. MUU - Drawdown Comparison

The maximum FNGD drawdown since its inception was -100.00%, which is greater than MUU's maximum drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for FNGD and MUU.

Drawdown Indicators

	FNGD	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-75.07%	-24.93%
Max Drawdown (1Y) Largest decline over 1 year	-65.92%	-52.72%	-13.20%
Max Drawdown (3Y) Largest decline over 3 years	-97.37%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-99.67%	—	—
Current Drawdown Current decline from peak	-100.00%	0.00%	-100.00%
Average Drawdown Average peak-to-trough decline	-87.24%	-23.50%	-63.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.47%	15.51%	+17.96%

Volatility

FNGD vs. MUU - Volatility Comparison

The current volatility for MicroSectors FANG+™ Index -3X Inverse Leveraged ETN (FNGD) is 16.71%, while Direxion Daily MU Bull 2X Shares (MUU) has a volatility of 55.10%. This indicates that FNGD 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

	FNGD	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.71%	55.10%	-38.39%
Volatility (6M) Calculated over the trailing 6-month period	45.80%	105.07%	-59.27%
Volatility (1Y) Calculated over the trailing 1-year period	58.66%	131.89%	-73.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	88.79%	133.83%	-45.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	91.02%	133.83%	-42.81%

FNGD vs. MUU - Expense Ratio Comparison

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

Dividends

FNGD vs. MUU - Dividend Comparison

FNGD has not paid dividends to shareholders, while MUU's dividend yield for the trailing twelve months is around 0.47%.

Position	TTM	2025	2024
FNGD MicroSectors FANG+™ Index -3X Inverse Leveraged ETN	0.00%	0.00%	0.00%
MUU Direxion Daily MU Bull 2X Shares	0.47%	4.27%	0.31%

Frequently Asked Questions

Can I hold both FNGD and MUU in my portfolio?

FNGD and MUU have a correlation of -0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FNGD or MUU?

MUU has higher volatility (55.10%) compared to FNGD (16.71%). In terms of maximum drawdown, FNGD dropped -100.00% vs MUU's -75.07%.

Which ETF is better, FNGD or MUU?

On 1-year performance, MUU leads with 6847.16% vs -62.82% for FNGD. On fees, FNGD is cheaper at 0.95% per year. On volatility, FNGD has been the lower-risk option at 16.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNGD or MUU?

Over the 1-year period, MUU has performed better with a 6847.16% return vs -62.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNGD or MUU?

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

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

MUU has the higher dividend yield at 0.47%, compared with 0.00% for FNGD.

What is the main difference between FNGD and MUU?

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

Which has better risk-adjusted returns?

MUU currently has the higher Sharpe Ratio (52.86 vs -1.07), 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.