FNGU vs. MUU

Last updated Jun 4, 2026

FNGU (MicroSectors FANG+ 3X Leveraged ETNs) and MUU (Direxion Daily MU Bull 2X Shares) are both Leveraged Equities funds. FNGU is passively managed, while MUU is actively managed. Over the past year, FNGU returned 64.67% vs 6522.95% for MUU. A 0.54 correlation means they provide meaningful diversification when combined. FNGU charges 2.60%/yr vs 1.06%/yr for MUU.

Performance

FNGU vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors FANG+ 3X Leveraged ETNs (FNGU) 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, FNGU achieves a 36.18% return, which is significantly lower than MUU's 961.23% return.

FNGU

• 1D: -3.75%
• 1M: 33.96%
• YTD: 36.18%
• 6M: 16.22%
• 1Y: 64.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

FNGU vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025
FNGU MicroSectors FANG+ 3X Leveraged ETNs	36.18%	4.24%
MUU Direxion Daily MU Bull 2X Shares	961.23%	398.47%

Correlation

The correlation between FNGU and MUU is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (All Time) Calculated using the full available price history since Feb 21, 2025	0.54

The correlation between FNGU and MUU has been stable across timeframes, ranging from 0.46 to 0.54 - a consistent structural relationship.

Return for Risk

FNGU vs. MUU — Risk / Return Rank

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

FNGU

FNGU Risk / Return Rank: 27
FNGU Sharpe Ratio Rank: 30
FNGU Sortino Ratio Rank: 31
FNGU Omega Ratio Rank: 30
FNGU Calmar Ratio Rank: 23
FNGU Martin Ratio Rank: 21

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.

FNGU vs. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors FANG+ 3X Leveraged ETNs (FNGU) 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.

	FNGU	MUU	Difference
Sharpe ratio: Return per unit of total volatility	1.13	50.40	-49.27
Sortino ratio: Return per unit of downside risk	1.69	7.17	-5.48
Omega ratio: Gain probability vs. loss probability	1.21	1.91	-0.70
Calmar ratio: Return relative to maximum drawdown	1.09	125.85	-124.76
Martin ratio: Return relative to average drawdown	2.64	426.84	-424.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FNGU vs. MUU - Sharpe Ratio Comparison

The current FNGU Sharpe Ratio is 1.13, which is lower than the MUU Sharpe Ratio of 50.40. The chart below compares the historical Sharpe Ratios of FNGU 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

	FNGU	MUU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.13	50.40	-49.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	6.68	-6.28

Drawdowns

FNGU vs. MUU - Drawdown Comparison

The maximum FNGU drawdown since its inception was -60.84%, smaller than the maximum MUU drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for FNGU and MUU.

Drawdown Indicators

	FNGU	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-60.84%	-75.07%	+14.23%
Max Drawdown (1Y) Largest decline over 1 year	-59.55%	-52.72%	-6.83%
Current Drawdown Current decline from peak	-4.84%	0.00%	-4.84%
Average Drawdown Average peak-to-trough decline	-22.06%	-23.44%	+1.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.57%	15.51%	+9.06%

Volatility

FNGU vs. MUU - Volatility Comparison

The current volatility for MicroSectors FANG+ 3X Leveraged ETNs (FNGU) is 16.40%, while Direxion Daily MU Bull 2X Shares (MUU) has a volatility of 54.78%. This indicates that FNGU 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

	FNGU	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.40%	54.78%	-38.38%
Volatility (6M) Calculated over the trailing 6-month period	44.77%	105.07%	-60.30%
Volatility (1Y) Calculated over the trailing 1-year period	57.50%	131.77%	-74.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	78.60%	133.67%	-55.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	78.60%	133.67%	-55.07%

FNGU vs. MUU - Expense Ratio Comparison

FNGU has a 2.60% expense ratio, which is higher than MUU's 1.06% expense ratio.

Dividends

FNGU vs. MUU - Dividend Comparison

FNGU has not paid dividends to shareholders, while MUU's dividend yield for the trailing twelve months is around 0.46%.

Position	TTM	2025	2024
FNGU MicroSectors FANG+ 3X Leveraged ETNs	0.00%	0.00%	0.00%
MUU Direxion Daily MU Bull 2X Shares	0.46%	4.27%	0.31%

Frequently Asked Questions

Can I hold both FNGU and MUU in my portfolio?

FNGU and MUU have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FNGU or MUU?

MUU has higher volatility (54.78%) compared to FNGU (16.40%). In terms of maximum drawdown, FNGU dropped -60.84% vs MUU's -75.07%.

Which ETF is better, FNGU or MUU?

On 1-year performance, MUU leads with 6522.95% vs 64.67% for FNGU. On fees, MUU is cheaper at 1.06% per year. On volatility, FNGU has been the lower-risk option at 16.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNGU or MUU?

Over the 1-year period, MUU has performed better with a 6522.95% return vs 64.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNGU or MUU?

MUU is cheaper with a 1.06% expense ratio, compared with 2.60% for FNGU.

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

MUU has the higher dividend yield at 0.46%, compared with 0.00% for FNGU.

What is the main difference between FNGU and MUU?

They also come from different issuers: Bank of Montreal and Direxion. Their fees differ too: 2.60% for FNGU and 1.06% for MUU.

Which has better risk-adjusted returns?

MUU currently has the higher Sharpe Ratio (50.40 vs 1.13), 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.