HDLB vs. MUU

Last updated Apr 1, 2026

Compare and contrast key facts about ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB) and Direxion Daily MU Bull 2X Shares (MUU).

HDLB and MUU are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HDLB is a passively managed fund by UBS that tracks the performance of the Solactive US High Dividend Low Volatility (USD)(TR) (200%). It was launched on Oct 24, 2019. MUU is an actively managed fund by Direxion. It was launched on Oct 9, 2024.

Performance

HDLB vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB) and Direxion Daily MU Bull 2X Shares (MUU). The values are adjusted to include any dividend payments, if applicable.

HDLB vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HDLB ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B	17.61%	27.26%	-4.52%
MUU Direxion Daily MU Bull 2X Shares	19.95%	599.03%	-43.09%

Returns By Period

In the year-to-date period, HDLB achieves a 17.61% return, which is significantly lower than MUU's 19.95% return.

HDLB

• 1D: 0.27%
• 1M: -7.39%
• YTD: 17.61%
• 6M: 9.68%
• 1Y: 20.54%
• 3Y*: 25.14%
• 5Y*: 15.09%
• 10Y*: —

MUU

• 1D: 9.69%
• 1M: -37.04%
• YTD: 19.95%
• 6M: 205.62%
• 1Y: 790.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HDLB vs. MUU - Expense Ratio Comparison

HDLB has a 1.65% expense ratio, which is higher than MUU's 1.06% expense ratio.

HDLB

ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B

MUU

Direxion Daily MU Bull 2X Shares

Return for Risk

HDLB vs. MUU — Risk / Return Rank

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

HDLB

HDLB Risk / Return Rank: 40
HDLB Sharpe Ratio Rank: 36
HDLB Sortino Ratio Rank: 37
HDLB Omega Ratio Rank: 37
HDLB Calmar Ratio Rank: 47
HDLB Martin Ratio Rank: 42

MUU

MUU Risk / Return Rank: 98
MUU Sharpe Ratio Rank: 99
MUU Sortino Ratio Rank: 97
MUU Omega Ratio Rank: 96
MUU Calmar Ratio Rank: 99
MUU Martin Ratio Rank: 98

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.

HDLB vs. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB) 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.

	HDLB	MUU	Difference
Sharpe ratio Return per unit of total volatility	0.63	6.16	-5.53
Sortino ratio Return per unit of downside risk	1.02	3.70	-2.68
Omega ratio Gain probability vs. loss probability	1.14	1.49	-0.35
Calmar ratio Return relative to maximum drawdown	1.13	14.42	-13.29
Martin ratio Return relative to average drawdown	3.80	40.98	-37.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HDLB vs. MUU - Sharpe Ratio Comparison

The current HDLB Sharpe Ratio is 0.63, which is lower than the MUU Sharpe Ratio of 6.16. The chart below compares the historical Sharpe Ratios of HDLB and MUU, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HDLB	MUU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.63	6.16	-5.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	1.52	-1.39

Correlation

The correlation between HDLB and MUU is -0.00. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

HDLB vs. MUU - Dividend Comparison

HDLB's dividend yield for the trailing twelve months is around 10.80%, more than MUU's 4.03% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019
HDLB ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B	10.80%	12.20%	10.09%	12.36%	10.86%	8.07%	16.23%	0.97%
MUU Direxion Daily MU Bull 2X Shares	4.03%	4.27%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

HDLB vs. MUU - Drawdown Comparison

The maximum HDLB drawdown since its inception was -78.70%, roughly equal to the maximum MUU drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for HDLB and MUU.

Drawdown Indicators

	HDLB	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-78.70%	-75.07%	-3.63%
Max Drawdown (1Y) Largest decline over 1 year	-20.94%	-52.72%	+31.78%
Max Drawdown (5Y) Largest decline over 5 years	-43.81%	—	—
Current Drawdown Current decline from peak	-7.94%	-48.14%	+40.20%
Average Drawdown Average peak-to-trough decline	-27.93%	-25.05%	-2.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.23%	18.55%	-12.32%

Volatility

HDLB vs. MUU - Volatility Comparison

The current volatility for ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB) is 8.24%, while Direxion Daily MU Bull 2X Shares (MUU) has a volatility of 46.74%. This indicates that HDLB 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

	HDLB	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.24%	46.74%	-38.50%
Volatility (6M) Calculated over the trailing 6-month period	20.54%	98.12%	-77.58%
Volatility (1Y) Calculated over the trailing 1-year period	32.79%	129.66%	-96.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.42%	127.08%	-96.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.95%	127.08%	-83.13%