HDLB vs. MUU

Last updated Jun 4, 2026

HDLB (ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B) and MUU (Direxion Daily MU Bull 2X Shares) are both Leveraged Equities funds. HDLB is passively managed, while MUU is actively managed. Over the past year, HDLB returned 17.78% vs 6522.95% for MUU. At a correlation of -0.05, they often move in opposite directions. HDLB charges 1.65%/yr vs 1.06%/yr for MUU.

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.

Returns By Period

In the year-to-date period, HDLB achieves a 9.69% return, which is significantly lower than MUU's 961.23% return.

HDLB

• 1D: -1.72%
• 1M: -4.18%
• YTD: 9.69%
• 6M: 8.78%
• 1Y: 17.78%
• 3Y*: 26.82%
• 5Y*: 11.24%
• 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)

HDLB vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HDLB ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B	9.69%	27.26%	-4.52%
MUU Direxion Daily MU Bull 2X Shares	961.23%	599.03%	-43.09%

Correlation

The correlation between HDLB and MUU is -0.13, 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	-0.13
Correlation (All Time) Calculated using the full available price history since Oct 11, 2024	-0.05

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: 21
HDLB Sharpe Ratio Rank: 20
HDLB Sortino Ratio Rank: 20
HDLB Omega Ratio Rank: 20
HDLB Calmar Ratio Rank: 25
HDLB Martin Ratio Rank: 22

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.

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	0.68	50.40	-49.73
Sortino ratio: Return per unit of downside risk	1.11	7.17	-6.06
Omega ratio: Gain probability vs. loss probability	1.13	1.91	-0.78
Calmar ratio: Return relative to maximum drawdown	1.23	125.85	-124.62
Martin ratio: Return relative to average drawdown	2.69	426.84	-424.14
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 0.68, which is lower than the MUU Sharpe Ratio of 50.40. The chart below compares the historical Sharpe Ratios of HDLB 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

	HDLB	MUU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.68	50.40	-49.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.10	6.68	-6.59

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	-14.50%	-52.72%	+38.22%
Max Drawdown (3Y) Largest decline over 3 years	-22.46%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-43.81%	—	—
Current Drawdown Current decline from peak	-14.15%	0.00%	-14.15%
Average Drawdown Average peak-to-trough decline	-27.47%	-23.44%	-4.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.62%	15.51%	-8.89%

Volatility

HDLB vs. MUU - Volatility Comparison

The current volatility for ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB) is 6.21%, while Direxion Daily MU Bull 2X Shares (MUU) has a volatility of 54.78%. 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	6.21%	54.78%	-48.57%
Volatility (6M) Calculated over the trailing 6-month period	18.14%	105.07%	-86.93%
Volatility (1Y) Calculated over the trailing 1-year period	26.46%	131.77%	-105.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.55%	133.67%	-103.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.58%	133.67%	-90.09%

HDLB vs. MUU - Expense Ratio Comparison

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

Dividends

HDLB vs. MUU - Dividend Comparison

HDLB's dividend yield for the trailing twelve months is around 12.13%, more than MUU's 0.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
HDLB ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B	12.13%	12.20%	10.09%	12.36%	10.86%	8.07%	16.23%	0.97%
MUU Direxion Daily MU Bull 2X Shares	0.46%	4.27%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HDLB and MUU in my portfolio?

HDLB and MUU have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HDLB or MUU?

MUU has higher volatility (54.78%) compared to HDLB (6.21%). In terms of maximum drawdown, HDLB dropped -78.70% vs MUU's -75.07%.

Which ETF is better, HDLB or MUU?

On 1-year performance, MUU leads with 6522.95% vs 17.78% for HDLB. On fees, MUU is cheaper at 1.06% per year. On volatility, HDLB has been the lower-risk option at 6.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HDLB or MUU?

Over the 1-year period, MUU has performed better with a 6522.95% return vs 17.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HDLB or MUU?

MUU is cheaper with a 1.06% expense ratio, compared with 1.65% for HDLB.

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

HDLB has the higher dividend yield at 12.13%, compared with 0.46% for MUU.

What is the main difference between HDLB and MUU?

They also come from different issuers: UBS and Direxion. Their fees differ too: 1.65% for HDLB and 1.06% for MUU.

Which has better risk-adjusted returns?

MUU currently has the higher Sharpe Ratio (50.40 vs 0.68), 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.