INCE vs. MUU

Last updated Jul 12, 2026

INCE (Franklin Income Equity Focus ETF) and MUU (Direxion Daily MU Bull 2X Shares) are both exchange-traded funds - INCE is a Dividend fund actively managed by Franklin Templeton, while MUU is a Leveraged Equities fund tracking the Micron Technology, Inc. (200% Daily). INCE is actively managed, while MUU is passively managed. Over the past year, INCE returned 20.87% vs 3083.51% for MUU. At a 0.28 correlation, their price movements are largely independent. INCE charges 0.29%/yr vs 1.01%/yr for MUU.

Performance

INCE vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Income Equity Focus ETF (INCE) 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, INCE achieves a 13.62% return, which is significantly lower than MUU's 642.75% return.

INCE

• 1D: 0.29%
• 1M: -0.11%
• 6M: 10.85%
• YTD: 13.62%
• 1Y: 20.87%
• 3Y*: 15.95%
• 5Y*: 10.54%
• 10Y*: —

MUU

• 1D: -2.52%
• 1M: -10.27%
• 6M: 421.21%
• YTD: 642.75%
• 1Y: 3,083.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

INCE vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
INCE Franklin Income Equity Focus ETF	13.62%	15.92%	-4.29%
MUU Direxion Daily MU Bull 2X Shares	642.75%	599.03%	-40.91%

Correlation

The correlation between INCE and MUU is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (All Time) Calculated using the full available price history since Oct 10, 2024	0.28

The correlation between INCE and MUU shifts across timeframes, from 0.17 (1 year) to 0.28 (all time), reflecting how their relationship changes across market environments.

Return for Risk

INCE vs. MUU — Risk / Return Rank

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

INCE

INCE Risk / Return Rank: 90
INCE Sharpe Ratio Rank: 91
INCE Sortino Ratio Rank: 92
INCE Omega Ratio Rank: 89
INCE Calmar Ratio Rank: 89
INCE Martin Ratio Rank: 88

MUU

MUU Risk / Return Rank: 99
MUU Sharpe Ratio Rank: 100
MUU Sortino Ratio Rank: 97
MUU Omega Ratio Rank: 97
MUU Calmar Ratio Rank: 100
MUU Martin Ratio Rank: 99

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.

INCE vs. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Income Equity Focus ETF (INCE) 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.

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.

	INCE	MUU	Difference
Sharpe ratio: Return per unit of total volatility	2.45	27.27	-24.83
Sortino ratio: Return per unit of downside risk	3.55	5.80	-2.25
Omega ratio: Gain probability vs. loss probability	1.45	1.72	-0.27
Calmar ratio: Return relative to maximum drawdown	4.19	75.03	-70.84
Martin ratio: Return relative to average drawdown	15.23	245.78	-230.54

INCE vs. MUU - Sharpe Ratio Comparison

The current INCE Sharpe Ratio is 2.45, which is lower than the MUU Sharpe Ratio of 27.27. The chart below compares the historical Sharpe Ratios of INCE 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.

Drawdowns

INCE vs. MUU - Drawdown Comparison

The maximum INCE drawdown since its inception was -33.95%, smaller than the maximum MUU drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for INCE and MUU.

Drawdown Indicators

	INCE	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-33.95%	-75.07%	+41.12%
Max Drawdown (1Y) Largest decline over 1 year	-4.90%	-52.72%	+47.82%
Max Drawdown (3Y) Largest decline over 3 years	-14.01%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.40%	—	—
Current Drawdown Current decline from peak	-0.69%	-30.01%	+29.32%
Average Drawdown Average peak-to-trough decline	-3.23%	-23.40%	+20.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.35%	16.41%	-15.06%

Volatility

INCE vs. MUU - Volatility Comparison

The current volatility for Franklin Income Equity Focus ETF (INCE) is 2.62%, while Direxion Daily MU Bull 2X Shares (MUU) has a volatility of 67.23%. This indicates that INCE 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

	INCE	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.62%	67.23%	-64.61%
Volatility (6M) Calculated over the trailing 6-month period	6.16%	116.08%	-109.92%
Volatility (1Y) Calculated over the trailing 1-year period	8.41%	145.04%	-136.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.27%	138.03%	-124.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.63%	138.03%	-122.40%

INCE vs. MUU - Expense Ratio Comparison

INCE has a 0.29% expense ratio, which is lower than MUU's 1.01% expense ratio.

Dividends

INCE vs. MUU - Dividend Comparison

INCE's dividend yield for the trailing twelve months is around 4.74%, more than MUU's 0.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
INCE Franklin Income Equity Focus ETF	4.74%	4.71%	3.25%	1.75%	1.68%	1.41%	1.40%	1.31%	1.55%	1.44%	0.50%
MUU Direxion Daily MU Bull 2X Shares	0.64%	4.27%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both INCE and MUU in my portfolio?

INCE and MUU have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INCE or MUU?

MUU has higher volatility (67.23%) compared to INCE (2.62%). In terms of maximum drawdown, INCE dropped -33.95% vs MUU's -75.07%.

Which ETF is better, INCE or MUU?

On 1-year performance, MUU leads with 3083.51% vs 20.87% for INCE. On fees, INCE is cheaper at 0.29% per year. On volatility, INCE has been the lower-risk option at 2.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INCE or MUU?

Over the 1-year period, MUU has performed better with a 3083.51% return vs 20.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INCE or MUU?

INCE is cheaper with a 0.29% expense ratio, compared with 1.01% for MUU.

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

INCE has the higher dividend yield at 4.74%, compared with 0.64% for MUU.

What is the main difference between INCE and MUU?

INCE is categorized as Dividend, while MUU is Leveraged Equities. They also come from different issuers: Franklin Templeton and Direxion. Their fees differ too: 0.29% for INCE and 1.01% for MUU.

Which has better risk-adjusted returns?

MUU currently has the higher Sharpe Ratio (27.27 vs 2.45), 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.