IONL vs. MUU

Last updated Jun 25, 2026

IONL (GraniteShares 2x Long IONQ Daily ETF) and MUU (Direxion Daily MU Bull 2X Shares) are both Leveraged Equities funds - IONL tracks the IonQ Inc. (IONQ) while MUU tracks the Micron Technology, Inc. (200% Daily). Both are passively managed. A 0.60 correlation means they provide meaningful diversification when combined. IONL charges 1.50%/yr vs 1.01%/yr for MUU.

Performance

IONL vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long IONQ Daily ETF (IONL) and Direxion Daily MU Bull 2X Shares (MUU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

IONL

• 1D: -14.51%
• 1M: -35.59%
• YTD: -15.57%
• 6M: -32.34%
• 1Y: -38.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MUU

• 1D: -0.64%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IONL vs. MUU - Yearly Performance Comparison

	2026 (YTD)
IONL GraniteShares 2x Long IONQ Daily ETF	-25.17%
MUU Direxion Daily MU Bull 2X Shares	-12.53%

Correlation

The correlation between IONL and MUU is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 16, 2026	0.60

Return for Risk

IONL vs. MUU — Risk / Return Rank

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

IONL

IONL Risk / Return Rank: 11
IONL Sharpe Ratio Rank: 7
IONL Sortino Ratio Rank: 20
IONL Omega Ratio Rank: 18
IONL Calmar Ratio Rank: 6
IONL Martin Ratio Rank: 7

MUU

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

IONL vs. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long IONQ Daily ETF (IONL) 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.

	IONL	MUU	Difference
Sharpe ratio: Return per unit of total volatility	-0.21	—	—
Sortino ratio: Return per unit of downside risk	1.02	—	—
Omega ratio: Gain probability vs. loss probability	1.11	—	—
Calmar ratio: Return relative to maximum drawdown	-0.41	—	—
Martin ratio: Return relative to average drawdown	-0.60	—	—

Drawdowns

IONL vs. MUU - Drawdown Comparison

The maximum IONL drawdown since its inception was -93.41%, which is greater than MUU's maximum drawdown of -26.63%. Use the drawdown chart below to compare losses from any high point for IONL and MUU.

Drawdown Indicators

	IONL	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-93.41%	-26.63%	-66.78%
Max Drawdown (1Y) Largest decline over 1 year	-93.41%	—	—
Current Drawdown Current decline from peak	-80.23%	-26.63%	-53.60%
Average Drawdown Average peak-to-trough decline	-51.11%	-12.91%	-38.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	64.53%	—	—

Volatility

Volatility by Period

	IONL	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	56.95%	—	—
Volatility (6M) Calculated over the trailing 6-month period	134.66%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	186.73%	263.57%	-76.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	195.89%	263.57%	-67.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	195.89%	263.57%	-67.68%

IONL vs. MUU - Expense Ratio Comparison

IONL has a 1.50% expense ratio, which is higher than MUU's 1.01% expense ratio.

Dividends

IONL vs. MUU - Dividend Comparison

IONL has not paid dividends to shareholders, while MUU's dividend yield for the trailing twelve months is around 0.23%.

Position	TTM
IONL GraniteShares 2x Long IONQ Daily ETF	0.00%
MUU Direxion Daily MU Bull 2X Shares	0.23%

Frequently Asked Questions

Can I hold both IONL and MUU in my portfolio?

IONL and MUU have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IONL or MUU?

On fees, MUU is cheaper at 1.01% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IONL or MUU?

MUU is cheaper with a 1.01% expense ratio, compared with 1.50% for IONL.

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

MUU has the higher dividend yield at 0.23%, compared with 0.00% for IONL.

What is the main difference between IONL and MUU?

IONL tracks IonQ Inc. (IONQ), while MUU tracks Micron Technology, Inc. (200% Daily). They also come from different issuers: GraniteShares and Direxion. Their fees differ too: 1.50% for IONL and 1.01% for MUU.