IRE vs. MUU

Last updated Jul 17, 2026

IRE (Defiance Daily Target 2X Long IREN ETF) and MUU (Direxion Daily MU Bull 2X Shares) are both Leveraged Equities funds. IRE is actively managed, while MUU is passively managed. At a 0.43 correlation, their price movements are largely independent. IRE charges 1.31%/yr vs 1.01%/yr for MUU.

Performance

IRE vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long IREN ETF (IRE) 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, IRE achieves a -62.04% return, which is significantly lower than MUU's 449.17% return.

IRE

• 1D: -18.15%
• 1M: -69.04%
• 6M: -78.73%
• YTD: -62.04%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MUU

• 1D: -12.02%
• 1M: -37.86%
• 6M: 305.92%
• YTD: 449.17%
• 1Y: 2,599.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IRE vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025
IRE Defiance Daily Target 2X Long IREN ETF	-62.04%	-67.36%
MUU Direxion Daily MU Bull 2X Shares	449.17%	71.30%

Correlation

The correlation between IRE and MUU is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 21, 2025	0.43

Return for Risk

IRE vs. MUU — Risk / Return Rank

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

IRE

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

MUU

MUU Risk / Return Rank: 98
MUU Sharpe Ratio Rank: 100
MUU Sortino Ratio Rank: 97
MUU Omega Ratio Rank: 95
MUU Calmar Ratio Rank: 99
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.

IRE vs. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long IREN ETF (IRE) 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.

	IRE	MUU	Difference
Sharpe ratio: Return per unit of total volatility	—	17.30	—
Sortino ratio: Return per unit of downside risk	—	5.00	—
Omega ratio: Gain probability vs. loss probability	—	1.63	—
Calmar ratio: Return relative to maximum drawdown	—	47.69	—
Martin ratio: Return relative to average drawdown	—	152.81	—

Drawdowns

IRE vs. MUU - Drawdown Comparison

The maximum IRE drawdown since its inception was -92.69%, which is greater than MUU's maximum drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for IRE and MUU.

Drawdown Indicators

	IRE	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-92.69%	-75.07%	-17.62%
Max Drawdown (1Y) Largest decline over 1 year	—	-55.25%	—
Current Drawdown Current decline from peak	-92.69%	-55.25%	-37.44%
Average Drawdown Average peak-to-trough decline	-71.78%	-23.62%	-48.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	17.31%	—

Volatility

Volatility by Period

	IRE	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	62.52%	—
Volatility (6M) Calculated over the trailing 6-month period	—	125.23%	—
Volatility (1Y) Calculated over the trailing 1-year period	212.83%	152.52%	+60.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	212.83%	142.32%	+70.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	212.83%	142.32%	+70.51%

IRE vs. MUU - Expense Ratio Comparison

IRE has a 1.31% expense ratio, which is higher than MUU's 1.01% expense ratio.

Dividends

IRE vs. MUU - Dividend Comparison

IRE has not paid dividends to shareholders, while MUU's dividend yield for the trailing twelve months is around 1.24%.

Position	TTM	2025	2024
IRE Defiance Daily Target 2X Long IREN ETF	0.00%	0.00%	0.00%
MUU Direxion Daily MU Bull 2X Shares	1.24%	4.27%	0.31%

Frequently Asked Questions

Can I hold both IRE and MUU in my portfolio?

IRE and MUU have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IRE 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, IRE or MUU?

MUU is cheaper with a 1.01% expense ratio, compared with 1.31% for IRE.

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

MUU has the higher dividend yield at 1.24%, compared with 0.00% for IRE.

What is the main difference between IRE and MUU?

They also come from different issuers: Defiance ETFs and Direxion. Their fees differ too: 1.31% for IRE and 1.01% for MUU.