IWML vs. MUU

Last updated Jun 24, 2026

IWML (ETRACS 2x Leveraged US Size Factor TR ETN) and MUU (Direxion Daily MU Bull 2X Shares) are both Leveraged Equities funds - IWML tracks the Russell 2000 Index while MUU tracks the Micron Technology, Inc. (200% Daily). Both are passively managed. At a correlation of -0.05, they often move in opposite directions. IWML charges 0.95%/yr vs 1.01%/yr for MUU.

Performance

IWML vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS 2x Leveraged US Size Factor TR ETN (IWML) and Direxion Daily MU Bull 2X Shares (MUU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

IWML

• 1D: 3.76%
• 1M: 6.64%
• YTD: 39.21%
• 6M: 32.71%
• 1Y: 83.07%
• 3Y*: 27.63%
• 5Y*: 3.12%
• 10Y*: —

MUU

• 1D: -26.28%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IWML vs. MUU - Yearly Performance Comparison

	2026 (YTD)
IWML ETRACS 2x Leveraged US Size Factor TR ETN	0.12%
MUU Direxion Daily MU Bull 2X Shares	-12.11%

Correlation

The correlation between IWML and MUU is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 16, 2026	-0.05

Return for Risk

IWML vs. MUU — Risk / Return Rank

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

IWML

IWML Risk / Return Rank: 69
IWML Sharpe Ratio Rank: 72
IWML Sortino Ratio Rank: 65
IWML Omega Ratio Rank: 59
IWML Calmar Ratio Rank: 76
IWML Martin Ratio Rank: 74

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.

IWML vs. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS 2x Leveraged US Size Factor TR ETN (IWML) 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.

	IWML	MUU	Difference
Sharpe ratio: Return per unit of total volatility	2.13	—	—
Sortino ratio: Return per unit of downside risk	2.77	—	—
Omega ratio: Gain probability vs. loss probability	1.33	—	—
Calmar ratio: Return relative to maximum drawdown	3.67	—	—
Martin ratio: Return relative to average drawdown	12.81	—	—

Drawdowns

IWML vs. MUU - Drawdown Comparison

The maximum IWML drawdown since its inception was -60.06%, which is greater than MUU's maximum drawdown of -26.28%. Use the drawdown chart below to compare losses from any high point for IWML and MUU.

Drawdown Indicators

	IWML	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-60.06%	-26.28%	-33.78%
Max Drawdown (1Y) Largest decline over 1 year	-22.75%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-51.82%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-60.06%	—	—
Current Drawdown Current decline from peak	0.00%	-26.28%	+26.28%
Average Drawdown Average peak-to-trough decline	-31.60%	-10.19%	-21.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.51%	—	—

Volatility

Volatility by Period

	IWML	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.41%	—	—
Volatility (6M) Calculated over the trailing 6-month period	28.43%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	39.15%	295.32%	-256.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.19%	295.32%	-249.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.14%	295.32%	-249.18%

IWML vs. MUU - Expense Ratio Comparison

IWML has a 0.95% expense ratio, which is lower than MUU's 1.01% expense ratio.

Dividends

IWML vs. MUU - Dividend Comparison

Neither IWML nor MUU has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IWML and MUU in my portfolio?

IWML and MUU have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IWML or MUU?

On fees, IWML is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IWML or MUU?

IWML is cheaper with a 0.95% expense ratio, compared with 1.01% for MUU.

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

IWML and MUU have nearly identical dividend yields, around 0.00%.

What is the main difference between IWML and MUU?

IWML tracks Russell 2000 Index, while MUU tracks Micron Technology, Inc. (200% Daily). They also come from different issuers: UBS and Direxion. Their fees differ too: 0.95% for IWML and 1.01% for MUU.