KBAB vs. MUU

Last updated Jun 4, 2026

KBAB (KraneShares 2x Long BABA Daily ETF) and MUU (Direxion Daily MU Bull 2X Shares) are both Leveraged Equities funds. Both are actively managed. Over the past year, KBAB returned -3.50% vs 6522.95% for MUU. At a 0.29 correlation, their price movements are largely independent. KBAB charges 1.00%/yr vs 1.06%/yr for MUU.

Performance

KBAB vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares 2x Long BABA Daily ETF (KBAB) 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, KBAB achieves a -33.01% return, which is significantly lower than MUU's 961.23% return.

KBAB

• 1D: -4.79%
• 1M: -11.26%
• YTD: -33.01%
• 6M: -43.16%
• 1Y: -3.50%
• 3Y*: —
• 5Y*: —
• 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)

KBAB vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025
KBAB KraneShares 2x Long BABA Daily ETF	-33.01%	-7.77%
MUU Direxion Daily MU Bull 2X Shares	961.23%	501.58%

Correlation

The correlation between KBAB and MUU is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (All Time) Calculated using the full available price history since Mar 13, 2025	0.29

Return for Risk

KBAB vs. MUU — Risk / Return Rank

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

KBAB

KBAB Risk / Return Rank: 11
KBAB Sharpe Ratio Rank: 9
KBAB Sortino Ratio Rank: 14
KBAB Omega Ratio Rank: 13
KBAB Calmar Ratio Rank: 8
KBAB Martin Ratio Rank: 8

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.

KBAB vs. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares 2x Long BABA Daily ETF (KBAB) 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.

	KBAB	MUU	Difference
Sharpe ratio: Return per unit of total volatility	-0.04	50.40	-50.44
Sortino ratio: Return per unit of downside risk	0.64	7.17	-6.54
Omega ratio: Gain probability vs. loss probability	1.07	1.91	-0.84
Calmar ratio: Return relative to maximum drawdown	-0.05	125.85	-125.90
Martin ratio: Return relative to average drawdown	-0.10	426.84	-426.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KBAB vs. MUU - Sharpe Ratio Comparison

The current KBAB Sharpe Ratio is -0.04, which is lower than the MUU Sharpe Ratio of 50.40. The chart below compares the historical Sharpe Ratios of KBAB 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

	KBAB	MUU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.04	50.40	-50.44
Sharpe Ratio (All Time) Calculated using the full available price history	-0.36	6.68	-7.04

Drawdowns

KBAB vs. MUU - Drawdown Comparison

The maximum KBAB drawdown since its inception was -65.23%, smaller than the maximum MUU drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for KBAB and MUU.

Drawdown Indicators

	KBAB	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-65.23%	-75.07%	+9.84%
Max Drawdown (1Y) Largest decline over 1 year	-65.23%	-52.72%	-12.51%
Current Drawdown Current decline from peak	-62.27%	0.00%	-62.27%
Average Drawdown Average peak-to-trough decline	-37.38%	-23.44%	-13.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.47%	15.51%	+20.96%

Volatility

KBAB vs. MUU - Volatility Comparison

The current volatility for KraneShares 2x Long BABA Daily ETF (KBAB) is 28.62%, while Direxion Daily MU Bull 2X Shares (MUU) has a volatility of 54.78%. This indicates that KBAB 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

	KBAB	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	28.62%	54.78%	-26.16%
Volatility (6M) Calculated over the trailing 6-month period	57.54%	105.07%	-47.53%
Volatility (1Y) Calculated over the trailing 1-year period	87.64%	131.77%	-44.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	91.00%	133.67%	-42.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	91.00%	133.67%	-42.67%

KBAB vs. MUU - Expense Ratio Comparison

KBAB has a 1.00% expense ratio, which is lower than MUU's 1.06% expense ratio.

Dividends

KBAB vs. MUU - Dividend Comparison

KBAB's dividend yield for the trailing twelve months is around 89.39%, more than MUU's 0.46% yield.

Position	TTM	2025	2024
KBAB KraneShares 2x Long BABA Daily ETF	89.39%	59.88%	0.00%
MUU Direxion Daily MU Bull 2X Shares	0.46%	4.27%	0.31%

Frequently Asked Questions

Can I hold both KBAB and MUU in my portfolio?

KBAB and MUU have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KBAB or MUU?

MUU has higher volatility (54.78%) compared to KBAB (28.62%). In terms of maximum drawdown, KBAB dropped -65.23% vs MUU's -75.07%.

Which ETF is better, KBAB or MUU?

On 1-year performance, MUU leads with 6522.95% vs -3.50% for KBAB. On fees, KBAB is cheaper at 1.00% per year. On volatility, KBAB has been the lower-risk option at 28.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KBAB or MUU?

Over the 1-year period, MUU has performed better with a 6522.95% return vs -3.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KBAB or MUU?

KBAB is cheaper with a 1.00% expense ratio, compared with 1.06% for MUU.

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

KBAB has the higher dividend yield at 89.39%, compared with 0.46% for MUU.

What is the main difference between KBAB and MUU?

They also come from different issuers: KraneShares and Direxion. Their fees differ too: 1.00% for KBAB and 1.06% for MUU.

Which has better risk-adjusted returns?

MUU currently has the higher Sharpe Ratio (50.40 vs -0.04), 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.