KMLI vs. MUU

Last updated Jun 5, 2026

KMLI (KraneShares 2x Long MELI Daily ETF) and MUU (Direxion Daily MU Bull 2X Shares) are both Leveraged Equities funds. Both are actively managed. At a 0.13 correlation, their price movements are largely independent. KMLI charges 1.26%/yr vs 1.06%/yr for MUU.

Performance

KMLI vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares 2x Long MELI Daily ETF (KMLI) 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, KMLI achieves a -42.98% return, which is significantly lower than MUU's 798.37% return.

KMLI

• 1D: -0.51%
• 1M: -22.77%
• YTD: -42.98%
• 6M: -50.30%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MUU

• 1D: -15.35%
• 1M: 121.05%
• YTD: 798.37%
• 6M: 1,279.44%
• 1Y: 5,396.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KMLI vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025
KMLI KraneShares 2x Long MELI Daily ETF	-42.98%	-37.98%
MUU Direxion Daily MU Bull 2X Shares	798.37%	385.97%

Correlation

The correlation between KMLI and MUU is 0.13, 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 Jun 13, 2025	0.13

Return for Risk

KMLI vs. MUU — Risk / Return Rank

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

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.

KMLI vs. MUU - Risk-Adjusted Trends Comparison

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

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

Sharpe Ratios by Period

	KMLI	MUU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	41.32	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.83	5.91	-6.74

Drawdowns

KMLI vs. MUU - Drawdown Comparison

The maximum KMLI drawdown since its inception was -73.23%, roughly equal to the maximum MUU drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for KMLI and MUU.

Drawdown Indicators

	KMLI	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-73.23%	-75.07%	+1.84%
Max Drawdown (1Y) Largest decline over 1 year	—	-52.72%	—
Current Drawdown Current decline from peak	-70.65%	-15.35%	-55.30%
Average Drawdown Average peak-to-trough decline	-41.03%	-23.42%	-17.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	15.54%	—

Volatility

Volatility by Period

	KMLI	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	56.84%	—
Volatility (6M) Calculated over the trailing 6-month period	—	106.70%	—
Volatility (1Y) Calculated over the trailing 1-year period	79.26%	132.77%	-53.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	79.26%	134.14%	-54.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	79.26%	134.14%	-54.88%

KMLI vs. MUU - Expense Ratio Comparison

KMLI has a 1.26% expense ratio, which is higher than MUU's 1.06% expense ratio.

Dividends

KMLI vs. MUU - Dividend Comparison

KMLI's dividend yield for the trailing twelve months is around 18.64%, more than MUU's 0.54% yield.

Position	TTM	2025	2024
KMLI KraneShares 2x Long MELI Daily ETF	18.64%	10.63%	0.00%
MUU Direxion Daily MU Bull 2X Shares	0.54%	4.27%	0.31%

Frequently Asked Questions

Can I hold both KMLI and MUU in my portfolio?

KMLI and MUU have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, KMLI or MUU?

On fees, MUU is cheaper at 1.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, KMLI or MUU?

MUU is cheaper with a 1.06% expense ratio, compared with 1.26% for KMLI.

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

KMLI has the higher dividend yield at 18.64%, compared with 0.54% for MUU.

What is the main difference between KMLI and MUU?

They also come from different issuers: KraneShares and Direxion. Their fees differ too: 1.26% for KMLI and 1.06% for MUU.