MIDU vs. FAS

Last updated Jun 14, 2026

MIDU (Direxion Daily Mid Cap Bull 3X Shares) and FAS (Direxion Daily Financial Bull 3X Shares) are both Leveraged Equities funds from Direxion - MIDU tracks the S&P MidCap 400 Index (300%) while FAS tracks the Russell 1000 Financial Services Index (300%). Both are passively managed. Over the past 10 years, MIDU returned 12.76%/yr vs 21.20%/yr for FAS. Their correlation of 0.84 suggests significant overlap in exposure. MIDU charges 1.06%/yr vs 1.00%/yr for FAS.

Performance

MIDU vs. FAS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Mid Cap Bull 3X Shares (MIDU) and Direxion Daily Financial Bull 3X Shares (FAS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MIDU achieves a 41.54% return, which is significantly higher than FAS's -13.50% return. Over the past 10 years, MIDU has underperformed FAS with an annualized return of 12.76%, while FAS has yielded a comparatively higher 21.20% annualized return.

MIDU

• 1D: 1.98%
• 1M: 14.92%
• YTD: 41.54%
• 6M: 35.51%
• 1Y: 74.97%
• 3Y*: 23.88%
• 5Y*: 2.68%
• 10Y*: 12.76%

FAS

• 1D: 4.15%
• 1M: 12.28%
• YTD: -13.50%
• 6M: -13.89%
• 1Y: 7.93%
• 3Y*: 38.21%
• 5Y*: 7.30%
• 10Y*: 21.20%

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

MIDU vs. FAS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MIDU Direxion Daily Mid Cap Bull 3X Shares	41.54%	-2.75%	20.32%	27.79%	-49.27%	72.89%	-18.31%	77.38%	-39.21%	46.86%
FAS Direxion Daily Financial Bull 3X Shares	-13.50%	21.48%	84.47%	14.92%	-43.19%	116.59%	-34.97%	113.04%	-33.84%	67.37%

Correlation

The correlation between MIDU and FAS is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jan 8, 2009	0.84

The correlation between MIDU and FAS shifts across timeframes, from 0.65 (1 year) to 0.84 (all time), reflecting how their relationship changes across market environments.

MIDU vs. FAS - Sectors Allocation Comparison

Sectors	MIDU	FAS
Industrials	5.6%	0.2%
Technology	3.9%	1.8%
Financial Services	2.9%	98.0%
Consumer Cyclical	2.1%	-
Healthcare	2.0%	-
Real Estate	1.6%	-
Energy	1.1%	-
Basic Materials	1.1%	-
Consumer Defensive	0.9%	-
Utilities	0.6%	-
Communication Services	0.2%	-

Return for Risk

MIDU vs. FAS — Risk / Return Rank

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

MIDU

MIDU Risk / Return Rank: 50
MIDU Sharpe Ratio Rank: 46
MIDU Sortino Ratio Rank: 46
MIDU Omega Ratio Rank: 42
MIDU Calmar Ratio Rank: 59
MIDU Martin Ratio Rank: 56

FAS

FAS Risk / Return Rank: 11
FAS Sharpe Ratio Rank: 10
FAS Sortino Ratio Rank: 11
FAS Omega Ratio Rank: 12
FAS Calmar Ratio Rank: 10
FAS Martin Ratio Rank: 10

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.

MIDU vs. FAS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Mid Cap Bull 3X Shares (MIDU) and Direxion Daily Financial Bull 3X Shares (FAS). 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.

	MIDU	FAS	Difference
Sharpe ratio: Return per unit of total volatility	1.42	0.03	+1.39
Sortino ratio: Return per unit of downside risk	2.03	0.34	+1.69
Omega ratio: Gain probability vs. loss probability	1.24	1.04	+0.20
Calmar ratio: Return relative to maximum drawdown	2.61	0.03	+2.57
Martin ratio: Return relative to average drawdown	8.65	0.08	+8.58

MIDU vs. FAS - Sharpe Ratio Comparison

The current MIDU Sharpe Ratio is 1.42, which is higher than the FAS Sharpe Ratio of 0.03. The chart below compares the historical Sharpe Ratios of MIDU and FAS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MIDU vs. FAS - Drawdown Comparison

The maximum MIDU drawdown since its inception was -86.26%, smaller than the maximum FAS drawdown of -91.61%. Use the drawdown chart below to compare losses from any high point for MIDU and FAS.

Drawdown Indicators

	MIDU	FAS	Difference
Max Drawdown Largest peak-to-trough decline	-86.26%	-91.61%	+5.35%
Max Drawdown (1Y) Largest decline over 1 year	-25.80%	-40.88%	+15.08%
Max Drawdown (3Y) Largest decline over 3 years	-60.41%	-43.10%	-17.31%
Max Drawdown (5Y) Largest decline over 5 years	-64.14%	-66.88%	+2.74%
Max Drawdown (10Y) Largest decline over 10 years	-86.26%	-85.99%	-0.27%
Current Drawdown Current decline from peak	-1.48%	-20.63%	+19.15%
Average Drawdown Average peak-to-trough decline	-22.41%	-31.12%	+8.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.77%	17.97%	-10.20%

Volatility

MIDU vs. FAS - Volatility Comparison

Direxion Daily Mid Cap Bull 3X Shares (MIDU) has a higher volatility of 15.07% compared to Direxion Daily Financial Bull 3X Shares (FAS) at 12.45%. This indicates that MIDU's price experiences larger fluctuations and is considered to be riskier than FAS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MIDU	FAS	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.07%	12.45%	+2.62%
Volatility (6M) Calculated over the trailing 6-month period	34.90%	33.46%	+1.44%
Volatility (1Y) Calculated over the trailing 1-year period	47.43%	43.61%	+3.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.59%	55.59%	+4.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.65%	61.33%	+2.32%

MIDU vs. FAS - Expense Ratio Comparison

MIDU has a 1.06% expense ratio, which is higher than FAS's 1.00% expense ratio.

Dividends

MIDU vs. FAS - Dividend Comparison

MIDU's dividend yield for the trailing twelve months is around 0.63%, less than FAS's 9.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FAS Direxion Daily Financial Bull 3X Shares	9.64%	8.21%	0.76%	1.77%	0.91%	0.60%	0.47%	0.62%	1.43%	0.11%	0.00%
MIDU Direxion Daily Mid Cap Bull 3X Shares	0.63%	1.04%	1.10%	1.43%	0.11%	0.00%	0.06%	0.71%	0.70%	2.67%	1.89%

Frequently Asked Questions

Can I hold both MIDU and FAS in my portfolio?

MIDU and FAS have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MIDU or FAS?

MIDU has higher volatility (15.07%) compared to FAS (12.45%). In terms of maximum drawdown, MIDU dropped -86.26% vs FAS's -91.61%.

Which ETF is better, MIDU or FAS?

On 10-year performance, FAS leads with 21.20% vs 12.76% for MIDU. On fees, FAS is cheaper at 1.00% per year. On volatility, FAS has been the lower-risk option at 12.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MIDU or FAS?

Over the 10-year period, FAS has performed better with a 21.20% return vs 12.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MIDU or FAS?

FAS is cheaper with a 1.00% expense ratio, compared with 1.06% for MIDU.

Which ETF pays a higher dividend yield, MIDU or FAS?

FAS has the higher dividend yield at 9.64%, compared with 0.63% for MIDU.

What is the main difference between MIDU and FAS?

MIDU tracks S&P MidCap 400 Index (300%), while FAS tracks Russell 1000 Financial Services Index (300%). Their fees differ too: 1.06% for MIDU and 1.00% for FAS.

Which has better risk-adjusted returns?

MIDU currently has the higher Sharpe Ratio (1.42 vs 0.03), 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.