MRNX vs. MUU

Last updated Jul 22, 2026

MRNX (Defiance Daily Target 2X Long MRNA ETF) and MUU (Direxion Daily MU Bull 2X Shares) are both Leveraged Equities funds. MRNX is actively managed, while MUU is passively managed. At a 0.12 correlation, their price movements are largely independent. MRNX charges 1.31%/yr vs 1.01%/yr for MUU.

Performance

MRNX vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long MRNA ETF (MRNX) and Direxion Daily MU Bull 2X Shares (MUU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MRNX

• 1D: 0.31%
• 1M: -20.01%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

MUU

• 1D: 24.13%
• 1M: -34.82%
• 6M: 343.44%
• YTD: 601.48%
• 1Y: 3,560.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 564.97%

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

MRNX vs. MUU - Yearly Performance Comparison

	2026 (YTD)
MRNX Defiance Daily Target 2X Long MRNA ETF	41.92%
MUU Direxion Daily MU Bull 2X Shares	243.03%

Correlation

The correlation between MRNX and MUU is 0.12, 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 Feb 4, 2026	0.12

Return for Risk

MRNX vs. MUU — Risk / Return Rank

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

MRNX

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: 96
MUU Calmar Ratio Rank: 100
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.

MRNX vs. MUU - Risk-Adjusted Trends Comparison

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

	MRNX	MUU	Difference
Sharpe ratio: Return per unit of total volatility	—	23.50	—
Sortino ratio: Return per unit of downside risk	—	5.38	—
Omega ratio: Gain probability vs. loss probability	—	1.68	—
Calmar ratio: Return relative to maximum drawdown	—	64.88	—
Martin ratio: Return relative to average drawdown	—	199.64	—

Drawdowns

MRNX vs. MUU - Drawdown Comparison

The maximum MRNX drawdown since its inception was -49.28%, smaller than the maximum MUU drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for MRNX and MUU.

Drawdown Indicators

	MRNX	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-49.28%	-75.07%	+25.79%
Max Drawdown (1Y) Largest decline over 1 year	—	-55.69%	—
Current Drawdown Current decline from peak	-49.12%	-42.84%	-6.28%
Average Drawdown Average peak-to-trough decline	-22.18%	-23.80%	+1.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	18.08%	—

Volatility

Volatility by Period

	MRNX	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	63.78%	—
Volatility (6M) Calculated over the trailing 6-month period	—	126.19%	—
Volatility (1Y) Calculated over the trailing 1-year period	138.23%	153.82%	-15.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	138.23%	142.92%	-4.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	138.23%	142.92%	-4.69%

MRNX vs. MUU - Expense Ratio Comparison

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

Dividends

MRNX vs. MUU - Dividend Comparison

MRNX has not paid dividends to shareholders, while MUU's dividend yield for the trailing twelve months is around 0.97%.

Position	TTM	2025	2024
MRNX Defiance Daily Target 2X Long MRNA ETF	0.00%	0.00%	0.00%
MUU Direxion Daily MU Bull 2X Shares	0.97%	4.27%	0.31%

Frequently Asked Questions

Can I hold both MRNX and MUU in my portfolio?

MRNX and MUU have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MRNX 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, MRNX or MUU?

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

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

MUU has the higher dividend yield at 0.97%, compared with 0.00% for MRNX.

What is the main difference between MRNX and MUU?

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