MTUL vs. MUU

Last updated Jun 25, 2026

MTUL (ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN) and MUU (Direxion Daily MU Bull 2X Shares) are both exchange-traded funds - MTUL is a Momentum fund tracking the MSCI USA Momentum Index, while MUU is a Leveraged Equities fund tracking the Micron Technology, Inc. (200% Daily). Both are passively managed. With a 1.00 correlation, they move nearly in lockstep. MTUL charges 0.95%/yr vs 1.01%/yr for MUU.

Performance

MTUL vs. MUU - Performance Comparison

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

Returns By Period

MTUL

• 1D: 0.00%
• 1M: 15.33%
• YTD: 66.24%
• 6M: 58.06%
• 1Y: 80.22%
• 3Y*: 59.11%
• 5Y*: 20.57%
• 10Y*: —

MUU

• 1D: -0.64%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MTUL vs. MUU - Yearly Performance Comparison

	2026 (YTD)
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN	-1.43%
MUU Direxion Daily MU Bull 2X Shares	-12.53%

Correlation

The correlation between MTUL and MUU is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 16, 2026	1.00

Return for Risk

MTUL vs. MUU — Risk / Return Rank

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

MTUL

MTUL Risk / Return Rank: 63
MTUL Sharpe Ratio Rank: 57
MTUL Sortino Ratio Rank: 52
MTUL Omega Ratio Rank: 56
MTUL Calmar Ratio Rank: 75
MTUL Martin Ratio Rank: 77

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.

MTUL vs. MUU - Risk-Adjusted Trends Comparison

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

	MTUL	MUU	Difference
Sharpe ratio: Return per unit of total volatility	1.71	—	—
Sortino ratio: Return per unit of downside risk	2.26	—	—
Omega ratio: Gain probability vs. loss probability	1.31	—	—
Calmar ratio: Return relative to maximum drawdown	3.38	—	—
Martin ratio: Return relative to average drawdown	13.25	—	—

Drawdowns

MTUL vs. MUU - Drawdown Comparison

The maximum MTUL drawdown since its inception was -56.83%, which is greater than MUU's maximum drawdown of -26.63%. Use the drawdown chart below to compare losses from any high point for MTUL and MUU.

Drawdown Indicators

	MTUL	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-56.83%	-26.63%	-30.20%
Max Drawdown (1Y) Largest decline over 1 year	-23.86%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-39.15%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-56.83%	—	—
Current Drawdown Current decline from peak	-6.87%	-26.63%	+19.76%
Average Drawdown Average peak-to-trough decline	-22.47%	-12.91%	-9.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.08%	—	—

Volatility

Volatility by Period

	MTUL	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.87%	—	—
Volatility (6M) Calculated over the trailing 6-month period	40.27%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	47.32%	263.57%	-216.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.48%	263.57%	-220.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.10%	263.57%	-219.47%

MTUL vs. MUU - Expense Ratio Comparison

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

Dividends

MTUL vs. MUU - Dividend Comparison

MTUL has not paid dividends to shareholders, while MUU's dividend yield for the trailing twelve months is around 0.23%.

Position	TTM
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN	0.00%
MUU Direxion Daily MU Bull 2X Shares	0.23%

Frequently Asked Questions

Can I hold both MTUL and MUU in my portfolio?

With a correlation of 1.00, MTUL and MUU move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, MTUL or MUU?

On fees, MTUL 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, MTUL or MUU?

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

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

MUU has the higher dividend yield at 0.23%, compared with 0.00% for MTUL.

What is the main difference between MTUL and MUU?

MTUL is categorized as Momentum, while MUU is Leveraged Equities. MTUL tracks MSCI USA Momentum 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 MTUL and 1.01% for MUU.