MUD vs. BMNZ

Last updated Aug 5, 2026

MUD (Direxion Daily MU Bear 1X Shares) and BMNZ (Defiance Daily Target 2X Short BMNR ETF) are both Inverse Equities funds. MUD is actively managed, while BMNZ is passively managed. Their 0.36 correlation means their historical movements had little consistent relationship. MUD charges 0.97%/yr vs 1.31%/yr for BMNZ.

Performance

MUD vs. BMNZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily MU Bear 1X Shares (MUD) and Defiance Daily Target 2X Short BMNR ETF (BMNZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MUD achieves a -80.35% return, which is significantly lower than BMNZ's -45.79% return.

MUD

• 1D: -7.66%
• 1M: -0.79%
• 6M: -69.73%
• YTD: -80.35%
• 1Y: -93.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -80.86%

BMNZ

• 1D: -7.43%
• 1M: -50.46%
• 6M: -52.42%
• YTD: -45.79%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BMNZ Defiance Daily Target 2X Short BMNR ETF	$14.94M	$14.05M	$14.41M
MUD Direxion Daily MU Bear 1X Shares	$176.35M	$166.22M	$199.88M

MUD vs. BMNZ - Yearly Performance Comparison

	2026 (YTD)	2025
MUD Direxion Daily MU Bear 1X Shares	-80.35%	-18.49%
BMNZ Defiance Daily Target 2X Short BMNR ETF	-45.79%	15.30%

Correlation

The correlation between MUD and BMNZ is 0.36, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 13, 2025	0.36

Return for Risk

MUD vs. BMNZ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MUD

MUD Risk / Return Rank: 1
MUD Sharpe Ratio Rank: 1
MUD Sortino Ratio Rank: 0
MUD Omega Ratio Rank: 0
MUD Calmar Ratio Rank: 0
MUD Martin Ratio Rank: 2

BMNZ

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MUD vs. BMNZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily MU Bear 1X Shares (MUD) and Defiance Daily Target 2X Short BMNR ETF (BMNZ). 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.

	MUD	BMNZ	Difference
Sharpe ratio: Return per unit of total volatility	-1.15	—	—
Sortino ratio: Return per unit of downside risk	-3.54	—	—
Omega ratio: Gain probability vs. loss probability	0.61	—	—
Calmar ratio: Return relative to maximum drawdown	-0.99	—	—
Martin ratio: Return relative to average drawdown	-1.32	—	—

Drawdowns

MUD vs. BMNZ - Drawdown Comparison

The maximum MUD drawdown since its inception was -97.03%, which is greater than BMNZ's maximum drawdown of -70.80%. Use the drawdown chart below to compare losses from any high point for MUD and BMNZ.

Drawdown Indicators

	MUD	BMNZ	Difference
Max Drawdown Largest peak-to-trough decline	-97.03%	-70.80%	-26.23%
Max Drawdown (1Y) Largest decline over 1 year	-94.56%	—	—
Current Drawdown Current decline from peak	-96.38%	-69.65%	-26.73%
Average Drawdown Average peak-to-trough decline	-54.46%	-50.93%	-3.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	71.10%	—	—

Volatility

Volatility by Period

	MUD	BMNZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	33.65%	—	—
Volatility (6M) Calculated over the trailing 6-month period	70.44%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	81.08%	184.56%	-103.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.63%	184.56%	-110.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.63%	184.56%	-110.93%

MUD vs. BMNZ - Expense Ratio Comparison

MUD has a 0.97% expense ratio, which is lower than BMNZ's 1.31% expense ratio.

Dividends

MUD vs. BMNZ - Dividend Comparison

MUD's dividend yield for the trailing twelve months is around 12.46%, while BMNZ has not paid dividends to shareholders.

Position	TTM	2025	2024
BMNZ Defiance Daily Target 2X Short BMNR ETF	0.00%	0.00%	0.00%
MUD Direxion Daily MU Bear 1X Shares	12.46%	9.21%	0.47%

Frequently Asked Questions

Can I hold both MUD and BMNZ in my portfolio?

MUD and BMNZ have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MUD or BMNZ?

On fees, MUD is cheaper at 0.97% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MUD or BMNZ?

MUD is cheaper with a 0.97% expense ratio, compared with 1.31% for BMNZ.

Which ETF pays a higher dividend yield, MUD or BMNZ?

MUD has the higher dividend yield at 12.46%, compared with 0.00% for BMNZ.

What is the main difference between MUD and BMNZ?

They also come from different issuers: Direxion and Defiance. Their fees differ too: 0.97% for MUD and 1.31% for BMNZ.