MUD vs. SPUU
MUD (Direxion Daily MU Bear 1X Shares) and SPUU (Direxion Daily S&P 500 Bull 2x Shares) are both exchange-traded funds - MUD is a Inverse Equities fund actively managed by Direxion, while SPUU is a Leveraged Equities fund tracking the S&P 500 Index (200%). MUD is actively managed, while SPUU is passively managed. Over the past year, MUD returned -93.62% vs 53.61% for SPUU. At a correlation of -0.55, they often move in opposite directions. MUD charges 0.97%/yr vs 0.64%/yr for SPUU.
Performance
MUD vs. SPUU - Performance Comparison
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Returns By Period
In the year-to-date period, MUD achieves a -79.58% return, which is significantly lower than SPUU's 19.82% return.
MUD
- 1D
- -1.42%
- 1M
- -51.85%
- YTD
- -79.58%
- 6M
- -83.74%
- 1Y
- -93.62%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPUU
- 1D
- -1.27%
- 1M
- 10.01%
- YTD
- 19.82%
- 6M
- 19.11%
- 1Y
- 53.61%
- 3Y*
- 38.21%
- 5Y*
- 20.19%
- 10Y*
- 24.77%
MUD vs. SPUU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MUD Direxion Daily MU Bear 1X Shares | -79.58% | -78.75% | 19.12% |
SPUU Direxion Daily S&P 500 Bull 2x Shares | 19.82% | 26.55% | 2.43% |
Correlation
The correlation between MUD and SPUU is -0.48, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.48 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2024 | -0.55 |
The correlation between MUD and SPUU has been stable across timeframes, ranging from -0.55 to -0.48 - a consistent structural relationship.
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Return for Risk
MUD vs. SPUU — Risk / Return Rank
MUD
SPUU
MUD vs. SPUU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily MU Bear 1X Shares (MUD) and Direxion Daily S&P 500 Bull 2x Shares (SPUU). 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.
| MUD | SPUU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.68 | ||
| Sortino ratioReturn per unit of downside risk | -7.25 | ||
| Omega ratioGain probability vs. loss probability | 0.53 | 1.38 | -0.85 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 2.96 | -3.96 |
| Martin ratioReturn relative to average drawdown | -1.52 | 13.06 | -14.58 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MUD | SPUU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.42 | 2.26 | -3.68 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.61 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.69 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -1.25 | 0.63 | -1.88 |
Drawdowns
MUD vs. SPUU - Drawdown Comparison
The maximum MUD drawdown since its inception was -96.24%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for MUD and SPUU.
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Drawdown Indicators
| MUD | SPUU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.24% | -59.35% | -36.89% |
Max Drawdown (1Y)Largest decline over 1 year | -93.56% | -18.19% | -75.37% |
Max Drawdown (3Y)Largest decline over 3 years | — | -35.18% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -46.59% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -59.35% | — |
Current DrawdownCurrent decline from peak | -96.24% | -1.27% | -94.97% |
Average DrawdownAverage peak-to-trough decline | -50.32% | -9.51% | -40.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 61.84% | 4.12% | +57.72% |
Volatility
MUD vs. SPUU - Volatility Comparison
Direxion Daily MU Bear 1X Shares (MUD) has a higher volatility of 31.94% compared to Direxion Daily S&P 500 Bull 2x Shares (SPUU) at 5.71%. This indicates that MUD's price experiences larger fluctuations and is considered to be riskier than SPUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MUD | SPUU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 31.94% | 5.71% | +26.23% |
Volatility (6M)Calculated over the trailing 6-month period | 56.32% | 18.09% | +38.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 65.98% | 23.90% | +42.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.05% | 33.46% | +33.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 67.05% | 35.77% | +31.28% |
MUD vs. SPUU - Expense Ratio Comparison
MUD has a 0.97% expense ratio, which is higher than SPUU's 0.64% expense ratio.
Dividends
MUD vs. SPUU - Dividend Comparison
MUD's dividend yield for the trailing twelve months is around 28.85%, more than SPUU's 1.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MUD Direxion Daily MU Bear 1X Shares | 28.85% | 9.21% | 0.47% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPUU Direxion Daily S&P 500 Bull 2x Shares | 1.34% | 1.63% | 0.55% | 0.83% | 0.88% | 3.04% | 8.03% | 1.80% | 5.50% | 6.96% | 8.08% | 4.42% |
Frequently Asked Questions
MUD and SPUU have a correlation of -0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MUD has higher volatility (31.94%) compared to SPUU (5.71%). In terms of maximum drawdown, MUD dropped -96.24% vs SPUU's -59.35%.
On 1-year performance, SPUU leads with 53.61% vs -93.62% for MUD. On fees, SPUU is cheaper at 0.64% per year. On volatility, SPUU has been the lower-risk option at 5.71%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SPUU has performed better with a 53.61% return vs -93.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPUU is cheaper with a 0.64% expense ratio, compared with 0.97% for MUD.
MUD has the higher dividend yield at 28.85%, compared with 1.34% for SPUU.
MUD is categorized as Inverse Equities, while SPUU is Leveraged Equities. Their fees differ too: 0.97% for MUD and 0.64% for SPUU.
SPUU currently has the higher Sharpe Ratio (2.26 vs -1.42), 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.
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