MUD vs. SPXL

Last updated Jun 5, 2026

MUD (Direxion Daily MU Bear 1X Shares) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both exchange-traded funds - MUD is a Inverse Equities fund actively managed by Direxion, while SPXL is a Leveraged Equities fund tracking the S&P 500. MUD is actively managed, while SPXL is passively managed. Over the past year, MUD returned -93.06% vs 83.85% for SPXL. At a correlation of -0.54, they often move in opposite directions. MUD charges 0.97%/yr vs 0.84%/yr for SPXL.

Performance

MUD vs. SPXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily MU Bear 1X Shares (MUD) and Direxion Daily S&P 500 Bull 3X ETF (SPXL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MUD achieves a -78.01% return, which is significantly lower than SPXL's 29.52% return.

MUD

• 1D: 7.69%
• 1M: -41.70%
• YTD: -78.01%
• 6M: -83.04%
• 1Y: -93.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPXL

• 1D: 1.07%
• 1M: 13.37%
• YTD: 29.52%
• 6M: 27.91%
• 1Y: 83.85%
• 3Y*: 53.71%
• 5Y*: 23.77%
• 10Y*: 30.15%

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

MUD vs. SPXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MUD Direxion Daily MU Bear 1X Shares	-78.01%	-78.75%	19.12%
SPXL Direxion Daily S&P 500 Bull 3X ETF	29.52%	31.94%	2.40%

Correlation

The correlation between MUD and SPXL is -0.47, 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	-0.47
Correlation (All Time) Calculated using the full available price history since Oct 11, 2024	-0.54

The correlation between MUD and SPXL has been stable across timeframes, ranging from -0.54 to -0.47 - a consistent structural relationship.

Return for Risk

MUD vs. SPXL — Risk / Return Rank

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

MUD

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

SPXL

SPXL Risk / Return Rank: 67
SPXL Sharpe Ratio Rank: 74
SPXL Sortino Ratio Rank: 62
SPXL Omega Ratio Rank: 63
SPXL Calmar Ratio Rank: 64
SPXL Martin Ratio Rank: 72

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.

MUD vs. SPXL - 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 3X ETF (SPXL). 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	SPXL	Difference
Sharpe ratio: Return per unit of total volatility	-1.40	2.38	-3.78
Sortino ratio: Return per unit of downside risk	-4.23	2.83	-7.06
Omega ratio: Gain probability vs. loss probability	0.54	1.37	-0.83
Calmar ratio: Return relative to maximum drawdown	-1.00	3.15	-4.15
Martin ratio: Return relative to average drawdown	-1.52	13.30	-14.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MUD vs. SPXL - Sharpe Ratio Comparison

The current MUD Sharpe Ratio is -1.40, which is lower than the SPXL Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of MUD and SPXL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MUD	SPXL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.40	2.38	-3.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.48	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.57	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.23	0.53	-1.76

Drawdowns

MUD vs. SPXL - Drawdown Comparison

The maximum MUD drawdown since its inception was -96.24%, which is greater than SPXL's maximum drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for MUD and SPXL.

Drawdown Indicators

	MUD	SPXL	Difference
Max Drawdown Largest peak-to-trough decline	-96.24%	-76.86%	-19.38%
Max Drawdown (1Y) Largest decline over 1 year	-93.38%	-26.77%	-66.61%
Max Drawdown (3Y) Largest decline over 3 years	—	-48.95%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-63.80%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-76.86%	—
Current Drawdown Current decline from peak	-95.95%	-1.03%	-94.92%
Average Drawdown Average peak-to-trough decline	-50.44%	-15.72%	-34.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	61.86%	6.32%	+55.54%

Volatility

MUD vs. SPXL - Volatility Comparison

Direxion Daily MU Bear 1X Shares (MUD) has a higher volatility of 32.48% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 8.33%. This indicates that MUD's price experiences larger fluctuations and is considered to be riskier than SPXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MUD	SPXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	32.48%	8.33%	+24.15%
Volatility (6M) Calculated over the trailing 6-month period	56.97%	26.68%	+30.29%
Volatility (1Y) Calculated over the trailing 1-year period	66.48%	35.37%	+31.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.29%	50.23%	+17.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	67.29%	53.41%	+13.88%

MUD vs. SPXL - Expense Ratio Comparison

MUD has a 0.97% expense ratio, which is higher than SPXL's 0.84% expense ratio.

Dividends

MUD vs. SPXL - Dividend Comparison

MUD's dividend yield for the trailing twelve months is around 26.79%, more than SPXL's 0.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
MUD Direxion Daily MU Bear 1X Shares	26.79%	9.21%	0.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPXL Direxion Daily S&P 500 Bull 3X ETF	0.52%	0.69%	0.74%	0.98%	0.32%	0.11%	0.22%	0.84%	1.02%	3.88%

Frequently Asked Questions

Can I hold both MUD and SPXL in my portfolio?

MUD and SPXL have a correlation of -0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MUD or SPXL?

MUD has higher volatility (32.48%) compared to SPXL (8.33%). In terms of maximum drawdown, MUD dropped -96.24% vs SPXL's -76.86%.

Which ETF is better, MUD or SPXL?

On 1-year performance, SPXL leads with 83.85% vs -93.06% for MUD. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 8.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MUD or SPXL?

Over the 1-year period, SPXL has performed better with a 83.85% return vs -93.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MUD or SPXL?

SPXL is cheaper with a 0.84% expense ratio, compared with 0.97% for MUD.

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

MUD has the higher dividend yield at 26.79%, compared with 0.52% for SPXL.

What is the main difference between MUD and SPXL?

MUD is categorized as Inverse Equities, while SPXL is Leveraged Equities. Their fees differ too: 0.97% for MUD and 0.84% for SPXL.

Which has better risk-adjusted returns?

SPXL currently has the higher Sharpe Ratio (2.38 vs -1.40), 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.