MUU vs. MULL

Last updated Jun 13, 2026

MUU (Direxion Daily MU Bull 2X Shares) and MULL (GraniteShares 2x Long MU Daily ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, MUU returned 3922.69% vs 3655.37% for MULL. With a 1.00 correlation, they move nearly in lockstep. MUU charges 1.06%/yr vs 1.50%/yr for MULL.

Performance

MUU vs. MULL - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with MUU having a 727.77% return and MULL slightly lower at 706.24%.

MUU

• 1D: -3.04%
• 1M: 33.37%
• YTD: 727.77%
• 6M: 1,033.51%
• 1Y: 3,922.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MULL

• 1D: -3.04%
• 1M: 32.25%
• YTD: 706.24%
• 6M: 994.73%
• 1Y: 3,655.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MUU vs. MULL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MUU Direxion Daily MU Bull 2X Shares	727.77%	599.03%	-44.56%
MULL GraniteShares 2x Long MU Daily ETF	706.24%	558.51%	-39.23%

Correlation

The correlation between MUU and MULL 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 (1Y) Calculated over the trailing 1-year period	1.00
Correlation (All Time) Calculated using the full available price history since Nov 12, 2024	1.00

The correlation between MUU and MULL has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

MUU vs. MULL — Risk / Return Rank

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

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

MULL

MULL Risk / Return Rank: 98
MULL Sharpe Ratio Rank: 100
MULL Sortino Ratio Rank: 97
MULL Omega Ratio Rank: 96
MULL Calmar Ratio Rank: 100
MULL 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.

MUU vs. MULL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily MU Bull 2X Shares (MUU) and GraniteShares 2x Long MU Daily ETF (MULL). 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.

	MUU	MULL	Difference
Sharpe ratio: Return per unit of total volatility	28.62	26.58	+2.04
Sortino ratio: Return per unit of downside risk	6.00	5.88	+0.12
Omega ratio: Gain probability vs. loss probability	1.76	1.74	+0.02
Calmar ratio: Return relative to maximum drawdown	75.54	69.88	+5.66
Martin ratio: Return relative to average drawdown	245.88	225.31	+20.57

MUU vs. MULL - Sharpe Ratio Comparison

The current MUU Sharpe Ratio is 28.62, which is comparable to the MULL Sharpe Ratio of 26.58. The chart below compares the historical Sharpe Ratios of MUU and MULL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MUU vs. MULL - Drawdown Comparison

The maximum MUU drawdown since its inception was -75.07%, roughly equal to the maximum MULL drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for MUU and MULL.

Drawdown Indicators

	MUU	MULL	Difference
Max Drawdown Largest peak-to-trough decline	-75.07%	-72.29%	-2.78%
Max Drawdown (1Y) Largest decline over 1 year	-52.72%	-53.09%	+0.37%
Current Drawdown Current decline from peak	-22.00%	-22.24%	+0.24%
Average Drawdown Average peak-to-trough decline	-23.43%	-20.67%	-2.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.16%	16.43%	-0.27%

Volatility

MUU vs. MULL - Volatility Comparison

Direxion Daily MU Bull 2X Shares (MUU) and GraniteShares 2x Long MU Daily ETF (MULL) have volatilities of 65.35% and 65.26%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MUU	MULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	65.35%	65.26%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	114.18%	114.46%	-0.28%
Volatility (1Y) Calculated over the trailing 1-year period	139.14%	139.58%	-0.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	136.95%	139.48%	-2.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	136.95%	139.48%	-2.53%

MUU vs. MULL - Expense Ratio Comparison

MUU has a 1.06% expense ratio, which is lower than MULL's 1.50% expense ratio.

Dividends

MUU vs. MULL - Dividend Comparison

MUU's dividend yield for the trailing twelve months is around 0.58%, more than MULL's 0.05% yield.

Position	TTM	2025	2024
MULL GraniteShares 2x Long MU Daily ETF	0.05%	0.39%	0.00%
MUU Direxion Daily MU Bull 2X Shares	0.58%	4.27%	0.31%

Frequently Asked Questions

Can I hold both MUU and MULL in my portfolio?

With a correlation of 1.00, MUU and MULL 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 is riskier, MUU or MULL?

MUU has higher volatility (65.35%) compared to MULL (65.26%). In terms of maximum drawdown, MUU dropped -75.07% vs MULL's -72.29%.

Which ETF is better, MUU or MULL?

On 1-year performance, MUU leads with 3922.69% vs 3655.37% for MULL. On fees, MUU is cheaper at 1.06% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MUU or MULL?

Over the 1-year period, MUU has performed better with a 3922.69% return vs 3655.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MUU or MULL?

MUU is cheaper with a 1.06% expense ratio, compared with 1.50% for MULL.

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

MUU has the higher dividend yield at 0.58%, compared with 0.05% for MULL.

What is the main difference between MUU and MULL?

They also come from different issuers: Direxion and GraniteShares. Their fees differ too: 1.06% for MUU and 1.50% for MULL.

Which has better risk-adjusted returns?

MUU currently has the higher Sharpe Ratio (28.62 vs 26.58), 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.