MUU vs. SMH

Last updated Jul 3, 2026

MUU (Direxion Daily MU Bull 2X Shares) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - MUU is a Leveraged Equities fund tracking the Micron Technology, Inc. (200% Daily), while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Their correlation of 0.86 suggests significant overlap in exposure. MUU charges 1.01%/yr vs 0.35%/yr for SMH.

Performance

MUU vs. SMH - Performance Comparison

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

Returns By Period

MUU

• 1D: -12.33%
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMH

• 1D: -4.54%
• 1M: -6.31%
• 6M: 64.47%
• YTD: 64.47%
• 1Y: 111.25%
• 3Y*: 57.52%
• 5Y*: 36.27%
• 10Y*: 36.81%

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

MUU vs. SMH - Yearly Performance Comparison

	2026 (YTD)
MUU Direxion Daily MU Bull 2X Shares	-27.74%
SMH VanEck Semiconductor ETF	-8.47%

Correlation

The correlation between MUU and SMH is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 16, 2026	0.86

Return for Risk

MUU vs. SMH — Risk / Return Rank

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

MUU

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

SMH

SMH Risk / Return Rank: 92
SMH Sharpe Ratio Rank: 95
SMH Sortino Ratio Rank: 87
SMH Omega Ratio Rank: 89
SMH Calmar Ratio Rank: 96
SMH Martin Ratio Rank: 95

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. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily MU Bull 2X Shares (MUU) and VanEck Semiconductor ETF (SMH). 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	SMH	Difference
Sharpe ratio: Return per unit of total volatility	—	3.10	—
Sortino ratio: Return per unit of downside risk	—	3.35	—
Omega ratio: Gain probability vs. loss probability	—	1.47	—
Calmar ratio: Return relative to maximum drawdown	—	7.49	—
Martin ratio: Return relative to average drawdown	—	26.14	—

Drawdowns

MUU vs. SMH - Drawdown Comparison

The maximum MUU drawdown since its inception was -39.39%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for MUU and SMH.

Drawdown Indicators

	MUU	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-39.39%	-84.96%	+45.57%
Max Drawdown (1Y) Largest decline over 1 year	—	-14.93%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-35.74%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-45.30%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-45.30%	—
Current Drawdown Current decline from peak	-39.39%	-11.45%	-27.94%
Average Drawdown Average peak-to-trough decline	-16.51%	-40.97%	+24.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.27%	—

Volatility

Volatility by Period

	MUU	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	20.74%	—
Volatility (6M) Calculated over the trailing 6-month period	—	30.87%	—
Volatility (1Y) Calculated over the trailing 1-year period	263.59%	36.13%	+227.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	263.59%	36.08%	+227.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	263.59%	33.07%	+230.52%

MUU vs. SMH - Expense Ratio Comparison

MUU has a 1.01% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

MUU vs. SMH - Dividend Comparison

MUU's dividend yield for the trailing twelve months is around 0.27%, more than SMH's 0.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MUU Direxion Daily MU Bull 2X Shares	0.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SMH VanEck Semiconductor ETF	0.19%	0.31%	0.44%	0.60%	1.18%	0.51%	0.69%	1.50%	1.88%	1.43%	0.80%	2.14%

Frequently Asked Questions

Can I hold both MUU and SMH in my portfolio?

MUU and SMH have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MUU or SMH?

On fees, SMH is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MUU or SMH?

SMH is cheaper with a 0.35% expense ratio, compared with 1.01% for MUU.

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

MUU has the higher dividend yield at 0.27%, compared with 0.19% for SMH.

What is the main difference between MUU and SMH?

MUU is categorized as Leveraged Equities, while SMH is Semiconductors. MUU tracks Micron Technology, Inc. (200% Daily), while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: Direxion and VanEck. Their fees differ too: 1.01% for MUU and 0.35% for SMH.