MUU vs. SMH

Last updated Jun 13, 2026

MUU (Direxion Daily MU Bull 2X Shares) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - MUU is a Leveraged Equities fund actively managed by Direxion, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. MUU is actively managed, while SMH is passively managed. Over the past year, MUU returned 3922.69% vs 136.32% for SMH. A 0.75 correlation means they provide meaningful diversification when combined. MUU charges 1.06%/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

In the year-to-date period, MUU achieves a 727.77% return, which is significantly higher than SMH's 72.15% return.

MUU

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

SMH

• 1D: 1.72%
• 1M: 8.30%
• YTD: 72.15%
• 6M: 75.62%
• 1Y: 136.32%
• 3Y*: 60.05%
• 5Y*: 38.42%
• 10Y*: 37.49%

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

MUU vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MUU Direxion Daily MU Bull 2X Shares	727.77%	599.03%	-40.91%
SMH VanEck Semiconductor ETF	72.15%	49.17%	-4.67%

Correlation

The correlation between MUU and SMH is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (All Time) Calculated using the full available price history since Oct 10, 2024	0.75

The correlation between MUU and SMH has been stable across timeframes, ranging from 0.71 to 0.75 - a consistent structural relationship.

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

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

SMH

SMH Risk / Return Rank: 96
SMH Sharpe Ratio Rank: 97
SMH Sortino Ratio Rank: 94
SMH Omega Ratio Rank: 94
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 96

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	28.62	4.13	+24.49
Sortino ratio: Return per unit of downside risk	6.00	4.26	+1.74
Omega ratio: Gain probability vs. loss probability	1.76	1.60	+0.16
Calmar ratio: Return relative to maximum drawdown	75.54	9.18	+66.36
Martin ratio: Return relative to average drawdown	245.88	33.74	+212.14

MUU vs. SMH - Sharpe Ratio Comparison

The current MUU Sharpe Ratio is 28.62, which is higher than the SMH Sharpe Ratio of 4.13. The chart below compares the historical Sharpe Ratios of MUU and SMH, 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. SMH - Drawdown Comparison

The maximum MUU drawdown since its inception was -75.07%, 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	-75.07%	-84.96%	+9.89%
Max Drawdown (1Y) Largest decline over 1 year	-52.72%	-14.93%	-37.79%
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	-22.00%	-2.81%	-19.19%
Average Drawdown Average peak-to-trough decline	-23.43%	-41.04%	+17.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.16%	4.06%	+12.10%

Volatility

MUU vs. SMH - Volatility Comparison

Direxion Daily MU Bull 2X Shares (MUU) has a higher volatility of 65.35% compared to VanEck Semiconductor ETF (SMH) at 16.25%. This indicates that MUU's price experiences larger fluctuations and is considered to be riskier than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MUU	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	65.35%	16.25%	+49.10%
Volatility (6M) Calculated over the trailing 6-month period	114.18%	27.73%	+86.45%
Volatility (1Y) Calculated over the trailing 1-year period	139.14%	33.20%	+105.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	136.95%	35.47%	+101.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	136.95%	32.82%	+104.13%

MUU vs. SMH - Expense Ratio Comparison

MUU has a 1.06% 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 0.58%, more than SMH's 0.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MUU Direxion Daily MU Bull 2X Shares	0.58%	4.27%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SMH VanEck Semiconductor ETF	0.18%	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 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MUU or SMH?

MUU has higher volatility (65.35%) compared to SMH (16.25%). In terms of maximum drawdown, MUU dropped -75.07% vs SMH's -84.96%.

Which ETF is better, MUU or SMH?

On 1-year performance, MUU leads with 3922.69% vs 136.32% for SMH. On fees, SMH is cheaper at 0.35% per year. On volatility, SMH has been the lower-risk option at 16.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MUU or SMH?

Over the 1-year period, MUU has performed better with a 3922.69% return vs 136.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MUU or SMH?

SMH is cheaper with a 0.35% expense ratio, compared with 1.06% for MUU.

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

MUU has the higher dividend yield at 0.58%, compared with 0.18% for SMH.

What is the main difference between MUU and SMH?

MUU is categorized as Leveraged Equities, while SMH is Semiconductors. They also come from different issuers: Direxion and VanEck. Their fees differ too: 1.06% for MUU and 0.35% for SMH.

Which has better risk-adjusted returns?

MUU currently has the higher Sharpe Ratio (28.62 vs 4.13), 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.