MUU vs. SPXL

Last updated Jun 4, 2026

MUU (Direxion Daily MU Bull 2X Shares) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both Leveraged Equities funds from Direxion. MUU is actively managed, while SPXL is passively managed. Over the past year, MUU returned 6522.95% vs 81.54% for SPXL. A 0.54 correlation means they provide meaningful diversification when combined. MUU charges 1.06%/yr vs 0.84%/yr for SPXL.

Performance

MUU vs. SPXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily MU Bull 2X Shares (MUU) 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, MUU achieves a 961.23% return, which is significantly higher than SPXL's 28.14% return.

MUU

• 1D: 3.08%
• 1M: 218.90%
• YTD: 961.23%
• 6M: 1,422.01%
• 1Y: 6,522.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPXL

• 1D: -2.08%
• 1M: 14.77%
• YTD: 28.14%
• 6M: 26.88%
• 1Y: 81.54%
• 3Y*: 52.83%
• 5Y*: 23.51%
• 10Y*: 30.20%

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

MUU vs. SPXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MUU Direxion Daily MU Bull 2X Shares	961.23%	599.03%	-43.09%
SPXL Direxion Daily S&P 500 Bull 3X ETF	28.14%	31.94%	2.40%

Correlation

The correlation between MUU and SPXL is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	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 MUU and SPXL has been stable across timeframes, ranging from 0.47 to 0.54 - a consistent structural relationship.

Return for Risk

MUU vs. SPXL — Risk / Return Rank

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

MUU

MUU Risk / Return Rank: 99
MUU Sharpe Ratio Rank: 100
MUU Sortino Ratio Rank: 98
MUU Omega Ratio Rank: 97
MUU Calmar Ratio Rank: 100
MUU Martin Ratio Rank: 100

SPXL

SPXL Risk / Return Rank: 63
SPXL Sharpe Ratio Rank: 69
SPXL Sortino Ratio Rank: 57
SPXL Omega Ratio Rank: 58
SPXL Calmar Ratio Rank: 60
SPXL Martin Ratio Rank: 68

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. SPXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily MU Bull 2X Shares (MUU) 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.

	MUU	SPXL	Difference
Sharpe ratio: Return per unit of total volatility	50.40	2.32	+48.09
Sortino ratio: Return per unit of downside risk	7.17	2.78	+4.40
Omega ratio: Gain probability vs. loss probability	1.91	1.37	+0.54
Calmar ratio: Return relative to maximum drawdown	125.85	3.06	+122.79
Martin ratio: Return relative to average drawdown	426.84	12.94	+413.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MUU vs. SPXL - Sharpe Ratio Comparison

The current MUU Sharpe Ratio is 50.40, which is higher than the SPXL Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of MUU 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

	MUU	SPXL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	50.40	2.32	+48.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.47	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.57	—
Sharpe Ratio (All Time) Calculated using the full available price history	6.68	0.53	+6.16

Drawdowns

MUU vs. SPXL - Drawdown Comparison

The maximum MUU drawdown since its inception was -75.07%, roughly equal to the maximum SPXL drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for MUU and SPXL.

Drawdown Indicators

	MUU	SPXL	Difference
Max Drawdown Largest peak-to-trough decline	-75.07%	-76.86%	+1.79%
Max Drawdown (1Y) Largest decline over 1 year	-52.72%	-26.77%	-25.95%
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	0.00%	-2.08%	+2.08%
Average Drawdown Average peak-to-trough decline	-23.44%	-15.72%	-7.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.51%	6.32%	+9.19%

Volatility

MUU vs. SPXL - Volatility Comparison

Direxion Daily MU Bull 2X Shares (MUU) has a higher volatility of 54.78% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 8.49%. This indicates that MUU'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

	MUU	SPXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	54.78%	8.49%	+46.29%
Volatility (6M) Calculated over the trailing 6-month period	105.07%	26.67%	+78.40%
Volatility (1Y) Calculated over the trailing 1-year period	131.77%	35.39%	+96.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	133.67%	50.24%	+83.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	133.67%	53.42%	+80.25%

MUU vs. SPXL - Expense Ratio Comparison

MUU has a 1.06% expense ratio, which is higher than SPXL's 0.84% expense ratio.

Dividends

MUU vs. SPXL - Dividend Comparison

MUU's dividend yield for the trailing twelve months is around 0.46%, less than SPXL's 0.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
MUU Direxion Daily MU Bull 2X Shares	0.46%	4.27%	0.31%	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 MUU and SPXL in my portfolio?

MUU 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, MUU or SPXL?

MUU has higher volatility (54.78%) compared to SPXL (8.49%). In terms of maximum drawdown, MUU dropped -75.07% vs SPXL's -76.86%.

Which ETF is better, MUU or SPXL?

On 1-year performance, MUU leads with 6522.95% vs 81.54% for SPXL. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 8.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MUU or SPXL?

Over the 1-year period, MUU has performed better with a 6522.95% return vs 81.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MUU or SPXL?

SPXL is cheaper with a 0.84% expense ratio, compared with 1.06% for MUU.

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

SPXL has the higher dividend yield at 0.52%, compared with 0.46% for MUU.

What is the main difference between MUU and SPXL?

Their fees differ too: 1.06% for MUU and 0.84% for SPXL.

Which has better risk-adjusted returns?

MUU currently has the higher Sharpe Ratio (50.40 vs 2.32), 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.