MUU vs. SPXS
MUU (Direxion Daily MU Bull 2X Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - MUU is a Leveraged Equities fund tracking the Micron Technology, Inc. (200% Daily), while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past year, MUU returned 3034.71% vs -44.53% for SPXS. Their -0.53 correlation means they have often moved in opposite directions in the past. MUU charges 1.01%/yr vs 1.08%/yr for SPXS.
Performance
MUU vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, MUU achieves a 451.56% return, which is significantly higher than SPXS's -30.39% return.
MUU
- 1D
- 0.22%
- 1M
- -27.29%
- 6M
- 233.36%
- YTD
- 451.56%
- 1Y
- 3,034.71%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 458.18%
SPXS
- 1D
- 0.66%
- 1M
- -6.84%
- 6M
- -29.64%
- YTD
- -30.39%
- 1Y
- -44.53%
- 3Y*
- -41.71%
- 5Y*
- -33.55%
- 10Y*
- -41.54%
- ALL TIME*
- -44.94%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.51B | $1.48B | $2.30B | |
| $344.98M | $288.31M | $338.49M |
MUU vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MUU Direxion Daily MU Bull 2X Shares | 451.56% | 599.03% | -40.91% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -30.39% | -41.53% | -3.34% |
Correlation
The correlation between MUU and SPXS is -0.52, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.52 |
Correlation (All Time) Calculated using the full available price history since Oct 10, 2024 | -0.53 |
The correlation between MUU and SPXS has been stable across timeframes, ranging from -0.53 to -0.52 - a consistent structural relationship.
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Return for Risk
MUU vs. SPXS — Risk / Return Rank
MUU
SPXS
MUU vs. SPXS - 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 Bear 3X Shares (SPXS). 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 | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +20.19 | ||
| Sortino ratioReturn per unit of downside risk | +6.89 | ||
| Omega ratioGain probability vs. loss probability | 1.63 | 0.80 | +0.83 |
| Calmar ratioReturn relative to maximum drawdown | 45.22 | -0.99 | +46.21 |
| Martin ratioReturn relative to average drawdown | 143.78 | -1.80 | +145.58 |
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Drawdowns
MUU vs. SPXS - Drawdown Comparison
The maximum MUU drawdown since its inception was -75.07%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for MUU and SPXS.
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Drawdown Indicators
| MUU | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.07% | -100.00% | +24.93% |
Max Drawdown (1Y)Largest decline over 1 year | -68.07% | -45.14% | -22.93% |
Max Drawdown (3Y)Largest decline over 3 years | — | -84.95% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -90.62% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.58% | — |
Current DrawdownCurrent decline from peak | -55.06% | -100.00% | +44.94% |
Average DrawdownAverage peak-to-trough decline | -24.55% | -96.32% | +71.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.37% | 25.32% | -3.95% |
Volatility
MUU vs. SPXS - Volatility Comparison
Direxion Daily MU Bull 2X Shares (MUU) has a higher volatility of 62.67% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 12.42%. This indicates that MUU's price experiences larger fluctuations and is considered to be riskier than SPXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MUU | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 62.67% | 12.42% | +50.25% |
Volatility (6M)Calculated over the trailing 6-month period | 133.72% | 31.05% | +102.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 161.71% | 38.62% | +123.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 146.59% | 50.86% | +95.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 146.59% | 53.62% | +92.97% |
MUU vs. SPXS - Expense Ratio Comparison
MUU has a 1.01% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
MUU vs. SPXS - Dividend Comparison
MUU's dividend yield for the trailing twelve months is around 1.23%, less than SPXS's 4.88% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
MUU Direxion Daily MU Bull 2X Shares | 1.23% | 4.27% | 0.31% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.88% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
Frequently Asked Questions
MUU and SPXS have a correlation of -0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MUU has higher volatility (62.67%) compared to SPXS (12.42%). In terms of maximum drawdown, MUU dropped -75.07% vs SPXS's -100.00%.
On 1-year performance, MUU leads with 3034.71% vs -44.53% for SPXS. On fees, MUU is cheaper at 1.01% per year. On volatility, SPXS has been the lower-risk option at 12.42%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, MUU has performed better with a 3034.71% return vs -44.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MUU is cheaper with a 1.01% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 4.88%, compared with 1.23% for MUU.
MUU is categorized as Leveraged Equities, while SPXS is Inverse Equities. MUU tracks Micron Technology, Inc. (200% Daily), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 1.01% for MUU and 1.08% for SPXS.
MUU currently has the higher Sharpe Ratio (19.04 vs -1.16), 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.
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