MUU vs. SPXS

Last updated Apr 1, 2026

Compare and contrast key facts about Direxion Daily MU Bull 2X Shares (MUU) and Direxion Daily S&P 500 Bear 3X Shares (SPXS).

MUU and SPXS are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MUU is an actively managed fund by Direxion. It was launched on Oct 9, 2024. SPXS is a passively managed fund by Direxion that tracks the performance of the S&P 500 Index (-300%). It was launched on Nov 5, 2008.

Performance

MUU vs. SPXS - 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 Bear 3X Shares (SPXS). The values are adjusted to include any dividend payments, if applicable.

MUU vs. SPXS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MUU Direxion Daily MU Bull 2X Shares	19.95%	599.03%	-43.09%
SPXS Direxion Daily S&P 500 Bear 3X Shares	15.24%	-41.53%	-3.78%

Returns By Period

In the year-to-date period, MUU achieves a 19.95% return, which is significantly higher than SPXS's 15.24% return.

MUU

• 1D: 9.69%
• 1M: -37.04%
• YTD: 19.95%
• 6M: 205.62%
• 1Y: 790.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPXS

• 1D: -8.58%
• 1M: 16.13%
• YTD: 15.24%
• 6M: 8.20%
• 1Y: -41.31%
• 3Y*: -36.25%
• 5Y*: -31.30%
• 10Y*: -39.79%

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

MUU vs. SPXS - Expense Ratio Comparison

MUU has a 1.06% expense ratio, which is lower than SPXS's 1.08% expense ratio.

SPXS

Direxion Daily S&P 500 Bear 3X Shares

MUU

Direxion Daily MU Bull 2X Shares

Return for Risk

MUU vs. SPXS — 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: 99
MUU Sortino Ratio Rank: 97
MUU Omega Ratio Rank: 96
MUU Calmar Ratio Rank: 99
MUU Martin Ratio Rank: 98

SPXS

SPXS Risk / Return Rank: 3
SPXS Sharpe Ratio Rank: 2
SPXS Sortino Ratio Rank: 2
SPXS Omega Ratio Rank: 2
SPXS Calmar Ratio Rank: 2
SPXS Martin Ratio Rank: 6

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. 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.

	MUU	SPXS	Difference
Sharpe ratio Return per unit of total volatility	6.16	-0.76	+6.92
Sortino ratio Return per unit of downside risk	3.70	-0.93	+4.63
Omega ratio Gain probability vs. loss probability	1.49	0.87	+0.63
Calmar ratio Return relative to maximum drawdown	14.42	-0.65	+15.07
Martin ratio Return relative to average drawdown	40.98	-0.76	+41.74
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. SPXS - Sharpe Ratio Comparison

The current MUU Sharpe Ratio is 6.16, which is higher than the SPXS Sharpe Ratio of -0.76. The chart below compares the historical Sharpe Ratios of MUU and SPXS, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MUU	SPXS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	6.16	-0.76	+6.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.62	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.75	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.52	-0.81	+2.33

Correlation

The correlation between MUU and SPXS is -0.54. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

MUU vs. SPXS - Dividend Comparison

MUU's dividend yield for the trailing twelve months is around 4.03%, more than SPXS's 3.17% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
MUU Direxion Daily MU Bull 2X Shares	4.03%	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	3.17%	4.93%	6.18%	5.66%	0.00%	0.00%	0.51%	1.74%	0.58%

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.

Drawdown Indicators

	MUU	SPXS	Difference
Max Drawdown Largest peak-to-trough decline	-75.07%	-100.00%	+24.93%
Max Drawdown (1Y) Largest decline over 1 year	-52.72%	-65.10%	+12.38%
Max Drawdown (5Y) Largest decline over 5 years	—	-87.42%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-99.52%	—
Current Drawdown Current decline from peak	-48.14%	-100.00%	+51.86%
Average Drawdown Average peak-to-trough decline	-25.05%	-96.27%	+71.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.55%	55.70%	-37.15%

Volatility

MUU vs. SPXS - Volatility Comparison

Direxion Daily MU Bull 2X Shares (MUU) has a higher volatility of 46.74% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 16.04%. 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.

Volatility by Period

	MUU	SPXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	46.74%	16.04%	+30.70%
Volatility (6M) Calculated over the trailing 6-month period	98.12%	28.28%	+69.84%
Volatility (1Y) Calculated over the trailing 1-year period	129.66%	54.62%	+75.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	127.08%	50.42%	+76.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	127.08%	53.50%	+73.58%