MUU vs. TMF

Last updated Aug 6, 2026

MUU (Direxion Daily MU Bull 2X Shares) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - MUU is a Leveraged Equities fund tracking the Micron Technology, Inc. (200% Daily), while TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%). Both are passively managed. Over the past year, MUU returned 3034.71% vs -16.55% for TMF. Their 0.03 correlation means their historical movements had little consistent relationship. Both charge a 1.01% expense ratio.

Performance

MUU vs. TMF - 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 20+ Year Treasury Bull 3X ETF (TMF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MUU achieves a 451.56% return, which is significantly higher than TMF's -13.43% 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%

TMF

• 1D: 0.70%
• 1M: -8.20%
• 6M: -11.46%
• YTD: -13.43%
• 1Y: -16.55%
• 3Y*: -18.06%
• 5Y*: -33.81%
• 10Y*: -18.10%
• ALL TIME*: -6.47%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MUU Direxion Daily MU Bull 2X Shares	$1.51B	$1.48B	$2.30B
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	$174.56M	$137.48M	$128.85M

MUU vs. TMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MUU Direxion Daily MU Bull 2X Shares	451.56%	599.03%	-40.91%
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	-13.43%	-2.94%	-21.82%

Correlation

The correlation between MUU and TMF is 0.04, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.04
Correlation (All Time) Calculated using the full available price history since Oct 10, 2024	0.03

Return for Risk

MUU vs. TMF — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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: 99
MUU Martin Ratio Rank: 99

TMF

TMF Risk / Return Rank: 4
TMF Sharpe Ratio Rank: 4
TMF Sortino Ratio Rank: 4
TMF Omega Ratio Rank: 4
TMF Calmar Ratio Rank: 4
TMF Martin Ratio Rank: 3

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MUU vs. TMF - 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 20+ Year Treasury Bull 3X ETF (TMF). 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	TMF	Difference
Sharpe ratio: Return per unit of total volatility	19.04	-0.61	+19.65
Sortino ratio: Return per unit of downside risk	5.06	-0.73	+5.79
Omega ratio: Gain probability vs. loss probability	1.63	0.92	+0.72
Calmar ratio: Return relative to maximum drawdown	45.22	-0.58	+45.80
Martin ratio: Return relative to average drawdown	143.78	-1.16	+144.94

MUU vs. TMF - Sharpe Ratio Comparison

The current MUU Sharpe Ratio is 19.04, which is higher than the TMF Sharpe Ratio of -0.61. The chart below compares the historical Sharpe Ratios of MUU and TMF, 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. TMF - Drawdown Comparison

The maximum MUU drawdown since its inception was -75.07%, smaller than the maximum TMF drawdown of -93.10%. Use the drawdown chart below to compare losses from any high point for MUU and TMF.

Drawdown Indicators

	MUU	TMF	Difference
Max Drawdown Largest peak-to-trough decline	-75.07%	-93.10%	+18.03%
Max Drawdown (1Y) Largest decline over 1 year	-68.07%	-28.69%	-39.38%
Max Drawdown (3Y) Largest decline over 3 years	—	-50.64%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-89.14%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-93.10%	—
Current Drawdown Current decline from peak	-55.06%	-92.83%	+37.77%
Average Drawdown Average peak-to-trough decline	-24.55%	-44.10%	+19.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.37%	14.40%	+6.97%

Volatility

MUU vs. TMF - Volatility Comparison

Direxion Daily MU Bull 2X Shares (MUU) has a higher volatility of 62.67% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.36%. This indicates that MUU's price experiences larger fluctuations and is considered to be riskier than TMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MUU	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	62.67%	7.36%	+55.31%
Volatility (6M) Calculated over the trailing 6-month period	133.72%	20.07%	+113.65%
Volatility (1Y) Calculated over the trailing 1-year period	161.71%	27.13%	+134.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	146.59%	46.38%	+100.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	146.59%	43.69%	+102.90%

MUU vs. TMF - Expense Ratio Comparison

Both MUU and TMF have an expense ratio of 1.01%.

Dividends

MUU vs. TMF - Dividend Comparison

MUU's dividend yield for the trailing twelve months is around 1.23%, less than TMF's 4.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%	0.00%
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	4.56%	4.06%	4.29%	2.82%	1.62%	0.13%	2.23%	0.94%	1.49%	0.41%

Frequently Asked Questions

Can I hold both MUU and TMF in my portfolio?

MUU and TMF have a correlation of 0.04, 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 TMF?

MUU has higher volatility (62.67%) compared to TMF (7.36%). In terms of maximum drawdown, MUU dropped -75.07% vs TMF's -93.10%.

Which ETF is better, MUU or TMF?

On 1-year performance, MUU leads with 3034.71% vs -16.55% for TMF. Both ETFs have the same 1.01% expense ratio. On volatility, TMF has been the lower-risk option at 7.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MUU or TMF?

Over the 1-year period, MUU has performed better with a 3034.71% return vs -16.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MUU or TMF?

MUU and TMF have the same expense ratio: 1.01% per year.

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

TMF has the higher dividend yield at 4.56%, compared with 1.23% for MUU.

What is the main difference between MUU and TMF?

MUU is categorized as Leveraged Equities, while TMF is Leveraged Bonds. MUU tracks Micron Technology, Inc. (200% Daily), while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%).

Which has better risk-adjusted returns?

MUU currently has the higher Sharpe Ratio (19.04 vs -0.61), 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.