MUU vs. TMF
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 actively managed by Direxion, while TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%). MUU is actively managed, while TMF is passively managed. Over the past year, MUU returned 6522.95% vs 0.90% for TMF. At a 0.01 correlation, their price movements are largely independent. MUU charges 1.06%/yr vs 1.01%/yr for TMF.
Performance
MUU vs. TMF - Performance Comparison
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Returns By Period
In the year-to-date period, MUU achieves a 961.23% return, which is significantly higher than TMF's -6.13% return.
MUU
- 1D
- 3.08%
- 1M
- 218.90%
- YTD
- 961.23%
- 6M
- 1,422.01%
- 1Y
- 6,522.95%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TMF
- 1D
- -1.14%
- 1M
- 1.22%
- YTD
- -6.13%
- 6M
- -11.63%
- 1Y
- 0.90%
- 3Y*
- -20.78%
- 5Y*
- -30.52%
- 10Y*
- -16.56%
MUU vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MUU Direxion Daily MU Bull 2X Shares | 961.23% | 599.03% | -43.09% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -6.13% | -2.94% | -20.76% |
Correlation
The correlation between MUU and TMF is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2024 | 0.01 |
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Return for Risk
MUU vs. TMF — Risk / Return Rank
MUU
TMF
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.
| MUU | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +50.37 | ||
| Sortino ratioReturn per unit of downside risk | +6.92 | ||
| Omega ratioGain probability vs. loss probability | 1.91 | 1.03 | +0.88 |
| Calmar ratioReturn relative to maximum drawdown | 125.85 | 0.03 | +125.81 |
| Martin ratioReturn relative to average drawdown | 426.84 | 0.08 | +426.76 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MUU | TMF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 50.40 | 0.03 | +50.37 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.66 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.38 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 6.68 | -0.14 | +6.82 |
Drawdowns
MUU vs. TMF - Drawdown Comparison
The maximum MUU drawdown since its inception was -75.07%, smaller than the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for MUU and TMF.
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Drawdown Indicators
| MUU | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.07% | -92.89% | +17.82% |
Max Drawdown (1Y)Largest decline over 1 year | -52.72% | -26.51% | -26.21% |
Max Drawdown (3Y)Largest decline over 3 years | — | -56.31% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -88.81% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -92.89% | — |
Current DrawdownCurrent decline from peak | 0.00% | -92.23% | +92.23% |
Average DrawdownAverage peak-to-trough decline | -23.44% | -43.63% | +20.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.51% | 11.49% | +4.02% |
Volatility
MUU vs. TMF - Volatility Comparison
Direxion Daily MU Bull 2X Shares (MUU) has a higher volatility of 54.78% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 8.09%. 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.
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Volatility by Period
| MUU | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 54.78% | 8.09% | +46.69% |
Volatility (6M)Calculated over the trailing 6-month period | 105.07% | 19.01% | +86.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 131.77% | 28.76% | +103.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 133.67% | 46.75% | +86.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 133.67% | 43.92% | +89.75% |
MUU vs. TMF - Expense Ratio Comparison
MUU has a 1.06% expense ratio, which is higher than TMF's 1.01% expense ratio.
Dividends
MUU vs. TMF - Dividend Comparison
MUU's dividend yield for the trailing twelve months is around 0.46%, less than TMF's 4.15% 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% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.15% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
Frequently Asked Questions
MUU and TMF have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MUU has higher volatility (54.78%) compared to TMF (8.09%). In terms of maximum drawdown, MUU dropped -75.07% vs TMF's -92.89%.
On 1-year performance, MUU leads with 6522.95% vs 0.90% for TMF. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 8.09%. 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 6522.95% return vs 0.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TMF is cheaper with a 1.01% expense ratio, compared with 1.06% for MUU.
TMF has the higher dividend yield at 4.15%, compared with 0.46% for MUU.
MUU is categorized as Leveraged Equities, while TMF is Leveraged Bonds. Their fees differ too: 1.06% for MUU and 1.01% for TMF.
MUU currently has the higher Sharpe Ratio (50.40 vs 0.03), 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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