NFLY vs. MUU

Last updated Jul 14, 2026

NFLY (YieldMax NFLX Option Income Strategy ETF) and MUU (Direxion Daily MU Bull 2X Shares) are both exchange-traded funds - NFLY is a Derivative Income fund actively managed by YieldMax, while MUU is a Leveraged Equities fund tracking the Micron Technology, Inc. (200% Daily). NFLY is actively managed, while MUU is passively managed. Over the past year, NFLY returned -34.29% vs 2796.55% for MUU. At a 0.05 correlation, their price movements are largely independent. NFLY charges 0.99%/yr vs 1.01%/yr for MUU.

Performance

NFLY vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax NFLX Option Income Strategy ETF (NFLY) and Direxion Daily MU Bull 2X Shares (MUU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NFLY achieves a -17.03% return, which is significantly lower than MUU's 575.80% return.

NFLY

• 1D: 1.15%
• 1M: -8.16%
• 6M: -13.66%
• YTD: -17.03%
• 1Y: -34.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MUU

• 1D: -9.01%
• 1M: -18.36%
• 6M: 372.65%
• YTD: 575.80%
• 1Y: 2,796.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NFLY vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NFLY YieldMax NFLX Option Income Strategy ETF	-17.03%	1.66%	19.16%
MUU Direxion Daily MU Bull 2X Shares	575.80%	599.03%	-40.91%

Correlation

The correlation between NFLY and MUU is -0.08, 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	-0.08
Correlation (All Time) Calculated using the full available price history since Oct 10, 2024	0.05

The correlation between NFLY and MUU shifts across timeframes, from -0.08 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.

Return for Risk

NFLY vs. MUU — Risk / Return Rank

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

NFLY

NFLY Risk / Return Rank: 1
NFLY Sharpe Ratio Rank: 0
NFLY Sortino Ratio Rank: 1
NFLY Omega Ratio Rank: 1
NFLY Calmar Ratio Rank: 1
NFLY Martin Ratio Rank: 0

MUU

MUU Risk / Return Rank: 99
MUU Sharpe Ratio Rank: 100
MUU Sortino Ratio Rank: 97
MUU Omega Ratio Rank: 96
MUU Calmar Ratio Rank: 100
MUU Martin Ratio Rank: 99

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.

NFLY vs. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax NFLX Option Income Strategy ETF (NFLY) and Direxion Daily MU Bull 2X Shares (MUU). 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.

	NFLY	MUU	Difference
Sharpe ratio: Return per unit of total volatility	-1.20	23.95	-25.15
Sortino ratio: Return per unit of downside risk	-1.76	5.62	-7.38
Omega ratio: Gain probability vs. loss probability	0.77	1.69	-0.92
Calmar ratio: Return relative to maximum drawdown	-0.92	66.09	-67.02
Martin ratio: Return relative to average drawdown	-1.64	221.31	-222.95

NFLY vs. MUU - Sharpe Ratio Comparison

The current NFLY Sharpe Ratio is -1.20, which is lower than the MUU Sharpe Ratio of 23.95. The chart below compares the historical Sharpe Ratios of NFLY and MUU, 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

NFLY vs. MUU - Drawdown Comparison

The maximum NFLY drawdown since its inception was -39.68%, smaller than the maximum MUU drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for NFLY and MUU.

Drawdown Indicators

	NFLY	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-39.68%	-75.07%	+35.39%
Max Drawdown (1Y) Largest decline over 1 year	-37.23%	-52.72%	+15.49%
Current Drawdown Current decline from peak	-38.39%	-36.32%	-2.07%
Average Drawdown Average peak-to-trough decline	-9.46%	-23.43%	+13.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.92%	16.57%	+4.35%

Volatility

NFLY vs. MUU - Volatility Comparison

The current volatility for YieldMax NFLX Option Income Strategy ETF (NFLY) is 9.46%, while Direxion Daily MU Bull 2X Shares (MUU) has a volatility of 67.81%. This indicates that NFLY experiences smaller price fluctuations and is considered to be less risky than MUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NFLY	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.46%	67.81%	-58.35%
Volatility (6M) Calculated over the trailing 6-month period	22.09%	116.35%	-94.26%
Volatility (1Y) Calculated over the trailing 1-year period	28.68%	145.78%	-117.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.36%	138.10%	-109.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.36%	138.10%	-109.74%

NFLY vs. MUU - Expense Ratio Comparison

NFLY has a 0.99% expense ratio, which is lower than MUU's 1.01% expense ratio.

Dividends

NFLY vs. MUU - Dividend Comparison

NFLY's dividend yield for the trailing twelve months is around 64.97%, more than MUU's 0.70% yield.

Position	TTM	2025	2024	2023
MUU Direxion Daily MU Bull 2X Shares	0.70%	4.27%	0.31%	0.00%
NFLY YieldMax NFLX Option Income Strategy ETF	64.97%	61.53%	49.91%	11.84%

Frequently Asked Questions

Can I hold both NFLY and MUU in my portfolio?

NFLY and MUU have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NFLY or MUU?

MUU has higher volatility (67.81%) compared to NFLY (9.46%). In terms of maximum drawdown, NFLY dropped -39.68% vs MUU's -75.07%.

Which ETF is better, NFLY or MUU?

On 1-year performance, MUU leads with 2796.55% vs -34.29% for NFLY. On fees, NFLY is cheaper at 0.99% per year. On volatility, NFLY has been the lower-risk option at 9.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NFLY or MUU?

Over the 1-year period, MUU has performed better with a 2796.55% return vs -34.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NFLY or MUU?

NFLY is cheaper with a 0.99% expense ratio, compared with 1.01% for MUU.

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

NFLY has the higher dividend yield at 64.97%, compared with 0.70% for MUU.

What is the main difference between NFLY and MUU?

NFLY is categorized as Derivative Income, while MUU is Leveraged Equities. They also come from different issuers: YieldMax and Direxion. Their fees differ too: 0.99% for NFLY and 1.01% for MUU.

Which has better risk-adjusted returns?

MUU currently has the higher Sharpe Ratio (23.95 vs -1.20), 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.