NVDD vs. MUU

Last updated Aug 4, 2026

NVDD (Direxion Daily NVDA Bear 1X Shares) and MUU (Direxion Daily MU Bull 2X Shares) are both exchange-traded funds - NVDD is a Inverse Equities fund actively managed by Direxion, while MUU is a Leveraged Equities fund tracking the Micron Technology, Inc. (200% Daily). NVDD is actively managed, while MUU is passively managed. Over the past year, NVDD returned -20.12% vs 2844.73% for MUU. Their -0.50 correlation means they have often moved in opposite directions in the past. Both charge a 1.01% expense ratio.

Performance

NVDD vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily NVDA Bear 1X Shares (NVDD) 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, NVDD achieves a -13.43% return, which is significantly lower than MUU's 378.90% return.

NVDD

• 1D: -2.79%
• 1M: -6.62%
• 6M: -13.93%
• YTD: -13.43%
• 1Y: -20.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -48.64%

MUU

• 1D: 1.35%
• 1M: -35.62%
• 6M: 114.51%
• YTD: 378.90%
• 1Y: 2,844.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 419.02%

*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	$1.54B	$1.50B	$2.29B
NVDD Direxion Daily NVDA Bear 1X Shares	$6.44M	$5.40M	$4.86M

NVDD vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NVDD Direxion Daily NVDA Bear 1X Shares	-13.43%	-38.72%	-2.34%
MUU Direxion Daily MU Bull 2X Shares	378.90%	599.03%	-40.91%

Correlation

The correlation between NVDD and MUU is -0.43, 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.	-0.43
Correlation (All Time) Calculated using the full available price history since Oct 10, 2024	-0.50

The correlation between NVDD and MUU has been stable across timeframes, ranging from -0.50 to -0.43 - a consistent structural relationship.

Return for Risk

NVDD vs. MUU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NVDD

NVDD Risk / Return Rank: 4
NVDD Sharpe Ratio Rank: 5
NVDD Sortino Ratio Rank: 5
NVDD Omega Ratio Rank: 5
NVDD Calmar Ratio Rank: 4
NVDD Martin Ratio Rank: 2

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

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.

NVDD vs. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily NVDA Bear 1X Shares (NVDD) 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.

	NVDD	MUU	Difference
Sharpe ratio: Return per unit of total volatility	-0.55	17.89	-18.45
Sortino ratio: Return per unit of downside risk	-0.61	4.98	-5.59
Omega ratio: Gain probability vs. loss probability	0.93	1.63	-0.69
Calmar ratio: Return relative to maximum drawdown	-0.64	42.38	-43.02
Martin ratio: Return relative to average drawdown	-1.34	138.45	-139.79

NVDD vs. MUU - Sharpe Ratio Comparison

The current NVDD Sharpe Ratio is -0.55, which is lower than the MUU Sharpe Ratio of 17.89. The chart below compares the historical Sharpe Ratios of NVDD 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

NVDD vs. MUU - Drawdown Comparison

The maximum NVDD drawdown since its inception was -88.34%, which is greater than MUU's maximum drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for NVDD and MUU.

Drawdown Indicators

	NVDD	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-88.34%	-75.07%	-13.27%
Max Drawdown (1Y) Largest decline over 1 year	-31.63%	-68.07%	+36.44%
Current Drawdown Current decline from peak	-86.96%	-60.98%	-25.98%
Average Drawdown Average peak-to-trough decline	-68.05%	-24.42%	-43.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.10%	20.79%	-5.69%

Volatility

NVDD vs. MUU - Volatility Comparison

The current volatility for Direxion Daily NVDA Bear 1X Shares (NVDD) is 12.08%, while Direxion Daily MU Bull 2X Shares (MUU) has a volatility of 61.31%. This indicates that NVDD 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

	NVDD	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.08%	61.31%	-49.23%
Volatility (6M) Calculated over the trailing 6-month period	28.46%	133.76%	-105.30%
Volatility (1Y) Calculated over the trailing 1-year period	36.47%	161.53%	-125.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.06%	146.55%	-99.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.06%	146.55%	-99.49%

NVDD vs. MUU - Expense Ratio Comparison

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

Dividends

NVDD vs. MUU - Dividend Comparison

NVDD's dividend yield for the trailing twelve months is around 3.77%, more than MUU's 1.42% yield.

Position	TTM	2025	2024	2023
MUU Direxion Daily MU Bull 2X Shares	1.42%	4.27%	0.31%	0.00%
NVDD Direxion Daily NVDA Bear 1X Shares	3.77%	4.19%	4.83%	1.31%

Frequently Asked Questions

Can I hold both NVDD and MUU in my portfolio?

NVDD and MUU have a correlation of -0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVDD or MUU?

MUU has higher volatility (61.31%) compared to NVDD (12.08%). In terms of maximum drawdown, NVDD dropped -88.34% vs MUU's -75.07%.

Which ETF is better, NVDD or MUU?

On 1-year performance, MUU leads with 2844.73% vs -20.12% for NVDD. Both ETFs have the same 1.01% expense ratio. On volatility, NVDD has been the lower-risk option at 12.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVDD or MUU?

Over the 1-year period, MUU has performed better with a 2844.73% return vs -20.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDD or MUU?

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

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

NVDD has the higher dividend yield at 3.77%, compared with 1.42% for MUU.

What is the main difference between NVDD and MUU?

NVDD is categorized as Inverse Equities, while MUU is Leveraged Equities.

Which has better risk-adjusted returns?

MUU currently has the higher Sharpe Ratio (17.89 vs -0.55), 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.