NVDG vs. MUU

Last updated Jun 4, 2026

NVDG (Leverage Shares 2X Long NVDA Daily ETF) and MUU (Direxion Daily MU Bull 2X Shares) are both Leveraged Equities funds. Both are actively managed. Over the past year, NVDG returned 83.14% vs 6522.95% for MUU. A 0.51 correlation means they provide meaningful diversification when combined. NVDG charges 0.75%/yr vs 1.06%/yr for MUU.

Performance

NVDG vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long NVDA Daily ETF (NVDG) 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, NVDG achieves a 18.93% return, which is significantly lower than MUU's 961.23% return.

NVDG

• 1D: -7.35%
• 1M: 14.07%
• YTD: 18.93%
• 6M: 26.05%
• 1Y: 83.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MUU

• 1D: 3.08%
• 1M: 218.90%
• YTD: 961.23%
• 6M: 1,422.01%
• 1Y: 6,522.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NVDG vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NVDG Leverage Shares 2X Long NVDA Daily ETF	18.93%	32.45%	-0.75%
MUU Direxion Daily MU Bull 2X Shares	961.23%	599.03%	-36.01%

Correlation

The correlation between NVDG and MUU is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (All Time) Calculated using the full available price history since Dec 16, 2024	0.51

The correlation between NVDG and MUU shifts across timeframes, from 0.40 (1 year) to 0.51 (all time), reflecting how their relationship changes across market environments.

Return for Risk

NVDG vs. MUU — Risk / Return Rank

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

NVDG

NVDG Risk / Return Rank: 34
NVDG Sharpe Ratio Rank: 34
NVDG Sortino Ratio Rank: 35
NVDG Omega Ratio Rank: 33
NVDG Calmar Ratio Rank: 39
NVDG Martin Ratio Rank: 30

MUU

MUU Risk / Return Rank: 99
MUU Sharpe Ratio Rank: 100
MUU Sortino Ratio Rank: 98
MUU Omega Ratio Rank: 97
MUU Calmar Ratio Rank: 100
MUU Martin Ratio Rank: 100

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.

NVDG vs. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long NVDA Daily ETF (NVDG) 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.

	NVDG	MUU	Difference
Sharpe ratio: Return per unit of total volatility	1.24	50.40	-49.17
Sortino ratio: Return per unit of downside risk	1.87	7.17	-5.31
Omega ratio: Gain probability vs. loss probability	1.22	1.91	-0.69
Calmar ratio: Return relative to maximum drawdown	1.96	125.85	-123.89
Martin ratio: Return relative to average drawdown	4.44	426.84	-422.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NVDG vs. MUU - Sharpe Ratio Comparison

The current NVDG Sharpe Ratio is 1.24, which is lower than the MUU Sharpe Ratio of 50.40. The chart below compares the historical Sharpe Ratios of NVDG 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.

Sharpe Ratios by Period

	NVDG	MUU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.24	50.40	-49.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	6.68	-6.29

Drawdowns

NVDG vs. MUU - Drawdown Comparison

The maximum NVDG drawdown since its inception was -66.19%, smaller than the maximum MUU drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for NVDG and MUU.

Drawdown Indicators

	NVDG	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-66.19%	-75.07%	+8.88%
Max Drawdown (1Y) Largest decline over 1 year	-42.72%	-52.72%	+10.00%
Current Drawdown Current decline from peak	-18.34%	0.00%	-18.34%
Average Drawdown Average peak-to-trough decline	-23.07%	-23.44%	+0.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.77%	15.51%	+3.26%

Volatility

NVDG vs. MUU - Volatility Comparison

The current volatility for Leverage Shares 2X Long NVDA Daily ETF (NVDG) is 25.14%, while Direxion Daily MU Bull 2X Shares (MUU) has a volatility of 54.78%. This indicates that NVDG 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

	NVDG	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.14%	54.78%	-29.64%
Volatility (6M) Calculated over the trailing 6-month period	50.15%	105.07%	-54.92%
Volatility (1Y) Calculated over the trailing 1-year period	67.81%	131.77%	-63.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	90.72%	133.67%	-42.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	90.72%	133.67%	-42.95%

NVDG vs. MUU - Expense Ratio Comparison

NVDG has a 0.75% expense ratio, which is lower than MUU's 1.06% expense ratio.

Dividends

NVDG vs. MUU - Dividend Comparison

NVDG's dividend yield for the trailing twelve months is around 9.93%, more than MUU's 0.46% yield.

Position	TTM	2025	2024
MUU Direxion Daily MU Bull 2X Shares	0.46%	4.27%	0.31%
NVDG Leverage Shares 2X Long NVDA Daily ETF	9.93%	11.81%	0.00%

Frequently Asked Questions

Can I hold both NVDG and MUU in my portfolio?

NVDG and MUU have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVDG or MUU?

MUU has higher volatility (54.78%) compared to NVDG (25.14%). In terms of maximum drawdown, NVDG dropped -66.19% vs MUU's -75.07%.

Which ETF is better, NVDG or MUU?

On 1-year performance, MUU leads with 6522.95% vs 83.14% for NVDG. On fees, NVDG is cheaper at 0.75% per year. On volatility, NVDG has been the lower-risk option at 25.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVDG or MUU?

Over the 1-year period, MUU has performed better with a 6522.95% return vs 83.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDG or MUU?

NVDG is cheaper with a 0.75% expense ratio, compared with 1.06% for MUU.

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

NVDG has the higher dividend yield at 9.93%, compared with 0.46% for MUU.

What is the main difference between NVDG and MUU?

They also come from different issuers: Leverage Shares and Direxion. Their fees differ too: 0.75% for NVDG and 1.06% for MUU.

Which has better risk-adjusted returns?

MUU currently has the higher Sharpe Ratio (50.40 vs 1.24), 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.