NVDG vs. MUU

Last updated Jun 24, 2026

NVDG (Leverage Shares 2X Long NVDA Daily ETF) and MUU (Direxion Daily MU Bull 2X Shares) are both Leveraged Equities funds. NVDG is actively managed, while MUU is passively managed. With a 1.00 correlation, they move nearly in lockstep. NVDG charges 0.75%/yr vs 1.01%/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

NVDG

• 1D: -8.30%
• 1M: -15.70%
• YTD: 1.66%
• 6M: -1.47%
• 1Y: 51.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MUU

• 1D: -26.28%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NVDG vs. MUU - Yearly Performance Comparison

	2026 (YTD)
NVDG Leverage Shares 2X Long NVDA Daily ETF	-11.70%
MUU Direxion Daily MU Bull 2X Shares	-12.11%

Correlation

The correlation between NVDG and MUU is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 16, 2026	1.00

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: 24
NVDG Sharpe Ratio Rank: 22
NVDG Sortino Ratio Rank: 26
NVDG Omega Ratio Rank: 25
NVDG Calmar Ratio Rank: 26
NVDG Martin Ratio Rank: 22

MUU

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

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.

	NVDG	MUU	Difference
Sharpe ratio: Return per unit of total volatility	0.73	—	—
Sortino ratio: Return per unit of downside risk	1.39	—	—
Omega ratio: Gain probability vs. loss probability	1.17	—	—
Calmar ratio: Return relative to maximum drawdown	1.20	—	—
Martin ratio: Return relative to average drawdown	2.62	—	—

Drawdowns

NVDG vs. MUU - Drawdown Comparison

The maximum NVDG drawdown since its inception was -66.19%, which is greater than MUU's maximum drawdown of -26.28%. 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%	-26.28%	-39.91%
Max Drawdown (1Y) Largest decline over 1 year	-42.72%	—	—
Current Drawdown Current decline from peak	-30.20%	-26.28%	-3.92%
Average Drawdown Average peak-to-trough decline	-23.05%	-10.19%	-12.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.59%	—	—

Volatility

Volatility by Period

	NVDG	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.07%	—	—
Volatility (6M) Calculated over the trailing 6-month period	52.86%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	70.20%	295.32%	-225.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	90.59%	295.32%	-204.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	90.59%	295.32%	-204.73%

NVDG vs. MUU - Expense Ratio Comparison

NVDG has a 0.75% expense ratio, which is lower than MUU's 1.01% expense ratio.

Dividends

NVDG vs. MUU - Dividend Comparison

NVDG's dividend yield for the trailing twelve months is around 11.62%, while MUU has not paid dividends to shareholders.

Position	TTM	2025
MUU Direxion Daily MU Bull 2X Shares	0.00%	0.00%
NVDG Leverage Shares 2X Long NVDA Daily ETF	11.62%	11.81%

Frequently Asked Questions

Can I hold both NVDG and MUU in my portfolio?

With a correlation of 1.00, NVDG and MUU move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, NVDG or MUU?

On fees, NVDG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NVDG or MUU?

NVDG is cheaper with a 0.75% expense ratio, compared with 1.01% for MUU.

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

NVDG has the higher dividend yield at 11.62%, compared with 0.00% 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 1.01% for MUU.