NVDQ vs. MUU

Last updated Jul 16, 2026

NVDQ (T-Rex 2X Inverse NVIDIA Daily Target ETF) and MUU (Direxion Daily MU Bull 2X Shares) are both exchange-traded funds - NVDQ is a Inverse Equities fund actively managed by T-Rex, while MUU is a Leveraged Equities fund tracking the Micron Technology, Inc. (200% Daily). NVDQ is actively managed, while MUU is passively managed. Over the past year, NVDQ returned -55.07% vs 2777.32% for MUU. At a correlation of -0.50, they often move in opposite directions. NVDQ charges 1.05%/yr vs 1.01%/yr for MUU.

Performance

NVDQ vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T-Rex 2X Inverse NVIDIA Daily Target ETF (NVDQ) 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, NVDQ achieves a -38.39% return, which is significantly lower than MUU's 523.19% return.

NVDQ

• 1D: -0.67%
• 1M: -3.36%
• 6M: -40.41%
• YTD: -38.39%
• 1Y: -55.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MUU

• 1D: -15.79%
• 1M: -37.75%
• 6M: 369.59%
• YTD: 523.19%
• 1Y: 2,777.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NVDQ vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NVDQ T-Rex 2X Inverse NVIDIA Daily Target ETF	-38.39%	-74.63%	-9.73%
MUU Direxion Daily MU Bull 2X Shares	523.19%	599.03%	-40.91%

Correlation

The correlation between NVDQ and MUU is -0.42, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.42
Correlation (All Time) Calculated using the full available price history since Oct 10, 2024	-0.50

The correlation between NVDQ and MUU has been stable across timeframes, ranging from -0.50 to -0.42 - a consistent structural relationship.

Return for Risk

NVDQ vs. MUU — Risk / Return Rank

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

NVDQ

NVDQ Risk / Return Rank: 2
NVDQ Sharpe Ratio Rank: 3
NVDQ Sortino Ratio Rank: 3
NVDQ Omega Ratio Rank: 3
NVDQ Calmar Ratio Rank: 1
NVDQ Martin Ratio Rank: 0

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: 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.

NVDQ vs. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T-Rex 2X Inverse NVIDIA Daily Target ETF (NVDQ) 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.

	NVDQ	MUU	Difference
Sharpe ratio: Return per unit of total volatility	-0.78	23.63	-24.41
Sortino ratio: Return per unit of downside risk	-1.05	5.56	-6.61
Omega ratio: Gain probability vs. loss probability	0.88	1.69	-0.81
Calmar ratio: Return relative to maximum drawdown	-0.90	65.61	-66.51
Martin ratio: Return relative to average drawdown	-1.63	219.05	-220.68

NVDQ vs. MUU - Sharpe Ratio Comparison

The current NVDQ Sharpe Ratio is -0.78, which is lower than the MUU Sharpe Ratio of 23.63. The chart below compares the historical Sharpe Ratios of NVDQ 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

NVDQ vs. MUU - Drawdown Comparison

The maximum NVDQ drawdown since its inception was -99.45%, which is greater than MUU's maximum drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for NVDQ and MUU.

Drawdown Indicators

	NVDQ	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-99.45%	-75.07%	-24.38%
Max Drawdown (1Y) Largest decline over 1 year	-61.65%	-52.72%	-8.93%
Current Drawdown Current decline from peak	-99.38%	-41.28%	-58.10%
Average Drawdown Average peak-to-trough decline	-88.53%	-23.49%	-65.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.77%	16.88%	+16.89%

Volatility

NVDQ vs. MUU - Volatility Comparison

The current volatility for T-Rex 2X Inverse NVIDIA Daily Target ETF (NVDQ) is 22.84%, while Direxion Daily MU Bull 2X Shares (MUU) has a volatility of 70.38%. This indicates that NVDQ 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

	NVDQ	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.84%	70.38%	-47.54%
Volatility (6M) Calculated over the trailing 6-month period	55.75%	116.37%	-60.62%
Volatility (1Y) Calculated over the trailing 1-year period	71.32%	146.36%	-75.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	94.97%	138.54%	-43.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	94.97%	138.54%	-43.57%

NVDQ vs. MUU - Expense Ratio Comparison

NVDQ has a 1.05% expense ratio, which is higher than MUU's 1.01% expense ratio.

Dividends

NVDQ vs. MUU - Dividend Comparison

NVDQ's dividend yield for the trailing twelve months is around 0.42%, less than MUU's 0.76% yield.

Position	TTM	2025	2024	2023
MUU Direxion Daily MU Bull 2X Shares	0.76%	4.27%	0.31%	0.00%
NVDQ T-Rex 2X Inverse NVIDIA Daily Target ETF	0.42%	0.26%	4.59%	11.60%

Frequently Asked Questions

Can I hold both NVDQ and MUU in my portfolio?

NVDQ and MUU have a correlation of -0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVDQ or MUU?

MUU has higher volatility (70.38%) compared to NVDQ (22.84%). In terms of maximum drawdown, NVDQ dropped -99.45% vs MUU's -75.07%.

Which ETF is better, NVDQ or MUU?

On 1-year performance, MUU leads with 2777.32% vs -55.07% for NVDQ. On fees, MUU is cheaper at 1.01% per year. On volatility, NVDQ has been the lower-risk option at 22.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVDQ or MUU?

Over the 1-year period, MUU has performed better with a 2777.32% return vs -55.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDQ or MUU?

MUU is cheaper with a 1.01% expense ratio, compared with 1.05% for NVDQ.

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

MUU has the higher dividend yield at 0.76%, compared with 0.42% for NVDQ.

What is the main difference between NVDQ and MUU?

NVDQ is categorized as Inverse Equities, while MUU is Leveraged Equities. They also come from different issuers: T-Rex and Direxion. Their fees differ too: 1.05% for NVDQ and 1.01% for MUU.

Which has better risk-adjusted returns?

MUU currently has the higher Sharpe Ratio (23.63 vs -0.78), 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.