PILL vs. MUU

Last updated Jun 5, 2026

PILL (Direxion Daily Pharmaceutical & Medical Bull 3X Shares) and MUU (Direxion Daily MU Bull 2X Shares) are both Leveraged Equities funds from Direxion. PILL is passively managed, while MUU is actively managed. Over the past year, PILL returned 123.35% vs 5396.82% for MUU. At a 0.30 correlation, their price movements are largely independent. PILL charges 0.98%/yr vs 1.06%/yr for MUU.

Performance

PILL vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Pharmaceutical & Medical Bull 3X Shares (PILL) 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, PILL achieves a -1.69% return, which is significantly lower than MUU's 798.37% return.

PILL

• 1D: 8.24%
• 1M: -11.70%
• YTD: -1.69%
• 6M: 7.86%
• 1Y: 123.35%
• 3Y*: 16.40%
• 5Y*: -10.52%
• 10Y*: —

MUU

• 1D: -15.35%
• 1M: 121.05%
• YTD: 798.37%
• 6M: 1,279.44%
• 1Y: 5,396.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PILL vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PILL Direxion Daily Pharmaceutical & Medical Bull 3X Shares	-1.69%	75.14%	-9.51%
MUU Direxion Daily MU Bull 2X Shares	798.37%	599.03%	-43.09%

Correlation

The correlation between PILL and MUU is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (All Time) Calculated using the full available price history since Oct 11, 2024	0.30

Return for Risk

PILL vs. MUU — Risk / Return Rank

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

PILL

PILL Risk / Return Rank: 61
PILL Sharpe Ratio Rank: 60
PILL Sortino Ratio Rank: 52
PILL Omega Ratio Rank: 49
PILL Calmar Ratio Rank: 75
PILL Martin Ratio Rank: 68

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.

PILL vs. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Pharmaceutical & Medical Bull 3X Shares (PILL) 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.

	PILL	MUU	Difference
Sharpe ratio: Return per unit of total volatility	1.99	41.32	-39.32
Sortino ratio: Return per unit of downside risk	2.51	6.77	-4.25
Omega ratio: Gain probability vs. loss probability	1.30	1.86	-0.55
Calmar ratio: Return relative to maximum drawdown	3.74	104.05	-100.31
Martin ratio: Return relative to average drawdown	12.24	352.22	-339.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PILL vs. MUU - Sharpe Ratio Comparison

The current PILL Sharpe Ratio is 1.99, which is lower than the MUU Sharpe Ratio of 41.32. The chart below compares the historical Sharpe Ratios of PILL 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

	PILL	MUU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.99	41.32	-39.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.17	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.11	5.91	-6.01

Drawdowns

PILL vs. MUU - Drawdown Comparison

The maximum PILL drawdown since its inception was -88.76%, which is greater than MUU's maximum drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for PILL and MUU.

Drawdown Indicators

	PILL	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-88.76%	-75.07%	-13.69%
Max Drawdown (1Y) Largest decline over 1 year	-33.21%	-52.72%	+19.51%
Max Drawdown (3Y) Largest decline over 3 years	-60.43%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-83.38%	—	—
Current Drawdown Current decline from peak	-66.31%	-15.35%	-50.96%
Average Drawdown Average peak-to-trough decline	-58.54%	-23.42%	-35.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.12%	15.54%	-5.42%

Volatility

PILL vs. MUU - Volatility Comparison

The current volatility for Direxion Daily Pharmaceutical & Medical Bull 3X Shares (PILL) is 22.02%, while Direxion Daily MU Bull 2X Shares (MUU) has a volatility of 56.84%. This indicates that PILL 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

	PILL	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.02%	56.84%	-34.82%
Volatility (6M) Calculated over the trailing 6-month period	48.70%	106.70%	-58.00%
Volatility (1Y) Calculated over the trailing 1-year period	62.21%	132.77%	-70.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.53%	134.14%	-73.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.83%	134.14%	-70.31%

PILL vs. MUU - Expense Ratio Comparison

PILL has a 0.98% expense ratio, which is lower than MUU's 1.06% expense ratio.

Dividends

PILL vs. MUU - Dividend Comparison

PILL's dividend yield for the trailing twelve months is around 0.64%, more than MUU's 0.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
MUU Direxion Daily MU Bull 2X Shares	0.54%	4.27%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PILL Direxion Daily Pharmaceutical & Medical Bull 3X Shares	0.64%	0.69%	1.28%	1.83%	0.67%	0.00%	0.00%	0.38%	0.91%	0.10%

Frequently Asked Questions

Can I hold both PILL and MUU in my portfolio?

PILL and MUU have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PILL or MUU?

MUU has higher volatility (56.84%) compared to PILL (22.02%). In terms of maximum drawdown, PILL dropped -88.76% vs MUU's -75.07%.

Which ETF is better, PILL or MUU?

On 1-year performance, MUU leads with 5396.82% vs 123.35% for PILL. On fees, PILL is cheaper at 0.98% per year. On volatility, PILL has been the lower-risk option at 22.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PILL or MUU?

Over the 1-year period, MUU has performed better with a 5396.82% return vs 123.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PILL or MUU?

PILL is cheaper with a 0.98% expense ratio, compared with 1.06% for MUU.

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

PILL has the higher dividend yield at 0.64%, compared with 0.54% for MUU.

What is the main difference between PILL and MUU?

Their fees differ too: 0.98% for PILL and 1.06% for MUU.

Which has better risk-adjusted returns?

MUU currently has the higher Sharpe Ratio (41.32 vs 1.99), 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.