PONX vs. MUU

Last updated Jul 17, 2026

PONX (Tradr 2X Long PONY Daily ETF) and MUU (Direxion Daily MU Bull 2X Shares) are both Leveraged Equities funds. PONX is actively managed, while MUU is passively managed. At a 0.38 correlation, their price movements are largely independent. PONX charges 1.30%/yr vs 1.01%/yr for MUU.

Performance

PONX vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tradr 2X Long PONY Daily ETF (PONX) 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, PONX achieves a -84.07% return, which is significantly lower than MUU's 449.17% return.

PONX

• 1D: -5.09%
• 1M: -26.45%
• 6M: -86.20%
• YTD: -84.07%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MUU

• 1D: -12.02%
• 1M: -37.86%
• 6M: 305.92%
• YTD: 449.17%
• 1Y: 2,599.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PONX vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025
PONX Tradr 2X Long PONY Daily ETF	-84.07%	-23.63%
MUU Direxion Daily MU Bull 2X Shares	449.17%	303.75%

Correlation

The correlation between PONX and MUU is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 9, 2025	0.38

Return for Risk

PONX vs. MUU — Risk / Return Rank

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

PONX

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

MUU

MUU Risk / Return Rank: 98
MUU Sharpe Ratio Rank: 100
MUU Sortino Ratio Rank: 97
MUU Omega Ratio Rank: 95
MUU Calmar Ratio Rank: 99
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.

PONX vs. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 2X Long PONY Daily ETF (PONX) 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.

	PONX	MUU	Difference
Sharpe ratio: Return per unit of total volatility	—	17.30	—
Sortino ratio: Return per unit of downside risk	—	5.00	—
Omega ratio: Gain probability vs. loss probability	—	1.63	—
Calmar ratio: Return relative to maximum drawdown	—	47.69	—
Martin ratio: Return relative to average drawdown	—	152.81	—

Drawdowns

PONX vs. MUU - Drawdown Comparison

The maximum PONX drawdown since its inception was -95.86%, which is greater than MUU's maximum drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for PONX and MUU.

Drawdown Indicators

	PONX	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-95.86%	-75.07%	-20.79%
Max Drawdown (1Y) Largest decline over 1 year	—	-55.25%	—
Current Drawdown Current decline from peak	-95.36%	-55.25%	-40.11%
Average Drawdown Average peak-to-trough decline	-68.95%	-23.62%	-45.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	17.31%	—

Volatility

Volatility by Period

	PONX	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	62.52%	—
Volatility (6M) Calculated over the trailing 6-month period	—	125.23%	—
Volatility (1Y) Calculated over the trailing 1-year period	151.88%	152.52%	-0.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	151.88%	142.32%	+9.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	151.88%	142.32%	+9.56%

PONX vs. MUU - Expense Ratio Comparison

PONX has a 1.30% expense ratio, which is higher than MUU's 1.01% expense ratio.

Dividends

PONX vs. MUU - Dividend Comparison

PONX has not paid dividends to shareholders, while MUU's dividend yield for the trailing twelve months is around 1.24%.

Position	TTM	2025	2024
MUU Direxion Daily MU Bull 2X Shares	1.24%	4.27%	0.31%
PONX Tradr 2X Long PONY Daily ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PONX and MUU in my portfolio?

PONX and MUU have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PONX or MUU?

On fees, MUU is cheaper at 1.01% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PONX or MUU?

MUU is cheaper with a 1.01% expense ratio, compared with 1.30% for PONX.

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

MUU has the higher dividend yield at 1.24%, compared with 0.00% for PONX.

What is the main difference between PONX and MUU?

They also come from different issuers: Tradr and Direxion. Their fees differ too: 1.30% for PONX and 1.01% for MUU.