PYPY vs. MUU

Last updated Jul 12, 2026

PYPY (Yieldmax PYPL Option Income Strategy ETF) and MUU (Direxion Daily MU Bull 2X Shares) are both exchange-traded funds - PYPY is a Derivative Income fund actively managed by YieldMax, while MUU is a Leveraged Equities fund tracking the Micron Technology, Inc. (200% Daily). PYPY is actively managed, while MUU is passively managed. Over the past year, PYPY returned -34.51% vs 3083.51% for MUU. At a 0.18 correlation, their price movements are largely independent. Both charge a 1.01% expense ratio.

Performance

PYPY vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Yieldmax PYPL Option Income Strategy ETF (PYPY) 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, PYPY achieves a -19.62% return, which is significantly lower than MUU's 642.75% return.

PYPY

• 1D: 1.42%
• 1M: 6.94%
• 6M: -19.27%
• YTD: -19.62%
• 1Y: -34.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MUU

• 1D: -2.52%
• 1M: -10.27%
• 6M: 421.21%
• YTD: 642.75%
• 1Y: 3,083.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PYPY vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PYPY Yieldmax PYPL Option Income Strategy ETF	-19.62%	-30.17%	6.69%
MUU Direxion Daily MU Bull 2X Shares	642.75%	599.03%	-40.91%

Correlation

The correlation between PYPY and MUU is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.02
Correlation (All Time) Calculated using the full available price history since Oct 10, 2024	0.18

The correlation between PYPY and MUU shifts across timeframes, from 0.02 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PYPY vs. MUU — Risk / Return Rank

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

PYPY

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

MUU

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

PYPY vs. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Yieldmax PYPL Option Income Strategy ETF (PYPY) 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.

	PYPY	MUU	Difference
Sharpe ratio: Return per unit of total volatility	-1.12	27.27	-28.39
Sortino ratio: Return per unit of downside risk	-1.44	5.80	-7.24
Omega ratio: Gain probability vs. loss probability	0.79	1.72	-0.94
Calmar ratio: Return relative to maximum drawdown	-0.81	75.03	-75.84
Martin ratio: Return relative to average drawdown	-1.29	245.78	-247.07

PYPY vs. MUU - Sharpe Ratio Comparison

The current PYPY Sharpe Ratio is -1.12, which is lower than the MUU Sharpe Ratio of 27.27. The chart below compares the historical Sharpe Ratios of PYPY 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

PYPY vs. MUU - Drawdown Comparison

The maximum PYPY drawdown since its inception was -53.64%, smaller than the maximum MUU drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for PYPY and MUU.

Drawdown Indicators

	PYPY	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-53.64%	-75.07%	+21.43%
Max Drawdown (1Y) Largest decline over 1 year	-47.14%	-52.72%	+5.58%
Current Drawdown Current decline from peak	-46.75%	-30.01%	-16.74%
Average Drawdown Average peak-to-trough decline	-17.32%	-23.40%	+6.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.58%	16.41%	+13.17%

Volatility

PYPY vs. MUU - Volatility Comparison

The current volatility for Yieldmax PYPL Option Income Strategy ETF (PYPY) is 6.98%, while Direxion Daily MU Bull 2X Shares (MUU) has a volatility of 67.23%. This indicates that PYPY 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

	PYPY	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.98%	67.23%	-60.25%
Volatility (6M) Calculated over the trailing 6-month period	29.20%	116.08%	-86.88%
Volatility (1Y) Calculated over the trailing 1-year period	34.19%	145.04%	-110.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.85%	138.03%	-107.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.85%	138.03%	-107.18%

PYPY vs. MUU - Expense Ratio Comparison

Both PYPY and MUU have an expense ratio of 1.01%.

Dividends

PYPY vs. MUU - Dividend Comparison

PYPY's dividend yield for the trailing twelve months is around 66.52%, more than MUU's 0.64% yield.

Position	TTM	2025	2024	2023
MUU Direxion Daily MU Bull 2X Shares	0.64%	4.27%	0.31%	0.00%
PYPY Yieldmax PYPL Option Income Strategy ETF	66.52%	64.68%	48.65%	5.70%

Frequently Asked Questions

Can I hold both PYPY and MUU in my portfolio?

PYPY and MUU have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PYPY or MUU?

MUU has higher volatility (67.23%) compared to PYPY (6.98%). In terms of maximum drawdown, PYPY dropped -53.64% vs MUU's -75.07%.

Which ETF is better, PYPY or MUU?

On 1-year performance, MUU leads with 3083.51% vs -34.51% for PYPY. Both ETFs have the same 1.01% expense ratio. On volatility, PYPY has been the lower-risk option at 6.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PYPY or MUU?

Over the 1-year period, MUU has performed better with a 3083.51% return vs -34.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PYPY or MUU?

PYPY and MUU have the same expense ratio: 1.01% per year.

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

PYPY has the higher dividend yield at 66.52%, compared with 0.64% for MUU.

What is the main difference between PYPY and MUU?

PYPY is categorized as Derivative Income, while MUU is Leveraged Equities. They also come from different issuers: YieldMax and Direxion.

Which has better risk-adjusted returns?

MUU currently has the higher Sharpe Ratio (27.27 vs -1.12), 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.