SDOW vs. MUU

Last updated Aug 2, 2026

SDOW (ProShares UltraPro Short Dow30) and MUU (Direxion Daily MU Bull 2X Shares) are both Leveraged Equities funds - SDOW tracks the Dow Jones Industrial Average (-300%) while MUU tracks the Micron Technology, Inc. (200% Daily). Both are passively managed. Over the past year, SDOW returned -42.17% vs 2805.45% for MUU. Their -0.32 correlation means they have often moved in opposite directions in the past. SDOW charges 0.95%/yr vs 1.01%/yr for MUU.

Performance

SDOW vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short Dow30 (SDOW) 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, SDOW achieves a -23.66% return, which is significantly lower than MUU's 372.51% return.

SDOW

• 1D: -1.40%
• 1M: 2.39%
• 6M: -19.90%
• YTD: -23.66%
• 1Y: -42.17%
• 3Y*: -31.29%
• 5Y*: -25.49%
• 10Y*: -37.90%
• ALL TIME*: -38.23%

MUU

• 1D: -12.24%
• 1M: -36.47%
• 6M: 134.93%
• YTD: 372.51%
• 1Y: 2,805.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 419.04%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MUU Direxion Daily MU Bull 2X Shares	$1.51B	$1.57B	$2.27B
SDOW ProShares UltraPro Short Dow30	$85.35M	$79.85M	$111.34M

SDOW vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SDOW ProShares UltraPro Short Dow30	-23.66%	-33.94%	0.42%
MUU Direxion Daily MU Bull 2X Shares	372.51%	599.03%	-40.91%

Correlation

The correlation between SDOW and MUU is -0.28, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.28
Correlation (All Time) Calculated using the full available price history since Oct 10, 2024	-0.32

Return for Risk

SDOW vs. MUU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SDOW

SDOW Risk / Return Rank: 1
SDOW Sharpe Ratio Rank: 1
SDOW Sortino Ratio Rank: 1
SDOW Omega Ratio Rank: 2
SDOW Calmar Ratio Rank: 1
SDOW 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: 99
MUU Martin Ratio Rank: 99

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SDOW vs. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short Dow30 (SDOW) 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.

	SDOW	MUU	Difference
Sharpe ratio: Return per unit of total volatility	-1.07	16.13	-17.20
Sortino ratio: Return per unit of downside risk	-1.58	4.86	-6.44
Omega ratio: Gain probability vs. loss probability	0.82	1.61	-0.78
Calmar ratio: Return relative to maximum drawdown	-0.90	38.27	-39.17
Martin ratio: Return relative to average drawdown	-1.48	127.21	-128.69

SDOW vs. MUU - Sharpe Ratio Comparison

The current SDOW Sharpe Ratio is -1.07, which is lower than the MUU Sharpe Ratio of 16.13. The chart below compares the historical Sharpe Ratios of SDOW 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

SDOW vs. MUU - Drawdown Comparison

The maximum SDOW drawdown since its inception was -99.97%, which is greater than MUU's maximum drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for SDOW and MUU.

Drawdown Indicators

	SDOW	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-99.97%	-75.07%	-24.90%
Max Drawdown (1Y) Largest decline over 1 year	-44.20%	-68.07%	+23.87%
Max Drawdown (3Y) Largest decline over 3 years	-76.85%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-84.05%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.21%	—	—
Current Drawdown Current decline from peak	-99.96%	-61.50%	-38.46%
Average Drawdown Average peak-to-trough decline	-89.65%	-24.34%	-65.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.97%	20.44%	+6.53%

Volatility

SDOW vs. MUU - Volatility Comparison

The current volatility for ProShares UltraPro Short Dow30 (SDOW) is 10.82%, while Direxion Daily MU Bull 2X Shares (MUU) has a volatility of 62.16%. This indicates that SDOW 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

	SDOW	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.82%	62.16%	-51.34%
Volatility (6M) Calculated over the trailing 6-month period	29.51%	134.20%	-104.69%
Volatility (1Y) Calculated over the trailing 1-year period	37.41%	161.94%	-124.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.40%	146.71%	-102.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.11%	146.71%	-94.60%

SDOW vs. MUU - Expense Ratio Comparison

SDOW has a 0.95% expense ratio, which is lower than MUU's 1.01% expense ratio.

Dividends

SDOW vs. MUU - Dividend Comparison

SDOW's dividend yield for the trailing twelve months is around 5.43%, more than MUU's 1.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
MUU Direxion Daily MU Bull 2X Shares	1.44%	4.27%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SDOW ProShares UltraPro Short Dow30	5.43%	5.80%	8.30%	5.38%	0.36%	0.00%	0.52%	2.17%	1.23%	0.09%

Frequently Asked Questions

Can I hold both SDOW and MUU in my portfolio?

SDOW and MUU have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SDOW or MUU?

MUU has higher volatility (62.16%) compared to SDOW (10.82%). In terms of maximum drawdown, SDOW dropped -99.97% vs MUU's -75.07%.

Which ETF is better, SDOW or MUU?

On 1-year performance, MUU leads with 2805.45% vs -42.17% for SDOW. On fees, SDOW is cheaper at 0.95% per year. On volatility, SDOW has been the lower-risk option at 10.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SDOW or MUU?

Over the 1-year period, MUU has performed better with a 2805.45% return vs -42.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SDOW or MUU?

SDOW is cheaper with a 0.95% expense ratio, compared with 1.01% for MUU.

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

SDOW has the higher dividend yield at 5.43%, compared with 1.44% for MUU.

What is the main difference between SDOW and MUU?

SDOW tracks Dow Jones Industrial Average (-300%), while MUU tracks Micron Technology, Inc. (200% Daily). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for SDOW and 1.01% for MUU.

Which has better risk-adjusted returns?

MUU currently has the higher Sharpe Ratio (16.13 vs -1.07), 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.