SDS vs. MUU

Last updated Apr 2, 2026

Compare and contrast key facts about ProShares UltraShort S&P500 (SDS) and Direxion Daily MU Bull 2X Shares (MUU).

SDS and MUU are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SDS is a passively managed fund by ProShares that tracks the performance of the S&P 500 Index (-200%). It was launched on Jul 11, 2006. MUU is an actively managed fund by Direxion. It was launched on Oct 9, 2024.

Performance

SDS vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort S&P500 (SDS) and Direxion Daily MU Bull 2X Shares (MUU). The values are adjusted to include any dividend payments, if applicable.

SDS vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SDS ProShares UltraShort S&P500	8.81%	-26.79%	-2.14%
MUU Direxion Daily MU Bull 2X Shares	41.27%	599.03%	-43.09%

Returns By Period

In the year-to-date period, SDS achieves a 8.81% return, which is significantly lower than MUU's 41.27% return.

SDS

• 1D: -1.51%
• 1M: 9.11%
• YTD: 8.81%
• 6M: 5.68%
• 1Y: -27.38%
• 3Y*: -23.96%
• 5Y*: -19.51%
• 10Y*: -26.00%

MUU

• 1D: 17.77%
• 1M: -25.73%
• YTD: 41.27%
• 6M: 205.92%
• 1Y: 904.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SDS vs. MUU - Expense Ratio Comparison

SDS has a 0.91% expense ratio, which is lower than MUU's 1.06% expense ratio.

MUU

Direxion Daily MU Bull 2X Shares

SDS

ProShares UltraShort S&P500

Return for Risk

SDS vs. MUU — Risk / Return Rank

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

SDS

SDS Risk / Return Rank: 3
SDS Sharpe Ratio Rank: 2
SDS Sortino Ratio Rank: 2
SDS Omega Ratio Rank: 2
SDS Calmar Ratio Rank: 3
SDS Martin Ratio Rank: 7

MUU

MUU Risk / Return Rank: 98
MUU Sharpe Ratio Rank: 99
MUU Sortino Ratio Rank: 97
MUU Omega Ratio Rank: 96
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.

SDS vs. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort S&P500 (SDS) 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.

	SDS	MUU	Difference
Sharpe ratio Return per unit of total volatility	-0.75	7.00	-7.75
Sortino ratio Return per unit of downside risk	-0.94	3.86	-4.80
Omega ratio Gain probability vs. loss probability	0.87	1.52	-0.65
Calmar ratio Return relative to maximum drawdown	-0.57	17.99	-18.56
Martin ratio Return relative to average drawdown	-0.68	50.69	-51.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SDS vs. MUU - Sharpe Ratio Comparison

The current SDS Sharpe Ratio is -0.75, which is lower than the MUU Sharpe Ratio of 7.00. The chart below compares the historical Sharpe Ratios of SDS and MUU, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SDS	MUU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.75	7.00	-7.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.58	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.73	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.64	1.77	-2.41

Correlation

The correlation between SDS and MUU is -0.55. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

SDS vs. MUU - Dividend Comparison

SDS's dividend yield for the trailing twelve months is around 4.42%, more than MUU's 3.42% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SDS ProShares UltraShort S&P500	4.42%	5.88%	7.89%	5.77%	0.35%	0.00%	0.92%	1.84%	1.28%	0.09%
MUU Direxion Daily MU Bull 2X Shares	3.42%	4.27%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

SDS vs. MUU - Drawdown Comparison

The maximum SDS drawdown since its inception was -99.82%, which is greater than MUU's maximum drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for SDS and MUU.

Drawdown Indicators

	SDS	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-99.82%	-75.07%	-24.75%
Max Drawdown (1Y) Largest decline over 1 year	-48.71%	-52.72%	+4.01%
Max Drawdown (5Y) Largest decline over 5 years	-71.16%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-95.85%	—	—
Current Drawdown Current decline from peak	-99.80%	-38.92%	-60.88%
Average Drawdown Average peak-to-trough decline	-82.58%	-25.08%	-57.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.81%	18.71%	+22.10%

Volatility

SDS vs. MUU - Volatility Comparison

The current volatility for ProShares UltraShort S&P500 (SDS) is 10.78%, while Direxion Daily MU Bull 2X Shares (MUU) has a volatility of 47.51%. This indicates that SDS 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

	SDS	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.78%	47.51%	-36.73%
Volatility (6M) Calculated over the trailing 6-month period	18.91%	99.28%	-80.37%
Volatility (1Y) Calculated over the trailing 1-year period	36.43%	130.64%	-94.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.66%	127.68%	-94.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.78%	127.68%	-91.90%