SHNY vs. MUU

Last updated Jun 4, 2026

SHNY (MicroSectors Gold 3X Leveraged ETN) and MUU (Direxion Daily MU Bull 2X Shares) are both exchange-traded funds - SHNY is a Leveraged Commodities fund managed by BMO, while MUU is a Leveraged Equities fund actively managed by Direxion. Over the past year, SHNY returned 49.39% vs 6522.95% for MUU. At a 0.11 correlation, their price movements are largely independent. SHNY charges 0.95%/yr vs 1.06%/yr for MUU.

Performance

SHNY vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold 3X Leveraged ETN (SHNY) 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, SHNY achieves a -14.45% return, which is significantly lower than MUU's 961.23% return.

SHNY

• 1D: -3.20%
• 1M: -7.37%
• YTD: -14.45%
• 6M: -10.44%
• 1Y: 49.39%
• 3Y*: 59.66%
• 5Y*: —
• 10Y*: —

MUU

• 1D: 3.08%
• 1M: 218.90%
• YTD: 961.23%
• 6M: 1,422.01%
• 1Y: 6,522.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SHNY vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SHNY MicroSectors Gold 3X Leveraged ETN	-14.45%	214.54%	-7.50%
MUU Direxion Daily MU Bull 2X Shares	961.23%	599.03%	-43.09%

Correlation

The correlation between SHNY and MUU is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (All Time) Calculated using the full available price history since Oct 11, 2024	0.11

Return for Risk

SHNY vs. MUU — Risk / Return Rank

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

SHNY

SHNY Risk / Return Rank: 21
SHNY Sharpe Ratio Rank: 19
SHNY Sortino Ratio Rank: 23
SHNY Omega Ratio Rank: 27
SHNY Calmar Ratio Rank: 20
SHNY Martin Ratio Rank: 18

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.

SHNY vs. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold 3X Leveraged ETN (SHNY) 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.

	SHNY	MUU	Difference
Sharpe ratio: Return per unit of total volatility	0.63	50.40	-49.77
Sortino ratio: Return per unit of downside risk	1.24	7.17	-5.93
Omega ratio: Gain probability vs. loss probability	1.19	1.91	-0.73
Calmar ratio: Return relative to maximum drawdown	0.90	125.85	-124.95
Martin ratio: Return relative to average drawdown	1.93	426.84	-424.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SHNY vs. MUU - Sharpe Ratio Comparison

The current SHNY Sharpe Ratio is 0.63, which is lower than the MUU Sharpe Ratio of 50.40. The chart below compares the historical Sharpe Ratios of SHNY 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

	SHNY	MUU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.63	50.40	-49.77
Sharpe Ratio (All Time) Calculated using the full available price history	1.01	6.68	-5.67

Drawdowns

SHNY vs. MUU - Drawdown Comparison

The maximum SHNY drawdown since its inception was -54.99%, smaller than the maximum MUU drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for SHNY and MUU.

Drawdown Indicators

	SHNY	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-54.99%	-75.07%	+20.08%
Max Drawdown (1Y) Largest decline over 1 year	-54.99%	-52.72%	-2.27%
Max Drawdown (3Y) Largest decline over 3 years	-54.99%	—	—
Current Drawdown Current decline from peak	-54.99%	0.00%	-54.99%
Average Drawdown Average peak-to-trough decline	-14.94%	-23.44%	+8.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.66%	15.51%	+10.15%

Volatility

SHNY vs. MUU - Volatility Comparison

The current volatility for MicroSectors Gold 3X Leveraged ETN (SHNY) is 16.40%, while Direxion Daily MU Bull 2X Shares (MUU) has a volatility of 54.78%. This indicates that SHNY 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

	SHNY	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.40%	54.78%	-38.38%
Volatility (6M) Calculated over the trailing 6-month period	70.87%	105.07%	-34.20%
Volatility (1Y) Calculated over the trailing 1-year period	78.80%	131.77%	-52.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.36%	133.67%	-75.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.36%	133.67%	-75.31%

SHNY vs. MUU - Expense Ratio Comparison

SHNY has a 0.95% expense ratio, which is lower than MUU's 1.06% expense ratio.

Dividends

SHNY vs. MUU - Dividend Comparison

SHNY has not paid dividends to shareholders, while MUU's dividend yield for the trailing twelve months is around 0.46%.

Position	TTM	2025	2024
MUU Direxion Daily MU Bull 2X Shares	0.46%	4.27%	0.31%
SHNY MicroSectors Gold 3X Leveraged ETN	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SHNY and MUU in my portfolio?

SHNY and MUU have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SHNY or MUU?

MUU has higher volatility (54.78%) compared to SHNY (16.40%). In terms of maximum drawdown, SHNY dropped -54.99% vs MUU's -75.07%.

Which ETF is better, SHNY or MUU?

On 1-year performance, MUU leads with 6522.95% vs 49.39% for SHNY. On fees, SHNY is cheaper at 0.95% per year. On volatility, SHNY has been the lower-risk option at 16.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SHNY or MUU?

Over the 1-year period, MUU has performed better with a 6522.95% return vs 49.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHNY or MUU?

SHNY is cheaper with a 0.95% expense ratio, compared with 1.06% for MUU.

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

MUU has the higher dividend yield at 0.46%, compared with 0.00% for SHNY.

What is the main difference between SHNY and MUU?

SHNY is categorized as Leveraged Commodities, while MUU is Leveraged Equities. They also come from different issuers: BMO and Direxion. Their fees differ too: 0.95% for SHNY and 1.06% for MUU.

Which has better risk-adjusted returns?

MUU currently has the higher Sharpe Ratio (50.40 vs 0.63), 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.