SMHB vs. MUU

Last updated Jun 24, 2026

SMHB (ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B) and MUU (Direxion Daily MU Bull 2X Shares) are both Leveraged Equities funds - SMHB tracks the Solactive US Small Cap High Dividend Index (200%) while MUU tracks the Micron Technology, Inc. (200% Daily). Both are passively managed. At a 0.10 correlation, their price movements are largely independent. SMHB charges 0.85%/yr vs 1.01%/yr for MUU.

Performance

SMHB vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B (SMHB) and Direxion Daily MU Bull 2X Shares (MUU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SMHB

• 1D: 1.24%
• 1M: 0.69%
• YTD: 7.31%
• 6M: 8.42%
• 1Y: 5.50%
• 3Y*: 9.13%
• 5Y*: -6.82%
• 10Y*: —

MUU

• 1D: -26.28%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMHB vs. MUU - Yearly Performance Comparison

	2026 (YTD)
SMHB ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B	-2.45%
MUU Direxion Daily MU Bull 2X Shares	-12.11%

Correlation

The correlation between SMHB and MUU is 0.10, 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 Jun 16, 2026	0.10

Return for Risk

SMHB vs. MUU — Risk / Return Rank

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

SMHB

SMHB Risk / Return Rank: 11
SMHB Sharpe Ratio Rank: 11
SMHB Sortino Ratio Rank: 12
SMHB Omega Ratio Rank: 11
SMHB Calmar Ratio Rank: 11
SMHB Martin Ratio Rank: 11

MUU

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

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.

SMHB vs. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B (SMHB) 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.

	SMHB	MUU	Difference
Sharpe ratio: Return per unit of total volatility	0.14	—	—
Sortino ratio: Return per unit of downside risk	0.48	—	—
Omega ratio: Gain probability vs. loss probability	1.06	—	—
Calmar ratio: Return relative to maximum drawdown	0.22	—	—
Martin ratio: Return relative to average drawdown	0.53	—	—

Drawdowns

SMHB vs. MUU - Drawdown Comparison

The maximum SMHB drawdown since its inception was -90.30%, which is greater than MUU's maximum drawdown of -26.28%. Use the drawdown chart below to compare losses from any high point for SMHB and MUU.

Drawdown Indicators

	SMHB	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-90.30%	-26.28%	-64.02%
Max Drawdown (1Y) Largest decline over 1 year	-25.16%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-45.05%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-58.11%	—	—
Current Drawdown Current decline from peak	-40.93%	-26.28%	-14.65%
Average Drawdown Average peak-to-trough decline	-37.21%	-10.19%	-27.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.47%	—	—

Volatility

Volatility by Period

	SMHB	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.17%	—	—
Volatility (6M) Calculated over the trailing 6-month period	24.75%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	38.33%	295.32%	-256.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.92%	295.32%	-246.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.13%	295.32%	-229.19%

SMHB vs. MUU - Expense Ratio Comparison

SMHB has a 0.85% expense ratio, which is lower than MUU's 1.01% expense ratio.

Dividends

SMHB vs. MUU - Dividend Comparison

SMHB's dividend yield for the trailing twelve months is around 21.04%, while MUU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
MUU Direxion Daily MU Bull 2X Shares	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SMHB ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B	21.04%	22.22%	21.95%	15.27%	24.18%	12.22%	16.86%	19.97%	0.91%

Frequently Asked Questions

Can I hold both SMHB and MUU in my portfolio?

SMHB and MUU have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMHB or MUU?

On fees, SMHB is cheaper at 0.85% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMHB or MUU?

SMHB is cheaper with a 0.85% expense ratio, compared with 1.01% for MUU.

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

SMHB has the higher dividend yield at 21.04%, compared with 0.00% for MUU.

What is the main difference between SMHB and MUU?

SMHB tracks Solactive US Small Cap High Dividend Index (200%), while MUU tracks Micron Technology, Inc. (200% Daily). They also come from different issuers: UBS and Direxion. Their fees differ too: 0.85% for SMHB and 1.01% for MUU.