SPDN vs. MUU
SPDN (Direxion Daily S&P 500 Bear 1x Shares) and MUU (Direxion Daily MU Bull 2X Shares) are both exchange-traded funds - SPDN is a Inverse Equities fund tracking the S&P 500 Index, while MUU is a Leveraged Equities fund tracking the Micron Technology, Inc. (200% Daily). Both are passively managed. Over the past year, SPDN returned -12.79% vs 2805.45% for MUU. Their -0.54 correlation means they have often moved in opposite directions in the past. SPDN charges 0.50%/yr vs 1.01%/yr for MUU.
Performance
SPDN vs. MUU - Performance Comparison
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Returns By Period
In the year-to-date period, SPDN achieves a -6.42% return, which is significantly lower than MUU's 372.51% return.
SPDN
- 1D
- -0.80%
- 1M
- 0.00%
- 6M
- -5.52%
- YTD
- -6.42%
- 1Y
- -12.79%
- 3Y*
- -10.75%
- 5Y*
- -7.84%
- 10Y*
- -12.18%
- ALL TIME*
- -12.21%
MUU
- 1D
- -12.24%
- 1M
- -36.47%
- 6M
- 134.93%
- YTD
- 372.51%
- 1Y
- 2,805.45%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 419.04%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.51B | $1.57B | $2.27B | |
| $433.42M | $387.95M | $422.31M |
SPDN vs. MUU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | -6.42% | -11.09% | -0.10% |
MUU Direxion Daily MU Bull 2X Shares | 372.51% | 599.03% | -40.91% |
Correlation
The correlation between SPDN and MUU is -0.54, 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. | -0.54 |
Correlation (All Time) Calculated using the full available price history since Oct 10, 2024 | -0.54 |
The correlation between SPDN and MUU has been stable across timeframes, ranging from -0.54 to -0.54 - a consistent structural relationship.
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Return for Risk
SPDN vs. MUU — Risk / Return Rank
SPDN
MUU
SPDN vs. MUU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bear 1x Shares (SPDN) 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.
| SPDN | MUU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -17.00 | ||
| Sortino ratioReturn per unit of downside risk | -6.08 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.61 | -0.74 |
| Calmar ratioReturn relative to maximum drawdown | -0.71 | 38.27 | -38.98 |
| Martin ratioReturn relative to average drawdown | -1.27 | 127.21 | -128.49 |
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Drawdowns
SPDN vs. MUU - Drawdown Comparison
The maximum SPDN drawdown since its inception was -75.31%, roughly equal to the maximum MUU drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for SPDN and MUU.
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Drawdown Indicators
| SPDN | MUU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -75.07% | -0.24% |
Max Drawdown (1Y)Largest decline over 1 year | -15.93% | -68.07% | +52.14% |
Max Drawdown (3Y)Largest decline over 3 years | -38.24% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -43.85% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -73.97% | — | — |
Current DrawdownCurrent decline from peak | -74.80% | -61.50% | -13.30% |
Average DrawdownAverage peak-to-trough decline | -48.93% | -24.34% | -24.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.90% | 20.44% | -11.54% |
Volatility
SPDN vs. MUU - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 3.55%, while Direxion Daily MU Bull 2X Shares (MUU) has a volatility of 62.16%. This indicates that SPDN 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.
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Volatility by Period
| SPDN | MUU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.55% | 62.16% | -58.61% |
Volatility (6M)Calculated over the trailing 6-month period | 10.15% | 134.20% | -124.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.98% | 161.94% | -148.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.97% | 146.71% | -129.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.03% | 146.71% | -128.68% |
SPDN vs. MUU - Expense Ratio Comparison
SPDN has a 0.50% expense ratio, which is lower than MUU's 1.01% expense ratio.
Dividends
SPDN vs. MUU - Dividend Comparison
SPDN's dividend yield for the trailing twelve months is around 3.32%, 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% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | 3.32% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
Frequently Asked Questions
SPDN and MUU have a correlation of -0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MUU has higher volatility (62.16%) compared to SPDN (3.55%). In terms of maximum drawdown, SPDN dropped -75.31% vs MUU's -75.07%.
On 1-year performance, MUU leads with 2805.45% vs -12.79% for SPDN. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 3.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, MUU has performed better with a 2805.45% return vs -12.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDN is cheaper with a 0.50% expense ratio, compared with 1.01% for MUU.
SPDN has the higher dividend yield at 3.32%, compared with 1.44% for MUU.
SPDN is categorized as Inverse Equities, while MUU is Leveraged Equities. SPDN tracks S&P 500 Index, while MUU tracks Micron Technology, Inc. (200% Daily). Their fees differ too: 0.50% for SPDN and 1.01% for MUU.
MUU currently has the higher Sharpe Ratio (16.13 vs -0.88), 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.
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