SPGP vs. MUU

Last updated Jul 12, 2026

SPGP (Invesco S&P 500 GARP ETF) and MUU (Direxion Daily MU Bull 2X Shares) are both exchange-traded funds - SPGP is a Multi-factor fund tracking the S&P 500 GARP Index, while MUU is a Leveraged Equities fund tracking the Micron Technology, Inc. (200% Daily). Both are passively managed. Over the past year, SPGP returned 15.43% vs 3083.51% for MUU. At a 0.41 correlation, their price movements are largely independent. SPGP charges 0.36%/yr vs 1.01%/yr for MUU.

Performance

SPGP vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 GARP ETF (SPGP) 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, SPGP achieves a 9.90% return, which is significantly lower than MUU's 642.75% return.

SPGP

• 1D: 0.20%
• 1M: 3.62%
• 6M: 6.52%
• YTD: 9.90%
• 1Y: 15.43%
• 3Y*: 12.05%
• 5Y*: 8.30%
• 10Y*: 15.09%

MUU

• 1D: -2.52%
• 1M: -10.27%
• 6M: 421.21%
• YTD: 642.75%
• 1Y: 3,083.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPGP vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPGP Invesco S&P 500 GARP ETF	9.90%	9.80%	-0.68%
MUU Direxion Daily MU Bull 2X Shares	642.75%	599.03%	-40.91%

Correlation

The correlation between SPGP and MUU is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (All Time) Calculated using the full available price history since Oct 10, 2024	0.41

The correlation between SPGP and MUU shifts across timeframes, from 0.30 (1 year) to 0.41 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SPGP vs. MUU — Risk / Return Rank

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

SPGP

SPGP Risk / Return Rank: 32
SPGP Sharpe Ratio Rank: 31
SPGP Sortino Ratio Rank: 31
SPGP Omega Ratio Rank: 29
SPGP Calmar Ratio Rank: 32
SPGP Martin Ratio Rank: 39

MUU

MUU Risk / Return Rank: 99
MUU Sharpe Ratio Rank: 100
MUU Sortino Ratio Rank: 97
MUU Omega Ratio Rank: 97
MUU Calmar Ratio Rank: 100
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.

SPGP vs. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 GARP ETF (SPGP) 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.

	SPGP	MUU	Difference
Sharpe ratio: Return per unit of total volatility	0.92	27.27	-26.36
Sortino ratio: Return per unit of downside risk	1.40	5.80	-4.40
Omega ratio: Gain probability vs. loss probability	1.17	1.72	-0.56
Calmar ratio: Return relative to maximum drawdown	1.29	75.03	-73.74
Martin ratio: Return relative to average drawdown	4.93	245.78	-240.85

SPGP vs. MUU - Sharpe Ratio Comparison

The current SPGP Sharpe Ratio is 0.92, which is lower than the MUU Sharpe Ratio of 27.27. The chart below compares the historical Sharpe Ratios of SPGP 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

SPGP vs. MUU - Drawdown Comparison

The maximum SPGP drawdown since its inception was -42.08%, smaller than the maximum MUU drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for SPGP and MUU.

Drawdown Indicators

	SPGP	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-42.08%	-75.07%	+32.99%
Max Drawdown (1Y) Largest decline over 1 year	-11.15%	-52.72%	+41.57%
Max Drawdown (3Y) Largest decline over 3 years	-22.87%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.87%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-42.08%	—	—
Current Drawdown Current decline from peak	-0.25%	-30.01%	+29.76%
Average Drawdown Average peak-to-trough decline	-4.34%	-23.40%	+19.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.93%	16.41%	-13.48%

Volatility

SPGP vs. MUU - Volatility Comparison

The current volatility for Invesco S&P 500 GARP ETF (SPGP) is 5.32%, while Direxion Daily MU Bull 2X Shares (MUU) has a volatility of 67.23%. This indicates that SPGP 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

	SPGP	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.32%	67.23%	-61.91%
Volatility (6M) Calculated over the trailing 6-month period	12.29%	116.08%	-103.79%
Volatility (1Y) Calculated over the trailing 1-year period	15.76%	145.04%	-129.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.62%	138.03%	-119.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.20%	138.03%	-116.83%

SPGP vs. MUU - Expense Ratio Comparison

SPGP has a 0.36% expense ratio, which is lower than MUU's 1.01% expense ratio.

Dividends

SPGP vs. MUU - Dividend Comparison

SPGP's dividend yield for the trailing twelve months is around 0.81%, more than MUU's 0.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MUU Direxion Daily MU Bull 2X Shares	0.64%	4.27%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPGP Invesco S&P 500 GARP ETF	0.81%	1.04%	1.38%	1.24%	1.22%	0.69%	1.10%	0.86%	0.95%	0.68%	0.89%	1.12%

Frequently Asked Questions

Can I hold both SPGP and MUU in my portfolio?

SPGP and MUU have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPGP or MUU?

MUU has higher volatility (67.23%) compared to SPGP (5.32%). In terms of maximum drawdown, SPGP dropped -42.08% vs MUU's -75.07%.

Which ETF is better, SPGP or MUU?

On 1-year performance, MUU leads with 3083.51% vs 15.43% for SPGP. On fees, SPGP is cheaper at 0.36% per year. On volatility, SPGP has been the lower-risk option at 5.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPGP or MUU?

Over the 1-year period, MUU has performed better with a 3083.51% return vs 15.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPGP or MUU?

SPGP is cheaper with a 0.36% expense ratio, compared with 1.01% for MUU.

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

SPGP has the higher dividend yield at 0.81%, compared with 0.64% for MUU.

What is the main difference between SPGP and MUU?

SPGP is categorized as Multi-factor, while MUU is Leveraged Equities. SPGP tracks S&P 500 GARP Index, while MUU tracks Micron Technology, Inc. (200% Daily). They also come from different issuers: Invesco and Direxion. Their fees differ too: 0.36% for SPGP and 1.01% for MUU.

Which has better risk-adjusted returns?

MUU currently has the higher Sharpe Ratio (27.27 vs 0.92), 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.