SPXS vs. MUU

Last updated Jun 24, 2026

SPXS (Direxion Daily S&P 500 Bear 3X Shares) and MUU (Direxion Daily MU Bull 2X Shares) are both exchange-traded funds - SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%), while MUU is a Leveraged Equities fund tracking the Micron Technology, Inc. (200% Daily). Both are passively managed. At a correlation of -0.70, they often move in opposite directions. SPXS charges 1.08%/yr vs 1.01%/yr for MUU.

Performance

SPXS vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily S&P 500 Bear 3X Shares (SPXS) and Direxion Daily MU Bull 2X Shares (MUU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPXS

• 1D: 3.42%
• 1M: 3.11%
• YTD: -20.76%
• 6M: -18.37%
• 1Y: -44.21%
• 3Y*: -40.67%
• 5Y*: -33.53%
• 10Y*: -42.08%

MUU

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

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

SPXS vs. MUU - Yearly Performance Comparison

	2026 (YTD)
SPXS Direxion Daily S&P 500 Bear 3X Shares	7.08%
MUU Direxion Daily MU Bull 2X Shares	-12.11%

Correlation

The correlation between SPXS and MUU is -0.70, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 16, 2026	-0.70

Return for Risk

SPXS vs. MUU — Risk / Return Rank

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

SPXS

SPXS Risk / Return Rank: 1
SPXS Sharpe Ratio Rank: 1
SPXS Sortino Ratio Rank: 1
SPXS Omega Ratio Rank: 1
SPXS Calmar Ratio Rank: 1
SPXS Martin Ratio Rank: 1

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.

SPXS vs. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bear 3X Shares (SPXS) 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.

	SPXS	MUU	Difference
Sharpe ratio: Return per unit of total volatility	-1.19	—	—
Sortino ratio: Return per unit of downside risk	-1.92	—	—
Omega ratio: Gain probability vs. loss probability	0.79	—	—
Calmar ratio: Return relative to maximum drawdown	-0.94	—	—
Martin ratio: Return relative to average drawdown	-1.63	—	—

Drawdowns

SPXS vs. MUU - Drawdown Comparison

The maximum SPXS drawdown since its inception was -100.00%, which is greater than MUU's maximum drawdown of -26.28%. Use the drawdown chart below to compare losses from any high point for SPXS and MUU.

Drawdown Indicators

	SPXS	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-26.28%	-73.72%
Max Drawdown (1Y) Largest decline over 1 year	-46.94%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-84.13%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-90.11%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.63%	—	—
Current Drawdown Current decline from peak	-100.00%	-26.28%	-73.72%
Average Drawdown Average peak-to-trough decline	-96.29%	-10.19%	-86.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.25%	—	—

Volatility

Volatility by Period

	SPXS	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.08%	—	—
Volatility (6M) Calculated over the trailing 6-month period	29.38%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	37.37%	295.32%	-257.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.68%	295.32%	-244.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.59%	295.32%	-241.73%

SPXS vs. MUU - Expense Ratio Comparison

SPXS has a 1.08% expense ratio, which is higher than MUU's 1.01% expense ratio.

Dividends

SPXS vs. MUU - Dividend Comparison

SPXS's dividend yield for the trailing twelve months is around 4.62%, 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%
SPXS Direxion Daily S&P 500 Bear 3X Shares	4.62%	4.93%	6.18%	5.66%	0.00%	0.00%	0.51%	1.74%	0.58%

Frequently Asked Questions

Can I hold both SPXS and MUU in my portfolio?

SPXS and MUU have a correlation of -0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPXS or MUU?

On fees, MUU is cheaper at 1.01% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPXS or MUU?

MUU is cheaper with a 1.01% expense ratio, compared with 1.08% for SPXS.

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

SPXS has the higher dividend yield at 4.62%, compared with 0.00% for MUU.

What is the main difference between SPXS and MUU?

SPXS is categorized as Inverse Equities, while MUU is Leveraged Equities. SPXS tracks S&P 500 Index (-300%), while MUU tracks Micron Technology, Inc. (200% Daily). Their fees differ too: 1.08% for SPXS and 1.01% for MUU.