SPXS vs. MUU

Last updated Jun 4, 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 actively managed by Direxion. SPXS is passively managed, while MUU is actively managed. Over the past year, SPXS returned -48.73% vs 6522.95% for MUU. At a correlation of -0.54, they often move in opposite directions. SPXS charges 1.08%/yr vs 1.06%/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

In the year-to-date period, SPXS achieves a -25.49% return, which is significantly lower than MUU's 961.23% return.

SPXS

• 1D: 2.19%
• 1M: -13.11%
• YTD: -25.49%
• 6M: -24.86%
• 1Y: -48.73%
• 3Y*: -42.68%
• 5Y*: -34.76%
• 10Y*: -42.01%

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)

SPXS vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPXS Direxion Daily S&P 500 Bear 3X Shares	-25.49%	-41.53%	-3.78%
MUU Direxion Daily MU Bull 2X Shares	961.23%	599.03%	-43.09%

Correlation

The correlation between SPXS and MUU is -0.47, 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 (1Y) Calculated over the trailing 1-year period	-0.47
Correlation (All Time) Calculated using the full available price history since Oct 11, 2024	-0.54

The correlation between SPXS and MUU has been stable across timeframes, ranging from -0.54 to -0.47 - a consistent structural relationship.

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: 0
SPXS Sortino Ratio Rank: 0
SPXS Omega Ratio Rank: 0
SPXS Calmar Ratio Rank: 1
SPXS Martin Ratio Rank: 1

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.

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.

	SPXS	MUU	Difference
Sharpe ratio: Return per unit of total volatility	-1.38	50.40	-51.78
Sortino ratio: Return per unit of downside risk	-2.31	7.17	-9.48
Omega ratio: Gain probability vs. loss probability	0.75	1.91	-1.16
Calmar ratio: Return relative to maximum drawdown	-0.96	125.85	-126.81
Martin ratio: Return relative to average drawdown	-1.62	426.84	-428.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPXS vs. MUU - Sharpe Ratio Comparison

The current SPXS Sharpe Ratio is -1.38, which is lower than the MUU Sharpe Ratio of 50.40. The chart below compares the historical Sharpe Ratios of SPXS 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

	SPXS	MUU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.38	50.40	-51.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.69	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.79	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.83	6.68	-7.52

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 -75.07%. 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%	-75.07%	-24.93%
Max Drawdown (1Y) Largest decline over 1 year	-50.77%	-52.72%	+1.95%
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%	0.00%	-100.00%
Average Drawdown Average peak-to-trough decline	-96.30%	-23.44%	-72.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.04%	15.51%	+14.53%

Volatility

SPXS vs. MUU - Volatility Comparison

The current volatility for Direxion Daily S&P 500 Bear 3X Shares (SPXS) is 8.51%, while Direxion Daily MU Bull 2X Shares (MUU) has a volatility of 54.78%. This indicates that SPXS 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

	SPXS	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.51%	54.78%	-46.27%
Volatility (6M) Calculated over the trailing 6-month period	26.82%	105.07%	-78.25%
Volatility (1Y) Calculated over the trailing 1-year period	35.54%	131.77%	-96.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.39%	133.67%	-83.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.54%	133.67%	-80.13%

SPXS vs. MUU - Expense Ratio Comparison

SPXS has a 1.08% expense ratio, which is higher than MUU's 1.06% expense ratio.

Dividends

SPXS vs. MUU - Dividend Comparison

SPXS's dividend yield for the trailing twelve months is around 4.91%, more than MUU's 0.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
MUU Direxion Daily MU Bull 2X Shares	0.46%	4.27%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPXS Direxion Daily S&P 500 Bear 3X Shares	4.91%	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 -0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPXS or MUU?

MUU has higher volatility (54.78%) compared to SPXS (8.51%). In terms of maximum drawdown, SPXS dropped -100.00% vs MUU's -75.07%.

Which ETF is better, SPXS or MUU?

On 1-year performance, MUU leads with 6522.95% vs -48.73% for SPXS. On fees, MUU is cheaper at 1.06% per year. On volatility, SPXS has been the lower-risk option at 8.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXS or MUU?

Over the 1-year period, MUU has performed better with a 6522.95% return vs -48.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXS or MUU?

MUU is cheaper with a 1.06% 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 4.91%, compared with 0.46% for MUU.

What is the main difference between SPXS and MUU?

SPXS is categorized as Inverse Equities, while MUU is Leveraged Equities. Their fees differ too: 1.08% for SPXS and 1.06% for MUU.

Which has better risk-adjusted returns?

MUU currently has the higher Sharpe Ratio (50.40 vs -1.38), 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.