SPYQ vs. MUU

Last updated Jun 24, 2026

SPYQ (Tradr 2X Long SPY Quarterly ETF) and MUU (Direxion Daily MU Bull 2X Shares) are both Leveraged Equities funds. SPYQ is actively managed, while MUU is passively managed. A 0.70 correlation means they provide meaningful diversification when combined. SPYQ charges 1.30%/yr vs 1.01%/yr for MUU.

Performance

SPYQ vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tradr 2X Long SPY Quarterly ETF (SPYQ) and Direxion Daily MU Bull 2X Shares (MUU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPYQ

• 1D: -2.39%
• 1M: -2.84%
• YTD: 11.91%
• 6M: 9.83%
• 1Y: 39.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MUU

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

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

SPYQ vs. MUU - Yearly Performance Comparison

	2026 (YTD)
SPYQ Tradr 2X Long SPY Quarterly ETF	-4.25%
MUU Direxion Daily MU Bull 2X Shares	-12.11%

Correlation

The correlation between SPYQ and MUU is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

Return for Risk

SPYQ vs. MUU — Risk / Return Rank

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

SPYQ

SPYQ Risk / Return Rank: 48
SPYQ Sharpe Ratio Rank: 49
SPYQ Sortino Ratio Rank: 44
SPYQ Omega Ratio Rank: 46
SPYQ Calmar Ratio Rank: 44
SPYQ Martin Ratio Rank: 55

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.

SPYQ vs. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 2X Long SPY Quarterly ETF (SPYQ) 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.

	SPYQ	MUU	Difference
Sharpe ratio: Return per unit of total volatility	1.60	—	—
Sortino ratio: Return per unit of downside risk	2.15	—	—
Omega ratio: Gain probability vs. loss probability	1.28	—	—
Calmar ratio: Return relative to maximum drawdown	2.11	—	—
Martin ratio: Return relative to average drawdown	9.19	—	—

Drawdowns

SPYQ vs. MUU - Drawdown Comparison

The maximum SPYQ drawdown since its inception was -35.88%, which is greater than MUU's maximum drawdown of -26.28%. Use the drawdown chart below to compare losses from any high point for SPYQ and MUU.

Drawdown Indicators

	SPYQ	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-35.88%	-26.28%	-9.60%
Max Drawdown (1Y) Largest decline over 1 year	-18.70%	—	—
Current Drawdown Current decline from peak	-5.82%	-26.28%	+20.46%
Average Drawdown Average peak-to-trough decline	-4.86%	-10.19%	+5.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.28%	—	—

Volatility

Volatility by Period

	SPYQ	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.50%	—	—
Volatility (6M) Calculated over the trailing 6-month period	19.42%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	24.72%	295.32%	-270.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.60%	295.32%	-260.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.60%	295.32%	-260.72%

SPYQ vs. MUU - Expense Ratio Comparison

SPYQ has a 1.30% expense ratio, which is higher than MUU's 1.01% expense ratio.

Dividends

SPYQ vs. MUU - Dividend Comparison

SPYQ's dividend yield for the trailing twelve months is around 0.15%, while MUU has not paid dividends to shareholders.

Position	TTM	2025
MUU Direxion Daily MU Bull 2X Shares	0.00%	0.00%
SPYQ Tradr 2X Long SPY Quarterly ETF	0.15%	0.17%

Frequently Asked Questions

Can I hold both SPYQ and MUU in my portfolio?

SPYQ 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, SPYQ 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, SPYQ or MUU?

MUU is cheaper with a 1.01% expense ratio, compared with 1.30% for SPYQ.

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

SPYQ has the higher dividend yield at 0.15%, compared with 0.00% for MUU.

What is the main difference between SPYQ and MUU?

They also come from different issuers: AXS and Direxion. Their fees differ too: 1.30% for SPYQ and 1.01% for MUU.