TBUX vs. MUU

Last updated Jul 14, 2026

TBUX (T. Rowe Price Ultra Short-Term Bond ETF) and MUU (Direxion Daily MU Bull 2X Shares) are both exchange-traded funds - TBUX is a Ultrashort Bond fund actively managed by T. Rowe Price, while MUU is a Leveraged Equities fund tracking the Micron Technology, Inc. (200% Daily). TBUX is actively managed, while MUU is passively managed. Over the past year, TBUX returned 4.62% vs 2796.55% for MUU. At a correlation of -0.02, they often move in opposite directions. TBUX charges 0.17%/yr vs 1.01%/yr for MUU.

Performance

TBUX vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Ultra Short-Term Bond ETF (TBUX) 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, TBUX achieves a 2.06% return, which is significantly lower than MUU's 575.80% return.

TBUX

• 1D: -0.02%
• 1M: 0.23%
• 6M: 2.00%
• YTD: 2.06%
• 1Y: 4.62%
• 3Y*: 5.75%
• 5Y*: —
• 10Y*: —

MUU

• 1D: -9.01%
• 1M: -18.36%
• 6M: 372.65%
• YTD: 575.80%
• 1Y: 2,796.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TBUX vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TBUX T. Rowe Price Ultra Short-Term Bond ETF	2.06%	5.37%	1.06%
MUU Direxion Daily MU Bull 2X Shares	575.80%	599.03%	-40.91%

Correlation

The correlation between TBUX and MUU is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Oct 10, 2024	-0.02

Return for Risk

TBUX vs. MUU — Risk / Return Rank

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

TBUX

TBUX Risk / Return Rank: 99
TBUX Sharpe Ratio Rank: 99
TBUX Sortino Ratio Rank: 99
TBUX Omega Ratio Rank: 99
TBUX Calmar Ratio Rank: 99
TBUX Martin Ratio Rank: 99

MUU

MUU Risk / Return Rank: 99
MUU Sharpe Ratio Rank: 100
MUU Sortino Ratio Rank: 97
MUU Omega Ratio Rank: 96
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.

TBUX vs. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Ultra Short-Term Bond ETF (TBUX) 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.

	TBUX	MUU	Difference
Sharpe ratio: Return per unit of total volatility	6.94	23.95	-17.01
Sortino ratio: Return per unit of downside risk	13.73	5.62	+8.12
Omega ratio: Gain probability vs. loss probability	2.99	1.69	+1.30
Calmar ratio: Return relative to maximum drawdown	46.28	66.09	-19.82
Martin ratio: Return relative to average drawdown	171.39	221.31	-49.92

TBUX vs. MUU - Sharpe Ratio Comparison

The current TBUX Sharpe Ratio is 6.94, which is lower than the MUU Sharpe Ratio of 23.95. The chart below compares the historical Sharpe Ratios of TBUX 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

TBUX vs. MUU - Drawdown Comparison

The maximum TBUX drawdown since its inception was -1.82%, smaller than the maximum MUU drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for TBUX and MUU.

Drawdown Indicators

	TBUX	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-1.82%	-75.07%	+73.25%
Max Drawdown (1Y) Largest decline over 1 year	-0.10%	-52.72%	+52.62%
Max Drawdown (3Y) Largest decline over 3 years	-0.33%	—	—
Current Drawdown Current decline from peak	-0.02%	-36.32%	+36.30%
Average Drawdown Average peak-to-trough decline	-0.28%	-23.43%	+23.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	16.57%	-16.54%

Volatility

TBUX vs. MUU - Volatility Comparison

The current volatility for T. Rowe Price Ultra Short-Term Bond ETF (TBUX) is 0.20%, while Direxion Daily MU Bull 2X Shares (MUU) has a volatility of 67.81%. This indicates that TBUX 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

	TBUX	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.20%	67.81%	-67.61%
Volatility (6M) Calculated over the trailing 6-month period	0.48%	116.35%	-115.87%
Volatility (1Y) Calculated over the trailing 1-year period	0.67%	145.78%	-145.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.06%	138.10%	-137.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.06%	138.10%	-137.04%

TBUX vs. MUU - Expense Ratio Comparison

TBUX has a 0.17% expense ratio, which is lower than MUU's 1.01% expense ratio.

Dividends

TBUX vs. MUU - Dividend Comparison

TBUX's dividend yield for the trailing twelve months is around 4.45%, more than MUU's 0.70% yield.

Position	TTM	2025	2024	2023	2022	2021
MUU Direxion Daily MU Bull 2X Shares	0.70%	4.27%	0.31%	0.00%	0.00%	0.00%
TBUX T. Rowe Price Ultra Short-Term Bond ETF	4.45%	4.67%	5.39%	4.66%	2.58%	0.27%

Frequently Asked Questions

Can I hold both TBUX and MUU in my portfolio?

TBUX and MUU have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TBUX or MUU?

MUU has higher volatility (67.81%) compared to TBUX (0.20%). In terms of maximum drawdown, TBUX dropped -1.82% vs MUU's -75.07%.

Which ETF is better, TBUX or MUU?

On 1-year performance, MUU leads with 2796.55% vs 4.62% for TBUX. On fees, TBUX is cheaper at 0.17% per year. On volatility, TBUX has been the lower-risk option at 0.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TBUX or MUU?

Over the 1-year period, MUU has performed better with a 2796.55% return vs 4.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBUX or MUU?

TBUX is cheaper with a 0.17% expense ratio, compared with 1.01% for MUU.

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

TBUX has the higher dividend yield at 4.45%, compared with 0.70% for MUU.

What is the main difference between TBUX and MUU?

TBUX is categorized as Ultrashort Bond, while MUU is Leveraged Equities. They also come from different issuers: T. Rowe Price and Direxion. Their fees differ too: 0.17% for TBUX and 1.01% for MUU.

Which has better risk-adjusted returns?

MUU currently has the higher Sharpe Ratio (23.95 vs 6.94), 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.