TSLG vs. MUU

Last updated Jun 3, 2026

TSLG (Leverage Shares 2X Long TSLA Daily ETF) and MUU (Direxion Daily MU Bull 2X Shares) are both Leveraged Equities funds. Both are actively managed. Over the past year, TSLG returned 8.61% vs 6847.16% for MUU. At a 0.37 correlation, their price movements are largely independent. TSLG charges 0.75%/yr vs 1.06%/yr for MUU.

Performance

TSLG vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long TSLA Daily ETF (TSLG) 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, TSLG achieves a -20.71% return, which is significantly lower than MUU's 929.51% return.

TSLG

• 1D: 3.94%
• 1M: 14.75%
• YTD: -20.71%
• 6M: -14.74%
• 1Y: 8.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MUU

• 1D: 5.32%
• 1M: 249.29%
• YTD: 929.51%
• 6M: 1,310.65%
• 1Y: 6,847.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSLG vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSLG Leverage Shares 2X Long TSLA Daily ETF	-20.71%	-26.70%	-16.81%
MUU Direxion Daily MU Bull 2X Shares	929.51%	599.03%	-36.01%

Correlation

The correlation between TSLG and MUU is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (All Time) Calculated using the full available price history since Dec 16, 2024	0.37

Return for Risk

TSLG vs. MUU — Risk / Return Rank

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

TSLG

TSLG Risk / Return Rank: 12
TSLG Sharpe Ratio Rank: 10
TSLG Sortino Ratio Rank: 16
TSLG Omega Ratio Rank: 16
TSLG Calmar Ratio Rank: 10
TSLG Martin Ratio Rank: 10

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.

TSLG vs. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long TSLA Daily ETF (TSLG) 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.

	TSLG	MUU	Difference
Sharpe ratio Return per unit of total volatility	0.09	52.86	-52.77
Sortino ratio Return per unit of downside risk	0.79	7.24	-6.45
Omega ratio Gain probability vs. loss probability	1.10	1.92	-0.82
Calmar ratio Return relative to maximum drawdown	0.12	140.26	-140.14
Martin ratio Return relative to average drawdown	0.24	476.67	-476.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TSLG vs. MUU - Sharpe Ratio Comparison

The current TSLG Sharpe Ratio is 0.09, which is lower than the MUU Sharpe Ratio of 52.86. The chart below compares the historical Sharpe Ratios of TSLG 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

	TSLG	MUU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.09	52.86	-52.77
Sharpe Ratio (All Time) Calculated using the full available price history	-0.34	6.58	-6.92

Drawdowns

TSLG vs. MUU - Drawdown Comparison

The maximum TSLG drawdown since its inception was -82.86%, which is greater than MUU's maximum drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for TSLG and MUU.

Drawdown Indicators

	TSLG	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-82.86%	-75.07%	-7.79%
Max Drawdown (1Y) Largest decline over 1 year	-54.61%	-52.72%	-1.89%
Current Drawdown Current decline from peak	-59.94%	0.00%	-59.94%
Average Drawdown Average peak-to-trough decline	-58.72%	-23.50%	-35.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.54%	15.51%	+11.03%

Volatility

TSLG vs. MUU - Volatility Comparison

The current volatility for Leverage Shares 2X Long TSLA Daily ETF (TSLG) is 24.39%, while Direxion Daily MU Bull 2X Shares (MUU) has a volatility of 55.10%. This indicates that TSLG 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

	TSLG	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.39%	55.10%	-30.71%
Volatility (6M) Calculated over the trailing 6-month period	54.58%	105.07%	-50.49%
Volatility (1Y) Calculated over the trailing 1-year period	92.55%	131.89%	-39.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	115.47%	133.83%	-18.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	115.47%	133.83%	-18.36%

TSLG vs. MUU - Expense Ratio Comparison

TSLG has a 0.75% expense ratio, which is lower than MUU's 1.06% expense ratio.

Dividends

TSLG vs. MUU - Dividend Comparison

TSLG's dividend yield for the trailing twelve months is around 8.26%, more than MUU's 0.47% yield.

Position	TTM	2025	2024
MUU Direxion Daily MU Bull 2X Shares	0.47%	4.27%	0.31%
TSLG Leverage Shares 2X Long TSLA Daily ETF	8.26%	6.55%	0.00%

Frequently Asked Questions

Can I hold both TSLG and MUU in my portfolio?

TSLG and MUU have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSLG or MUU?

MUU has higher volatility (55.10%) compared to TSLG (24.39%). In terms of maximum drawdown, TSLG dropped -82.86% vs MUU's -75.07%.

Which ETF is better, TSLG or MUU?

On 1-year performance, MUU leads with 6847.16% vs 8.61% for TSLG. On fees, TSLG is cheaper at 0.75% per year. On volatility, TSLG has been the lower-risk option at 24.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLG or MUU?

Over the 1-year period, MUU has performed better with a 6847.16% return vs 8.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLG or MUU?

TSLG is cheaper with a 0.75% expense ratio, compared with 1.06% for MUU.

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

TSLG has the higher dividend yield at 8.26%, compared with 0.47% for MUU.

What is the main difference between TSLG and MUU?

They also come from different issuers: Leverage Shares and Direxion. Their fees differ too: 0.75% for TSLG and 1.06% for MUU.

Which has better risk-adjusted returns?

MUU currently has the higher Sharpe Ratio (52.86 vs 0.09), 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.