TSLR vs. MUU

Last updated Aug 4, 2026

TSLR (GraniteShares 2x Long TSLA Daily ETF) and MUU (Direxion Daily MU Bull 2X Shares) are both Leveraged Equities funds. TSLR is actively managed, while MUU is passively managed. Over the past year, TSLR returned -18.69% vs 2844.73% for MUU. Their 0.37 correlation means their historical movements had little consistent relationship. TSLR charges 0.95%/yr vs 1.01%/yr for MUU.

Performance

TSLR vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long TSLA Daily ETF (TSLR) 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, TSLR achieves a -58.03% return, which is significantly lower than MUU's 378.90% return.

TSLR

• 1D: 7.01%
• 1M: -36.27%
• 6M: -51.23%
• YTD: -58.03%
• 1Y: -18.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -19.39%

MUU

• 1D: 1.35%
• 1M: -35.62%
• 6M: 114.51%
• YTD: 378.90%
• 1Y: 2,844.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 419.02%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MUU Direxion Daily MU Bull 2X Shares	$1.54B	$1.50B	$2.29B
TSLR GraniteShares 2x Long TSLA Daily ETF	$20.74M	$20.82M	$40.66M

TSLR vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSLR GraniteShares 2x Long TSLA Daily ETF	-58.03%	-25.97%	140.81%
MUU Direxion Daily MU Bull 2X Shares	378.90%	599.03%	-40.91%

Correlation

The correlation between TSLR and MUU is 0.39, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.39
Correlation (All Time) Calculated using the full available price history since Oct 10, 2024	0.37

Return for Risk

TSLR vs. MUU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TSLR

TSLR Risk / Return Rank: 10
TSLR Sharpe Ratio Rank: 8
TSLR Sortino Ratio Rank: 14
TSLR Omega Ratio Rank: 14
TSLR Calmar Ratio Rank: 8
TSLR Martin Ratio Rank: 7

MUU

MUU Risk / Return Rank: 98
MUU Sharpe Ratio Rank: 100
MUU Sortino Ratio Rank: 97
MUU Omega Ratio Rank: 96
MUU Calmar Ratio Rank: 99
MUU Martin Ratio Rank: 99

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TSLR vs. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long TSLA Daily ETF (TSLR) 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.

	TSLR	MUU	Difference
Sharpe ratio: Return per unit of total volatility	-0.20	17.89	-18.10
Sortino ratio: Return per unit of downside risk	0.35	4.98	-4.63
Omega ratio: Gain probability vs. loss probability	1.04	1.63	-0.58
Calmar ratio: Return relative to maximum drawdown	-0.27	42.38	-42.65
Martin ratio: Return relative to average drawdown	-0.59	138.45	-139.05

TSLR vs. MUU - Sharpe Ratio Comparison

The current TSLR Sharpe Ratio is -0.20, which is lower than the MUU Sharpe Ratio of 17.89. The chart below compares the historical Sharpe Ratios of TSLR 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

TSLR vs. MUU - Drawdown Comparison

The maximum TSLR drawdown since its inception was -82.80%, which is greater than MUU's maximum drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for TSLR and MUU.

Drawdown Indicators

	TSLR	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-82.80%	-75.07%	-7.73%
Max Drawdown (1Y) Largest decline over 1 year	-69.80%	-68.07%	-1.73%
Current Drawdown Current decline from peak	-78.52%	-60.98%	-17.54%
Average Drawdown Average peak-to-trough decline	-51.16%	-24.42%	-26.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.54%	20.79%	+10.75%

Volatility

TSLR vs. MUU - Volatility Comparison

The current volatility for GraniteShares 2x Long TSLA Daily ETF (TSLR) is 41.95%, while Direxion Daily MU Bull 2X Shares (MUU) has a volatility of 61.31%. This indicates that TSLR 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

	TSLR	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	41.95%	61.31%	-19.36%
Volatility (6M) Calculated over the trailing 6-month period	70.80%	133.76%	-62.96%
Volatility (1Y) Calculated over the trailing 1-year period	93.05%	161.53%	-68.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	116.22%	146.55%	-30.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	116.22%	146.55%	-30.33%

TSLR vs. MUU - Expense Ratio Comparison

TSLR has a 0.95% expense ratio, which is lower than MUU's 1.01% expense ratio.

Dividends

TSLR vs. MUU - Dividend Comparison

TSLR has not paid dividends to shareholders, while MUU's dividend yield for the trailing twelve months is around 1.42%.

Position	TTM	2025	2024
MUU Direxion Daily MU Bull 2X Shares	1.42%	4.27%	0.31%
TSLR GraniteShares 2x Long TSLA Daily ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSLR and MUU in my portfolio?

TSLR and MUU have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSLR or MUU?

MUU has higher volatility (61.31%) compared to TSLR (41.95%). In terms of maximum drawdown, TSLR dropped -82.80% vs MUU's -75.07%.

Which ETF is better, TSLR or MUU?

On 1-year performance, MUU leads with 2844.73% vs -18.69% for TSLR. On fees, TSLR is cheaper at 0.95% per year. On volatility, TSLR has been the lower-risk option at 41.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLR or MUU?

Over the 1-year period, MUU has performed better with a 2844.73% return vs -18.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLR or MUU?

TSLR is cheaper with a 0.95% expense ratio, compared with 1.01% for MUU.

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

MUU has the higher dividend yield at 1.42%, compared with 0.00% for TSLR.

What is the main difference between TSLR and MUU?

They also come from different issuers: GraniteShares and Direxion. Their fees differ too: 0.95% for TSLR and 1.01% for MUU.

Which has better risk-adjusted returns?

MUU currently has the higher Sharpe Ratio (17.89 vs -0.20), 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.