TSLS vs. MUU

Last updated Aug 2, 2026

TSLS (Direxion Daily TSLA Bear 1X ETF) and MUU (Direxion Daily MU Bull 2X Shares) are both exchange-traded funds - TSLS is a Inverse Equities fund tracking the Tesla, Inc. (-100% Daily), while MUU is a Leveraged Equities fund tracking the Micron Technology, Inc. (200% Daily). Both are passively managed. Over the past year, TSLS returned -14.97% vs 2805.45% for MUU. Their -0.37 correlation means they have often moved in opposite directions in the past. TSLS charges 0.95%/yr vs 1.01%/yr for MUU.

Performance

TSLS vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily TSLA Bear 1X ETF (TSLS) 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, TSLS achieves a 33.30% return, which is significantly lower than MUU's 372.51% return.

TSLS

• 1D: -0.74%
• 1M: 22.65%
• 6M: 27.99%
• YTD: 33.30%
• 1Y: -14.97%
• 3Y*: -27.51%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -25.22%

MUU

• 1D: -12.24%
• 1M: -36.47%
• 6M: 134.93%
• YTD: 372.51%
• 1Y: 2,805.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 419.04%

*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	$1.51B	$1.57B	$2.27B
TSLS Direxion Daily TSLA Bear 1X ETF	$28.97M	$27.46M	$30.88M

TSLS vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSLS Direxion Daily TSLA Bear 1X ETF	33.30%	-34.95%	-47.82%
MUU Direxion Daily MU Bull 2X Shares	372.51%	599.03%	-40.91%

Correlation

The correlation between TSLS and MUU is -0.40, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.40
Correlation (All Time) Calculated using the full available price history since Oct 10, 2024	-0.37

Return for Risk

TSLS vs. MUU — Risk / Return Rank

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

TSLS

TSLS Risk / Return Rank: 8
TSLS Sharpe Ratio Rank: 7
TSLS Sortino Ratio Rank: 8
TSLS Omega Ratio Rank: 8
TSLS Calmar Ratio Rank: 7
TSLS Martin Ratio Rank: 8

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.

TSLS vs. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSLA Bear 1X ETF (TSLS) 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.

	TSLS	MUU	Difference
Sharpe ratio: Return per unit of total volatility	-0.28	16.13	-16.41
Sortino ratio: Return per unit of downside risk	-0.11	4.86	-4.97
Omega ratio: Gain probability vs. loss probability	0.99	1.61	-0.62
Calmar ratio: Return relative to maximum drawdown	-0.32	38.27	-38.59
Martin ratio: Return relative to average drawdown	-0.45	127.21	-127.66

TSLS vs. MUU - Sharpe Ratio Comparison

The current TSLS Sharpe Ratio is -0.28, which is lower than the MUU Sharpe Ratio of 16.13. The chart below compares the historical Sharpe Ratios of TSLS 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

TSLS vs. MUU - Drawdown Comparison

The maximum TSLS drawdown since its inception was -90.73%, which is greater than MUU's maximum drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for TSLS and MUU.

Drawdown Indicators

	TSLS	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-90.73%	-75.07%	-15.66%
Max Drawdown (1Y) Largest decline over 1 year	-41.36%	-68.07%	+26.71%
Max Drawdown (3Y) Largest decline over 3 years	-84.16%	—	—
Current Drawdown Current decline from peak	-86.56%	-61.50%	-25.06%
Average Drawdown Average peak-to-trough decline	-64.44%	-24.34%	-40.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.53%	20.44%	+9.09%

Volatility

TSLS vs. MUU - Volatility Comparison

The current volatility for Direxion Daily TSLA Bear 1X ETF (TSLS) is 19.07%, while Direxion Daily MU Bull 2X Shares (MUU) has a volatility of 62.16%. This indicates that TSLS 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

	TSLS	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.07%	62.16%	-43.09%
Volatility (6M) Calculated over the trailing 6-month period	33.98%	134.20%	-100.22%
Volatility (1Y) Calculated over the trailing 1-year period	46.81%	161.94%	-115.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.98%	146.71%	-87.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.98%	146.71%	-87.73%

TSLS vs. MUU - Expense Ratio Comparison

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

Dividends

TSLS vs. MUU - Dividend Comparison

TSLS's dividend yield for the trailing twelve months is around 2.36%, more than MUU's 1.44% yield.

Position	TTM	2025	2024	2023	2022
MUU Direxion Daily MU Bull 2X Shares	1.44%	4.27%	0.31%	0.00%	0.00%
TSLS Direxion Daily TSLA Bear 1X ETF	2.36%	4.30%	7.62%	4.52%	3.46%

Frequently Asked Questions

Can I hold both TSLS and MUU in my portfolio?

TSLS and MUU have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSLS or MUU?

MUU has higher volatility (62.16%) compared to TSLS (19.07%). In terms of maximum drawdown, TSLS dropped -90.73% vs MUU's -75.07%.

Which ETF is better, TSLS or MUU?

On 1-year performance, MUU leads with 2805.45% vs -14.97% for TSLS. On fees, TSLS is cheaper at 0.95% per year. On volatility, TSLS has been the lower-risk option at 19.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLS or MUU?

Over the 1-year period, MUU has performed better with a 2805.45% return vs -14.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLS or MUU?

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

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

TSLS has the higher dividend yield at 2.36%, compared with 1.44% for MUU.

What is the main difference between TSLS and MUU?

TSLS is categorized as Inverse Equities, while MUU is Leveraged Equities. TSLS tracks Tesla, Inc. (-100% Daily), while MUU tracks Micron Technology, Inc. (200% Daily). Their fees differ too: 0.95% for TSLS and 1.01% for MUU.

Which has better risk-adjusted returns?

MUU currently has the higher Sharpe Ratio (16.13 vs -0.28), 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.