TSMG vs. MUU

Last updated Jun 25, 2026

TSMG (Leverage Shares 2X Long TSM Daily ETF) and MUU (Direxion Daily MU Bull 2X Shares) are both Leveraged Equities funds. TSMG is actively managed, while MUU is passively managed. Their correlation of 0.94 suggests significant overlap in exposure. TSMG charges 0.75%/yr vs 1.01%/yr for MUU.

Performance

TSMG vs. MUU - Performance Comparison

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

Returns By Period

TSMG

• 1D: 1.87%
• 1M: 15.01%
• YTD: 83.76%
• 6M: 89.30%
• 1Y: 218.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MUU

• 1D: -0.64%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSMG vs. MUU - Yearly Performance Comparison

	2026 (YTD)
TSMG Leverage Shares 2X Long TSM Daily ETF	-1.23%
MUU Direxion Daily MU Bull 2X Shares	-12.53%

Correlation

The correlation between TSMG and MUU is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 16, 2026	0.94

Return for Risk

TSMG vs. MUU — Risk / Return Rank

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

TSMG

TSMG Risk / Return Rank: 85
TSMG Sharpe Ratio Rank: 92
TSMG Sortino Ratio Rank: 75
TSMG Omega Ratio Rank: 71
TSMG Calmar Ratio Rank: 94
TSMG Martin Ratio Rank: 92

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.

TSMG vs. MUU - Risk-Adjusted Trends Comparison

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

	TSMG	MUU	Difference
Sharpe ratio: Return per unit of total volatility	2.88	—	—
Sortino ratio: Return per unit of downside risk	3.00	—	—
Omega ratio: Gain probability vs. loss probability	1.37	—	—
Calmar ratio: Return relative to maximum drawdown	6.22	—	—
Martin ratio: Return relative to average drawdown	19.84	—	—

Drawdowns

TSMG vs. MUU - Drawdown Comparison

The maximum TSMG drawdown since its inception was -63.67%, which is greater than MUU's maximum drawdown of -26.63%. Use the drawdown chart below to compare losses from any high point for TSMG and MUU.

Drawdown Indicators

	TSMG	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-63.67%	-26.63%	-37.04%
Max Drawdown (1Y) Largest decline over 1 year	-35.29%	—	—
Current Drawdown Current decline from peak	-11.88%	-26.63%	+14.75%
Average Drawdown Average peak-to-trough decline	-16.63%	-12.91%	-3.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.05%	—	—

Volatility

Volatility by Period

	TSMG	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	32.95%	—	—
Volatility (6M) Calculated over the trailing 6-month period	60.72%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	76.79%	263.57%	-186.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.11%	263.57%	-180.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	83.11%	263.57%	-180.46%

TSMG vs. MUU - Expense Ratio Comparison

TSMG has a 0.75% expense ratio, which is lower than MUU's 1.01% expense ratio.

Dividends

TSMG vs. MUU - Dividend Comparison

TSMG's dividend yield for the trailing twelve months is around 6.25%, more than MUU's 0.23% yield.

Position	TTM	2025
MUU Direxion Daily MU Bull 2X Shares	0.23%	0.00%
TSMG Leverage Shares 2X Long TSM Daily ETF	6.25%	11.48%

Frequently Asked Questions

Can I hold both TSMG and MUU in my portfolio?

With a correlation of 0.94, TSMG and MUU move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, TSMG or MUU?

On fees, TSMG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TSMG or MUU?

TSMG is cheaper with a 0.75% expense ratio, compared with 1.01% for MUU.

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

TSMG has the higher dividend yield at 6.25%, compared with 0.23% for MUU.

What is the main difference between TSMG and MUU?

They also come from different issuers: Leverage Shares and Direxion. Their fees differ too: 0.75% for TSMG and 1.01% for MUU.