TSMU vs. MUU

Last updated Jul 12, 2026

TSMU (GraniteShares 2x Long TSM Daily ETF) and MUU (Direxion Daily MU Bull 2X Shares) are both Leveraged Equities funds. TSMU is actively managed, while MUU is passively managed. Over the past year, TSMU returned 165.40% vs 3083.51% for MUU. A 0.57 correlation means they provide meaningful diversification when combined. TSMU charges 1.50%/yr vs 1.01%/yr for MUU.

Performance

TSMU vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long TSM Daily ETF (TSMU) 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, TSMU achieves a 71.42% return, which is significantly lower than MUU's 642.75% return.

TSMU

• 1D: -1.35%
• 1M: 1.42%
• 6M: 51.91%
• YTD: 71.42%
• 1Y: 165.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MUU

• 1D: -2.52%
• 1M: -10.27%
• 6M: 421.21%
• YTD: 642.75%
• 1Y: 3,083.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSMU vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSMU GraniteShares 2x Long TSM Daily ETF	71.42%	74.83%	3.55%
MUU Direxion Daily MU Bull 2X Shares	642.75%	599.03%	-44.56%

Correlation

The correlation between TSMU and MUU is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.55
Correlation (All Time) Calculated using the full available price history since Nov 12, 2024	0.57

The correlation between TSMU and MUU has been stable across timeframes, ranging from 0.55 to 0.57 - a consistent structural relationship.

Return for Risk

TSMU vs. MUU — Risk / Return Rank

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

TSMU

TSMU Risk / Return Rank: 80
TSMU Sharpe Ratio Rank: 84
TSMU Sortino Ratio Rank: 70
TSMU Omega Ratio Rank: 65
TSMU Calmar Ratio Rank: 92
TSMU Martin Ratio Rank: 87

MUU

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

TSMU vs. MUU - Risk-Adjusted Trends Comparison

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

	TSMU	MUU	Difference
Sharpe ratio: Return per unit of total volatility	2.14	27.27	-25.14
Sortino ratio: Return per unit of downside risk	2.54	5.80	-3.26
Omega ratio: Gain probability vs. loss probability	1.31	1.72	-0.41
Calmar ratio: Return relative to maximum drawdown	4.78	75.03	-70.26
Martin ratio: Return relative to average drawdown	14.61	245.78	-231.17

TSMU vs. MUU - Sharpe Ratio Comparison

The current TSMU Sharpe Ratio is 2.14, which is lower than the MUU Sharpe Ratio of 27.27. The chart below compares the historical Sharpe Ratios of TSMU 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

TSMU vs. MUU - Drawdown Comparison

The maximum TSMU drawdown since its inception was -63.73%, smaller than the maximum MUU drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for TSMU and MUU.

Drawdown Indicators

	TSMU	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-63.73%	-75.07%	+11.34%
Max Drawdown (1Y) Largest decline over 1 year	-35.18%	-52.72%	+17.54%
Current Drawdown Current decline from peak	-18.52%	-30.01%	+11.49%
Average Drawdown Average peak-to-trough decline	-15.66%	-23.40%	+7.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.48%	16.41%	-4.93%

Volatility

TSMU vs. MUU - Volatility Comparison

The current volatility for GraniteShares 2x Long TSM Daily ETF (TSMU) is 36.13%, while Direxion Daily MU Bull 2X Shares (MUU) has a volatility of 67.23%. This indicates that TSMU 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

	TSMU	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	36.13%	67.23%	-31.10%
Volatility (6M) Calculated over the trailing 6-month period	63.36%	116.08%	-52.72%
Volatility (1Y) Calculated over the trailing 1-year period	78.76%	145.04%	-66.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.29%	138.03%	-54.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	83.29%	138.03%	-54.74%

TSMU vs. MUU - Expense Ratio Comparison

TSMU has a 1.50% expense ratio, which is higher than MUU's 1.01% expense ratio.

Dividends

TSMU vs. MUU - Dividend Comparison

TSMU has not paid dividends to shareholders, while MUU's dividend yield for the trailing twelve months is around 0.64%.

Position	TTM	2025	2024
MUU Direxion Daily MU Bull 2X Shares	0.64%	4.27%	0.31%
TSMU GraniteShares 2x Long TSM Daily ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSMU and MUU in my portfolio?

TSMU and MUU have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSMU or MUU?

MUU has higher volatility (67.23%) compared to TSMU (36.13%). In terms of maximum drawdown, TSMU dropped -63.73% vs MUU's -75.07%.

Which ETF is better, TSMU or MUU?

On 1-year performance, MUU leads with 3083.51% vs 165.40% for TSMU. On fees, MUU is cheaper at 1.01% per year. On volatility, TSMU has been the lower-risk option at 36.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSMU or MUU?

Over the 1-year period, MUU has performed better with a 3083.51% return vs 165.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSMU or MUU?

MUU is cheaper with a 1.01% expense ratio, compared with 1.50% for TSMU.

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

MUU has the higher dividend yield at 0.64%, compared with 0.00% for TSMU.

What is the main difference between TSMU and MUU?

They also come from different issuers: GraniteShares and Direxion. Their fees differ too: 1.50% for TSMU and 1.01% for MUU.

Which has better risk-adjusted returns?

MUU currently has the higher Sharpe Ratio (27.27 vs 2.14), 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.