TSMU vs. MUU

Last updated Jun 23, 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. Their correlation of 0.80 suggests significant overlap in exposure. 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

TSMU

• 1D: 2.23%
• 1M: 30.30%
• YTD: 104.61%
• 6M: 118.99%
• 1Y: 276.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MUU

• 1D: 14.03%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSMU vs. MUU - Yearly Performance Comparison

	2026 (YTD)
TSMU GraniteShares 2x Long TSM Daily ETF	11.60%
MUU Direxion Daily MU Bull 2X Shares	19.23%

Correlation

The correlation between TSMU and MUU is 0.80, 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	0.80

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: 88
TSMU Sharpe Ratio Rank: 95
TSMU Sortino Ratio Rank: 82
TSMU Omega Ratio Rank: 75
TSMU Calmar Ratio Rank: 96
TSMU Martin Ratio Rank: 94

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.

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	3.71	—	—
Sortino ratio: Return per unit of downside risk	3.48	—	—
Omega ratio: Gain probability vs. loss probability	1.42	—	—
Calmar ratio: Return relative to maximum drawdown	7.90	—	—
Martin ratio: Return relative to average drawdown	25.20	—	—

Drawdowns

TSMU vs. MUU - Drawdown Comparison

The maximum TSMU drawdown since its inception was -63.73%, which is greater than MUU's maximum drawdown of -14.14%. 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%	-14.14%	-49.59%
Max Drawdown (1Y) Largest decline over 1 year	-35.18%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-15.72%	-6.17%	-9.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.01%	—	—

Volatility

Volatility by Period

	TSMU	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	28.51%	—	—
Volatility (6M) Calculated over the trailing 6-month period	57.93%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	75.06%	222.50%	-147.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	81.67%	222.50%	-140.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.67%	222.50%	-140.83%

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

Neither TSMU nor MUU has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both TSMU and MUU in my portfolio?

TSMU and MUU have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TSMU or MUU?

On fees, MUU is cheaper at 1.01% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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?

TSMU and MUU have nearly identical dividend yields, around 0.00%.

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.