TSMX vs. MUU

Last updated Jun 4, 2026

TSMX (Direxion Daily TSM Bull 2X Shares) and MUU (Direxion Daily MU Bull 2X Shares) are both Leveraged Equities funds from Direxion. Both are actively managed. Over the past year, TSMX returned 295.18% vs 6522.95% for MUU. A 0.58 correlation means they provide meaningful diversification when combined. TSMX charges 1.05%/yr vs 1.06%/yr for MUU.

Performance

TSMX vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily TSM Bull 2X Shares (TSMX) 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, TSMX achieves a 85.80% return, which is significantly lower than MUU's 961.23% return.

TSMX

• 1D: -4.27%
• 1M: 15.97%
• YTD: 85.80%
• 6M: 94.81%
• 1Y: 295.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MUU

• 1D: 3.08%
• 1M: 218.90%
• YTD: 961.23%
• 6M: 1,422.01%
• 1Y: 6,522.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSMX vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSMX Direxion Daily TSM Bull 2X Shares	85.80%	81.48%	6.83%
MUU Direxion Daily MU Bull 2X Shares	961.23%	599.03%	-43.09%

Correlation

The correlation between TSMX 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 Oct 11, 2024	0.58

The correlation between TSMX and MUU has been stable across timeframes, ranging from 0.55 to 0.58 - a consistent structural relationship.

Return for Risk

TSMX vs. MUU — Risk / Return Rank

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

TSMX

TSMX Risk / Return Rank: 89
TSMX Sharpe Ratio Rank: 96
TSMX Sortino Ratio Rank: 83
TSMX Omega Ratio Rank: 75
TSMX Calmar Ratio Rank: 95
TSMX Martin Ratio Rank: 94

MUU

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

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.

TSMX vs. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSM Bull 2X Shares (TSMX) 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.

	TSMX	MUU	Difference
Sharpe ratio: Return per unit of total volatility	4.15	50.40	-46.25
Sortino ratio: Return per unit of downside risk	3.78	7.17	-3.39
Omega ratio: Gain probability vs. loss probability	1.45	1.91	-0.46
Calmar ratio: Return relative to maximum drawdown	8.51	125.85	-117.34
Martin ratio: Return relative to average drawdown	27.80	426.84	-399.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TSMX vs. MUU - Sharpe Ratio Comparison

The current TSMX Sharpe Ratio is 4.15, which is lower than the MUU Sharpe Ratio of 50.40. The chart below compares the historical Sharpe Ratios of TSMX 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.

Sharpe Ratios by Period

	TSMX	MUU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.15	50.40	-46.25
Sharpe Ratio (All Time) Calculated using the full available price history	1.57	6.68	-5.11

Drawdowns

TSMX vs. MUU - Drawdown Comparison

The maximum TSMX drawdown since its inception was -63.80%, smaller than the maximum MUU drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for TSMX and MUU.

Drawdown Indicators

	TSMX	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-63.80%	-75.07%	+11.27%
Max Drawdown (1Y) Largest decline over 1 year	-34.93%	-52.72%	+17.79%
Current Drawdown Current decline from peak	-4.27%	0.00%	-4.27%
Average Drawdown Average peak-to-trough decline	-15.85%	-23.44%	+7.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.68%	15.51%	-4.83%

Volatility

TSMX vs. MUU - Volatility Comparison

The current volatility for Direxion Daily TSM Bull 2X Shares (TSMX) is 22.91%, while Direxion Daily MU Bull 2X Shares (MUU) has a volatility of 54.78%. This indicates that TSMX 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

	TSMX	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.91%	54.78%	-31.87%
Volatility (6M) Calculated over the trailing 6-month period	54.45%	105.07%	-50.62%
Volatility (1Y) Calculated over the trailing 1-year period	71.63%	131.77%	-60.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.93%	133.67%	-52.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.93%	133.67%	-52.74%

TSMX vs. MUU - Expense Ratio Comparison

TSMX has a 1.05% expense ratio, which is lower than MUU's 1.06% expense ratio.

Dividends

TSMX vs. MUU - Dividend Comparison

TSMX's dividend yield for the trailing twelve months is around 4.44%, more than MUU's 0.46% yield.

Position	TTM	2025	2024
MUU Direxion Daily MU Bull 2X Shares	0.46%	4.27%	0.31%
TSMX Direxion Daily TSM Bull 2X Shares	4.44%	8.01%	0.53%

Frequently Asked Questions

Can I hold both TSMX and MUU in my portfolio?

TSMX 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, TSMX or MUU?

MUU has higher volatility (54.78%) compared to TSMX (22.91%). In terms of maximum drawdown, TSMX dropped -63.80% vs MUU's -75.07%.

Which ETF is better, TSMX or MUU?

On 1-year performance, MUU leads with 6522.95% vs 295.18% for TSMX. On fees, TSMX is cheaper at 1.05% per year. On volatility, TSMX has been the lower-risk option at 22.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSMX or MUU?

Over the 1-year period, MUU has performed better with a 6522.95% return vs 295.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSMX or MUU?

TSMX is cheaper with a 1.05% expense ratio, compared with 1.06% for MUU.

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

TSMX has the higher dividend yield at 4.44%, compared with 0.46% for MUU.

What is the main difference between TSMX and MUU?

Their fees differ too: 1.05% for TSMX and 1.06% for MUU.

Which has better risk-adjusted returns?

MUU currently has the higher Sharpe Ratio (50.40 vs 4.15), 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.