TSMX vs. MUU

Last updated Jun 24, 2026

TSMX (Direxion Daily TSM Bull 2X Shares) and MUU (Direxion Daily MU Bull 2X Shares) are both Leveraged Equities funds from Direxion. TSMX is actively managed, while MUU is passively managed. Their correlation of 0.90 suggests significant overlap in exposure. TSMX charges 1.05%/yr vs 1.01%/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

TSMX

• 1D: -13.50%
• 1M: 12.92%
• YTD: 80.35%
• 6M: 88.28%
• 1Y: 240.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MUU

• 1D: -26.28%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSMX vs. MUU - Yearly Performance Comparison

	2026 (YTD)
TSMX Direxion Daily TSM Bull 2X Shares	-3.52%
MUU Direxion Daily MU Bull 2X Shares	-12.11%

Correlation

The correlation between TSMX and MUU is 0.90, 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	0.90

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: 85
TSMX Sharpe Ratio Rank: 93
TSMX Sortino Ratio Rank: 75
TSMX Omega Ratio Rank: 69
TSMX Calmar Ratio Rank: 94
TSMX 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.

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.

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.

	TSMX	MUU	Difference
Sharpe ratio: Return per unit of total volatility	3.15	—	—
Sortino ratio: Return per unit of downside risk	3.15	—	—
Omega ratio: Gain probability vs. loss probability	1.39	—	—
Calmar ratio: Return relative to maximum drawdown	6.92	—	—
Martin ratio: Return relative to average drawdown	22.13	—	—

Drawdowns

TSMX vs. MUU - Drawdown Comparison

The maximum TSMX drawdown since its inception was -63.80%, which is greater than MUU's maximum drawdown of -26.28%. 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%	-26.28%	-37.52%
Max Drawdown (1Y) Largest decline over 1 year	-34.93%	—	—
Current Drawdown Current decline from peak	-13.50%	-26.28%	+12.78%
Average Drawdown Average peak-to-trough decline	-15.59%	-10.19%	-5.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.90%	—	—

Volatility

Volatility by Period

	TSMX	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	33.01%	—	—
Volatility (6M) Calculated over the trailing 6-month period	60.15%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	76.69%	295.32%	-218.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	82.69%	295.32%	-212.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	82.69%	295.32%	-212.63%

TSMX vs. MUU - Expense Ratio Comparison

TSMX has a 1.05% expense ratio, which is higher than MUU's 1.01% expense ratio.

Dividends

TSMX vs. MUU - Dividend Comparison

TSMX's dividend yield for the trailing twelve months is around 4.58%, while MUU has not paid dividends to shareholders.

Position	TTM	2025	2024
MUU Direxion Daily MU Bull 2X Shares	0.00%	0.00%	0.00%
TSMX Direxion Daily TSM Bull 2X Shares	4.58%	8.01%	0.53%

Frequently Asked Questions

Can I hold both TSMX and MUU in my portfolio?

With a correlation of 0.90, TSMX 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, TSMX 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, TSMX or MUU?

MUU is cheaper with a 1.01% expense ratio, compared with 1.05% for TSMX.

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

TSMX has the higher dividend yield at 4.58%, compared with 0.00% for MUU.

What is the main difference between TSMX and MUU?

Their fees differ too: 1.05% for TSMX and 1.01% for MUU.