TWM vs. MUU

Last updated Apr 2, 2026

Compare and contrast key facts about ProShares UltraShort Russell2000 (TWM) and Direxion Daily MU Bull 2X Shares (MUU).

TWM and MUU are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TWM is a passively managed fund by ProShares that tracks the performance of the Russell 2000 (-200%). It was launched on Jan 23, 2007. MUU is an actively managed fund by Direxion. It was launched on Oct 9, 2024.

Performance

TWM vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Russell2000 (TWM) and Direxion Daily MU Bull 2X Shares (MUU). The values are adjusted to include any dividend payments, if applicable.

TWM vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TWM ProShares UltraShort Russell2000	-3.96%	-24.71%	-4.76%
MUU Direxion Daily MU Bull 2X Shares	41.27%	599.03%	-43.09%

Returns By Period

In the year-to-date period, TWM achieves a -3.96% return, which is significantly lower than MUU's 41.27% return.

TWM

• 1D: -1.23%
• 1M: 10.23%
• YTD: -3.96%
• 6M: -7.79%
• 1Y: -40.81%
• 3Y*: -23.11%
• 5Y*: -13.20%
• 10Y*: -26.31%

MUU

• 1D: 17.77%
• 1M: -25.73%
• YTD: 41.27%
• 6M: 205.92%
• 1Y: 904.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TWM vs. MUU - Expense Ratio Comparison

TWM has a 0.95% expense ratio, which is lower than MUU's 1.06% expense ratio.

MUU

Direxion Daily MU Bull 2X Shares

TWM

ProShares UltraShort Russell2000

Return for Risk

TWM vs. MUU — Risk / Return Rank

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

TWM

TWM Risk / Return Rank: 2
TWM Sharpe Ratio Rank: 1
TWM Sortino Ratio Rank: 1
TWM Omega Ratio Rank: 1
TWM Calmar Ratio Rank: 2
TWM Martin Ratio Rank: 5

MUU

MUU Risk / Return Rank: 98
MUU Sharpe Ratio Rank: 99
MUU Sortino Ratio Rank: 97
MUU Omega Ratio Rank: 96
MUU Calmar Ratio Rank: 99
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.

TWM vs. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Russell2000 (TWM) 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.

	TWM	MUU	Difference
Sharpe ratio Return per unit of total volatility	-0.88	7.00	-7.88
Sortino ratio Return per unit of downside risk	-1.21	3.86	-5.07
Omega ratio Gain probability vs. loss probability	0.86	1.52	-0.66
Calmar ratio Return relative to maximum drawdown	-0.68	17.99	-18.67
Martin ratio Return relative to average drawdown	-0.89	50.69	-51.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TWM vs. MUU - Sharpe Ratio Comparison

The current TWM Sharpe Ratio is -0.88, which is lower than the MUU Sharpe Ratio of 7.00. The chart below compares the historical Sharpe Ratios of TWM and MUU, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TWM	MUU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.88	7.00	-7.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.29	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.58	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.55	1.77	-2.32

Correlation

The correlation between TWM and MUU is -0.49. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

TWM vs. MUU - Dividend Comparison

TWM's dividend yield for the trailing twelve months is around 4.72%, more than MUU's 3.42% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
TWM ProShares UltraShort Russell2000	4.72%	5.36%	6.21%	4.72%	0.17%	0.00%	0.41%	1.49%	0.73%	0.05%
MUU Direxion Daily MU Bull 2X Shares	3.42%	4.27%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

TWM vs. MUU - Drawdown Comparison

The maximum TWM drawdown since its inception was -99.92%, which is greater than MUU's maximum drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for TWM and MUU.

Drawdown Indicators

	TWM	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-99.92%	-75.07%	-24.85%
Max Drawdown (1Y) Largest decline over 1 year	-59.88%	-52.72%	-7.16%
Max Drawdown (5Y) Largest decline over 5 years	-70.51%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-96.07%	—	—
Current Drawdown Current decline from peak	-99.91%	-38.92%	-60.99%
Average Drawdown Average peak-to-trough decline	-87.16%	-25.08%	-62.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	46.02%	18.71%	+27.31%

Volatility

TWM vs. MUU - Volatility Comparison

The current volatility for ProShares UltraShort Russell2000 (TWM) is 14.86%, while Direxion Daily MU Bull 2X Shares (MUU) has a volatility of 47.51%. This indicates that TWM 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

	TWM	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.86%	47.51%	-32.65%
Volatility (6M) Calculated over the trailing 6-month period	28.99%	99.28%	-70.29%
Volatility (1Y) Calculated over the trailing 1-year period	46.52%	130.64%	-84.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.13%	127.68%	-82.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	45.69%	127.68%	-81.99%