UPSG vs. MUU

Last updated Jun 25, 2026

UPSG (Leverage Shares 2X Long UPS Daily ETF) and MUU (Direxion Daily MU Bull 2X Shares) are both Leveraged Equities funds. UPSG is actively managed, while MUU is passively managed. At a 0.14 correlation, their price movements are largely independent. UPSG charges 0.75%/yr vs 1.01%/yr for MUU.

Performance

UPSG vs. MUU - Performance Comparison

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

Returns By Period

UPSG

• 1D: 0.18%
• 1M: 8.29%
• YTD: 9.06%
• 6M: 6.14%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MUU

• 1D: -0.64%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UPSG vs. MUU - Yearly Performance Comparison

	2026 (YTD)
UPSG Leverage Shares 2X Long UPS Daily ETF	-5.35%
MUU Direxion Daily MU Bull 2X Shares	-12.53%

Correlation

The correlation between UPSG and MUU is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 16, 2026	0.14

Return for Risk

UPSG vs. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long UPS Daily ETF (UPSG) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Drawdowns

UPSG vs. MUU - Drawdown Comparison

The maximum UPSG drawdown since its inception was -37.29%, which is greater than MUU's maximum drawdown of -26.63%. Use the drawdown chart below to compare losses from any high point for UPSG and MUU.

Drawdown Indicators

	UPSG	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-37.29%	-26.63%	-10.66%
Current Drawdown Current decline from peak	-23.53%	-26.63%	+3.10%
Average Drawdown Average peak-to-trough decline	-17.27%	-12.91%	-4.36%

Volatility

Volatility by Period

	UPSG	MUU	Difference
Volatility (1Y) Calculated over the trailing 1-year period	60.39%	263.57%	-203.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.39%	263.57%	-203.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.39%	263.57%	-203.18%

UPSG vs. MUU - Expense Ratio Comparison

UPSG has a 0.75% expense ratio, which is lower than MUU's 1.01% expense ratio.

Dividends

UPSG vs. MUU - Dividend Comparison

UPSG has not paid dividends to shareholders, while MUU's dividend yield for the trailing twelve months is around 0.23%.

Position	TTM
MUU Direxion Daily MU Bull 2X Shares	0.23%
UPSG Leverage Shares 2X Long UPS Daily ETF	0.00%

Frequently Asked Questions

Can I hold both UPSG and MUU in my portfolio?

UPSG and MUU have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UPSG or MUU?

On fees, UPSG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UPSG or MUU?

UPSG is cheaper with a 0.75% expense ratio, compared with 1.01% for MUU.

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

MUU has the higher dividend yield at 0.23%, compared with 0.00% for UPSG.

What is the main difference between UPSG and MUU?

They also come from different issuers: Leverage Shares and Direxion. Their fees differ too: 0.75% for UPSG and 1.01% for MUU.