UTSL vs. MUU

Last updated Jun 4, 2026

UTSL (Direxion Daily Utilities Bull 3X Shares) and MUU (Direxion Daily MU Bull 2X Shares) are both Leveraged Equities funds from Direxion. UTSL is passively managed, while MUU is actively managed. Over the past year, UTSL returned 9.70% vs 6522.95% for MUU. At a 0.11 correlation, their price movements are largely independent. UTSL charges 0.99%/yr vs 1.06%/yr for MUU.

Performance

UTSL vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Utilities Bull 3X Shares (UTSL) 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, UTSL achieves a 1.14% return, which is significantly lower than MUU's 961.23% return.

UTSL

• 1D: -1.50%
• 1M: -17.87%
• YTD: 1.14%
• 6M: -5.29%
• 1Y: 9.70%
• 3Y*: 20.67%
• 5Y*: 8.32%
• 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)

UTSL vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UTSL Direxion Daily Utilities Bull 3X Shares	1.14%	29.03%	-12.34%
MUU Direxion Daily MU Bull 2X Shares	961.23%	599.03%	-43.09%

Correlation

The correlation between UTSL and MUU is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.05
Correlation (All Time) Calculated using the full available price history since Oct 11, 2024	0.11

Return for Risk

UTSL vs. MUU — Risk / Return Rank

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

UTSL

UTSL Risk / Return Rank: 13
UTSL Sharpe Ratio Rank: 12
UTSL Sortino Ratio Rank: 13
UTSL Omega Ratio Rank: 13
UTSL Calmar Ratio Rank: 13
UTSL Martin Ratio Rank: 12

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.

UTSL vs. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Utilities Bull 3X Shares (UTSL) 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.

	UTSL	MUU	Difference
Sharpe ratio Return per unit of total volatility	0.22	50.40	-50.18
Sortino ratio Return per unit of downside risk	0.60	7.17	-6.57
Omega ratio Gain probability vs. loss probability	1.07	1.91	-0.84
Calmar ratio Return relative to maximum drawdown	0.34	125.85	-125.51
Martin ratio Return relative to average drawdown	0.73	426.84	-426.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UTSL vs. MUU - Sharpe Ratio Comparison

The current UTSL Sharpe Ratio is 0.22, which is lower than the MUU Sharpe Ratio of 50.40. The chart below compares the historical Sharpe Ratios of UTSL 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

	UTSL	MUU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.22	50.40	-50.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.16	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.13	6.68	-6.55

Drawdowns

UTSL vs. MUU - Drawdown Comparison

The maximum UTSL drawdown since its inception was -79.55%, which is greater than MUU's maximum drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for UTSL and MUU.

Drawdown Indicators

	UTSL	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-79.55%	-75.07%	-4.48%
Max Drawdown (1Y) Largest decline over 1 year	-28.45%	-52.72%	+24.27%
Max Drawdown (3Y) Largest decline over 3 years	-46.22%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-68.01%	—	—
Current Drawdown Current decline from peak	-25.53%	0.00%	-25.53%
Average Drawdown Average peak-to-trough decline	-33.23%	-23.44%	-9.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.34%	15.51%	-2.17%

Volatility

UTSL vs. MUU - Volatility Comparison

The current volatility for Direxion Daily Utilities Bull 3X Shares (UTSL) is 16.50%, while Direxion Daily MU Bull 2X Shares (MUU) has a volatility of 54.78%. This indicates that UTSL 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

	UTSL	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.50%	54.78%	-38.28%
Volatility (6M) Calculated over the trailing 6-month period	34.86%	105.07%	-70.21%
Volatility (1Y) Calculated over the trailing 1-year period	43.41%	131.77%	-88.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.02%	133.67%	-81.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.28%	133.67%	-74.39%

UTSL vs. MUU - Expense Ratio Comparison

UTSL has a 0.99% expense ratio, which is lower than MUU's 1.06% expense ratio.

Dividends

UTSL vs. MUU - Dividend Comparison

UTSL's dividend yield for the trailing twelve months is around 1.80%, more than MUU's 0.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
MUU Direxion Daily MU Bull 2X Shares	0.46%	4.27%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UTSL Direxion Daily Utilities Bull 3X Shares	1.80%	1.69%	1.61%	3.61%	1.15%	1.19%	1.40%	5.01%	1.46%	0.57%

Frequently Asked Questions

Can I hold both UTSL and MUU in my portfolio?

UTSL and MUU have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UTSL or MUU?

MUU has higher volatility (54.78%) compared to UTSL (16.50%). In terms of maximum drawdown, UTSL dropped -79.55% vs MUU's -75.07%.

Which ETF is better, UTSL or MUU?

On 1-year performance, MUU leads with 6522.95% vs 9.70% for UTSL. On fees, UTSL is cheaper at 0.99% per year. On volatility, UTSL has been the lower-risk option at 16.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UTSL or MUU?

Over the 1-year period, MUU has performed better with a 6522.95% return vs 9.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UTSL or MUU?

UTSL is cheaper with a 0.99% expense ratio, compared with 1.06% for MUU.

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

UTSL has the higher dividend yield at 1.80%, compared with 0.46% for MUU.

What is the main difference between UTSL and MUU?

Their fees differ too: 0.99% for UTSL and 1.06% for MUU.

Which has better risk-adjusted returns?

MUU currently has the higher Sharpe Ratio (50.40 vs 0.22), 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.