UWM vs. MUU

Last updated Jun 25, 2026

UWM (ProShares Ultra Russell2000) and MUU (Direxion Daily MU Bull 2X Shares) are both Leveraged Equities funds - UWM tracks the Russell 2000 Index (200%) while MUU tracks the Micron Technology, Inc. (200% Daily). Both are passively managed. Their correlation of 0.94 suggests significant overlap in exposure. UWM charges 0.95%/yr vs 1.01%/yr for MUU.

Performance

UWM vs. MUU - Performance Comparison

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

Returns By Period

UWM

• 1D: 0.84%
• 1M: 7.76%
• YTD: 39.88%
• 6M: 32.52%
• 1Y: 78.15%
• 3Y*: 28.28%
• 5Y*: 2.10%
• 10Y*: 13.53%

MUU

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

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

UWM vs. MUU - Yearly Performance Comparison

	2026 (YTD)
UWM ProShares Ultra Russell2000	1.11%
MUU Direxion Daily MU Bull 2X Shares	-12.53%

Correlation

The correlation between UWM and MUU is 0.94, 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	0.94

Return for Risk

UWM vs. MUU — Risk / Return Rank

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

UWM

UWM Risk / Return Rank: 67
UWM Sharpe Ratio Rank: 70
UWM Sortino Ratio Rank: 62
UWM Omega Ratio Rank: 55
UWM Calmar Ratio Rank: 77
UWM Martin Ratio Rank: 73

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.

UWM vs. MUU - Risk-Adjusted Trends Comparison

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

	UWM	MUU	Difference
Sharpe ratio: Return per unit of total volatility	2.01	—	—
Sortino ratio: Return per unit of downside risk	2.59	—	—
Omega ratio: Gain probability vs. loss probability	1.31	—	—
Calmar ratio: Return relative to maximum drawdown	3.53	—	—
Martin ratio: Return relative to average drawdown	12.03	—	—

Drawdowns

UWM vs. MUU - Drawdown Comparison

The maximum UWM drawdown since its inception was -88.21%, which is greater than MUU's maximum drawdown of -26.63%. Use the drawdown chart below to compare losses from any high point for UWM and MUU.

Drawdown Indicators

	UWM	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-88.21%	-26.63%	-61.58%
Max Drawdown (1Y) Largest decline over 1 year	-22.28%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-49.79%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-61.62%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-71.46%	—	—
Current Drawdown Current decline from peak	-1.10%	-26.63%	+25.53%
Average Drawdown Average peak-to-trough decline	-30.79%	-12.91%	-17.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.52%	—	—

Volatility

Volatility by Period

	UWM	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.95%	—	—
Volatility (6M) Calculated over the trailing 6-month period	28.36%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	39.07%	263.57%	-224.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.15%	263.57%	-218.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.12%	263.57%	-217.45%

UWM vs. MUU - Expense Ratio Comparison

UWM has a 0.95% expense ratio, which is lower than MUU's 1.01% expense ratio.

Dividends

UWM vs. MUU - Dividend Comparison

UWM's dividend yield for the trailing twelve months is around 0.74%, more than MUU's 0.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MUU Direxion Daily MU Bull 2X Shares	0.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UWM ProShares Ultra Russell2000	0.74%	1.05%	1.16%	0.34%	0.40%	0.00%	0.07%	0.55%	0.41%	0.11%	0.27%	0.23%

Frequently Asked Questions

Can I hold both UWM and MUU in my portfolio?

With a correlation of 0.94, UWM 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, UWM or MUU?

On fees, UWM is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UWM or MUU?

UWM is cheaper with a 0.95% expense ratio, compared with 1.01% for MUU.

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

UWM has the higher dividend yield at 0.74%, compared with 0.23% for MUU.

What is the main difference between UWM and MUU?

UWM tracks Russell 2000 Index (200%), while MUU tracks Micron Technology, Inc. (200% Daily). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for UWM and 1.01% for MUU.