UYG vs. MUU

Last updated Jun 5, 2026

UYG (ProShares Ultra Financials) and MUU (Direxion Daily MU Bull 2X Shares) are both Leveraged Equities funds. UYG is passively managed, while MUU is actively managed. Over the past year, UYG returned 0.42% vs 5396.82% for MUU. At a 0.18 correlation, their price movements are largely independent. UYG charges 0.95%/yr vs 1.06%/yr for MUU.

Performance

UYG vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Financials (UYG) 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, UYG achieves a -11.64% return, which is significantly lower than MUU's 798.37% return.

UYG

• 1D: 5.26%
• 1M: 1.69%
• YTD: -11.64%
• 6M: -7.39%
• 1Y: 0.42%
• 3Y*: 28.93%
• 5Y*: 9.24%
• 10Y*: 16.31%

MUU

• 1D: -15.35%
• 1M: 121.05%
• YTD: 798.37%
• 6M: 1,279.44%
• 1Y: 5,396.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UYG vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
UYG ProShares Ultra Financials	-11.64%	19.77%	10.79%
MUU Direxion Daily MU Bull 2X Shares	798.37%	599.03%	-43.09%

Correlation

The correlation between UYG and MUU is 0.06, 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	0.06
Correlation (All Time) Calculated using the full available price history since Oct 11, 2024	0.18

The correlation between UYG and MUU shifts across timeframes, from 0.06 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.

Return for Risk

UYG vs. MUU — Risk / Return Rank

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

UYG

UYG Risk / Return Rank: 10
UYG Sharpe Ratio Rank: 9
UYG Sortino Ratio Rank: 10
UYG Omega Ratio Rank: 10
UYG Calmar Ratio Rank: 9
UYG Martin Ratio Rank: 9

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.

UYG vs. MUU - Risk-Adjusted Trends Comparison

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

	UYG	MUU	Difference
Sharpe ratio: Return per unit of total volatility	0.01	41.32	-41.30
Sortino ratio: Return per unit of downside risk	0.22	6.77	-6.55
Omega ratio: Gain probability vs. loss probability	1.03	1.86	-0.83
Calmar ratio: Return relative to maximum drawdown	0.01	104.05	-104.03
Martin ratio: Return relative to average drawdown	0.04	352.22	-352.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UYG vs. MUU - Sharpe Ratio Comparison

The current UYG Sharpe Ratio is 0.01, which is lower than the MUU Sharpe Ratio of 41.32. The chart below compares the historical Sharpe Ratios of UYG 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

	UYG	MUU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.01	41.32	-41.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.00	5.91	-5.91

Drawdowns

UYG vs. MUU - Drawdown Comparison

The maximum UYG drawdown since its inception was -97.90%, which is greater than MUU's maximum drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for UYG and MUU.

Drawdown Indicators

	UYG	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-97.90%	-75.07%	-22.83%
Max Drawdown (1Y) Largest decline over 1 year	-28.91%	-52.72%	+23.81%
Max Drawdown (3Y) Largest decline over 3 years	-30.35%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-47.77%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-69.98%	—	—
Current Drawdown Current decline from peak	-16.55%	-15.35%	-1.20%
Average Drawdown Average peak-to-trough decline	-63.36%	-23.42%	-39.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.92%	15.54%	-3.62%

Volatility

UYG vs. MUU - Volatility Comparison

The current volatility for ProShares Ultra Financials (UYG) is 8.39%, while Direxion Daily MU Bull 2X Shares (MUU) has a volatility of 56.84%. This indicates that UYG 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

	UYG	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.39%	56.84%	-48.45%
Volatility (6M) Calculated over the trailing 6-month period	22.49%	106.70%	-84.21%
Volatility (1Y) Calculated over the trailing 1-year period	29.32%	132.77%	-103.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.21%	134.14%	-97.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.06%	134.14%	-93.08%

UYG vs. MUU - Expense Ratio Comparison

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

Dividends

UYG vs. MUU - Dividend Comparison

UYG's dividend yield for the trailing twelve months is around 13.22%, more than MUU's 0.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MUU Direxion Daily MU Bull 2X Shares	0.54%	4.27%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UYG ProShares Ultra Financials	13.22%	11.72%	0.51%	0.79%	0.77%	9.39%	0.66%	0.90%	1.28%	0.56%	0.76%	0.72%

Frequently Asked Questions

Can I hold both UYG and MUU in my portfolio?

UYG and MUU have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UYG or MUU?

MUU has higher volatility (56.84%) compared to UYG (8.39%). In terms of maximum drawdown, UYG dropped -97.90% vs MUU's -75.07%.

Which ETF is better, UYG or MUU?

On 1-year performance, MUU leads with 5396.82% vs 0.42% for UYG. On fees, UYG is cheaper at 0.95% per year. On volatility, UYG has been the lower-risk option at 8.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UYG or MUU?

Over the 1-year period, MUU has performed better with a 5396.82% return vs 0.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UYG or MUU?

UYG is cheaper with a 0.95% expense ratio, compared with 1.06% for MUU.

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

UYG has the higher dividend yield at 13.22%, compared with 0.54% for MUU.

What is the main difference between UYG and MUU?

They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for UYG and 1.06% for MUU.

Which has better risk-adjusted returns?

MUU currently has the higher Sharpe Ratio (41.32 vs 0.01), 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.