XSW vs. MUU

Last updated Jul 14, 2026

XSW (SPDR S&P Software & Services ETF) and MUU (Direxion Daily MU Bull 2X Shares) are both exchange-traded funds - XSW is a Technology Equities fund tracking the S&P Software & Services Select Industry Index, while MUU is a Leveraged Equities fund tracking the Micron Technology, Inc. (200% Daily). Both are passively managed. Over the past year, XSW returned -3.96% vs 2796.55% for MUU. At a 0.35 correlation, their price movements are largely independent. XSW charges 0.35%/yr vs 1.01%/yr for MUU.

Performance

XSW vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Software & Services ETF (XSW) 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, XSW achieves a -4.56% return, which is significantly lower than MUU's 575.80% return.

XSW

• 1D: 0.88%
• 1M: 7.50%
• 6M: -6.34%
• YTD: -4.56%
• 1Y: -3.96%
• 3Y*: 8.75%
• 5Y*: 1.43%
• 10Y*: 13.25%

MUU

• 1D: -9.01%
• 1M: -18.36%
• 6M: 372.65%
• YTD: 575.80%
• 1Y: 2,796.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XSW vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XSW SPDR S&P Software & Services ETF	-4.56%	-0.90%	17.22%
MUU Direxion Daily MU Bull 2X Shares	575.80%	599.03%	-40.91%

Correlation

The correlation between XSW and MUU is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (All Time) Calculated using the full available price history since Oct 10, 2024	0.35

The correlation between XSW and MUU shifts across timeframes, from 0.18 (1 year) to 0.35 (all time), reflecting how their relationship changes across market environments.

Return for Risk

XSW vs. MUU — Risk / Return Rank

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

XSW

XSW Risk / Return Rank: 8
XSW Sharpe Ratio Rank: 8
XSW Sortino Ratio Rank: 8
XSW Omega Ratio Rank: 8
XSW Calmar Ratio Rank: 8
XSW Martin Ratio Rank: 8

MUU

MUU Risk / Return Rank: 99
MUU Sharpe Ratio Rank: 100
MUU Sortino Ratio Rank: 97
MUU Omega Ratio Rank: 96
MUU Calmar Ratio Rank: 100
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.

XSW vs. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Software & Services ETF (XSW) 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.

	XSW	MUU	Difference
Sharpe ratio: Return per unit of total volatility	-0.14	23.95	-24.09
Sortino ratio: Return per unit of downside risk	0.01	5.62	-5.61
Omega ratio: Gain probability vs. loss probability	1.00	1.69	-0.69
Calmar ratio: Return relative to maximum drawdown	-0.12	66.09	-66.21
Martin ratio: Return relative to average drawdown	-0.24	221.31	-221.55

XSW vs. MUU - Sharpe Ratio Comparison

The current XSW Sharpe Ratio is -0.14, which is lower than the MUU Sharpe Ratio of 23.95. The chart below compares the historical Sharpe Ratios of XSW 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.

Drawdowns

XSW vs. MUU - Drawdown Comparison

The maximum XSW drawdown since its inception was -45.38%, smaller than the maximum MUU drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for XSW and MUU.

Drawdown Indicators

	XSW	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-45.38%	-75.07%	+29.69%
Max Drawdown (1Y) Largest decline over 1 year	-33.75%	-52.72%	+18.97%
Max Drawdown (3Y) Largest decline over 3 years	-33.75%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-45.38%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-45.38%	—	—
Current Drawdown Current decline from peak	-12.97%	-36.32%	+23.35%
Average Drawdown Average peak-to-trough decline	-9.88%	-23.43%	+13.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.67%	16.57%	+0.10%

Volatility

XSW vs. MUU - Volatility Comparison

The current volatility for SPDR S&P Software & Services ETF (XSW) is 7.88%, while Direxion Daily MU Bull 2X Shares (MUU) has a volatility of 67.81%. This indicates that XSW 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

	XSW	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.88%	67.81%	-59.93%
Volatility (6M) Calculated over the trailing 6-month period	24.53%	116.35%	-91.82%
Volatility (1Y) Calculated over the trailing 1-year period	29.16%	145.78%	-116.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.04%	138.10%	-109.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.29%	138.10%	-111.81%

XSW vs. MUU - Expense Ratio Comparison

XSW has a 0.35% expense ratio, which is lower than MUU's 1.01% expense ratio.

Dividends

XSW vs. MUU - Dividend Comparison

XSW has not paid dividends to shareholders, while MUU's dividend yield for the trailing twelve months is around 0.70%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MUU Direxion Daily MU Bull 2X Shares	0.70%	4.27%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XSW SPDR S&P Software & Services ETF	0.00%	0.06%	0.07%	0.20%	0.09%	0.13%	0.26%	0.12%	0.31%	0.46%	0.87%	0.54%

Frequently Asked Questions

Can I hold both XSW and MUU in my portfolio?

XSW and MUU have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XSW or MUU?

MUU has higher volatility (67.81%) compared to XSW (7.88%). In terms of maximum drawdown, XSW dropped -45.38% vs MUU's -75.07%.

Which ETF is better, XSW or MUU?

On 1-year performance, MUU leads with 2796.55% vs -3.96% for XSW. On fees, XSW is cheaper at 0.35% per year. On volatility, XSW has been the lower-risk option at 7.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XSW or MUU?

Over the 1-year period, MUU has performed better with a 2796.55% return vs -3.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XSW or MUU?

XSW is cheaper with a 0.35% expense ratio, compared with 1.01% for MUU.

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

MUU has the higher dividend yield at 0.70%, compared with 0.00% for XSW.

What is the main difference between XSW and MUU?

XSW is categorized as Technology Equities, while MUU is Leveraged Equities. XSW tracks S&P Software & Services Select Industry Index, while MUU tracks Micron Technology, Inc. (200% Daily). They also come from different issuers: State Street and Direxion. Their fees differ too: 0.35% for XSW and 1.01% for MUU.

Which has better risk-adjusted returns?

MUU currently has the higher Sharpe Ratio (23.95 vs -0.14), 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.