XTAP vs. MUU

Last updated Jun 4, 2026

XTAP (Innovator U.S. Equity Accelerated Plus ETF) and MUU (Direxion Daily MU Bull 2X Shares) are both Leveraged Equities funds. Both are actively managed. Over the past year, XTAP returned 21.00% vs 6522.95% for MUU. At a 0.49 correlation, their price movements are largely independent. XTAP charges 0.79%/yr vs 1.06%/yr for MUU.

Performance

XTAP vs. MUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Accelerated Plus ETF (XTAP) 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, XTAP achieves a 10.96% return, which is significantly lower than MUU's 961.23% return.

XTAP

• 1D: -0.21%
• 1M: 2.32%
• YTD: 10.96%
• 6M: 12.10%
• 1Y: 21.00%
• 3Y*: 17.90%
• 5Y*: 10.99%
• 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)

XTAP vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XTAP Innovator U.S. Equity Accelerated Plus ETF	10.96%	17.58%	2.71%
MUU Direxion Daily MU Bull 2X Shares	961.23%	599.03%	-43.09%

Correlation

The correlation between XTAP and MUU is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (All Time) Calculated using the full available price history since Oct 11, 2024	0.49

Return for Risk

XTAP vs. MUU — Risk / Return Rank

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

XTAP

XTAP Risk / Return Rank: 98
XTAP Sharpe Ratio Rank: 97
XTAP Sortino Ratio Rank: 98
XTAP Omega Ratio Rank: 98
XTAP Calmar Ratio Rank: 98
XTAP Martin Ratio Rank: 98

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.

XTAP vs. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Accelerated Plus ETF (XTAP) 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.

	XTAP	MUU	Difference
Sharpe ratio Return per unit of total volatility	4.50	50.40	-45.90
Sortino ratio Return per unit of downside risk	7.78	7.17	+0.60
Omega ratio Gain probability vs. loss probability	2.22	1.91	+0.31
Calmar ratio Return relative to maximum drawdown	14.82	125.85	-111.02
Martin ratio Return relative to average drawdown	78.70	426.84	-348.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XTAP vs. MUU - Sharpe Ratio Comparison

The current XTAP Sharpe Ratio is 4.50, which is lower than the MUU Sharpe Ratio of 50.40. The chart below compares the historical Sharpe Ratios of XTAP 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

	XTAP	MUU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.50	50.40	-45.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	6.68	-5.88

Drawdowns

XTAP vs. MUU - Drawdown Comparison

The maximum XTAP drawdown since its inception was -22.13%, smaller than the maximum MUU drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for XTAP and MUU.

Drawdown Indicators

	XTAP	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-22.13%	-75.07%	+52.94%
Max Drawdown (1Y) Largest decline over 1 year	-1.42%	-52.72%	+51.30%
Max Drawdown (3Y) Largest decline over 3 years	-11.83%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.13%	—	—
Current Drawdown Current decline from peak	-0.21%	0.00%	-0.21%
Average Drawdown Average peak-to-trough decline	-3.45%	-23.44%	+19.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.27%	15.51%	-15.24%

Volatility

XTAP vs. MUU - Volatility Comparison

The current volatility for Innovator U.S. Equity Accelerated Plus ETF (XTAP) is 1.10%, while Direxion Daily MU Bull 2X Shares (MUU) has a volatility of 54.78%. This indicates that XTAP 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

	XTAP	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.10%	54.78%	-53.68%
Volatility (6M) Calculated over the trailing 6-month period	3.16%	105.07%	-101.91%
Volatility (1Y) Calculated over the trailing 1-year period	4.70%	131.77%	-127.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.54%	133.67%	-119.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.41%	133.67%	-119.26%

XTAP vs. MUU - Expense Ratio Comparison

XTAP has a 0.79% expense ratio, which is lower than MUU's 1.06% expense ratio.

Dividends

XTAP vs. MUU - Dividend Comparison

XTAP has not paid dividends to shareholders, while MUU's dividend yield for the trailing twelve months is around 0.46%.

Position	TTM	2025	2024
MUU Direxion Daily MU Bull 2X Shares	0.46%	4.27%	0.31%
XTAP Innovator U.S. Equity Accelerated Plus ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XTAP and MUU in my portfolio?

XTAP and MUU have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XTAP or MUU?

MUU has higher volatility (54.78%) compared to XTAP (1.10%). In terms of maximum drawdown, XTAP dropped -22.13% vs MUU's -75.07%.

Which ETF is better, XTAP or MUU?

On 1-year performance, MUU leads with 6522.95% vs 21.00% for XTAP. On fees, XTAP is cheaper at 0.79% per year. On volatility, XTAP has been the lower-risk option at 1.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XTAP or MUU?

Over the 1-year period, MUU has performed better with a 6522.95% return vs 21.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XTAP or MUU?

XTAP is cheaper with a 0.79% expense ratio, compared with 1.06% for MUU.

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

MUU has the higher dividend yield at 0.46%, compared with 0.00% for XTAP.

What is the main difference between XTAP and MUU?

They also come from different issuers: Innovator and Direxion. Their fees differ too: 0.79% for XTAP and 1.06% for MUU.

Which has better risk-adjusted returns?

MUU currently has the higher Sharpe Ratio (50.40 vs 4.50), 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.