ZIVB vs. MUD

Last updated Apr 2, 2026

Compare and contrast key facts about -1x Short VIX Mid-Term Futures Strategy ETF (ZIVB) and Direxion Daily MU Bear 1X Shares (MUD).

ZIVB and MUD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZIVB is an actively managed fund by Volatility Shares. It was launched on Apr 17, 2023. MUD is an actively managed fund by Direxion. It was launched on Oct 9, 2024.

Performance

ZIVB vs. MUD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in -1x Short VIX Mid-Term Futures Strategy ETF (ZIVB) and Direxion Daily MU Bear 1X Shares (MUD). The values are adjusted to include any dividend payments, if applicable.

ZIVB vs. MUD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZIVB -1x Short VIX Mid-Term Futures Strategy ETF	-10.43%	-10.71%	5.17%
MUD Direxion Daily MU Bear 1X Shares	-31.42%	-78.75%	19.12%

Returns By Period

In the year-to-date period, ZIVB achieves a -10.43% return, which is significantly higher than MUD's -31.42% return.

ZIVB

• 1D: 1.08%
• 1M: -7.40%
• YTD: -10.43%
• 6M: -7.20%
• 1Y: -11.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MUD

• 1D: -9.14%
• 1M: 5.96%
• YTD: -31.42%
• 6M: -60.02%
• 1Y: -83.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZIVB vs. MUD - Expense Ratio Comparison

ZIVB has a 1.35% expense ratio, which is higher than MUD's 0.97% expense ratio.

ZIVB

-1x Short VIX Mid-Term Futures Strategy ETF

MUD

Direxion Daily MU Bear 1X Shares

Return for Risk

ZIVB vs. MUD — Risk / Return Rank

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

ZIVB

ZIVB Risk / Return Rank: 5
ZIVB Sharpe Ratio Rank: 5
ZIVB Sortino Ratio Rank: 6
ZIVB Omega Ratio Rank: 5
ZIVB Calmar Ratio Rank: 4
ZIVB Martin Ratio Rank: 3

MUD

MUD Risk / Return Rank: 0
MUD Sharpe Ratio Rank: 0
MUD Sortino Ratio Rank: 0
MUD Omega Ratio Rank: 0
MUD Calmar Ratio Rank: 0
MUD Martin Ratio Rank: 2

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.

ZIVB vs. MUD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for -1x Short VIX Mid-Term Futures Strategy ETF (ZIVB) and Direxion Daily MU Bear 1X Shares (MUD). 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.

	ZIVB	MUD	Difference
Sharpe ratio Return per unit of total volatility	-0.39	-1.27	+0.89
Sortino ratio Return per unit of downside risk	-0.35	-3.06	+2.70
Omega ratio Gain probability vs. loss probability	0.95	0.66	+0.29
Calmar ratio Return relative to maximum drawdown	-0.49	-0.93	+0.44
Martin ratio Return relative to average drawdown	-1.13	-1.27	+0.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZIVB vs. MUD - Sharpe Ratio Comparison

The current ZIVB Sharpe Ratio is -0.39, which is higher than the MUD Sharpe Ratio of -1.27. The chart below compares the historical Sharpe Ratios of ZIVB and MUD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ZIVB	MUD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.39	-1.27	+0.89
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	-1.09	+1.43

Correlation

The correlation between ZIVB and MUD is -0.49. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

ZIVB vs. MUD - Dividend Comparison

ZIVB's dividend yield for the trailing twelve months is around 69.20%, more than MUD's 8.59% yield.

	TTM	2025	2024	2023
ZIVB -1x Short VIX Mid-Term Futures Strategy ETF	69.20%	53.44%	30.68%	0.55%
MUD Direxion Daily MU Bear 1X Shares	8.59%	9.21%	0.47%	0.00%

Drawdowns

ZIVB vs. MUD - Drawdown Comparison

The maximum ZIVB drawdown since its inception was -37.25%, smaller than the maximum MUD drawdown of -89.63%. Use the drawdown chart below to compare losses from any high point for ZIVB and MUD.

Drawdown Indicators

	ZIVB	MUD	Difference
Max Drawdown Largest peak-to-trough decline	-37.25%	-89.63%	+52.38%
Max Drawdown (1Y) Largest decline over 1 year	-22.85%	-89.63%	+66.78%
Current Drawdown Current decline from peak	-28.65%	-87.37%	+58.72%
Average Drawdown Average peak-to-trough decline	-12.83%	-45.43%	+32.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.00%	65.87%	-55.87%

Volatility

ZIVB vs. MUD - Volatility Comparison

The current volatility for -1x Short VIX Mid-Term Futures Strategy ETF (ZIVB) is 9.39%, while Direxion Daily MU Bear 1X Shares (MUD) has a volatility of 23.39%. This indicates that ZIVB experiences smaller price fluctuations and is considered to be less risky than MUD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZIVB	MUD	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.39%	23.39%	-14.00%
Volatility (6M) Calculated over the trailing 6-month period	14.82%	50.20%	-35.38%
Volatility (1Y) Calculated over the trailing 1-year period	29.53%	65.58%	-36.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.89%	64.02%	-34.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.89%	64.02%	-34.13%