ZIVB vs. MUD

Last updated Jul 29, 2026

ZIVB (-1x Short VIX Mid-Term Futures Strategy ETF) and MUD (Direxion Daily MU Bear 1X Shares) are both Inverse Equities funds. Both are actively managed. Their -0.04 correlation means they have often moved in opposite directions in the past. ZIVB charges 1.35%/yr vs 0.97%/yr for MUD.

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.

Returns By Period

ZIVB

• 1D: 0.00%
• 1M: 2.42%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

MUD

• 1D: 8.79%
• 1M: 29.64%
• 6M: -66.44%
• YTD: -77.48%
• 1Y: -92.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -79.71%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MUD Direxion Daily MU Bear 1X Shares	$145.81M	$166.08M	$191.61M
ZIVB -1x Short VIX Mid-Term Futures Strategy ETF	$0.00	$0.00	$0.00

ZIVB vs. MUD - Yearly Performance Comparison

	2026 (YTD)
ZIVB -1x Short VIX Mid-Term Futures Strategy ETF	36.51%
MUD Direxion Daily MU Bear 1X Shares	-5.79%

Correlation

The correlation between ZIVB and MUD is -0.04, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 28, 2026	-0.04

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

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

MUD

MUD Risk / Return Rank: 1
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.

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.

	ZIVB	MUD	Difference
Sharpe ratio: Return per unit of total volatility	—	-1.18	—
Sortino ratio: Return per unit of downside risk	—	-3.48	—
Omega ratio: Gain probability vs. loss probability	—	0.62	—
Calmar ratio: Return relative to maximum drawdown	—	-0.97	—
Martin ratio: Return relative to average drawdown	—	-1.31	—

Drawdowns

ZIVB vs. MUD - Drawdown Comparison

The maximum ZIVB drawdown since its inception was 0.00%, smaller than the maximum MUD drawdown of -97.03%. 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	0.00%	-97.03%	+97.03%
Max Drawdown (1Y) Largest decline over 1 year	—	-94.76%	—
Current Drawdown Current decline from peak	0.00%	-95.85%	+95.85%
Average Drawdown Average peak-to-trough decline	0.00%	-54.00%	+54.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	70.48%	—

Volatility

Volatility by Period

	ZIVB	MUD	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	24.54%	—
Volatility (6M) Calculated over the trailing 6-month period	—	66.93%	—
Volatility (1Y) Calculated over the trailing 1-year period	73.98%	78.19%	-4.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.98%	72.02%	+1.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.98%	72.02%	+1.96%

ZIVB vs. MUD - Expense Ratio Comparison

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

Dividends

ZIVB vs. MUD - Dividend Comparison

ZIVB's dividend yield for the trailing twelve months is around 4.73%, less than MUD's 10.87% yield.

Position	TTM	2025	2024
MUD Direxion Daily MU Bear 1X Shares	10.87%	9.21%	0.47%
ZIVB -1x Short VIX Mid-Term Futures Strategy ETF	4.73%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZIVB and MUD in my portfolio?

ZIVB and MUD have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZIVB or MUD?

On fees, MUD is cheaper at 0.97% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZIVB or MUD?

MUD is cheaper with a 0.97% expense ratio, compared with 1.35% for ZIVB.

Which ETF pays a higher dividend yield, ZIVB or MUD?

MUD has the higher dividend yield at 10.87%, compared with 4.73% for ZIVB.

What is the main difference between ZIVB and MUD?

They also come from different issuers: Volatility Shares and Direxion. Their fees differ too: 1.35% for ZIVB and 0.97% for MUD.