Data as of .
MUD vs MUG: which held to its multiple?
MUD returns -1 times MU each day and MUG +2 times, and they share no window yet.
Performance, window by window
| Window | Total return | Multiple would give | Difference | |||
|---|---|---|---|---|---|---|
| MUD | MUG | MUD | MUG | MUD | MUG | |
| 1 month | −8.1% | not published | −7.0% | not published | −1.1 pts | not published |
| 3 months | −17.6% | not published | +0.6% | not published | −18.2 pts | not published |
| 6 months | −71.2% | not published | not meaningful | not published | not meaningful | not published |
| 1 year | −91.6% | not published | not meaningful | not published | not meaningful | not published |
| Since launch | −95.5% | +8.3% | not meaningful | +8.1% | not meaningful | +0.2 pts |
| MUD Direxion Daily MU Bear 1X ETF Aims to return 1 times the opposite of the daily move of MU | MUG Leverage Shares 2X Long MU Daily ETF Aims to return twice the daily move of MU | |
|---|---|---|
| Issuer | Direxion | Leverage Shares |
| Sets out to return | -1x | +2x |
| On | MU | MU |
| Segment | company | company |
| Fund returned, 3 months | −17.6% | +8.3% |
| Underlying returned, 3 months | −0.6% | +4.1% |
| What the stated multiple implies, 3 months | +0.6% | +8.1% |
| Difference from stated, 3 months | −18.2 pts | +0.2 pts |
| Fund returned, 1 year or since launch | −91.6% | +8.3% |
| Difference from stated, over that window | not available | +0.2 pts |
| Underlying volatility | 94% | 48% |
| Difference over the days both have traded | no shared window | −0.5 pts |
| Expense ratio | not published | not published |
| Launched | Oct 10, 2024 | Aug 19, 2026 |
MUD in plain words
Three months to Sep 11, 2026: MUD returned −17.6% where its own daily promise gave −19.1%, 1.6 points over. Read the multiple against the whole window instead and −1 times MU's −0.6% implies +0.6%, which makes MUD look 18.2 points short. 19.8 of that is daily compounding, which happens to any −1 times fund over the same path, and the rest is the fund. MUD aims to return -1 times MU's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not -1 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. MU moved at 94% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
MUG in plain words
Since launch to Sep 11, 2026: MUG returned +8.3% where its own daily promise gave +6.7%, 1.6 points over. Read the multiple against the whole window instead and +2 times MU's 4.1% implies +8.1%, which makes MUG look 0.2 points over. 1.4 of that is daily compounding, which happens to any +2 times fund over the same path, and the rest is the fund. MUG aims to return +2 times MU's move each day, then resets. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. MU moved at 48% annualized over that window.
Questions people ask
- Are MUD and MUG levered on the same thing?
- Yes. Both are levered on MU, MUD at -1 times and MUG at +2 times the daily move.
- Can I hold MUD or MUG for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, MUD against MUG, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/MUD-MUG Free to use with attribution; the underlying files are at Open data.