Data as of .
MUD vs MUZ: which held to its multiple?
Over three months against its own daily promise, MUD finished 1.6 points over and MUZ 3.1 points short.
ETFIQ Decay Resistance Score: MUD scores higher
Did it keep up with its own daily multiple, compounded day by day?
A percentile among the 121 inverse ETFs over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it · How it is computed
Performance, window by window
| Window | Total return | Multiple would give | Difference | |||
|---|---|---|---|---|---|---|
| MUD | MUZ | MUD | MUZ | MUD | MUZ | |
| 1 month | −8.1% | −20.8% | −7.0% | −14.0% | −1.1 pts | −6.8 pts |
| 3 months | −17.6% | −52.0% | +0.6% | +1.3% | −18.2 pts | −53.3 pts |
| 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% | −59.0% | not meaningful | −8.4% | not meaningful | −50.6 pts |
| MUD Direxion Daily MU Bear 1X ETF Aims to return 1 times the opposite of the daily move of MU | MUZ Defiance Daily Target 2X Short MU ETF Aims to return twice the opposite of the daily move of MU | |
|---|---|---|
| Issuer | Direxion | Defiance |
| Sets out to return | -1x | -2x |
| On | MU | MU |
| Segment | company | company |
| Fund returned, 3 months | −17.6% | −52.0% |
| Underlying returned, 3 months | −0.6% | −0.6% |
| What the stated multiple implies, 3 months | +0.6% | +1.3% |
| Difference from stated, 3 months | −18.2 pts | −53.3 pts |
| Fund returned, 1 year or since launch | −91.6% | −59.0% |
| Difference from stated, over that window | not available | −50.6 pts |
| Underlying volatility | 94% | 94% |
| Expense ratio | not published | 1.31% |
| Launched | Oct 10, 2024 | Jun 9, 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.
MUZ in plain words
Three months to Sep 11, 2026: MUZ returned −52.0% where its own daily promise gave −48.9%, 3.1 points short. Read the multiple against the whole window instead and −2 times MU's −0.6% implies +1.3%, which makes MUZ look 53.3 points short. 50.1 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. MUZ 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.
Questions people ask
- Which came closer to its stated multiple, MUD or MUZ?
- Over the window to Sep 11, 2026, MUD finished 18.2 points from what its multiple implies and MUZ finished 53.3 points from its own, so MUD came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are MUD and MUZ levered on the same thing?
- Yes. Both are levered on MU, MUD at -1 times and MUZ at -2 times the daily move.
- Which one decays faster, MUD or MUZ?
- Decay follows how much the underlying moves about. Over this window MUD’s moved at 94% annualized and MUZ’s at 94%, so MUD has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold MUD or MUZ 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 MUZ, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/MUD-MUZ Free to use with attribution; the underlying files are at Open data.