Which came closer to its stated multiple, MUD or MUG?

Over the window to Sep 30, 2026, MUD finished 11.3 points from what its multiple implies and MUG finished 0.8 points from its own, so MUG came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are MUD and MUG levered on the same thing?

Yes. Both are levered on Micron Technology, MUD at -1 times and MUG at +2 times the daily move.

Which one decays faster, MUD or MUG?

Decay follows how much the underlying moves about. Over this window MUD’s moved at 76% annualized and MUG’s at 49%, so MUD has the rougher ride and, at the same multiple, loses more to compounding.

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.

Which is cheaper, MUD or MUG?

MUD charges 1.02% a year and MUG charges 0.99%, so MUG is cheaper. Fees come from each fund's prospectus.

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MUD vs MUG: which held to its multiple?

Over a month against its own daily promise, MUD finished 0.1 points over and MUG 0.4 points over. Direxion Daily MU Bear 1X ETF and Leverage Shares 2X Long MU Daily ETF.

−14.5%

MUD returned, 3 months

+28.5%

MUG returned, since launch

−11.3 pts

MUD from its stated multiple

+1.2 pts

MUG from its stated multiple

MUD · 3 months to Sep 30, 202611.3 pts short of its stated multiple

MUD returned −14.5% while −1 times MU's move would have been −3.2%

MUG · 1 month to Sep 30, 20260.8 pts short of its stated multiple

MUG returned +21.4% while 2 times MU's move would have been +22.2%

Performance, window by window

	Total return		Multiple would give		Difference
Window	MUD	MUG	MUD	MUG	MUD	MUG
1 month	−11.7%	+21.4%	−11.1%	+22.2%	−0.6 pts	−0.8 pts
3 months	−14.5%	not published	−3.2%	not published	−11.3 pts	not published
6 months	−76.7%	not published	not meaningful	not published	not meaningful	not published
1 year	−91.5%	not published	not meaningful	not published	not meaningful	not published
Since launch MUD Oct 2024 · MUG Aug 2026	−96.0%	+28.5%	not meaningful	+27.3%	not meaningful	+1.2 pts

MUD and MUG over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

MUD

Direxion Daily MU Bear 1X ETF · Aims to return 1 times the opposite of the daily move of Micron Technology (MU)

MUG

Leverage Shares 2X Long MU Daily ETF · Aims to return twice the daily move of Micron Technology (MU)

Issuer Direxion Leverage Shares

Sets out to return -1x +2x

Underlying asset MU MU

Segment company company

Fund returned, 3 months or since launch −14.5% +21.4%

Underlying returned, over that window +3.2% +11.1%

What the stated multiple implies, over that window −3.2% +22.2%

Difference from stated, over that window −11.3 pts −0.8 pts

Fund returned, 1 year or since launch −91.5% +28.5%

Difference from stated, over that window not available +1.2 pts

Underlying volatility 76% 49%

Difference over the days both have traded no shared window −0.8 pts

Expense ratio 1.02% 0.99%

Launched Oct 10, 2024 Aug 19, 2026

Net assets $31m $1m

MUD and MUG on the same fields, as of Sep 30, 2026. Source: ETFIQ.

MUD in plain words

Three months to Sep 30, 2026: MUD returned −14.5% where its own daily promise gave −16.1%, 1.6 points over. Read the multiple against the whole window instead and −1 times MU's 3.2% implies −3.2%, which makes MUD look 11.3 points short. 12.9 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 76% 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

One month to Sep 30, 2026: MUG returned +21.4% where its own daily promise gave +21.0%, 0.4 points over. Read the multiple against the whole window instead and 2 times MU's 11.1% implies +22.2%, which makes MUG look 0.8 points short. 1.2 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 49% annualized over that window.

Questions people ask

Which came closer to its stated multiple, MUD or MUG?: Over the window to Sep 30, 2026, MUD finished 11.3 points from what its multiple implies and MUG finished 0.8 points from its own, so MUG came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are MUD and MUG levered on the same thing?: Yes. Both are levered on Micron Technology, MUD at -1 times and MUG at +2 times the daily move.
Which one decays faster, MUD or MUG?: Decay follows how much the underlying moves about. Over this window MUD’s moved at 76% annualized and MUG’s at 49%, so MUD has the rougher ride and, at the same multiple, loses more to compounding.
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.
Which is cheaper, MUD or MUG?: MUD charges 1.02% a year and MUG charges 0.99%, so MUG is cheaper. Fees come from each fund's prospectus.

Other comparisons

MUD vs MULL MUD vs MUU MUD vs MUZ MUD vs MIC MUG vs MULL MUG vs MUU MUG vs MUZ MUG vs MIC

MUD on its own →MUG on its own →How every figure is computed →Standards and sources →

Where these figures came from

MUD filings on SEC EDGAR ↗MUD prospectus with the expense ratio (SEC) ↗Direxion website ↗Leverage Shares website ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, MUD against MUG, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/mud-vs-mug

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.