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

Over the window to Sep 30, 2026, MUD finished 11.3 points from what its multiple implies and MUU finished 19.3 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 MUU levered on the same thing?

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

Which one decays faster, MUD or MUU?

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

Can I hold MUD or MUU 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 MUU?

MUD charges 1.02% a year and MUU charges 1.01%, so MUU is cheaper. Fees come from each fund's prospectus.

Share on X Download as PDF Open live

MUD vs MUU: which held to its multiple?

Over three months against its own daily promise, MUD finished 1.6 points over and MUU 5.8 points short. Direxion Daily MU Bear 1X ETF and Direxion Daily MU Bull 2X ETF.

−14.5%

MUD returned, 3 months

−12.9%

MUU returned, 3 months

−11.3 pts

MUD from its stated multiple

−19.3 pts

MUU 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%

MUU · 3 months to Sep 30, 202619.3 pts short of its stated multiple

MUU returned −12.9% while 2 times MU's move would have been +6.4%

ETFIQ Decay Resistance Score · MUD scores higherDid it keep up with its own daily multiple, compounded day by day?

MUD among the 125 inverse ETFs over three months

MUD 49.2

0.4, the lowest in this set99.6, the highest

MUU among the 470 leveraged ETFs, long, over three months

MUU 10.2

0.1, the lowest in this set99.9, the highest

A percentile among the 125 inverse ETFs over three months. MUU is a percentile among the 470 leveraged ETFs, long, over three months, a different set, so the two marks are not on one scale. 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

	Total return		Multiple would give		Difference
Window	MUD	MUU	MUD	MUU	MUD	MUU
1 month	−11.7%	+20.9%	−11.1%	+22.2%	−0.6 pts	−1.3 pts
3 months	−14.5%	−12.9%	−3.2%	+6.4%	−11.3 pts	−19.3 pts
6 months	−76.7%	+423.3%	not meaningful	not meaningful	not meaningful	not meaningful
1 year	−91.5%	+1777.1%	not meaningful	not meaningful	not meaningful	not meaningful
Since launch MUD Oct 2024 · MUU Oct 2024	−96.0%	+2831.1%	not meaningful	not meaningful	not meaningful	not meaningful

MUD and MUU 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)

MUU

Direxion Daily MU Bull 2X ETF · Aims to return twice the daily move of Micron Technology (MU)

Issuer Direxion Direxion

Sets out to return -1x +2x

Underlying asset MU MU

Segment company company

Fund returned, 3 months or since launch −14.5% −12.9%

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

What the stated multiple implies, over that window −3.2% +6.4%

Difference from stated, over that window −11.3 pts −19.3 pts

Fund returned, 1 year or since launch −91.5% +1777.1%

Difference from stated, over that window not available not available

Underlying volatility 76% 76%

Difference over the days both have traded no shared window −1.3 pts

Expense ratio 1.02% 1.01%

Launched Oct 10, 2024 Oct 10, 2024

Net assets $31m $4.4bn

MUD and MUU 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.

MUU in plain words

Three months to Sep 30, 2026: MUU returned −12.9% where its own daily promise gave −7.2%, 5.8 points short. Read the multiple against the whole window instead and 2 times MU's 3.2% implies +6.4%, which makes MUU look 19.3 points short. 13.6 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. MUU 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 MUU?: Over the window to Sep 30, 2026, MUD finished 11.3 points from what its multiple implies and MUU finished 19.3 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 MUU levered on the same thing?: Yes. Both are levered on Micron Technology, MUD at -1 times and MUU at +2 times the daily move.
Which one decays faster, MUD or MUU?: Decay follows how much the underlying moves about. Over this window MUD’s moved at 76% annualized and MUU’s at 76%, so MUD has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold MUD or MUU 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 MUU?: MUD charges 1.02% a year and MUU charges 1.01%, so MUU is cheaper. Fees come from each fund's prospectus.

Other comparisons

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

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

Where these figures came from

MUD and MUU filings on SEC EDGAR ↗MUD and MUU prospectus with the expense ratio (SEC) ↗Direxion 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 MUU, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/mud-vs-muu

Open data

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