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

Over the window to Sep 30, 2026, MUD finished 11.3 points from what its multiple implies and MUZ finished 36.8 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 Micron Technology, 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 76% annualized and MUZ’s at 76%, 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.

Which is cheaper, MUD or MUZ?

MUD charges 1.02% a year and MUZ charges 1.31%, so MUD is cheaper. Fees come from each fund's prospectus.

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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. Direxion Daily MU Bear 1X ETF and Defiance Daily Target 2X Short MU ETF.

−14.5%

MUD returned, 3 months

−43.2%

MUZ returned, 3 months

−11.3 pts

MUD from its stated multiple

−36.8 pts

MUZ 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%

MUZ · 3 months to Sep 30, 202636.8 pts short of its stated multiple

MUZ returned −43.2% 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 49.2

MUZ 6

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

A percentile among the 125 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

	Total return		Multiple would give		Difference
Window	MUD	MUZ	MUD	MUZ	MUD	MUZ
1 month	−11.7%	−25.8%	−11.1%	−22.2%	−0.6 pts	−3.6 pts
3 months	−14.5%	−43.2%	−3.2%	−6.4%	−11.3 pts	−36.8 pts
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 · MUZ Jun 2026	−96.0%	−67.1%	not meaningful	−27.6%	not meaningful	−39.5 pts

MUD and MUZ 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)

MUZ

Defiance Daily Target 2X Short MU ETF · Aims to return twice the opposite of the daily move of Micron Technology (MU)

Issuer Direxion Defiance

Sets out to return -1x -2x

Underlying asset MU MU

Segment company company

Fund returned, 3 months or since launch −14.5% −43.2%

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 −36.8 pts

Fund returned, 1 year or since launch −91.5% −67.1%

Difference from stated, over that window not available −39.5 pts

Underlying volatility 76% 76%

Expense ratio 1.02% 1.31%

Launched Oct 10, 2024 Jun 9, 2026

Net assets $31m $43m

MUD and MUZ 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.

MUZ in plain words

Three months to Sep 30, 2026: MUZ returned −43.2% where its own daily promise gave −40.1%, 3.1 points short. Read the multiple against the whole window instead and −2 times MU's 3.2% implies −6.4%, which makes MUZ look 36.8 points short. 33.7 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 30, 2026, MUD finished 11.3 points from what its multiple implies and MUZ finished 36.8 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 Micron Technology, 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 76% annualized and MUZ’s at 76%, 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.
Which is cheaper, MUD or MUZ?: MUD charges 1.02% a year and MUZ charges 1.31%, so MUD is cheaper. Fees come from each fund's prospectus.

Other comparisons

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

MUD on its own →MUZ 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 ↗MUZ filings on SEC EDGAR ↗MUZ prospectus with the expense ratio (SEC) ↗Defiance page for MUZ ↗

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 MUZ, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/mud-vs-muz

Open data

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