MUD vs SPY
Direxion Daily MU Bear 1X ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | MUD | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.02% | 0.09% | |
| AUM | $34M | $821.1B | |
| Dividend Yield | 11.41% | 1.01% | |
| Holdings | 9 | 505 | |
| YTD Return | -79.27% | +13.47% | |
| 1Y Return | -93.15% | +20.57% | |
| 3Y Return (annualized) | - | +21.83% | |
| 5Y Return (annualized) | - | +12.88% | |
| Volatility (annualized) | 67.6% | 15.3% | |
| Max Drawdown | -97.0% | -56.5% | |
| Fund Family | Direxion Shares ETF Trust | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Oct 10, 2024 | Jan 22, 1993 |
MUD vs SPY Performance
Direxion Daily MU Bear 1X ETF (MUD) is a ETF from Direxion Shares ETF Trust and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year MUD returned -93.15% while SPY returned +20.57%. Year to date, MUD is down 79.27% versus a gain of 13.47% for SPY.
Risk: Volatility and Drawdowns
MUD has been the more volatile fund, with annualized monthly volatility of 67.6% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -97.0% for MUD and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at -0.60. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
MUD charges 1.02% per year while SPY charges 0.09%. On a $10,000 position that is $102 vs $9 annually, a gap of $93 per year that compounds over a long holding period. On income, MUD currently yields 11.41% against 1.01% for SPY.
Holdings Overlap
MUD and SPY share 0 holdings out of 508 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, MUD or SPY?
MUD has an expense ratio of 1.02% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $93 per year of difference.
Which performed better, MUD or SPY?
Over the past year MUD returned -93.15% vs +20.57% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (2 years), MUD annualized -80.28% vs +8.83% for SPY. Past performance does not guarantee future results.
Which is riskier, MUD or SPY?
MUD has been the more volatile fund at 67.6% annualized versus 15.3% for SPY. Worst drawdown: MUD -97.0% vs SPY -56.5%.
Should I hold both MUD and SPY?
MUD and SPY have a monthly-return correlation of -0.60, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between MUD and SPY?
MUD and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 508 unique securities.
Which pays a higher dividend, MUD or SPY?
MUD yields 11.41% while SPY yields 1.01%, so MUD currently pays the higher dividend yield.
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