APHU vs. MULL

Last updated Jun 25, 2026

APHU (T-REX 2X Long APH Daily Target ETF) and MULL (GraniteShares 2x Long MU Daily ETF) are both Leveraged Equities funds. APHU is passively managed, while MULL is actively managed. At a 0.28 correlation, their price movements are largely independent. Both charge a 1.50% expense ratio.

Performance

APHU vs. MULL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T-REX 2X Long APH Daily Target ETF (APHU) and GraniteShares 2x Long MU Daily ETF (MULL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

APHU

• 1D: 3.21%
• 1M: 45.70%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MULL

• 1D: -1.17%
• 1M: 67.02%
• YTD: 769.80%
• 6M: 757.79%
• 1Y: 3,263.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

APHU vs. MULL - Yearly Performance Comparison

	2026 (YTD)
APHU T-REX 2X Long APH Daily Target ETF	4.18%
MULL GraniteShares 2x Long MU Daily ETF	383.02%

Correlation

The correlation between APHU and MULL is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 18, 2026	0.28

Return for Risk

APHU vs. MULL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

APHU

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

MULL

MULL Risk / Return Rank: 98
MULL Sharpe Ratio Rank: 100
MULL Sortino Ratio Rank: 97
MULL Omega Ratio Rank: 96
MULL Calmar Ratio Rank: 100
MULL Martin Ratio Rank: 99

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

APHU vs. MULL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T-REX 2X Long APH Daily Target ETF (APHU) and GraniteShares 2x Long MU Daily ETF (MULL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	APHU	MULL	Difference
Sharpe ratio: Return per unit of total volatility	—	22.76	—
Sortino ratio: Return per unit of downside risk	—	5.48	—
Omega ratio: Gain probability vs. loss probability	—	1.70	—
Calmar ratio: Return relative to maximum drawdown	—	62.37	—
Martin ratio: Return relative to average drawdown	—	200.79	—

Drawdowns

APHU vs. MULL - Drawdown Comparison

The maximum APHU drawdown since its inception was -43.51%, smaller than the maximum MULL drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for APHU and MULL.

Drawdown Indicators

	APHU	MULL	Difference
Max Drawdown Largest peak-to-trough decline	-43.51%	-72.29%	+28.78%
Max Drawdown (1Y) Largest decline over 1 year	—	-53.09%	—
Current Drawdown Current decline from peak	-4.72%	-27.31%	+22.59%
Average Drawdown Average peak-to-trough decline	-19.77%	-20.53%	+0.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	16.67%	—

Volatility

Volatility by Period

	APHU	MULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	74.81%	—
Volatility (6M) Calculated over the trailing 6-month period	—	119.35%	—
Volatility (1Y) Calculated over the trailing 1-year period	94.24%	145.70%	-51.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	94.24%	142.32%	-48.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	94.24%	142.32%	-48.08%

APHU vs. MULL - Expense Ratio Comparison

Both APHU and MULL have an expense ratio of 1.50%.

Dividends

APHU vs. MULL - Dividend Comparison

APHU has not paid dividends to shareholders, while MULL's dividend yield for the trailing twelve months is around 0.04%.

Position	TTM	2025
APHU T-REX 2X Long APH Daily Target ETF	0.00%	0.00%
MULL GraniteShares 2x Long MU Daily ETF	0.04%	0.39%

Frequently Asked Questions

Can I hold both APHU and MULL in my portfolio?

APHU and MULL have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, APHU or MULL?

Both ETFs have the same 1.50% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, APHU or MULL?

APHU and MULL have the same expense ratio: 1.50% per year.

Which ETF pays a higher dividend yield, APHU or MULL?

MULL has the higher dividend yield at 0.04%, compared with 0.00% for APHU.

What is the main difference between APHU and MULL?

They also come from different issuers: T-Rex and GraniteShares.