APPX vs. MULL

Last updated Jun 23, 2026

APPX (Tradr 2X Long APP Daily ETF) and MULL (GraniteShares 2x Long MU Daily ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, APPX returned 7.60% vs 4857.78% for MULL. At a 0.17 correlation, their price movements are largely independent. APPX charges 1.30%/yr vs 1.50%/yr for MULL.

Performance

APPX vs. MULL - Performance Comparison

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

Returns By Period

In the year-to-date period, APPX achieves a -68.16% return, which is significantly lower than MULL's 1,096.58% return.

APPX

• 1D: -0.29%
• 1M: -9.85%
• YTD: -68.16%
• 6M: -73.24%
• 1Y: 7.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MULL

• 1D: 14.08%
• 1M: 129.77%
• YTD: 1,096.58%
• 6M: 1,164.65%
• 1Y: 4,857.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

APPX vs. MULL - Yearly Performance Comparison

	2026 (YTD)	2025
APPX Tradr 2X Long APP Daily ETF	-68.16%	344.96%
MULL GraniteShares 2x Long MU Daily ETF	1,096.58%	905.99%

Correlation

The correlation between APPX and MULL is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (All Time) Calculated using the full available price history since Apr 25, 2025	0.17

Return for Risk

APPX vs. MULL — Risk / Return Rank

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

APPX

APPX Risk / Return Rank: 14
APPX Sharpe Ratio Rank: 9
APPX Sortino Ratio Rank: 20
APPX Omega Ratio Rank: 22
APPX Calmar Ratio Rank: 9
APPX Martin Ratio Rank: 9

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.

APPX vs. MULL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 2X Long APP Daily ETF (APPX) 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.

	APPX	MULL	Difference
Sharpe ratio: Return per unit of total volatility	0.05	34.53	-34.48
Sortino ratio: Return per unit of downside risk	1.10	6.22	-5.12
Omega ratio: Gain probability vs. loss probability	1.15	1.78	-0.63
Calmar ratio: Return relative to maximum drawdown	0.09	92.96	-92.87
Martin ratio: Return relative to average drawdown	0.15	298.64	-298.48

APPX vs. MULL - Sharpe Ratio Comparison

The current APPX Sharpe Ratio is 0.05, which is lower than the MULL Sharpe Ratio of 34.53. The chart below compares the historical Sharpe Ratios of APPX and MULL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

APPX vs. MULL - Drawdown Comparison

The maximum APPX drawdown since its inception was -82.40%, which is greater than MULL's maximum drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for APPX and MULL.

Drawdown Indicators

	APPX	MULL	Difference
Max Drawdown Largest peak-to-trough decline	-82.40%	-72.29%	-10.11%
Max Drawdown (1Y) Largest decline over 1 year	-82.40%	-53.09%	-29.31%
Current Drawdown Current decline from peak	-75.24%	0.00%	-75.24%
Average Drawdown Average peak-to-trough decline	-38.46%	-20.50%	-17.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	49.64%	16.49%	+33.15%

Volatility

APPX vs. MULL - Volatility Comparison

The current volatility for Tradr 2X Long APP Daily ETF (APPX) is 41.37%, while GraniteShares 2x Long MU Daily ETF (MULL) has a volatility of 66.44%. This indicates that APPX experiences smaller price fluctuations and is considered to be less risky than MULL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APPX	MULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	41.37%	66.44%	-25.07%
Volatility (6M) Calculated over the trailing 6-month period	123.06%	116.36%	+6.70%
Volatility (1Y) Calculated over the trailing 1-year period	141.61%	143.21%	-1.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	139.99%	140.95%	-0.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	139.99%	140.95%	-0.96%

APPX vs. MULL - Expense Ratio Comparison

APPX has a 1.30% expense ratio, which is lower than MULL's 1.50% expense ratio.

Dividends

APPX vs. MULL - Dividend Comparison

APPX's dividend yield for the trailing twelve months is around 29.47%, more than MULL's 0.03% yield.

Position	TTM	2025
APPX Tradr 2X Long APP Daily ETF	29.47%	9.38%
MULL GraniteShares 2x Long MU Daily ETF	0.03%	0.39%

Frequently Asked Questions

Can I hold both APPX and MULL in my portfolio?

APPX and MULL have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APPX or MULL?

MULL has higher volatility (66.44%) compared to APPX (41.37%). In terms of maximum drawdown, APPX dropped -82.40% vs MULL's -72.29%.

Which ETF is better, APPX or MULL?

On 1-year performance, MULL leads with 4857.78% vs 7.60% for APPX. On fees, APPX is cheaper at 1.30% per year. On volatility, APPX has been the lower-risk option at 41.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APPX or MULL?

Over the 1-year period, MULL has performed better with a 4857.78% return vs 7.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APPX or MULL?

APPX is cheaper with a 1.30% expense ratio, compared with 1.50% for MULL.

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

APPX has the higher dividend yield at 29.47%, compared with 0.03% for MULL.

What is the main difference between APPX and MULL?

They also come from different issuers: Tradr and GraniteShares. Their fees differ too: 1.30% for APPX and 1.50% for MULL.

Which has better risk-adjusted returns?

MULL currently has the higher Sharpe Ratio (34.53 vs 0.05), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.