CCUP vs. MULL

Last updated Jun 24, 2026

CCUP (T-REX 2X Long CRCL Daily Target ETF) and MULL (GraniteShares 2x Long MU Daily ETF) are both Leveraged Equities funds. Both are actively managed. At a 0.31 correlation, their price movements are largely independent. Both charge a 1.50% expense ratio.

Performance

CCUP vs. MULL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T-REX 2X Long CRCL Daily Target ETF (CCUP) 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, CCUP achieves a -47.00% return, which is significantly lower than MULL's 780.13% return.

CCUP

• 1D: -10.16%
• 1M: -58.71%
• YTD: -47.00%
• 6M: -51.68%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MULL

• 1D: -26.45%
• 1M: 69.00%
• YTD: 780.13%
• 6M: 832.94%
• 1Y: 3,622.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CCUP vs. MULL - Yearly Performance Comparison

	2026 (YTD)	2025
CCUP T-REX 2X Long CRCL Daily Target ETF	-47.00%	-82.64%
MULL GraniteShares 2x Long MU Daily ETF	780.13%	366.71%

Correlation

The correlation between CCUP and MULL is 0.31, 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 Aug 11, 2025	0.31

Return for Risk

CCUP vs. MULL — Risk / Return Rank

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

CCUP

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: 96
MULL Omega Ratio Rank: 95
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.

CCUP vs. MULL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T-REX 2X Long CRCL Daily Target ETF (CCUP) 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.

	CCUP	MULL	Difference
Sharpe ratio: Return per unit of total volatility	—	25.24	—
Sortino ratio: Return per unit of downside risk	—	5.61	—
Omega ratio: Gain probability vs. loss probability	—	1.71	—
Calmar ratio: Return relative to maximum drawdown	—	69.24	—
Martin ratio: Return relative to average drawdown	—	221.31	—

Drawdowns

CCUP vs. MULL - Drawdown Comparison

The maximum CCUP drawdown since its inception was -93.74%, which is greater than MULL's maximum drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for CCUP and MULL.

Drawdown Indicators

	CCUP	MULL	Difference
Max Drawdown Largest peak-to-trough decline	-93.74%	-72.29%	-21.45%
Max Drawdown (1Y) Largest decline over 1 year	—	-53.09%	—
Current Drawdown Current decline from peak	-91.27%	-26.45%	-64.82%
Average Drawdown Average peak-to-trough decline	-70.09%	-20.52%	-49.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	16.58%	—

Volatility

Volatility by Period

	CCUP	MULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	74.91%	—
Volatility (6M) Calculated over the trailing 6-month period	—	119.83%	—
Volatility (1Y) Calculated over the trailing 1-year period	194.61%	145.72%	+48.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	194.61%	142.49%	+52.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	194.61%	142.49%	+52.12%

CCUP vs. MULL - Expense Ratio Comparison

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

Dividends

CCUP vs. MULL - Dividend Comparison

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

Position	TTM	2025
CCUP T-REX 2X Long CRCL 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 CCUP and MULL in my portfolio?

CCUP and MULL have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CCUP 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, CCUP or MULL?

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

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

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

What is the main difference between CCUP and MULL?

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