CDC vs. MULL

Last updated Jun 24, 2026

CDC (VictoryShares US EQ Income Enhanced Volatility Wtd ETF) and MULL (GraniteShares 2x Long MU Daily ETF) are both exchange-traded funds - CDC is a Large Cap Value Equities fund tracking the Nasdaq Victory U.S. Large Cap High Dividend 100 Long/Cash Volatility Weighted Index, while MULL is a Leveraged Equities fund actively managed by GraniteShares. CDC is passively managed, while MULL is actively managed. Over the past year, CDC returned 21.05% vs 3622.12% for MULL. At a 0.05 correlation, their price movements are largely independent. CDC charges 0.37%/yr vs 1.50%/yr for MULL.

Performance

CDC vs. MULL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares US EQ Income Enhanced Volatility Wtd ETF (CDC) 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, CDC achieves a 13.97% return, which is significantly lower than MULL's 780.13% return.

CDC

• 1D: 1.02%
• 1M: 0.81%
• YTD: 13.97%
• 6M: 13.78%
• 1Y: 21.05%
• 3Y*: 12.98%
• 5Y*: 6.51%
• 10Y*: 10.51%

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)

CDC vs. MULL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CDC VictoryShares US EQ Income Enhanced Volatility Wtd ETF	13.97%	8.96%	-4.47%
MULL GraniteShares 2x Long MU Daily ETF	780.13%	558.51%	-39.23%

Correlation

The correlation between CDC and MULL is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (All Time) Calculated using the full available price history since Nov 12, 2024	0.05

The correlation between CDC and MULL shifts across timeframes, from -0.10 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.

CDC vs. MULL - Sectors Allocation Comparison

Sectors	CDC	MULL
Financial Services	24.0%	-
Utilities	23.9%	-
Consumer Defensive	15.1%	-
Energy	8.8%	-
Consumer Cyclical	7.0%	-
Healthcare	6.9%	-
Technology	5.0%	66.7%
Industrials	4.4%	-
Communication Services	4.0%	-
Basic Materials	0.0%	-
Real Estate	0.0%	-

Return for Risk

CDC vs. MULL — Risk / Return Rank

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

CDC

CDC Risk / Return Rank: 72
CDC Sharpe Ratio Rank: 70
CDC Sortino Ratio Rank: 74
CDC Omega Ratio Rank: 64
CDC Calmar Ratio Rank: 77
CDC Martin Ratio Rank: 74

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.

CDC vs. MULL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares US EQ Income Enhanced Volatility Wtd ETF (CDC) 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.

	CDC	MULL	Difference
Sharpe ratio: Return per unit of total volatility	2.12	25.24	-23.12
Sortino ratio: Return per unit of downside risk	3.09	5.61	-2.52
Omega ratio: Gain probability vs. loss probability	1.36	1.71	-0.35
Calmar ratio: Return relative to maximum drawdown	3.73	69.24	-65.51
Martin ratio: Return relative to average drawdown	13.12	221.31	-208.19

CDC vs. MULL - Sharpe Ratio Comparison

The current CDC Sharpe Ratio is 2.12, which is lower than the MULL Sharpe Ratio of 25.24. The chart below compares the historical Sharpe Ratios of CDC 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

CDC vs. MULL - Drawdown Comparison

The maximum CDC drawdown since its inception was -21.37%, smaller than the maximum MULL drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for CDC and MULL.

Drawdown Indicators

	CDC	MULL	Difference
Max Drawdown Largest peak-to-trough decline	-21.37%	-72.29%	+50.92%
Max Drawdown (1Y) Largest decline over 1 year	-5.67%	-53.09%	+47.42%
Max Drawdown (3Y) Largest decline over 3 years	-12.70%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-21.37%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-21.37%	—	—
Current Drawdown Current decline from peak	-0.49%	-26.45%	+25.96%
Average Drawdown Average peak-to-trough decline	-5.09%	-20.52%	+15.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.61%	16.58%	-14.97%

Volatility

CDC vs. MULL - Volatility Comparison

The current volatility for VictoryShares US EQ Income Enhanced Volatility Wtd ETF (CDC) is 3.44%, while GraniteShares 2x Long MU Daily ETF (MULL) has a volatility of 74.91%. This indicates that CDC 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

	CDC	MULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.44%	74.91%	-71.47%
Volatility (6M) Calculated over the trailing 6-month period	7.13%	119.83%	-112.70%
Volatility (1Y) Calculated over the trailing 1-year period	9.99%	145.72%	-135.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.52%	142.49%	-129.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.21%	142.49%	-129.28%

CDC vs. MULL - Expense Ratio Comparison

CDC has a 0.37% expense ratio, which is lower than MULL's 1.50% expense ratio.

Dividends

CDC vs. MULL - Dividend Comparison

CDC's dividend yield for the trailing twelve months is around 3.14%, more than MULL's 0.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CDC VictoryShares US EQ Income Enhanced Volatility Wtd ETF	3.14%	3.36%	3.32%	4.24%	3.48%	2.65%	2.48%	3.04%	3.37%	2.81%	2.99%	3.17%
MULL GraniteShares 2x Long MU Daily ETF	0.04%	0.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CDC and MULL in my portfolio?

CDC and MULL have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CDC or MULL?

MULL has higher volatility (74.91%) compared to CDC (3.44%). In terms of maximum drawdown, CDC dropped -21.37% vs MULL's -72.29%.

Which ETF is better, CDC or MULL?

On 1-year performance, MULL leads with 3622.12% vs 21.05% for CDC. On fees, CDC is cheaper at 0.37% per year. On volatility, CDC has been the lower-risk option at 3.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CDC or MULL?

Over the 1-year period, MULL has performed better with a 3622.12% return vs 21.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CDC or MULL?

CDC is cheaper with a 0.37% expense ratio, compared with 1.50% for MULL.

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

CDC has the higher dividend yield at 3.14%, compared with 0.04% for MULL.

What is the main difference between CDC and MULL?

CDC is categorized as Large Cap Value Equities, while MULL is Leveraged Equities. They also come from different issuers: Crestview and GraniteShares. Their fees differ too: 0.37% for CDC and 1.50% for MULL.

Which has better risk-adjusted returns?

MULL currently has the higher Sharpe Ratio (25.24 vs 2.12), 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.