CRWU vs. MULL

Last updated Aug 1, 2026

CRWU (T-REX 2X Long CRWV Daily Target ETF) and MULL (GraniteShares 2x Long MU Daily ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, CRWU returned -83.81% vs 2639.01% for MULL. Their 0.44 correlation means their historical movements had little consistent relationship. Both charge a 1.50% expense ratio.

Performance

CRWU vs. MULL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T-REX 2X Long CRWV Daily Target ETF (CRWU) 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, CRWU achieves a -45.03% return, which is significantly lower than MULL's 359.36% return.

CRWU

• 1D: -5.95%
• 1M: -30.53%
• 6M: -65.39%
• YTD: -45.03%
• 1Y: -83.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -87.28%

MULL

• 1D: -11.97%
• 1M: -36.10%
• 6M: 129.44%
• YTD: 359.36%
• 1Y: 2,639.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 446.67%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CRWU T-REX 2X Long CRWV Daily Target ETF	$23.19M	$20.12M	$19.78M
MULL GraniteShares 2x Long MU Daily ETF	$191.48M	$219.09M	$265.13M

CRWU vs. MULL - Yearly Performance Comparison

	2026 (YTD)	2025
CRWU T-REX 2X Long CRWV Daily Target ETF	-45.03%	-77.60%
MULL GraniteShares 2x Long MU Daily ETF	359.36%	419.39%

Correlation

The correlation between CRWU and MULL is 0.46, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.46
Correlation (All Time) Calculated using the full available price history since Jul 25, 2025	0.44

Return for Risk

CRWU vs. MULL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CRWU

CRWU Risk / Return Rank: 5
CRWU Sharpe Ratio Rank: 6
CRWU Sortino Ratio Rank: 8
CRWU Omega Ratio Rank: 8
CRWU Calmar Ratio Rank: 1
CRWU Martin Ratio Rank: 3

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: 99
MULL Martin Ratio Rank: 99

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CRWU vs. MULL - Risk-Adjusted Trends Comparison

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

	CRWU	MULL	Difference
Sharpe ratio: Return per unit of total volatility	-0.45	15.08	-15.53
Sortino ratio: Return per unit of downside risk	-0.11	4.77	-4.88
Omega ratio: Gain probability vs. loss probability	0.99	1.59	-0.61
Calmar ratio: Return relative to maximum drawdown	-0.92	35.94	-36.87
Martin ratio: Return relative to average drawdown	-1.20	118.66	-119.86

CRWU vs. MULL - Sharpe Ratio Comparison

The current CRWU Sharpe Ratio is -0.45, which is lower than the MULL Sharpe Ratio of 15.08. The chart below compares the historical Sharpe Ratios of CRWU 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

CRWU vs. MULL - Drawdown Comparison

The maximum CRWU drawdown since its inception was -93.88%, which is greater than MULL's maximum drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for CRWU and MULL.

Drawdown Indicators

	CRWU	MULL	Difference
Max Drawdown Largest peak-to-trough decline	-93.88%	-72.29%	-21.59%
Max Drawdown (1Y) Largest decline over 1 year	-93.88%	-68.16%	-25.72%
Current Drawdown Current decline from peak	-91.79%	-61.61%	-30.18%
Average Drawdown Average peak-to-trough decline	-68.42%	-21.86%	-46.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	72.23%	20.61%	+51.62%

Volatility

CRWU vs. MULL - Volatility Comparison

T-REX 2X Long CRWV Daily Target ETF (CRWU) and GraniteShares 2x Long MU Daily ETF (MULL) have volatilities of 62.12% and 61.67%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CRWU	MULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	62.12%	61.67%	+0.45%
Volatility (6M) Calculated over the trailing 6-month period	138.63%	135.25%	+3.38%
Volatility (1Y) Calculated over the trailing 1-year period	194.05%	162.81%	+31.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	193.12%	149.74%	+43.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	193.12%	149.74%	+43.38%

CRWU vs. MULL - Expense Ratio Comparison

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

Dividends

CRWU vs. MULL - Dividend Comparison

CRWU's dividend yield for the trailing twelve months is around 15.48%, more than MULL's 0.08% yield.

Position	TTM	2025
CRWU T-REX 2X Long CRWV Daily Target ETF	15.48%	8.51%
MULL GraniteShares 2x Long MU Daily ETF	0.08%	0.39%

Frequently Asked Questions

Can I hold both CRWU and MULL in my portfolio?

CRWU and MULL have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CRWU or MULL?

CRWU has higher volatility (62.12%) compared to MULL (61.67%). In terms of maximum drawdown, CRWU dropped -93.88% vs MULL's -72.29%.

Which ETF is better, CRWU or MULL?

On 1-year performance, MULL leads with 2639.01% vs -83.81% for CRWU. Both ETFs have the same 1.50% expense ratio. On volatility, MULL has been the lower-risk option at 61.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CRWU or MULL?

Over the 1-year period, MULL has performed better with a 2639.01% return vs -83.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CRWU or MULL?

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

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

CRWU has the higher dividend yield at 15.48%, compared with 0.08% for MULL.

What is the main difference between CRWU and MULL?

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

Which has better risk-adjusted returns?

MULL currently has the higher Sharpe Ratio (15.08 vs -0.45), 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.