DIVZ vs. MULL

Last updated Jun 23, 2026

DIVZ (Opal Dividend Income ETF) and MULL (GraniteShares 2x Long MU Daily ETF) are both exchange-traded funds - DIVZ is a Large Cap Value Equities fund actively managed by TrueShares, while MULL is a Leveraged Equities fund actively managed by GraniteShares. Both are actively managed. Over the past year, DIVZ returned 11.58% vs 4857.78% for MULL. At a 0.10 correlation, their price movements are largely independent. DIVZ charges 0.65%/yr vs 1.50%/yr for MULL.

Performance

DIVZ vs. MULL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Opal Dividend Income ETF (DIVZ) 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, DIVZ achieves a 3.70% return, which is significantly lower than MULL's 1,096.58% return.

DIVZ

• 1D: 0.13%
• 1M: -2.53%
• YTD: 3.70%
• 6M: 3.95%
• 1Y: 11.58%
• 3Y*: 15.08%
• 5Y*: 9.27%
• 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)

DIVZ vs. MULL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DIVZ Opal Dividend Income ETF	3.70%	16.72%	-4.24%
MULL GraniteShares 2x Long MU Daily ETF	1,096.58%	558.51%	-39.23%

Correlation

The correlation between DIVZ and MULL is -0.06, 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	-0.06
Correlation (All Time) Calculated using the full available price history since Nov 12, 2024	0.10

The correlation between DIVZ and MULL shifts across timeframes, from -0.06 (1 year) to 0.10 (all time), reflecting how their relationship changes across market environments.

DIVZ vs. MULL - Sectors Allocation Comparison

Sectors	DIVZ	MULL
Consumer Defensive	19.5%	-
Healthcare	18.2%	-
Energy	14.7%	-
Utilities	13.1%	-
Industrials	9.8%	-
Financial Services	9.4%	-
Basic Materials	5.7%	-
Communication Services	5.6%	-
Technology	3.7%	66.7%
Consumer Cyclical	3.7%	-
Real Estate	-	-

Return for Risk

DIVZ vs. MULL — Risk / Return Rank

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

DIVZ

DIVZ Risk / Return Rank: 35
DIVZ Sharpe Ratio Rank: 35
DIVZ Sortino Ratio Rank: 35
DIVZ Omega Ratio Rank: 32
DIVZ Calmar Ratio Rank: 41
DIVZ Martin Ratio Rank: 33

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.

DIVZ vs. MULL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Opal Dividend Income ETF (DIVZ) 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.

	DIVZ	MULL	Difference
Sharpe ratio: Return per unit of total volatility	1.23	34.53	-33.30
Sortino ratio: Return per unit of downside risk	1.79	6.22	-4.43
Omega ratio: Gain probability vs. loss probability	1.21	1.78	-0.57
Calmar ratio: Return relative to maximum drawdown	1.99	92.96	-90.97
Martin ratio: Return relative to average drawdown	4.75	298.64	-293.89

DIVZ vs. MULL - Sharpe Ratio Comparison

The current DIVZ Sharpe Ratio is 1.23, which is lower than the MULL Sharpe Ratio of 34.53. The chart below compares the historical Sharpe Ratios of DIVZ 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

DIVZ vs. MULL - Drawdown Comparison

The maximum DIVZ drawdown since its inception was -15.42%, smaller than the maximum MULL drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for DIVZ and MULL.

Drawdown Indicators

	DIVZ	MULL	Difference
Max Drawdown Largest peak-to-trough decline	-15.42%	-72.29%	+56.87%
Max Drawdown (1Y) Largest decline over 1 year	-5.83%	-53.09%	+47.26%
Max Drawdown (3Y) Largest decline over 3 years	-9.52%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.42%	—	—
Current Drawdown Current decline from peak	-3.95%	0.00%	-3.95%
Average Drawdown Average peak-to-trough decline	-3.48%	-20.50%	+17.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.45%	16.49%	-14.04%

Volatility

DIVZ vs. MULL - Volatility Comparison

The current volatility for Opal Dividend Income ETF (DIVZ) is 3.32%, while GraniteShares 2x Long MU Daily ETF (MULL) has a volatility of 66.44%. This indicates that DIVZ 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

	DIVZ	MULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.32%	66.44%	-63.12%
Volatility (6M) Calculated over the trailing 6-month period	7.16%	116.36%	-109.20%
Volatility (1Y) Calculated over the trailing 1-year period	9.44%	143.21%	-133.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.62%	140.95%	-128.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.56%	140.95%	-128.39%

DIVZ vs. MULL - Expense Ratio Comparison

DIVZ has a 0.65% expense ratio, which is lower than MULL's 1.50% expense ratio.

Dividends

DIVZ vs. MULL - Dividend Comparison

DIVZ's dividend yield for the trailing twelve months is around 2.58%, more than MULL's 0.03% yield.

Position	TTM	2025	2024	2023	2022	2021
DIVZ Opal Dividend Income ETF	2.58%	2.60%	2.63%	3.66%	3.23%	3.83%
MULL GraniteShares 2x Long MU Daily ETF	0.03%	0.39%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DIVZ and MULL in my portfolio?

DIVZ and MULL have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DIVZ or MULL?

MULL has higher volatility (66.44%) compared to DIVZ (3.32%). In terms of maximum drawdown, DIVZ dropped -15.42% vs MULL's -72.29%.

Which ETF is better, DIVZ or MULL?

On 1-year performance, MULL leads with 4857.78% vs 11.58% for DIVZ. On fees, DIVZ is cheaper at 0.65% per year. On volatility, DIVZ has been the lower-risk option at 3.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DIVZ or MULL?

Over the 1-year period, MULL has performed better with a 4857.78% return vs 11.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DIVZ or MULL?

DIVZ is cheaper with a 0.65% expense ratio, compared with 1.50% for MULL.

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

DIVZ has the higher dividend yield at 2.58%, compared with 0.03% for MULL.

What is the main difference between DIVZ and MULL?

DIVZ is categorized as Large Cap Value Equities, while MULL is Leveraged Equities. They also come from different issuers: TrueShares and GraniteShares. Their fees differ too: 0.65% for DIVZ and 1.50% for MULL.

Which has better risk-adjusted returns?

MULL currently has the higher Sharpe Ratio (34.53 vs 1.23), 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.