DLLL vs. MULL

Last updated Jun 24, 2026

DLLL (GraniteShares 2x Long DELL Daily ETF) and MULL (GraniteShares 2x Long MU Daily ETF) are both Leveraged Equities funds from GraniteShares. DLLL is passively managed, while MULL is actively managed. Over the past year, DLLL returned 765.95% vs 3622.12% for MULL. At a 0.44 correlation, their price movements are largely independent. Both charge a 1.50% expense ratio.

Performance

DLLL vs. MULL - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with DLLL having a 762.51% return and MULL slightly higher at 780.13%.

DLLL

• 1D: 4.21%
• 1M: 89.37%
• YTD: 762.51%
• 6M: 738.64%
• 1Y: 765.95%
• 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)

DLLL vs. MULL - Yearly Performance Comparison

	2026 (YTD)	2025
DLLL GraniteShares 2x Long DELL Daily ETF	762.51%	-3.72%
MULL GraniteShares 2x Long MU Daily ETF	780.13%	491.57%

Correlation

The correlation between DLLL and MULL is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (All Time) Calculated using the full available price history since Feb 13, 2025	0.44

DLLL vs. MULL - Sectors Allocation Comparison

Sectors	DLLL	MULL
Technology	66.6%	66.7%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

DLLL vs. MULL — Risk / Return Rank

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

DLLL

DLLL Risk / Return Rank: 96
DLLL Sharpe Ratio Rank: 99
DLLL Sortino Ratio Rank: 94
DLLL Omega Ratio Rank: 92
DLLL Calmar Ratio Rank: 98
DLLL Martin Ratio Rank: 95

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.

DLLL vs. MULL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long DELL Daily ETF (DLLL) 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.

	DLLL	MULL	Difference
Sharpe ratio: Return per unit of total volatility	5.91	25.24	-19.33
Sortino ratio: Return per unit of downside risk	4.55	5.61	-1.06
Omega ratio: Gain probability vs. loss probability	1.56	1.71	-0.15
Calmar ratio: Return relative to maximum drawdown	13.52	69.24	-55.72
Martin ratio: Return relative to average drawdown	27.52	221.31	-193.79

DLLL vs. MULL - Sharpe Ratio Comparison

The current DLLL Sharpe Ratio is 5.91, which is lower than the MULL Sharpe Ratio of 25.24. The chart below compares the historical Sharpe Ratios of DLLL 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

DLLL vs. MULL - Drawdown Comparison

The maximum DLLL drawdown since its inception was -68.58%, smaller than the maximum MULL drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for DLLL and MULL.

Drawdown Indicators

	DLLL	MULL	Difference
Max Drawdown Largest peak-to-trough decline	-68.58%	-72.29%	+3.71%
Max Drawdown (1Y) Largest decline over 1 year	-57.19%	-53.09%	-4.10%
Current Drawdown Current decline from peak	-18.41%	-26.45%	+8.04%
Average Drawdown Average peak-to-trough decline	-25.86%	-20.52%	-5.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.05%	16.58%	+11.47%

Volatility

DLLL vs. MULL - Volatility Comparison

The current volatility for GraniteShares 2x Long DELL Daily ETF (DLLL) is 66.89%, while GraniteShares 2x Long MU Daily ETF (MULL) has a volatility of 74.91%. This indicates that DLLL 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

	DLLL	MULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	66.89%	74.91%	-8.02%
Volatility (6M) Calculated over the trailing 6-month period	102.56%	119.83%	-17.27%
Volatility (1Y) Calculated over the trailing 1-year period	131.00%	145.72%	-14.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	129.67%	142.49%	-12.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	129.67%	142.49%	-12.82%

DLLL vs. MULL - Expense Ratio Comparison

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

Dividends

DLLL vs. MULL - Dividend Comparison

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

Position	TTM	2025
DLLL GraniteShares 2x Long DELL Daily ETF	0.00%	0.00%
MULL GraniteShares 2x Long MU Daily ETF	0.04%	0.39%

Frequently Asked Questions

Can I hold both DLLL and MULL in my portfolio?

DLLL and MULL have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DLLL or MULL?

MULL has higher volatility (74.91%) compared to DLLL (66.89%). In terms of maximum drawdown, DLLL dropped -68.58% vs MULL's -72.29%.

Which ETF is better, DLLL or MULL?

On 1-year performance, MULL leads with 3622.12% vs 765.95% for DLLL. Both ETFs have the same 1.50% expense ratio. On volatility, DLLL has been the lower-risk option at 66.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DLLL or MULL?

Over the 1-year period, MULL has performed better with a 3622.12% return vs 765.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DLLL or MULL?

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

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

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

Which has better risk-adjusted returns?

MULL currently has the higher Sharpe Ratio (25.24 vs 5.91), 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.