DUG vs. MULL
DUG (ProShares UltraShort Oil & Gas) and MULL (GraniteShares 2x Long MU Daily ETF) are both Leveraged Equities funds. DUG is passively managed, while MULL is actively managed. Over the past year, DUG returned -52.73% vs 2639.01% for MULL. Their -0.07 correlation means they have often moved in opposite directions in the past. DUG charges 0.95%/yr vs 1.50%/yr for MULL.
Performance
DUG vs. MULL - Performance Comparison
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Returns By Period
In the year-to-date period, DUG achieves a -47.25% return, which is significantly lower than MULL's 359.36% return.
DUG
- 1D
- -1.85%
- 1M
- -20.41%
- 6M
- -30.77%
- YTD
- -47.25%
- 1Y
- -52.73%
- 3Y*
- -25.03%
- 5Y*
- -40.83%
- 10Y*
- -32.74%
- ALL TIME*
- -30.09%
MULL
- 1D
- -11.97%
- 1M
- -36.10%
- 6M
- 129.44%
- YTD
- 359.36%
- 1Y
- 2,639.01%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 446.67%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.33M | $1.11M | $2.13M | |
| $191.48M | $219.09M | $265.13M |
DUG vs. MULL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
DUG ProShares UltraShort Oil & Gas | -47.25% | -18.63% | 20.11% |
MULL GraniteShares 2x Long MU Daily ETF | 359.36% | 558.51% | -39.23% |
Correlation
The correlation between DUG and MULL is 0.11, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.11 |
Correlation (All Time) Calculated using the full available price history since Nov 12, 2024 | -0.07 |
The correlation between DUG and MULL shifts across timeframes, from -0.07 (all time) to 0.11 (1 year), reflecting how their relationship changes across market environments.
DUG vs. MULL - Sectors Allocation Comparison
Sectors
DUG
MULL
Financial Services
-
Basic Materials
-
-
Communication Services
-
-
Consumer Cyclical
-
-
Consumer Defensive
-
-
Energy
-
-
Healthcare
-
-
Industrials
-
-
Real Estate
-
-
Technology
-
Utilities
-
-
Financial Services
DUG
MULL
-
Basic Materials
DUG
-
MULL
-
Communication Services
DUG
-
MULL
-
Consumer Cyclical
DUG
-
MULL
-
Consumer Defensive
DUG
-
MULL
-
Energy
DUG
-
MULL
-
Healthcare
DUG
-
MULL
-
Industrials
DUG
-
MULL
-
Real Estate
DUG
-
MULL
-
Technology
DUG
-
MULL
Utilities
DUG
-
MULL
-
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Return for Risk
DUG vs. MULL — Risk / Return Rank
DUG
MULL
DUG vs. MULL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Oil & Gas (DUG) 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.
| DUG | MULL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -16.29 | ||
| Sortino ratioReturn per unit of downside risk | -6.82 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 1.59 | -0.80 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | 35.94 | -36.84 |
| Martin ratioReturn relative to average drawdown | -1.43 | 118.66 | -120.10 |
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Drawdowns
DUG vs. MULL - Drawdown Comparison
The maximum DUG drawdown since its inception was -99.92%, which is greater than MULL's maximum drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for DUG and MULL.
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Drawdown Indicators
| DUG | MULL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.92% | -72.29% | -27.63% |
Max Drawdown (1Y)Largest decline over 1 year | -57.00% | -68.16% | +11.16% |
Max Drawdown (3Y)Largest decline over 3 years | -65.94% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -94.03% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.46% | — | — |
Current DrawdownCurrent decline from peak | -99.92% | -61.61% | -38.31% |
Average DrawdownAverage peak-to-trough decline | -89.04% | -21.86% | -67.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.55% | 20.61% | +14.94% |
Volatility
DUG vs. MULL - Volatility Comparison
The current volatility for ProShares UltraShort Oil & Gas (DUG) is 12.01%, while GraniteShares 2x Long MU Daily ETF (MULL) has a volatility of 61.67%. This indicates that DUG 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.
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Volatility by Period
| DUG | MULL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.01% | 61.67% | -49.66% |
Volatility (6M)Calculated over the trailing 6-month period | 33.36% | 135.25% | -101.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.16% | 162.81% | -120.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.13% | 149.74% | -98.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 58.79% | 149.74% | -90.95% |
DUG vs. MULL - Expense Ratio Comparison
DUG has a 0.95% expense ratio, which is lower than MULL's 1.50% expense ratio.
Dividends
DUG vs. MULL - Dividend Comparison
DUG's dividend yield for the trailing twelve months is around 4.54%, more than MULL's 0.08% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DUG ProShares UltraShort Oil & Gas | 4.54% | 3.21% | 5.66% | 4.16% | 0.28% | 0.00% | 0.10% | 0.56% | 0.29% |
MULL GraniteShares 2x Long MU Daily ETF | 0.08% | 0.39% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DUG and MULL have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MULL has higher volatility (61.67%) compared to DUG (12.01%). In terms of maximum drawdown, DUG dropped -99.92% vs MULL's -72.29%.
On 1-year performance, MULL leads with 2639.01% vs -52.73% for DUG. On fees, DUG is cheaper at 0.95% per year. On volatility, DUG has been the lower-risk option at 12.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, MULL has performed better with a 2639.01% return vs -52.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DUG is cheaper with a 0.95% expense ratio, compared with 1.50% for MULL.
DUG has the higher dividend yield at 4.54%, compared with 0.08% for MULL.
They also come from different issuers: ProShares and GraniteShares. Their fees differ too: 0.95% for DUG and 1.50% for MULL.
MULL currently has the higher Sharpe Ratio (15.08 vs -1.21), 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.
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