FBL vs. MULL

Last updated Jun 4, 2026

FBL (GraniteShares 2x Long META Daily ETF) and MULL (GraniteShares 2x Long MU Daily ETF) are both Leveraged Equities funds from GraniteShares. Both are actively managed. Over the past year, FBL returned -29.78% vs 6074.28% for MULL. At a 0.32 correlation, their price movements are largely independent. FBL charges 1.15%/yr vs 1.50%/yr for MULL.

Performance

FBL vs. MULL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long META Daily ETF (FBL) 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, FBL achieves a -19.72% return, which is significantly lower than MULL's 936.86% return.

FBL

• 1D: 8.48%
• 1M: 2.55%
• YTD: -19.72%
• 6M: -15.34%
• 1Y: -29.78%
• 3Y*: 33.25%
• 5Y*: —
• 10Y*: —

MULL

• 1D: 2.92%
• 1M: 216.81%
• YTD: 936.86%
• 6M: 1,369.93%
• 1Y: 6,074.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FBL vs. MULL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FBL GraniteShares 2x Long META Daily ETF	-19.72%	0.50%	-1.46%
MULL GraniteShares 2x Long MU Daily ETF	936.86%	558.51%	-40.10%

Correlation

The correlation between FBL and MULL is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (All Time) Calculated using the full available price history since Nov 13, 2024	0.32

FBL vs. MULL - Sectors Allocation Comparison

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

Return for Risk

FBL vs. MULL — Risk / Return Rank

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

FBL

FBL Risk / Return Rank: 5
FBL Sharpe Ratio Rank: 5
FBL Sortino Ratio Rank: 6
FBL Omega Ratio Rank: 6
FBL Calmar Ratio Rank: 4
FBL Martin Ratio Rank: 4

MULL

MULL Risk / Return Rank: 99
MULL Sharpe Ratio Rank: 100
MULL Sortino Ratio Rank: 98
MULL Omega Ratio Rank: 97
MULL Calmar Ratio Rank: 100
MULL Martin Ratio Rank: 100

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.

FBL vs. MULL - Risk-Adjusted Trends Comparison

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

	FBL	MULL	Difference
Sharpe ratio: Return per unit of total volatility	-0.42	46.71	-47.13
Sortino ratio: Return per unit of downside risk	-0.22	7.02	-7.23
Omega ratio: Gain probability vs. loss probability	0.97	1.89	-0.92
Calmar ratio: Return relative to maximum drawdown	-0.49	116.34	-116.83
Martin ratio: Return relative to average drawdown	-0.91	390.40	-391.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FBL vs. MULL - Sharpe Ratio Comparison

The current FBL Sharpe Ratio is -0.42, which is lower than the MULL Sharpe Ratio of 46.71. The chart below compares the historical Sharpe Ratios of FBL 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.

Sharpe Ratios by Period

	FBL	MULL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.42	46.71	-47.13
Sharpe Ratio (All Time) Calculated using the full available price history	1.12	7.45	-6.33

Drawdowns

FBL vs. MULL - Drawdown Comparison

The maximum FBL drawdown since its inception was -61.15%, smaller than the maximum MULL drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for FBL and MULL.

Drawdown Indicators

	FBL	MULL	Difference
Max Drawdown Largest peak-to-trough decline	-61.15%	-72.29%	+11.14%
Max Drawdown (1Y) Largest decline over 1 year	-61.03%	-53.09%	-7.94%
Max Drawdown (3Y) Largest decline over 3 years	-61.15%	—	—
Current Drawdown Current decline from peak	-47.97%	0.00%	-47.97%
Average Drawdown Average peak-to-trough decline	-16.41%	-20.62%	+4.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.76%	15.79%	+16.97%

Volatility

FBL vs. MULL - Volatility Comparison

The current volatility for GraniteShares 2x Long META Daily ETF (FBL) is 17.63%, while GraniteShares 2x Long MU Daily ETF (MULL) has a volatility of 55.41%. This indicates that FBL 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

	FBL	MULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.63%	55.41%	-37.78%
Volatility (6M) Calculated over the trailing 6-month period	53.15%	105.59%	-52.44%
Volatility (1Y) Calculated over the trailing 1-year period	70.42%	132.38%	-61.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.06%	136.22%	-65.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.06%	136.22%	-65.16%

FBL vs. MULL - Expense Ratio Comparison

FBL has a 1.15% expense ratio, which is lower than MULL's 1.50% expense ratio.

Dividends

FBL vs. MULL - Dividend Comparison

FBL's dividend yield for the trailing twelve months is around 2.58%, more than MULL's 0.04% yield.

Position	TTM	2025	2024	2023
FBL GraniteShares 2x Long META Daily ETF	2.58%	2.07%	0.00%	51.58%
MULL GraniteShares 2x Long MU Daily ETF	0.04%	0.39%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FBL and MULL in my portfolio?

FBL and MULL have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FBL or MULL?

MULL has higher volatility (55.41%) compared to FBL (17.63%). In terms of maximum drawdown, FBL dropped -61.15% vs MULL's -72.29%.

Which ETF is better, FBL or MULL?

On 1-year performance, MULL leads with 6074.28% vs -29.78% for FBL. On fees, FBL is cheaper at 1.15% per year. On volatility, FBL has been the lower-risk option at 17.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FBL or MULL?

Over the 1-year period, MULL has performed better with a 6074.28% return vs -29.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FBL or MULL?

FBL is cheaper with a 1.15% expense ratio, compared with 1.50% for MULL.

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

FBL has the higher dividend yield at 2.58%, compared with 0.04% for MULL.

What is the main difference between FBL and MULL?

Their fees differ too: 1.15% for FBL and 1.50% for MULL.

Which has better risk-adjusted returns?

MULL currently has the higher Sharpe Ratio (46.71 vs -0.42), 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.