FGRU vs. MULL

Last updated Jul 11, 2026

FGRU (T-REX 2X Long FIGR Daily Target ETF) and MULL (GraniteShares 2x Long MU Daily ETF) are both Leveraged Equities funds. FGRU is passively managed, while MULL is actively managed. At a 0.17 correlation, their price movements are largely independent. Both charge a 1.50% expense ratio.

Performance

FGRU vs. MULL - Performance Comparison

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

Returns By Period

FGRU

• 1D: -5.95%
• 1M: 19.00%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MULL

• 1D: -2.53%
• 1M: -13.48%
• 6M: 404.87%
• YTD: 619.42%
• 1Y: 2,882.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FGRU vs. MULL - Yearly Performance Comparison

	2026 (YTD)
FGRU T-REX 2X Long FIGR Daily Target ETF	-56.50%
MULL GraniteShares 2x Long MU Daily ETF	299.51%

Correlation

The correlation between FGRU and MULL is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 18, 2026	0.17

Return for Risk

FGRU vs. MULL — Risk / Return Rank

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

FGRU

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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) 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.

FGRU vs. MULL - Risk-Adjusted Trends Comparison

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

	FGRU	MULL	Difference
Sharpe ratio: Return per unit of total volatility	—	19.64	—
Sortino ratio: Return per unit of downside risk	—	5.18	—
Omega ratio: Gain probability vs. loss probability	—	1.66	—
Calmar ratio: Return relative to maximum drawdown	—	56.18	—
Martin ratio: Return relative to average drawdown	—	173.42	—

Drawdowns

FGRU vs. MULL - Drawdown Comparison

The maximum FGRU drawdown since its inception was -67.53%, smaller than the maximum MULL drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for FGRU and MULL.

Drawdown Indicators

	FGRU	MULL	Difference
Max Drawdown Largest peak-to-trough decline	-67.53%	-72.29%	+4.76%
Max Drawdown (1Y) Largest decline over 1 year	—	-53.09%	—
Current Drawdown Current decline from peak	-56.50%	-39.88%	-16.62%
Average Drawdown Average peak-to-trough decline	-42.91%	-20.78%	-22.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	17.16%	—

Volatility

Volatility by Period

	FGRU	MULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	68.08%	—
Volatility (6M) Calculated over the trailing 6-month period	—	124.42%	—
Volatility (1Y) Calculated over the trailing 1-year period	196.74%	151.84%	+44.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	196.74%	144.77%	+51.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	196.74%	144.77%	+51.97%

FGRU vs. MULL - Expense Ratio Comparison

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

Dividends

FGRU vs. MULL - Dividend Comparison

FGRU has not paid dividends to shareholders, while MULL's dividend yield for the trailing twelve months is around 0.05%.

Position	TTM	2025
FGRU T-REX 2X Long FIGR Daily Target ETF	0.00%	0.00%
MULL GraniteShares 2x Long MU Daily ETF	0.05%	0.39%

Frequently Asked Questions

Can I hold both FGRU and MULL in my portfolio?

FGRU and MULL have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FGRU or MULL?

Both ETFs have the same 1.50% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FGRU or MULL?

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

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

MULL has the higher dividend yield at 0.05%, compared with 0.00% for FGRU.

What is the main difference between FGRU and MULL?

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