HDLB vs. MULL

Last updated Jun 4, 2026

HDLB (ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B) and MULL (GraniteShares 2x Long MU Daily ETF) are both Leveraged Equities funds. HDLB is passively managed, while MULL is actively managed. Over the past year, HDLB returned 17.78% vs 6074.28% for MULL. At a correlation of -0.05, they often move in opposite directions. HDLB charges 1.65%/yr vs 1.50%/yr for MULL.

Performance

HDLB vs. MULL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB) 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, HDLB achieves a 9.69% return, which is significantly lower than MULL's 936.86% return.

HDLB

• 1D: -1.72%
• 1M: -4.18%
• YTD: 9.69%
• 6M: 8.78%
• 1Y: 17.78%
• 3Y*: 26.82%
• 5Y*: 11.24%
• 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)

HDLB vs. MULL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HDLB ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B	9.69%	27.26%	-6.74%
MULL GraniteShares 2x Long MU Daily ETF	936.86%	558.51%	-40.10%

Correlation

The correlation between HDLB and MULL is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.12
Correlation (All Time) Calculated using the full available price history since Nov 13, 2024	-0.05

Return for Risk

HDLB vs. MULL — Risk / Return Rank

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

HDLB

HDLB Risk / Return Rank: 21
HDLB Sharpe Ratio Rank: 20
HDLB Sortino Ratio Rank: 20
HDLB Omega Ratio Rank: 20
HDLB Calmar Ratio Rank: 25
HDLB Martin Ratio Rank: 22

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.

HDLB vs. MULL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB) 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.

	HDLB	MULL	Difference
Sharpe ratio: Return per unit of total volatility	0.68	46.71	-46.03
Sortino ratio: Return per unit of downside risk	1.11	7.02	-5.91
Omega ratio: Gain probability vs. loss probability	1.13	1.89	-0.76
Calmar ratio: Return relative to maximum drawdown	1.23	116.34	-115.11
Martin ratio: Return relative to average drawdown	2.69	390.40	-387.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HDLB vs. MULL - Sharpe Ratio Comparison

The current HDLB Sharpe Ratio is 0.68, which is lower than the MULL Sharpe Ratio of 46.71. The chart below compares the historical Sharpe Ratios of HDLB 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

	HDLB	MULL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.68	46.71	-46.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.10	7.45	-7.36

Drawdowns

HDLB vs. MULL - Drawdown Comparison

The maximum HDLB drawdown since its inception was -78.70%, which is greater than MULL's maximum drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for HDLB and MULL.

Drawdown Indicators

	HDLB	MULL	Difference
Max Drawdown Largest peak-to-trough decline	-78.70%	-72.29%	-6.41%
Max Drawdown (1Y) Largest decline over 1 year	-14.50%	-53.09%	+38.59%
Max Drawdown (3Y) Largest decline over 3 years	-22.46%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-43.81%	—	—
Current Drawdown Current decline from peak	-14.15%	0.00%	-14.15%
Average Drawdown Average peak-to-trough decline	-27.47%	-20.62%	-6.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.62%	15.79%	-9.17%

Volatility

HDLB vs. MULL - Volatility Comparison

The current volatility for ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB) is 6.21%, while GraniteShares 2x Long MU Daily ETF (MULL) has a volatility of 55.41%. This indicates that HDLB 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

	HDLB	MULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.21%	55.41%	-49.20%
Volatility (6M) Calculated over the trailing 6-month period	18.14%	105.59%	-87.45%
Volatility (1Y) Calculated over the trailing 1-year period	26.46%	132.38%	-105.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.55%	136.22%	-105.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.58%	136.22%	-92.64%

HDLB vs. MULL - Expense Ratio Comparison

HDLB has a 1.65% expense ratio, which is higher than MULL's 1.50% expense ratio.

Dividends

HDLB vs. MULL - Dividend Comparison

HDLB's dividend yield for the trailing twelve months is around 12.13%, more than MULL's 0.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
HDLB ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B	12.13%	12.20%	10.09%	12.36%	10.86%	8.07%	16.23%	0.97%
MULL GraniteShares 2x Long MU Daily ETF	0.04%	0.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HDLB and MULL in my portfolio?

HDLB and MULL have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HDLB or MULL?

MULL has higher volatility (55.41%) compared to HDLB (6.21%). In terms of maximum drawdown, HDLB dropped -78.70% vs MULL's -72.29%.

Which ETF is better, HDLB or MULL?

On 1-year performance, MULL leads with 6074.28% vs 17.78% for HDLB. On fees, MULL is cheaper at 1.50% per year. On volatility, HDLB has been the lower-risk option at 6.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HDLB or MULL?

Over the 1-year period, MULL has performed better with a 6074.28% return vs 17.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HDLB or MULL?

MULL is cheaper with a 1.50% expense ratio, compared with 1.65% for HDLB.

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

HDLB has the higher dividend yield at 12.13%, compared with 0.04% for MULL.

What is the main difference between HDLB and MULL?

They also come from different issuers: UBS and GraniteShares. Their fees differ too: 1.65% for HDLB and 1.50% for MULL.

Which has better risk-adjusted returns?

MULL currently has the higher Sharpe Ratio (46.71 vs 0.68), 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.