HOOG vs. MULL

Last updated Jun 5, 2026

HOOG (Leverage Shares 2X Long HOOD Daily ETF) and MULL (GraniteShares 2x Long MU Daily ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, HOOG returned -21.60% vs 5016.23% for MULL. At a 0.36 correlation, their price movements are largely independent. HOOG charges 0.75%/yr vs 1.50%/yr for MULL.

Performance

HOOG vs. MULL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long HOOD Daily ETF (HOOG) 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, HOOG achieves a -55.34% return, which is significantly lower than MULL's 774.91% return.

HOOG

• 1D: 12.78%
• 1M: 23.20%
• YTD: -55.34%
• 6M: -70.69%
• 1Y: -21.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MULL

• 1D: -15.62%
• 1M: 119.20%
• YTD: 774.91%
• 6M: 1,229.17%
• 1Y: 5,016.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HOOG vs. MULL - Yearly Performance Comparison

	2026 (YTD)	2025
HOOG Leverage Shares 2X Long HOOD Daily ETF	-55.34%	291.44%
MULL GraniteShares 2x Long MU Daily ETF	774.91%	491.18%

Correlation

The correlation between HOOG and MULL is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (All Time) Calculated using the full available price history since Mar 24, 2025	0.36

Return for Risk

HOOG vs. MULL — Risk / Return Rank

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

HOOG

HOOG Risk / Return Rank: 11
HOOG Sharpe Ratio Rank: 7
HOOG Sortino Ratio Rank: 16
HOOG Omega Ratio Rank: 16
HOOG Calmar Ratio Rank: 7
HOOG Martin Ratio Rank: 7

MULL

MULL Risk / Return Rank: 99
MULL Sharpe Ratio Rank: 100
MULL Sortino Ratio Rank: 97
MULL Omega Ratio Rank: 96
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.

HOOG vs. MULL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long HOOD Daily ETF (HOOG) 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.

	HOOG	MULL	Difference
Sharpe ratio: Return per unit of total volatility	-0.16	38.21	-38.36
Sortino ratio: Return per unit of downside risk	0.76	6.62	-5.86
Omega ratio: Gain probability vs. loss probability	1.09	1.83	-0.75
Calmar ratio: Return relative to maximum drawdown	-0.25	96.00	-96.25
Martin ratio: Return relative to average drawdown	-0.40	321.55	-321.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HOOG vs. MULL - Sharpe Ratio Comparison

The current HOOG Sharpe Ratio is -0.16, which is lower than the MULL Sharpe Ratio of 38.21. The chart below compares the historical Sharpe Ratios of HOOG 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

	HOOG	MULL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.16	38.21	-38.36
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	6.53	-6.12

Drawdowns

HOOG vs. MULL - Drawdown Comparison

The maximum HOOG drawdown since its inception was -86.94%, which is greater than MULL's maximum drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for HOOG and MULL.

Drawdown Indicators

	HOOG	MULL	Difference
Max Drawdown Largest peak-to-trough decline	-86.94%	-72.29%	-14.65%
Max Drawdown (1Y) Largest decline over 1 year	-86.94%	-53.09%	-33.85%
Current Drawdown Current decline from peak	-79.17%	-15.62%	-63.55%
Average Drawdown Average peak-to-trough decline	-37.70%	-20.61%	-17.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	53.46%	15.82%	+37.64%

Volatility

HOOG vs. MULL - Volatility Comparison

The current volatility for Leverage Shares 2X Long HOOD Daily ETF (HOOG) is 43.09%, while GraniteShares 2x Long MU Daily ETF (MULL) has a volatility of 57.59%. This indicates that HOOG 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

	HOOG	MULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	43.09%	57.59%	-14.50%
Volatility (6M) Calculated over the trailing 6-month period	101.33%	107.25%	-5.92%
Volatility (1Y) Calculated over the trailing 1-year period	137.25%	133.41%	+3.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	145.07%	136.72%	+8.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	145.07%	136.72%	+8.35%

HOOG vs. MULL - Expense Ratio Comparison

HOOG has a 0.75% expense ratio, which is lower than MULL's 1.50% expense ratio.

Dividends

HOOG vs. MULL - Dividend Comparison

HOOG's dividend yield for the trailing twelve months is around 27.55%, more than MULL's 0.04% yield.

Position	TTM	2025
HOOG Leverage Shares 2X Long HOOD Daily ETF	27.55%	12.30%
MULL GraniteShares 2x Long MU Daily ETF	0.04%	0.39%

Frequently Asked Questions

Can I hold both HOOG and MULL in my portfolio?

HOOG and MULL have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HOOG or MULL?

MULL has higher volatility (57.59%) compared to HOOG (43.09%). In terms of maximum drawdown, HOOG dropped -86.94% vs MULL's -72.29%.

Which ETF is better, HOOG or MULL?

On 1-year performance, MULL leads with 5016.23% vs -21.60% for HOOG. On fees, HOOG is cheaper at 0.75% per year. On volatility, HOOG has been the lower-risk option at 43.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HOOG or MULL?

Over the 1-year period, MULL has performed better with a 5016.23% return vs -21.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HOOG or MULL?

HOOG is cheaper with a 0.75% expense ratio, compared with 1.50% for MULL.

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

HOOG has the higher dividend yield at 27.55%, compared with 0.04% for MULL.

What is the main difference between HOOG and MULL?

They also come from different issuers: Leverage Shares and GraniteShares. Their fees differ too: 0.75% for HOOG and 1.50% for MULL.

Which has better risk-adjusted returns?

MULL currently has the higher Sharpe Ratio (38.21 vs -0.16), 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.