HUSV vs. MULL

Last updated Jul 12, 2026

HUSV (First Trust Horizon Managed Volatility Domestic ETF) and MULL (GraniteShares 2x Long MU Daily ETF) are both exchange-traded funds - HUSV is a Volatility Hedged Equity fund actively managed by First Trust, while MULL is a Leveraged Equities fund actively managed by GraniteShares. Both are actively managed. Over the past year, HUSV returned 2.52% vs 2882.24% for MULL. At a correlation of -0.08, they often move in opposite directions. HUSV charges 0.70%/yr vs 1.50%/yr for MULL.

Performance

HUSV vs. MULL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Horizon Managed Volatility Domestic ETF (HUSV) 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, HUSV achieves a 4.15% return, which is significantly lower than MULL's 619.42% return.

HUSV

• 1D: 0.48%
• 1M: 1.99%
• 6M: 3.33%
• YTD: 4.15%
• 1Y: 2.52%
• 3Y*: 8.49%
• 5Y*: 5.87%
• 10Y*: —

MULL

• 1D: -2.53%
• 1M: -10.77%
• 6M: 404.87%
• YTD: 619.42%
• 1Y: 2,882.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HUSV vs. MULL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HUSV First Trust Horizon Managed Volatility Domestic ETF	4.15%	4.96%	-3.88%
MULL GraniteShares 2x Long MU Daily ETF	619.42%	558.51%	-39.23%

Correlation

The correlation between HUSV and MULL is -0.23, 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	-0.23
Correlation (All Time) Calculated using the full available price history since Nov 12, 2024	-0.08

The correlation between HUSV and MULL shifts across timeframes, from -0.23 (1 year) to -0.08 (all time), reflecting how their relationship changes across market environments.

HUSV vs. MULL - Sectors Allocation Comparison

Sectors	HUSV	MULL
Technology	25.2%	66.7%
Financial Services	14.9%	-
Utilities	11.8%	-
Industrials	10.8%	-
Real Estate	9.8%	-
Consumer Cyclical	7.5%	-
Healthcare	7.2%	-
Consumer Defensive	6.2%	-
Basic Materials	3.0%	-
Energy	2.3%	-
Communication Services	1.4%	-

Return for Risk

HUSV vs. MULL — Risk / Return Rank

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

HUSV

HUSV Risk / Return Rank: 12
HUSV Sharpe Ratio Rank: 13
HUSV Sortino Ratio Rank: 12
HUSV Omega Ratio Rank: 11
HUSV Calmar Ratio Rank: 13
HUSV Martin Ratio Rank: 13

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.

HUSV vs. MULL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Horizon Managed Volatility Domestic ETF (HUSV) 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.

	HUSV	MULL	Difference
Sharpe ratio: Return per unit of total volatility	0.20	19.64	-19.44
Sortino ratio: Return per unit of downside risk	0.36	5.18	-4.82
Omega ratio: Gain probability vs. loss probability	1.04	1.66	-0.62
Calmar ratio: Return relative to maximum drawdown	0.29	56.18	-55.89
Martin ratio: Return relative to average drawdown	0.67	173.42	-172.76

HUSV vs. MULL - Sharpe Ratio Comparison

The current HUSV Sharpe Ratio is 0.20, which is lower than the MULL Sharpe Ratio of 19.64. The chart below compares the historical Sharpe Ratios of HUSV 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.

Drawdowns

HUSV vs. MULL - Drawdown Comparison

The maximum HUSV drawdown since its inception was -35.72%, smaller than the maximum MULL drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for HUSV and MULL.

Drawdown Indicators

	HUSV	MULL	Difference
Max Drawdown Largest peak-to-trough decline	-35.72%	-72.29%	+36.57%
Max Drawdown (1Y) Largest decline over 1 year	-6.78%	-53.09%	+46.31%
Max Drawdown (3Y) Largest decline over 3 years	-9.35%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.00%	—	—
Current Drawdown Current decline from peak	-1.04%	-39.88%	+38.84%
Average Drawdown Average peak-to-trough decline	-3.60%	-20.78%	+17.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.92%	17.16%	-14.24%

Volatility

HUSV vs. MULL - Volatility Comparison

The current volatility for First Trust Horizon Managed Volatility Domestic ETF (HUSV) is 3.76%, while GraniteShares 2x Long MU Daily ETF (MULL) has a volatility of 68.08%. This indicates that HUSV 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

	HUSV	MULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.76%	68.08%	-64.32%
Volatility (6M) Calculated over the trailing 6-month period	7.15%	124.42%	-117.27%
Volatility (1Y) Calculated over the trailing 1-year period	9.55%	151.84%	-142.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.08%	144.77%	-132.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.47%	144.77%	-130.30%

HUSV vs. MULL - Expense Ratio Comparison

HUSV has a 0.70% expense ratio, which is lower than MULL's 1.50% expense ratio.

Dividends

HUSV vs. MULL - Dividend Comparison

HUSV's dividend yield for the trailing twelve months is around 1.30%, more than MULL's 0.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
HUSV First Trust Horizon Managed Volatility Domestic ETF	1.30%	1.38%	1.14%	1.80%	1.68%	1.35%	1.29%	1.36%	1.48%	1.31%	0.35%
MULL GraniteShares 2x Long MU Daily ETF	0.05%	0.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HUSV and MULL in my portfolio?

HUSV 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, HUSV or MULL?

MULL has higher volatility (68.08%) compared to HUSV (3.76%). In terms of maximum drawdown, HUSV dropped -35.72% vs MULL's -72.29%.

Which ETF is better, HUSV or MULL?

On 1-year performance, MULL leads with 2882.24% vs 2.52% for HUSV. On fees, HUSV is cheaper at 0.70% per year. On volatility, HUSV has been the lower-risk option at 3.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HUSV or MULL?

Over the 1-year period, MULL has performed better with a 2882.24% return vs 2.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HUSV or MULL?

HUSV is cheaper with a 0.70% expense ratio, compared with 1.50% for MULL.

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

HUSV has the higher dividend yield at 1.30%, compared with 0.05% for MULL.

What is the main difference between HUSV and MULL?

HUSV is categorized as Volatility Hedged Equity, while MULL is Leveraged Equities. They also come from different issuers: First Trust and GraniteShares. Their fees differ too: 0.70% for HUSV and 1.50% for MULL.

Which has better risk-adjusted returns?

MULL currently has the higher Sharpe Ratio (19.64 vs 0.20), 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.