IFED vs. MULL

Last updated Jun 4, 2026

IFED (ETRACS IFED Invest with the Fed TR Index ETN) and MULL (GraniteShares 2x Long MU Daily ETF) are both Leveraged Equities funds. IFED is passively managed, while MULL is actively managed. Over the past year, IFED returned 1.97% vs 6074.28% for MULL. At a 0.31 correlation, their price movements are largely independent. IFED charges 0.45%/yr vs 1.50%/yr for MULL.

Performance

IFED vs. MULL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS IFED Invest with the Fed TR Index ETN (IFED) 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, IFED achieves a -3.52% return, which is significantly lower than MULL's 936.86% return.

IFED

• 1D: -1.24%
• 1M: 4.85%
• YTD: -3.52%
• 6M: -3.51%
• 1Y: 1.97%
• 3Y*: 16.71%
• 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)

IFED vs. MULL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IFED ETRACS IFED Invest with the Fed TR Index ETN	-3.52%	15.02%	-3.14%
MULL GraniteShares 2x Long MU Daily ETF	936.86%	558.51%	-40.10%

Correlation

The correlation between IFED and MULL is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (All Time) Calculated using the full available price history since Nov 13, 2024	0.31

The correlation between IFED and MULL shifts across timeframes, from 0.15 (1 year) to 0.31 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IFED vs. MULL — Risk / Return Rank

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

IFED

IFED Risk / Return Rank: 10
IFED Sharpe Ratio Rank: 10
IFED Sortino Ratio Rank: 10
IFED Omega Ratio Rank: 10
IFED Calmar Ratio Rank: 10
IFED Martin Ratio Rank: 10

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.

IFED vs. MULL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS IFED Invest with the Fed TR Index ETN (IFED) 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.

	IFED	MULL	Difference
Sharpe ratio: Return per unit of total volatility	0.12	46.71	-46.58
Sortino ratio: Return per unit of downside risk	0.29	7.02	-6.72
Omega ratio: Gain probability vs. loss probability	1.04	1.89	-0.85
Calmar ratio: Return relative to maximum drawdown	0.14	116.34	-116.20
Martin ratio: Return relative to average drawdown	0.34	390.40	-390.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IFED vs. MULL - Sharpe Ratio Comparison

The current IFED Sharpe Ratio is 0.12, which is lower than the MULL Sharpe Ratio of 46.71. The chart below compares the historical Sharpe Ratios of IFED 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

	IFED	MULL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.12	46.71	-46.58
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	7.45	-6.81

Drawdowns

IFED vs. MULL - Drawdown Comparison

The maximum IFED drawdown since its inception was -22.36%, smaller than the maximum MULL drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for IFED and MULL.

Drawdown Indicators

	IFED	MULL	Difference
Max Drawdown Largest peak-to-trough decline	-22.36%	-72.29%	+49.93%
Max Drawdown (1Y) Largest decline over 1 year	-14.65%	-53.09%	+38.44%
Max Drawdown (3Y) Largest decline over 3 years	-22.36%	—	—
Current Drawdown Current decline from peak	-5.50%	0.00%	-5.50%
Average Drawdown Average peak-to-trough decline	-5.84%	-20.62%	+14.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.75%	15.79%	-10.04%

Volatility

IFED vs. MULL - Volatility Comparison

The current volatility for ETRACS IFED Invest with the Fed TR Index ETN (IFED) is 4.50%, while GraniteShares 2x Long MU Daily ETF (MULL) has a volatility of 55.41%. This indicates that IFED 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

	IFED	MULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.50%	55.41%	-50.91%
Volatility (6M) Calculated over the trailing 6-month period	12.86%	105.59%	-92.73%
Volatility (1Y) Calculated over the trailing 1-year period	16.21%	132.38%	-116.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.88%	136.22%	-116.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.88%	136.22%	-116.34%

IFED vs. MULL - Expense Ratio Comparison

IFED has a 0.45% expense ratio, which is lower than MULL's 1.50% expense ratio.

Dividends

IFED vs. MULL - Dividend Comparison

IFED has not paid dividends to shareholders, while MULL's dividend yield for the trailing twelve months is around 0.04%.

Position	TTM	2025
IFED ETRACS IFED Invest with the Fed TR Index ETN	0.00%	0.00%
MULL GraniteShares 2x Long MU Daily ETF	0.04%	0.39%

Frequently Asked Questions

Can I hold both IFED and MULL in my portfolio?

IFED and MULL have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IFED or MULL?

MULL has higher volatility (55.41%) compared to IFED (4.50%). In terms of maximum drawdown, IFED dropped -22.36% vs MULL's -72.29%.

Which ETF is better, IFED or MULL?

On 1-year performance, MULL leads with 6074.28% vs 1.97% for IFED. On fees, IFED is cheaper at 0.45% per year. On volatility, IFED has been the lower-risk option at 4.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IFED or MULL?

Over the 1-year period, MULL has performed better with a 6074.28% return vs 1.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IFED or MULL?

IFED is cheaper with a 0.45% expense ratio, compared with 1.50% for MULL.

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

MULL has the higher dividend yield at 0.04%, compared with 0.00% for IFED.

What is the main difference between IFED and MULL?

They also come from different issuers: UBS and GraniteShares. Their fees differ too: 0.45% for IFED and 1.50% for MULL.

Which has better risk-adjusted returns?

MULL currently has the higher Sharpe Ratio (46.71 vs 0.12), 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.