INTW vs. MULL

Last updated Jun 4, 2026

INTW (GraniteShares 2x Long INTC Daily ETF) and MULL (GraniteShares 2x Long MU Daily ETF) are both Leveraged Equities funds from GraniteShares. Both are actively managed. Over the past year, INTW returned 1617.48% vs 6074.28% for MULL. At a 0.44 correlation, their price movements are largely independent. Both charge a 1.50% expense ratio.

Performance

INTW vs. MULL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long INTC Daily ETF (INTW) 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, INTW achieves a 562.71% return, which is significantly lower than MULL's 936.86% return.

INTW

• 1D: 8.89%
• 1M: 29.41%
• YTD: 562.71%
• 6M: 361.23%
• 1Y: 1,617.48%
• 3Y*: —
• 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)

INTW vs. MULL - Yearly Performance Comparison

	2026 (YTD)	2025
INTW GraniteShares 2x Long INTC Daily ETF	562.71%	50.41%
MULL GraniteShares 2x Long MU Daily ETF	936.86%	442.06%

Correlation

The correlation between INTW and MULL is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (All Time) Calculated using the full available price history since Feb 14, 2025	0.44

INTW vs. MULL - Sectors Allocation Comparison

Sectors	INTW	MULL
Technology	66.7%	66.7%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

INTW vs. MULL — Risk / Return Rank

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

INTW

INTW Risk / Return Rank: 97
INTW Sharpe Ratio Rank: 99
INTW Sortino Ratio Rank: 95
INTW Omega Ratio Rank: 93
INTW Calmar Ratio Rank: 99
INTW Martin Ratio Rank: 98

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.

INTW vs. MULL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long INTC Daily ETF (INTW) 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.

	INTW	MULL	Difference
Sharpe ratio: Return per unit of total volatility	11.42	46.71	-35.28
Sortino ratio: Return per unit of downside risk	5.09	7.02	-1.92
Omega ratio: Gain probability vs. loss probability	1.64	1.89	-0.25
Calmar ratio: Return relative to maximum drawdown	33.18	116.34	-83.16
Martin ratio: Return relative to average drawdown	77.63	390.40	-312.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

INTW vs. MULL - Sharpe Ratio Comparison

The current INTW Sharpe Ratio is 11.42, which is lower than the MULL Sharpe Ratio of 46.71. The chart below compares the historical Sharpe Ratios of INTW 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

	INTW	MULL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	11.42	46.71	-35.28
Sharpe Ratio (All Time) Calculated using the full available price history	3.39	7.45	-4.06

Drawdowns

INTW vs. MULL - Drawdown Comparison

The maximum INTW drawdown since its inception was -60.58%, smaller than the maximum MULL drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for INTW and MULL.

Drawdown Indicators

	INTW	MULL	Difference
Max Drawdown Largest peak-to-trough decline	-60.58%	-72.29%	+11.71%
Max Drawdown (1Y) Largest decline over 1 year	-49.34%	-53.09%	+3.75%
Current Drawdown Current decline from peak	-26.69%	0.00%	-26.69%
Average Drawdown Average peak-to-trough decline	-30.07%	-20.62%	-9.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.05%	15.79%	+5.26%

Volatility

INTW vs. MULL - Volatility Comparison

The current volatility for GraniteShares 2x Long INTC Daily ETF (INTW) is 48.71%, while GraniteShares 2x Long MU Daily ETF (MULL) has a volatility of 55.41%. This indicates that INTW 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

	INTW	MULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	48.71%	55.41%	-6.70%
Volatility (6M) Calculated over the trailing 6-month period	111.40%	105.59%	+5.81%
Volatility (1Y) Calculated over the trailing 1-year period	143.36%	132.38%	+10.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	145.22%	136.22%	+9.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	145.22%	136.22%	+9.00%

INTW vs. MULL - Expense Ratio Comparison

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

Dividends

INTW vs. MULL - Dividend Comparison

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

Position	TTM	2025
INTW GraniteShares 2x Long INTC Daily ETF	0.00%	0.00%
MULL GraniteShares 2x Long MU Daily ETF	0.04%	0.39%

Frequently Asked Questions

Can I hold both INTW and MULL in my portfolio?

INTW and MULL have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INTW or MULL?

MULL has higher volatility (55.41%) compared to INTW (48.71%). In terms of maximum drawdown, INTW dropped -60.58% vs MULL's -72.29%.

Which ETF is better, INTW or MULL?

On 1-year performance, MULL leads with 6074.28% vs 1617.48% for INTW. Both ETFs have the same 1.50% expense ratio. On volatility, INTW has been the lower-risk option at 48.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INTW or MULL?

Over the 1-year period, MULL has performed better with a 6074.28% return vs 1617.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INTW or MULL?

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

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

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

Which has better risk-adjusted returns?

MULL currently has the higher Sharpe Ratio (46.71 vs 11.42), 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.