IONL vs. MULL

Last updated Jun 4, 2026

IONL (GraniteShares 2x Long IONQ Daily ETF) and MULL (GraniteShares 2x Long MU Daily ETF) are both Leveraged Equities funds from GraniteShares. IONL is passively managed, while MULL is actively managed. Over the past year, IONL returned 11.24% vs 6074.28% for MULL. At a 0.32 correlation, their price movements are largely independent. Both charge a 1.50% expense ratio.

Performance

IONL vs. MULL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long IONQ Daily ETF (IONL) 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, IONL achieves a 48.62% return, which is significantly lower than MULL's 936.86% return.

IONL

• 1D: -8.47%
• 1M: 99.80%
• YTD: 48.62%
• 6M: 17.16%
• 1Y: 11.24%
• 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)

IONL vs. MULL - Yearly Performance Comparison

	2026 (YTD)	2025
IONL GraniteShares 2x Long IONQ Daily ETF	48.62%	38.57%
MULL GraniteShares 2x Long MU Daily ETF	936.86%	497.85%

Correlation

The correlation between IONL and MULL is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (All Time) Calculated using the full available price history since Mar 26, 2025	0.32

IONL vs. MULL - Sectors Allocation Comparison

Sectors	IONL	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

IONL vs. MULL — Risk / Return Rank

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

IONL

IONL Risk / Return Rank: 17
IONL Sharpe Ratio Rank: 10
IONL Sortino Ratio Rank: 29
IONL Omega Ratio Rank: 26
IONL Calmar Ratio Rank: 10
IONL 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.

IONL vs. MULL - Risk-Adjusted Trends Comparison

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

	IONL	MULL	Difference
Sharpe ratio Return per unit of total volatility	0.06	46.71	-46.64
Sortino ratio Return per unit of downside risk	1.52	7.02	-5.50
Omega ratio Gain probability vs. loss probability	1.17	1.89	-0.72
Calmar ratio Return relative to maximum drawdown	0.12	116.34	-116.22
Martin ratio Return relative to average drawdown	0.18	390.40	-390.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IONL vs. MULL - Sharpe Ratio Comparison

The current IONL Sharpe Ratio is 0.06, which is lower than the MULL Sharpe Ratio of 46.71. The chart below compares the historical Sharpe Ratios of IONL 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

	IONL	MULL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.06	46.71	-46.64
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	7.45	-7.02

Drawdowns

IONL vs. MULL - Drawdown Comparison

The maximum IONL drawdown since its inception was -93.41%, which is greater than MULL's maximum drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for IONL and MULL.

Drawdown Indicators

	IONL	MULL	Difference
Max Drawdown Largest peak-to-trough decline	-93.41%	-72.29%	-21.12%
Max Drawdown (1Y) Largest decline over 1 year	-93.41%	-53.09%	-40.32%
Current Drawdown Current decline from peak	-65.21%	0.00%	-65.21%
Average Drawdown Average peak-to-trough decline	-50.11%	-20.62%	-29.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	62.00%	15.79%	+46.21%

Volatility

IONL vs. MULL - Volatility Comparison

GraniteShares 2x Long IONQ Daily ETF (IONL) has a higher volatility of 59.44% compared to GraniteShares 2x Long MU Daily ETF (MULL) at 55.41%. This indicates that IONL's price experiences larger fluctuations and is considered to be riskier than MULL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IONL	MULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	59.44%	55.41%	+4.03%
Volatility (6M) Calculated over the trailing 6-month period	130.72%	105.59%	+25.13%
Volatility (1Y) Calculated over the trailing 1-year period	181.66%	132.38%	+49.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	195.45%	136.22%	+59.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	195.45%	136.22%	+59.23%

IONL vs. MULL - Expense Ratio Comparison

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

Dividends

IONL vs. MULL - Dividend Comparison

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

Position	TTM	2025
IONL GraniteShares 2x Long IONQ Daily ETF	0.00%	0.00%
MULL GraniteShares 2x Long MU Daily ETF	0.04%	0.39%

Frequently Asked Questions

Can I hold both IONL and MULL in my portfolio?

IONL and MULL have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IONL or MULL?

IONL has higher volatility (59.44%) compared to MULL (55.41%). In terms of maximum drawdown, IONL dropped -93.41% vs MULL's -72.29%.

Which ETF is better, IONL or MULL?

On 1-year performance, MULL leads with 6074.28% vs 11.24% for IONL. Both ETFs have the same 1.50% expense ratio. On volatility, MULL has been the lower-risk option at 55.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IONL or MULL?

Over the 1-year period, MULL has performed better with a 6074.28% return vs 11.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IONL or MULL?

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

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

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

Which has better risk-adjusted returns?

MULL currently has the higher Sharpe Ratio (46.71 vs 0.06), 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.