IONX vs. MULL

Last updated Jun 4, 2026

IONX (Defiance Daily Target 2X Long IONQ ETF) and MULL (GraniteShares 2x Long MU Daily ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, IONX returned 0.44% vs 6074.28% for MULL. At a 0.32 correlation, their price movements are largely independent. IONX charges 1.31%/yr vs 1.50%/yr for MULL.

Performance

IONX vs. MULL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long IONQ ETF (IONX) 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, IONX achieves a 41.84% return, which is significantly lower than MULL's 936.86% return.

IONX

• 1D: -8.85%
• 1M: 97.31%
• YTD: 41.84%
• 6M: 11.19%
• 1Y: 0.44%
• 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)

IONX vs. MULL - Yearly Performance Comparison

	2026 (YTD)	2025
IONX Defiance Daily Target 2X Long IONQ ETF	41.84%	67.09%
MULL GraniteShares 2x Long MU Daily ETF	936.86%	468.77%

Correlation

The correlation between IONX and MULL is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (All Time) Calculated using the full available price history since Mar 13, 2025	0.32

IONX vs. MULL - Sectors Allocation Comparison

Sectors	IONX	MULL
Technology	100.0%	66.7%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

IONX vs. MULL — Risk / Return Rank

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

IONX

IONX Risk / Return Rank: 15
IONX Sharpe Ratio Rank: 9
IONX Sortino Ratio Rank: 26
IONX Omega Ratio Rank: 23
IONX Calmar Ratio Rank: 9
IONX Martin Ratio Rank: 9

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.

IONX vs. MULL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long IONQ ETF (IONX) 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.

	IONX	MULL	Difference
Sharpe ratio: Return per unit of total volatility	0.00	46.71	-46.70
Sortino ratio: Return per unit of downside risk	1.42	7.02	-5.60
Omega ratio: Gain probability vs. loss probability	1.16	1.89	-0.73
Calmar ratio: Return relative to maximum drawdown	0.00	116.34	-116.33
Martin ratio: Return relative to average drawdown	0.01	390.40	-390.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IONX vs. MULL - Sharpe Ratio Comparison

The current IONX Sharpe Ratio is 0.00, which is lower than the MULL Sharpe Ratio of 46.71. The chart below compares the historical Sharpe Ratios of IONX 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

	IONX	MULL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.00	46.71	-46.70
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	7.45	-6.94

Drawdowns

IONX vs. MULL - Drawdown Comparison

The maximum IONX drawdown since its inception was -93.75%, which is greater than MULL's maximum drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for IONX and MULL.

Drawdown Indicators

	IONX	MULL	Difference
Max Drawdown Largest peak-to-trough decline	-93.75%	-72.29%	-21.46%
Max Drawdown (1Y) Largest decline over 1 year	-93.75%	-53.09%	-40.66%
Current Drawdown Current decline from peak	-67.65%	0.00%	-67.65%
Average Drawdown Average peak-to-trough decline	-49.74%	-20.62%	-29.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	62.55%	15.79%	+46.76%

Volatility

IONX vs. MULL - Volatility Comparison

Defiance Daily Target 2X Long IONQ ETF (IONX) has a higher volatility of 59.39% compared to GraniteShares 2x Long MU Daily ETF (MULL) at 55.41%. This indicates that IONX'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

	IONX	MULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	59.39%	55.41%	+3.98%
Volatility (6M) Calculated over the trailing 6-month period	130.91%	105.59%	+25.32%
Volatility (1Y) Calculated over the trailing 1-year period	181.50%	132.38%	+49.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	199.14%	136.22%	+62.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	199.14%	136.22%	+62.92%

IONX vs. MULL - Expense Ratio Comparison

IONX has a 1.31% expense ratio, which is lower than MULL's 1.50% expense ratio.

Dividends

IONX vs. MULL - Dividend Comparison

IONX's dividend yield for the trailing twelve months is around 1.80%, more than MULL's 0.04% yield.

Position	TTM	2025
IONX Defiance Daily Target 2X Long IONQ ETF	1.80%	2.55%
MULL GraniteShares 2x Long MU Daily ETF	0.04%	0.39%

Frequently Asked Questions

Can I hold both IONX and MULL in my portfolio?

IONX and MULL have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IONX or MULL?

IONX has higher volatility (59.39%) compared to MULL (55.41%). In terms of maximum drawdown, IONX dropped -93.75% vs MULL's -72.29%.

Which ETF is better, IONX or MULL?

On 1-year performance, MULL leads with 6074.28% vs 0.44% for IONX. On fees, IONX is cheaper at 1.31% per year. 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, IONX or MULL?

Over the 1-year period, MULL has performed better with a 6074.28% return vs 0.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IONX or MULL?

IONX is cheaper with a 1.31% expense ratio, compared with 1.50% for MULL.

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

IONX has the higher dividend yield at 1.80%, compared with 0.04% for MULL.

What is the main difference between IONX and MULL?

They also come from different issuers: Defiance and GraniteShares. Their fees differ too: 1.31% for IONX and 1.50% for MULL.

Which has better risk-adjusted returns?

MULL currently has the higher Sharpe Ratio (46.71 vs 0.00), 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.