KEEX vs. MULL

Last updated Jul 21, 2026

KEEX (Defiance Daily Target 2X Long KEEL ETF) and MULL (GraniteShares 2x Long MU Daily ETF) are both Leveraged Equities funds. Both are actively managed. A 0.53 correlation means they provide meaningful diversification when combined. KEEX charges 1.31%/yr vs 1.50%/yr for MULL.

Performance

KEEX vs. MULL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long KEEL ETF (KEEX) and GraniteShares 2x Long MU Daily ETF (MULL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

KEEX

• 1D: 18.42%
• 1M: -57.94%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

MULL

• 1D: 3.95%
• 1M: -47.52%
• 6M: 252.58%
• YTD: 450.51%
• 1Y: 2,623.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 527.49%

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

KEEX vs. MULL - Yearly Performance Comparison

	2026 (YTD)
KEEX Defiance Daily Target 2X Long KEEL ETF	34.82%
MULL GraniteShares 2x Long MU Daily ETF	125.00%

Correlation

The correlation between KEEX and MULL is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 27, 2026	0.53

Return for Risk

KEEX vs. MULL — Risk / Return Rank

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

KEEX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

KEEX vs. MULL - Risk-Adjusted Trends Comparison

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

	KEEX	MULL	Difference
Sharpe ratio: Return per unit of total volatility	—	17.35	—
Sortino ratio: Return per unit of downside risk	—	4.98	—
Omega ratio: Gain probability vs. loss probability	—	1.63	—
Calmar ratio: Return relative to maximum drawdown	—	47.71	—
Martin ratio: Return relative to average drawdown	—	147.08	—

Drawdowns

KEEX vs. MULL - Drawdown Comparison

The maximum KEEX drawdown since its inception was -69.40%, roughly equal to the maximum MULL drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for KEEX and MULL.

Drawdown Indicators

	KEEX	MULL	Difference
Max Drawdown Largest peak-to-trough decline	-69.40%	-72.29%	+2.89%
Max Drawdown (1Y) Largest decline over 1 year	—	-55.74%	—
Current Drawdown Current decline from peak	-62.44%	-53.99%	-8.45%
Average Drawdown Average peak-to-trough decline	-21.23%	-21.20%	-0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	18.06%	—

Volatility

Volatility by Period

	KEEX	MULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	63.15%	—
Volatility (6M) Calculated over the trailing 6-month period	—	126.45%	—
Volatility (1Y) Calculated over the trailing 1-year period	202.73%	153.59%	+49.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	202.73%	145.06%	+57.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	202.73%	145.06%	+57.67%

KEEX vs. MULL - Expense Ratio Comparison

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

Dividends

KEEX vs. MULL - Dividend Comparison

KEEX has not paid dividends to shareholders, while MULL's dividend yield for the trailing twelve months is around 0.07%.

Position	TTM	2025
KEEX Defiance Daily Target 2X Long KEEL ETF	0.00%	0.00%
MULL GraniteShares 2x Long MU Daily ETF	0.07%	0.39%

Frequently Asked Questions

Can I hold both KEEX and MULL in my portfolio?

KEEX and MULL have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, KEEX or MULL?

On fees, KEEX is cheaper at 1.31% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, KEEX or MULL?

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

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

MULL has the higher dividend yield at 0.07%, compared with 0.00% for KEEX.

What is the main difference between KEEX and MULL?

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