LCDL vs. MULL

Last updated Jun 6, 2026

LCDL (GraniteShares 2x Long LCID 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, LCDL returned -97.05% vs 3465.86% for MULL. At a 0.24 correlation, their price movements are largely independent. LCDL charges 1.15%/yr vs 1.50%/yr for MULL.

Performance

LCDL vs. MULL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long LCID Daily ETF (LCDL) 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, LCDL achieves a -82.24% return, which is significantly lower than MULL's 545.56% return.

LCDL

• 1D: -18.78%
• 1M: -33.34%
• YTD: -82.24%
• 6M: -89.30%
• 1Y: -97.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MULL

• 1D: -26.21%
• 1M: 49.48%
• YTD: 545.56%
• 6M: 797.25%
• 1Y: 3,465.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

LCDL vs. MULL - Yearly Performance Comparison

	2026 (YTD)	2025
LCDL GraniteShares 2x Long LCID Daily ETF	-82.24%	-87.02%
MULL GraniteShares 2x Long MU Daily ETF	545.56%	1,116.71%

Correlation

The correlation between LCDL and MULL is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (All Time) Calculated using the full available price history since Apr 23, 2025	0.24

LCDL vs. MULL - Sectors Allocation Comparison

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

Return for Risk

LCDL vs. MULL — Risk / Return Rank

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

LCDL

LCDL Risk / Return Rank: 2
LCDL Sharpe Ratio Rank: 4
LCDL Sortino Ratio Rank: 0
LCDL Omega Ratio Rank: 0
LCDL Calmar Ratio Rank: 0
LCDL Martin Ratio Rank: 3

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: 100
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.

LCDL vs. MULL - Risk-Adjusted Trends Comparison

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

	LCDL	MULL	Difference
Sharpe ratio: Return per unit of total volatility	-0.64	25.81	-26.45
Sortino ratio: Return per unit of downside risk	-2.44	5.81	-8.25
Omega ratio: Gain probability vs. loss probability	0.75	1.75	-1.00
Calmar ratio: Return relative to maximum drawdown	-0.99	66.24	-67.23
Martin ratio: Return relative to average drawdown	-1.26	219.41	-220.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LCDL vs. MULL - Sharpe Ratio Comparison

The current LCDL Sharpe Ratio is -0.64, which is lower than the MULL Sharpe Ratio of 25.81. The chart below compares the historical Sharpe Ratios of LCDL 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

	LCDL	MULL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.64	25.81	-26.45
Sharpe Ratio (All Time) Calculated using the full available price history	-0.65	5.14	-5.78

Drawdowns

LCDL vs. MULL - Drawdown Comparison

The maximum LCDL drawdown since its inception was -98.50%, which is greater than MULL's maximum drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for LCDL and MULL.

Drawdown Indicators

	LCDL	MULL	Difference
Max Drawdown Largest peak-to-trough decline	-98.50%	-72.29%	-26.21%
Max Drawdown (1Y) Largest decline over 1 year	-98.45%	-53.09%	-45.36%
Current Drawdown Current decline from peak	-98.50%	-37.74%	-60.76%
Average Drawdown Average peak-to-trough decline	-69.12%	-20.65%	-48.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	76.86%	16.00%	+60.86%

Volatility

LCDL vs. MULL - Volatility Comparison

The current volatility for GraniteShares 2x Long LCID Daily ETF (LCDL) is 41.04%, while GraniteShares 2x Long MU Daily ETF (MULL) has a volatility of 66.70%. This indicates that LCDL 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

	LCDL	MULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	41.04%	66.70%	-25.66%
Volatility (6M) Calculated over the trailing 6-month period	98.89%	111.86%	-12.97%
Volatility (1Y) Calculated over the trailing 1-year period	151.10%	136.34%	+14.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	149.61%	138.33%	+11.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	149.61%	138.33%	+11.28%

LCDL vs. MULL - Expense Ratio Comparison

LCDL has a 1.15% expense ratio, which is lower than MULL's 1.50% expense ratio.

Dividends

LCDL vs. MULL - Dividend Comparison

LCDL has not paid dividends to shareholders, while MULL's dividend yield for the trailing twelve months is around 0.06%.

Position	TTM	2025
LCDL GraniteShares 2x Long LCID Daily ETF	0.00%	0.00%
MULL GraniteShares 2x Long MU Daily ETF	0.06%	0.39%

Frequently Asked Questions

Can I hold both LCDL and MULL in my portfolio?

LCDL and MULL have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LCDL or MULL?

MULL has higher volatility (66.70%) compared to LCDL (41.04%). In terms of maximum drawdown, LCDL dropped -98.50% vs MULL's -72.29%.

Which ETF is better, LCDL or MULL?

On 1-year performance, MULL leads with 3465.86% vs -97.05% for LCDL. On fees, LCDL is cheaper at 1.15% per year. On volatility, LCDL has been the lower-risk option at 41.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LCDL or MULL?

Over the 1-year period, MULL has performed better with a 3465.86% return vs -97.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LCDL or MULL?

LCDL is cheaper with a 1.15% expense ratio, compared with 1.50% for MULL.

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

MULL has the higher dividend yield at 0.06%, compared with 0.00% for LCDL.

What is the main difference between LCDL and MULL?

Their fees differ too: 1.15% for LCDL and 1.50% for MULL.

Which has better risk-adjusted returns?

MULL currently has the higher Sharpe Ratio (25.81 vs -0.64), 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.