LGLV vs. MULL

Last updated Jun 24, 2026

LGLV (SPDR SSGA US Large Cap Low Volatility Index ETF) and MULL (GraniteShares 2x Long MU Daily ETF) are both exchange-traded funds - LGLV is a Volatility Hedged Equity fund tracking the SSGA US Large Cap Low Volatility (TR), while MULL is a Leveraged Equities fund actively managed by GraniteShares. LGLV is passively managed, while MULL is actively managed. Over the past year, LGLV returned 5.19% vs 3622.12% for MULL. At a 0.03 correlation, their price movements are largely independent. LGLV charges 0.12%/yr vs 1.50%/yr for MULL.

Performance

LGLV vs. MULL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR SSGA US Large Cap Low Volatility Index ETF (LGLV) 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, LGLV achieves a 2.78% return, which is significantly lower than MULL's 780.13% return.

LGLV

• 1D: 0.86%
• 1M: -0.36%
• YTD: 2.78%
• 6M: 2.23%
• 1Y: 5.19%
• 3Y*: 11.54%
• 5Y*: 8.27%
• 10Y*: 11.29%

MULL

• 1D: -26.45%
• 1M: 69.00%
• YTD: 780.13%
• 6M: 832.94%
• 1Y: 3,622.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

LGLV vs. MULL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
LGLV SPDR SSGA US Large Cap Low Volatility Index ETF	2.78%	8.37%	-4.75%
MULL GraniteShares 2x Long MU Daily ETF	780.13%	558.51%	-39.23%

Correlation

The correlation between LGLV and MULL is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.11
Correlation (All Time) Calculated using the full available price history since Nov 12, 2024	0.03

The correlation between LGLV and MULL shifts across timeframes, from -0.11 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.

LGLV vs. MULL - Sectors Allocation Comparison

Sectors	LGLV	MULL
Industrials	18.4%	-
Real Estate	17.6%	-
Utilities	11.6%	-
Financial Services	9.9%	-
Technology	9.4%	66.7%
Consumer Cyclical	9.1%	-
Healthcare	7.1%	-
Consumer Defensive	5.8%	-
Communication Services	4.3%	-
Energy	3.5%	-
Basic Materials	3.5%	-

Return for Risk

LGLV vs. MULL — Risk / Return Rank

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

LGLV

LGLV Risk / Return Rank: 17
LGLV Sharpe Ratio Rank: 18
LGLV Sortino Ratio Rank: 16
LGLV Omega Ratio Rank: 15
LGLV Calmar Ratio Rank: 18
LGLV Martin Ratio Rank: 17

MULL

MULL Risk / Return Rank: 98
MULL Sharpe Ratio Rank: 100
MULL Sortino Ratio Rank: 96
MULL Omega Ratio Rank: 95
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.

LGLV vs. MULL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR SSGA US Large Cap Low Volatility Index ETF (LGLV) 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.

	LGLV	MULL	Difference
Sharpe ratio: Return per unit of total volatility	0.55	25.24	-24.69
Sortino ratio: Return per unit of downside risk	0.85	5.61	-4.76
Omega ratio: Gain probability vs. loss probability	1.10	1.71	-0.62
Calmar ratio: Return relative to maximum drawdown	0.76	69.24	-68.48
Martin ratio: Return relative to average drawdown	1.80	221.31	-219.51

LGLV vs. MULL - Sharpe Ratio Comparison

The current LGLV Sharpe Ratio is 0.55, which is lower than the MULL Sharpe Ratio of 25.24. The chart below compares the historical Sharpe Ratios of LGLV 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.

Drawdowns

LGLV vs. MULL - Drawdown Comparison

The maximum LGLV drawdown since its inception was -36.64%, smaller than the maximum MULL drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for LGLV and MULL.

Drawdown Indicators

	LGLV	MULL	Difference
Max Drawdown Largest peak-to-trough decline	-36.64%	-72.29%	+35.65%
Max Drawdown (1Y) Largest decline over 1 year	-6.86%	-53.09%	+46.23%
Max Drawdown (3Y) Largest decline over 3 years	-10.17%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.49%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-36.64%	—	—
Current Drawdown Current decline from peak	-4.79%	-26.45%	+21.66%
Average Drawdown Average peak-to-trough decline	-3.22%	-20.52%	+17.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.90%	16.58%	-13.68%

Volatility

LGLV vs. MULL - Volatility Comparison

The current volatility for SPDR SSGA US Large Cap Low Volatility Index ETF (LGLV) is 3.51%, while GraniteShares 2x Long MU Daily ETF (MULL) has a volatility of 74.91%. This indicates that LGLV 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

	LGLV	MULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.51%	74.91%	-71.40%
Volatility (6M) Calculated over the trailing 6-month period	7.00%	119.83%	-112.83%
Volatility (1Y) Calculated over the trailing 1-year period	9.57%	145.72%	-136.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.94%	142.49%	-129.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.07%	142.49%	-126.42%

LGLV vs. MULL - Expense Ratio Comparison

LGLV has a 0.12% expense ratio, which is lower than MULL's 1.50% expense ratio.

Dividends

LGLV vs. MULL - Dividend Comparison

LGLV's dividend yield for the trailing twelve months is around 2.09%, more than MULL's 0.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LGLV SPDR SSGA US Large Cap Low Volatility Index ETF	2.09%	1.94%	1.93%	2.03%	1.95%	1.65%	1.98%	1.89%	2.09%	4.39%	2.54%	2.97%
MULL GraniteShares 2x Long MU Daily ETF	0.04%	0.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both LGLV and MULL in my portfolio?

LGLV and MULL have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LGLV or MULL?

MULL has higher volatility (74.91%) compared to LGLV (3.51%). In terms of maximum drawdown, LGLV dropped -36.64% vs MULL's -72.29%.

Which ETF is better, LGLV or MULL?

On 1-year performance, MULL leads with 3622.12% vs 5.19% for LGLV. On fees, LGLV is cheaper at 0.12% per year. On volatility, LGLV has been the lower-risk option at 3.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LGLV or MULL?

Over the 1-year period, MULL has performed better with a 3622.12% return vs 5.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LGLV or MULL?

LGLV is cheaper with a 0.12% expense ratio, compared with 1.50% for MULL.

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

LGLV has the higher dividend yield at 2.09%, compared with 0.04% for MULL.

What is the main difference between LGLV and MULL?

LGLV is categorized as Volatility Hedged Equity, while MULL is Leveraged Equities. They also come from different issuers: State Street and GraniteShares. Their fees differ too: 0.12% for LGLV and 1.50% for MULL.

Which has better risk-adjusted returns?

MULL currently has the higher Sharpe Ratio (25.24 vs 0.55), 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.