MPL vs. MULL

Last updated Jun 7, 2026

MPL (Defiance Daily Target 2X Long MP ETF) and MULL (GraniteShares 2x Long MU Daily ETF) are both Leveraged Equities funds. Both are actively managed. A 0.67 correlation means they provide meaningful diversification when combined. MPL charges 1.31%/yr vs 1.50%/yr for MULL.

Performance

MPL vs. MULL - Performance Comparison

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

Returns By Period

MPL

• 1D: -19.06%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MULL

• 1D: -26.21%
• 1M: 59.69%
• YTD: 545.56%
• 6M: 797.25%
• 1Y: 3,323.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MPL vs. MULL - Yearly Performance Comparison

	2026 (YTD)
MPL Defiance Daily Target 2X Long MP ETF	-24.56%
MULL GraniteShares 2x Long MU Daily ETF	-10.75%

Correlation

The correlation between MPL and MULL is 0.67, 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 May 27, 2026	0.67

Return for Risk

MPL vs. MULL — Risk / Return Rank

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

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.

MPL vs. MULL - Risk-Adjusted Trends Comparison

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

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

Sharpe Ratios by Period

	MPL	MULL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	25.81	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.59	5.14	-5.73

Drawdowns

MPL vs. MULL - Drawdown Comparison

The maximum MPL drawdown since its inception was -34.06%, smaller than the maximum MULL drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for MPL and MULL.

Drawdown Indicators

	MPL	MULL	Difference
Max Drawdown Largest peak-to-trough decline	-34.06%	-72.29%	+38.23%
Max Drawdown (1Y) Largest decline over 1 year	—	-53.09%	—
Current Drawdown Current decline from peak	-34.06%	-37.74%	+3.68%
Average Drawdown Average peak-to-trough decline	-9.74%	-20.65%	+10.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	16.00%	—

Volatility

Volatility by Period

	MPL	MULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	66.70%	—
Volatility (6M) Calculated over the trailing 6-month period	—	111.86%	—
Volatility (1Y) Calculated over the trailing 1-year period	182.07%	136.34%	+45.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	182.07%	138.33%	+43.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	182.07%	138.33%	+43.74%

MPL vs. MULL - Expense Ratio Comparison

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

Dividends

MPL vs. MULL - Dividend Comparison

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

Position	TTM	2025
MPL Defiance Daily Target 2X Long MP ETF	0.00%	0.00%
MULL GraniteShares 2x Long MU Daily ETF	0.06%	0.39%

Frequently Asked Questions

Can I hold both MPL and MULL in my portfolio?

MPL and MULL have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MPL or MULL?

On fees, MPL 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, MPL or MULL?

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

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

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

What is the main difference between MPL and MULL?

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