MRA vs. MULL

Last updated Jul 4, 2026

MRA (GraniteShares Autocallable MARA ETF) and MULL (GraniteShares 2x Long MU Daily ETF) are both exchange-traded funds - MRA is a Derivative Income fund actively managed by GraniteShares, while MULL is a Leveraged Equities fund actively managed by GraniteShares. Both are actively managed. A 0.52 correlation means they provide meaningful diversification when combined. MRA charges 1.07%/yr vs 1.50%/yr for MULL.

Performance

MRA vs. MULL - Performance Comparison

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

Returns By Period

MRA

• 1D: -1.67%
• 1M: -2.40%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MULL

• 1D: -11.74%
• 1M: -30.67%
• 6M: 495.12%
• YTD: 618.86%
• 1Y: 2,976.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MRA vs. MULL - Yearly Performance Comparison

	2026 (YTD)
MRA GraniteShares Autocallable MARA ETF	-4.43%
MULL GraniteShares 2x Long MU Daily ETF	-0.62%

Correlation

The correlation between MRA and MULL is 0.52, 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	0.52

Return for Risk

MRA vs. MULL — Risk / Return Rank

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

MRA

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: 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.

MRA vs. MULL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares Autocallable MARA ETF (MRA) 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.

	MRA	MULL	Difference
Sharpe ratio: Return per unit of total volatility	—	20.12	—
Sortino ratio: Return per unit of downside risk	—	5.22	—
Omega ratio: Gain probability vs. loss probability	—	1.66	—
Calmar ratio: Return relative to maximum drawdown	—	57.42	—
Martin ratio: Return relative to average drawdown	—	187.84	—

Drawdowns

MRA vs. MULL - Drawdown Comparison

The maximum MRA drawdown since its inception was -8.56%, smaller than the maximum MULL drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for MRA and MULL.

Drawdown Indicators

	MRA	MULL	Difference
Max Drawdown Largest peak-to-trough decline	-8.56%	-72.29%	+63.73%
Max Drawdown (1Y) Largest decline over 1 year	—	-53.09%	—
Current Drawdown Current decline from peak	-6.35%	-39.92%	+33.57%
Average Drawdown Average peak-to-trough decline	-2.47%	-20.53%	+18.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	16.20%	—

Volatility

Volatility by Period

	MRA	MULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	77.44%	—
Volatility (6M) Calculated over the trailing 6-month period	—	126.30%	—
Volatility (1Y) Calculated over the trailing 1-year period	37.59%	151.52%	-113.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.59%	145.26%	-107.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.59%	145.26%	-107.67%

MRA vs. MULL - Expense Ratio Comparison

MRA has a 1.07% expense ratio, which is lower than MULL's 1.50% expense ratio.

Dividends

MRA vs. MULL - Dividend Comparison

MRA's dividend yield for the trailing twelve months is around 7.69%, more than MULL's 0.05% yield.

Position	TTM	2025
MRA GraniteShares Autocallable MARA ETF	7.69%	0.00%
MULL GraniteShares 2x Long MU Daily ETF	0.05%	0.39%

Frequently Asked Questions

Can I hold both MRA and MULL in my portfolio?

MRA and MULL have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MRA or MULL?

On fees, MRA is cheaper at 1.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MRA or MULL?

MRA is cheaper with a 1.07% expense ratio, compared with 1.50% for MULL.

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

MRA has the higher dividend yield at 7.69%, compared with 0.05% for MULL.

What is the main difference between MRA and MULL?

MRA is categorized as Derivative Income, while MULL is Leveraged Equities. Their fees differ too: 1.07% for MRA and 1.50% for MULL.