MULL vs. ADBG

Last updated Jul 17, 2026

MULL (GraniteShares 2x Long MU Daily ETF) and ADBG (Leverage Shares 2X Long ADBE Daily ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, MULL returned 2454.81% vs -67.64% for ADBG. At a correlation of -0.05, they often move in opposite directions. MULL charges 1.50%/yr vs 0.75%/yr for ADBG.

Performance

MULL vs. ADBG - Performance Comparison

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

Returns By Period

In the year-to-date period, MULL achieves a 436.29% return, which is significantly higher than ADBG's -62.04% return.

MULL

• 1D: -11.30%
• 1M: -37.61%
• 6M: 295.95%
• YTD: 436.29%
• 1Y: 2,454.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ADBG

• 1D: 9.60%
• 1M: 25.57%
• 6M: -49.08%
• YTD: -62.04%
• 1Y: -67.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MULL vs. ADBG - Yearly Performance Comparison

	2026 (YTD)	2025
MULL GraniteShares 2x Long MU Daily ETF	436.29%	395.05%
ADBG Leverage Shares 2X Long ADBE Daily ETF	-62.04%	-29.61%

Correlation

The correlation between MULL and ADBG is -0.17, 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	-0.17
Correlation (All Time) Calculated using the full available price history since Mar 21, 2025	-0.05

The correlation between MULL and ADBG shifts across timeframes, from -0.17 (1 year) to -0.05 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MULL vs. ADBG — 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: 95
MULL Calmar Ratio Rank: 99
MULL Martin Ratio Rank: 99

ADBG

ADBG Risk / Return Rank: 2
ADBG Sharpe Ratio Rank: 2
ADBG Sortino Ratio Rank: 2
ADBG Omega Ratio Rank: 1
ADBG Calmar Ratio Rank: 2
ADBG Martin Ratio Rank: 1

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.

MULL vs. ADBG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long MU Daily ETF (MULL) and Leverage Shares 2X Long ADBE Daily ETF (ADBG). 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.

	MULL	ADBG	Difference
Sharpe ratio: Return per unit of total volatility	16.22	-0.94	+17.16
Sortino ratio: Return per unit of downside risk	4.90	-1.58	+6.48
Omega ratio: Gain probability vs. loss probability	1.62	0.81	+0.80
Calmar ratio: Return relative to maximum drawdown	45.09	-0.86	+45.95
Martin ratio: Return relative to average drawdown	142.83	-1.46	+144.29

MULL vs. ADBG - Sharpe Ratio Comparison

The current MULL Sharpe Ratio is 16.22, which is higher than the ADBG Sharpe Ratio of -0.94. The chart below compares the historical Sharpe Ratios of MULL and ADBG, 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

MULL vs. ADBG - Drawdown Comparison

The maximum MULL drawdown since its inception was -72.29%, smaller than the maximum ADBG drawdown of -84.14%. Use the drawdown chart below to compare losses from any high point for MULL and ADBG.

Drawdown Indicators

	MULL	ADBG	Difference
Max Drawdown Largest peak-to-trough decline	-72.29%	-84.14%	+11.85%
Max Drawdown (1Y) Largest decline over 1 year	-55.18%	-78.97%	+23.79%
Current Drawdown Current decline from peak	-55.18%	-76.95%	+21.77%
Average Drawdown Average peak-to-trough decline	-21.04%	-44.86%	+23.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.49%	46.32%	-28.83%

Volatility

MULL vs. ADBG - Volatility Comparison

GraniteShares 2x Long MU Daily ETF (MULL) has a higher volatility of 64.12% compared to Leverage Shares 2X Long ADBE Daily ETF (ADBG) at 23.90%. This indicates that MULL's price experiences larger fluctuations and is considered to be riskier than ADBG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MULL	ADBG	Difference
Volatility (1M) Calculated over the trailing 1-month period	64.12%	23.90%	+40.22%
Volatility (6M) Calculated over the trailing 6-month period	126.46%	61.43%	+65.03%
Volatility (1Y) Calculated over the trailing 1-year period	153.61%	71.84%	+81.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	145.38%	69.74%	+75.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	145.38%	69.74%	+75.64%

MULL vs. ADBG - Expense Ratio Comparison

MULL has a 1.50% expense ratio, which is higher than ADBG's 0.75% expense ratio.

Dividends

MULL vs. ADBG - Dividend Comparison

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

Position	TTM	2025
ADBG Leverage Shares 2X Long ADBE Daily ETF	0.00%	0.00%
MULL GraniteShares 2x Long MU Daily ETF	0.07%	0.39%

Frequently Asked Questions

Can I hold both MULL and ADBG in my portfolio?

MULL and ADBG have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MULL or ADBG?

MULL has higher volatility (64.12%) compared to ADBG (23.90%). In terms of maximum drawdown, MULL dropped -72.29% vs ADBG's -84.14%.

Which ETF is better, MULL or ADBG?

On 1-year performance, MULL leads with 2454.81% vs -67.64% for ADBG. On fees, ADBG is cheaper at 0.75% per year. On volatility, ADBG has been the lower-risk option at 23.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MULL or ADBG?

Over the 1-year period, MULL has performed better with a 2454.81% return vs -67.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MULL or ADBG?

ADBG is cheaper with a 0.75% expense ratio, compared with 1.50% for MULL.

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

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

What is the main difference between MULL and ADBG?

They also come from different issuers: GraniteShares and Leverage Shares. Their fees differ too: 1.50% for MULL and 0.75% for ADBG.

Which has better risk-adjusted returns?

MULL currently has the higher Sharpe Ratio (16.22 vs -0.94), 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.