MULL vs. APPX

Last updated Aug 2, 2026

MULL (GraniteShares 2x Long MU Daily ETF) and APPX (Tradr 2X Long APP Daily ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, MULL returned 2639.01% vs -45.01% for APPX. Their 0.18 correlation means their historical movements had little consistent relationship. MULL charges 1.50%/yr vs 1.30%/yr for APPX.

Performance

MULL vs. APPX - Performance Comparison

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

Returns By Period

In the year-to-date period, MULL achieves a 359.36% return, which is significantly higher than APPX's -78.81% return.

MULL

• 1D: -11.97%
• 1M: -36.10%
• 6M: 129.44%
• YTD: 359.36%
• 1Y: 2,639.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 446.67%

APPX

• 1D: -3.99%
• 1M: -45.86%
• 6M: -53.32%
• YTD: -78.81%
• 1Y: -45.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -4.53%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
APPX Tradr 2X Long APP Daily ETF	$8.26M	$9.43M	$24.29M
MULL GraniteShares 2x Long MU Daily ETF	$191.48M	$219.09M	$265.13M

MULL vs. APPX - Yearly Performance Comparison

	2026 (YTD)	2025
MULL GraniteShares 2x Long MU Daily ETF	359.36%	905.99%
APPX Tradr 2X Long APP Daily ETF	-78.81%	344.96%

Correlation

The correlation between MULL and APPX is 0.19, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.19
Correlation (All Time) Calculated using the full available price history since Apr 25, 2025	0.18

Return for Risk

MULL vs. APPX — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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: 99
MULL Martin Ratio Rank: 99

APPX

APPX Risk / Return Rank: 9
APPX Sharpe Ratio Rank: 7
APPX Sortino Ratio Rank: 15
APPX Omega Ratio Rank: 16
APPX Calmar Ratio Rank: 5
APPX Martin Ratio Rank: 5

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MULL vs. APPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long MU Daily ETF (MULL) and Tradr 2X Long APP Daily ETF (APPX). 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	APPX	Difference
Sharpe ratio: Return per unit of total volatility	15.08	-0.33	+15.42
Sortino ratio: Return per unit of downside risk	4.77	0.42	+4.35
Omega ratio: Gain probability vs. loss probability	1.59	1.05	+0.54
Calmar ratio: Return relative to maximum drawdown	35.94	-0.58	+36.52
Martin ratio: Return relative to average drawdown	118.66	-0.87	+119.53

MULL vs. APPX - Sharpe Ratio Comparison

The current MULL Sharpe Ratio is 15.08, which is higher than the APPX Sharpe Ratio of -0.33. The chart below compares the historical Sharpe Ratios of MULL and APPX, 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. APPX - Drawdown Comparison

The maximum MULL drawdown since its inception was -72.29%, smaller than the maximum APPX drawdown of -83.74%. Use the drawdown chart below to compare losses from any high point for MULL and APPX.

Drawdown Indicators

	MULL	APPX	Difference
Max Drawdown Largest peak-to-trough decline	-72.29%	-83.74%	+11.45%
Max Drawdown (1Y) Largest decline over 1 year	-68.16%	-83.74%	+15.58%
Current Drawdown Current decline from peak	-61.61%	-83.52%	+21.91%
Average Drawdown Average peak-to-trough decline	-21.86%	-41.83%	+19.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.61%	55.86%	-35.25%

Volatility

MULL vs. APPX - Volatility Comparison

GraniteShares 2x Long MU Daily ETF (MULL) has a higher volatility of 61.67% compared to Tradr 2X Long APP Daily ETF (APPX) at 37.28%. This indicates that MULL's price experiences larger fluctuations and is considered to be riskier than APPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MULL	APPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	61.67%	37.28%	+24.39%
Volatility (6M) Calculated over the trailing 6-month period	135.25%	125.92%	+9.33%
Volatility (1Y) Calculated over the trailing 1-year period	162.81%	146.10%	+16.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	149.74%	139.85%	+9.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	149.74%	139.85%	+9.89%

MULL vs. APPX - Expense Ratio Comparison

MULL has a 1.50% expense ratio, which is higher than APPX's 1.30% expense ratio.

Dividends

MULL vs. APPX - Dividend Comparison

MULL's dividend yield for the trailing twelve months is around 0.08%, less than APPX's 44.27% yield.

Position	TTM	2025
APPX Tradr 2X Long APP Daily ETF	44.27%	9.38%
MULL GraniteShares 2x Long MU Daily ETF	0.08%	0.39%

Frequently Asked Questions

Can I hold both MULL and APPX in my portfolio?

MULL and APPX have a correlation of 0.19, 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 APPX?

MULL has higher volatility (61.67%) compared to APPX (37.28%). In terms of maximum drawdown, MULL dropped -72.29% vs APPX's -83.74%.

Which ETF is better, MULL or APPX?

On 1-year performance, MULL leads with 2639.01% vs -45.01% for APPX. On fees, APPX is cheaper at 1.30% per year. On volatility, APPX has been the lower-risk option at 37.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MULL or APPX?

Over the 1-year period, MULL has performed better with a 2639.01% return vs -45.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MULL or APPX?

APPX is cheaper with a 1.30% expense ratio, compared with 1.50% for MULL.

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

APPX has the higher dividend yield at 44.27%, compared with 0.08% for MULL.

What is the main difference between MULL and APPX?

They also come from different issuers: GraniteShares and Tradr. Their fees differ too: 1.50% for MULL and 1.30% for APPX.

Which has better risk-adjusted returns?

MULL currently has the higher Sharpe Ratio (15.08 vs -0.33), 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.