MULL vs. BZQ

Last updated Apr 2, 2026

Compare and contrast key facts about GraniteShares 2x Long MU Daily ETF (MULL) and ProShares UltraShort MSCI Brazil Capped (BZQ).

MULL and BZQ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MULL is an actively managed fund by GraniteShares. It was launched on Nov 11, 2024. BZQ is a passively managed fund by ProShares that tracks the performance of the MSCI Brazil 25-50 (-200%). It was launched on Jun 16, 2009.

Performance

MULL vs. BZQ - Performance Comparison

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

MULL vs. BZQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MULL GraniteShares 2x Long MU Daily ETF	40.10%	558.51%	-40.10%
BZQ ProShares UltraShort MSCI Brazil Capped	-35.24%	-57.90%	35.83%

Returns By Period

In the year-to-date period, MULL achieves a 40.10% return, which is significantly higher than BZQ's -35.24% return.

MULL

• 1D: 18.15%
• 1M: -25.99%
• YTD: 40.10%
• 6M: 196.67%
• 1Y: 845.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BZQ

• 1D: -0.31%
• 1M: -2.23%
• YTD: -35.24%
• 6M: -44.95%
• 1Y: -62.63%
• 3Y*: -34.64%
• 5Y*: -32.43%
• 10Y*: -38.77%

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

MULL vs. BZQ - Expense Ratio Comparison

MULL has a 1.50% expense ratio, which is higher than BZQ's 0.95% expense ratio.

MULL

GraniteShares 2x Long MU Daily ETF

BZQ

ProShares UltraShort MSCI Brazil Capped

Return for Risk

MULL vs. BZQ — 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: 99
MULL Sortino Ratio Rank: 97
MULL Omega Ratio Rank: 96
MULL Calmar Ratio Rank: 99
MULL Martin Ratio Rank: 99

BZQ

BZQ Risk / Return Rank: 1
BZQ Sharpe Ratio Rank: 0
BZQ Sortino Ratio Rank: 0
BZQ Omega Ratio Rank: 0
BZQ Calmar Ratio Rank: 1
BZQ Martin Ratio Rank: 2

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. BZQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long MU Daily ETF (MULL) and ProShares UltraShort MSCI Brazil Capped (BZQ). 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.

	MULL	BZQ	Difference
Sharpe ratio Return per unit of total volatility	6.53	-1.22	+7.75
Sortino ratio Return per unit of downside risk	3.77	-2.25	+6.02
Omega ratio Gain probability vs. loss probability	1.50	0.75	+0.75
Calmar ratio Return relative to maximum drawdown	16.69	-0.90	+17.60
Martin ratio Return relative to average drawdown	46.83	-1.36	+48.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MULL vs. BZQ - Sharpe Ratio Comparison

The current MULL Sharpe Ratio is 6.53, which is higher than the BZQ Sharpe Ratio of -1.22. The chart below compares the historical Sharpe Ratios of MULL and BZQ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MULL	BZQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	6.53	-1.22	+7.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.59	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.58	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.91	-0.46	+2.38

Correlation

The correlation between MULL and BZQ is -0.34. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

MULL vs. BZQ - Dividend Comparison

MULL's dividend yield for the trailing twelve months is around 0.28%, less than BZQ's 8.52% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
MULL GraniteShares 2x Long MU Daily ETF	0.28%	0.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
BZQ ProShares UltraShort MSCI Brazil Capped	8.52%	5.96%	3.26%	4.51%	0.22%	0.00%	0.21%	2.13%	0.28%

Drawdowns

MULL vs. BZQ - Drawdown Comparison

The maximum MULL drawdown since its inception was -72.29%, smaller than the maximum BZQ drawdown of -99.79%. Use the drawdown chart below to compare losses from any high point for MULL and BZQ.

Drawdown Indicators

	MULL	BZQ	Difference
Max Drawdown Largest peak-to-trough decline	-72.29%	-99.79%	+27.50%
Max Drawdown (1Y) Largest decline over 1 year	-53.09%	-70.23%	+17.14%
Max Drawdown (5Y) Largest decline over 5 years	—	-86.86%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-99.37%	—
Current Drawdown Current decline from peak	-39.05%	-99.79%	+60.74%
Average Drawdown Average peak-to-trough decline	-21.99%	-84.38%	+62.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.92%	46.46%	-27.54%

Volatility

MULL vs. BZQ - Volatility Comparison

GraniteShares 2x Long MU Daily ETF (MULL) has a higher volatility of 47.87% compared to ProShares UltraShort MSCI Brazil Capped (BZQ) at 22.43%. This indicates that MULL's price experiences larger fluctuations and is considered to be riskier than BZQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MULL	BZQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	47.87%	22.43%	+25.44%
Volatility (6M) Calculated over the trailing 6-month period	99.70%	39.07%	+60.63%
Volatility (1Y) Calculated over the trailing 1-year period	130.90%	51.39%	+79.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	130.06%	55.41%	+74.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	130.06%	67.40%	+62.66%