MULL vs. CRWG

Last updated Jun 4, 2026

MULL (GraniteShares 2x Long MU Daily ETF) and CRWG (Leverage Shares 2X Long CRWV Daily ETF) are both Leveraged Equities funds. Both are actively managed. At a 0.41 correlation, their price movements are largely independent. MULL charges 1.50%/yr vs 0.75%/yr for CRWG.

Performance

MULL vs. CRWG - 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 CRWV Daily ETF (CRWG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MULL achieves a 936.86% return, which is significantly higher than CRWG's 53.84% return.

MULL

• 1D: 2.92%
• 1M: 216.81%
• YTD: 936.86%
• 6M: 1,369.93%
• 1Y: 6,074.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CRWG

• 1D: -14.04%
• 1M: -28.24%
• YTD: 53.84%
• 6M: 13.19%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MULL vs. CRWG - Yearly Performance Comparison

	2026 (YTD)	2025
MULL GraniteShares 2x Long MU Daily ETF	936.86%	331.00%
CRWG Leverage Shares 2X Long CRWV Daily ETF	53.84%	-83.24%

Correlation

The correlation between MULL and CRWG is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 12, 2025	0.41

Return for Risk

MULL vs. CRWG — Risk / Return Rank

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

MULL

MULL Risk / Return Rank: 99
MULL Sharpe Ratio Rank: 100
MULL Sortino Ratio Rank: 98
MULL Omega Ratio Rank: 97
MULL Calmar Ratio Rank: 100
MULL Martin Ratio Rank: 100

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. CRWG - 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 CRWV Daily ETF (CRWG). 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	CRWG	Difference
Sharpe ratio Return per unit of total volatility	46.71	—	—
Sortino ratio Return per unit of downside risk	7.02	—	—
Omega ratio Gain probability vs. loss probability	1.89	—	—
Calmar ratio Return relative to maximum drawdown	116.34	—	—
Martin ratio Return relative to average drawdown	390.40	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	MULL	CRWG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	46.71	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	7.45	-0.42	+7.88

Drawdowns

MULL vs. CRWG - Drawdown Comparison

The maximum MULL drawdown since its inception was -72.29%, smaller than the maximum CRWG drawdown of -89.42%. Use the drawdown chart below to compare losses from any high point for MULL and CRWG.

Drawdown Indicators

	MULL	CRWG	Difference
Max Drawdown Largest peak-to-trough decline	-72.29%	-89.42%	+17.13%
Max Drawdown (1Y) Largest decline over 1 year	-53.09%	—	—
Current Drawdown Current decline from peak	0.00%	-77.02%	+77.02%
Average Drawdown Average peak-to-trough decline	-20.62%	-68.53%	+47.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.79%	—	—

Volatility

Volatility by Period

	MULL	CRWG	Difference
Volatility (1M) Calculated over the trailing 1-month period	55.41%	—	—
Volatility (6M) Calculated over the trailing 6-month period	105.59%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	132.38%	191.73%	-59.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	136.22%	191.73%	-55.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	136.22%	191.73%	-55.51%

MULL vs. CRWG - Expense Ratio Comparison

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

Dividends

MULL vs. CRWG - Dividend Comparison

MULL's dividend yield for the trailing twelve months is around 0.04%, less than CRWG's 4.81% yield.

Position	TTM	2025
CRWG Leverage Shares 2X Long CRWV Daily ETF	4.81%	7.39%
MULL GraniteShares 2x Long MU Daily ETF	0.04%	0.39%

Frequently Asked Questions

Can I hold both MULL and CRWG in my portfolio?

MULL and CRWG have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MULL or CRWG?

On fees, CRWG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MULL or CRWG?

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

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

CRWG has the higher dividend yield at 4.81%, compared with 0.04% for MULL.

What is the main difference between MULL and CRWG?

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