MULL vs. DZZ

Last updated Jun 25, 2026

MULL (GraniteShares 2x Long MU Daily ETF) and DZZ (DB Gold Double Short Exchange Traded Notes) are both exchange-traded funds - MULL is a Leveraged Equities fund actively managed by GraniteShares, while DZZ is a Leveraged Commodities fund tracking the Deutsche Bank Liquid Commodity Index-Optimum Yield Gold (-200%). MULL is actively managed, while DZZ is passively managed. Over the past year, MULL returned 3263.97% vs -1.60% for DZZ. At a correlation of -0.09, they often move in opposite directions. MULL charges 1.50%/yr vs 0.75%/yr for DZZ.

Performance

MULL vs. DZZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long MU Daily ETF (MULL) and DB Gold Double Short Exchange Traded Notes (DZZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MULL achieves a 769.80% return, which is significantly higher than DZZ's -51.95% return.

MULL

• 1D: -1.17%
• 1M: 67.02%
• YTD: 769.80%
• 6M: 757.79%
• 1Y: 3,263.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DZZ

• 1D: 1.10%
• 1M: -11.72%
• YTD: -51.95%
• 6M: -48.17%
• 1Y: -1.60%
• 3Y*: -10.11%
• 5Y*: -8.30%
• 10Y*: -9.91%

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

MULL vs. DZZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MULL GraniteShares 2x Long MU Daily ETF	769.80%	558.51%	-39.23%
DZZ DB Gold Double Short Exchange Traded Notes	-51.95%	132.78%	-9.36%

Correlation

The correlation between MULL and DZZ is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (All Time) Calculated using the full available price history since Nov 12, 2024	-0.09

Return for Risk

MULL vs. DZZ — 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: 96
MULL Calmar Ratio Rank: 100
MULL Martin Ratio Rank: 99

DZZ

DZZ Risk / Return Rank: 18
DZZ Sharpe Ratio Rank: 9
DZZ Sortino Ratio Rank: 30
DZZ Omega Ratio Rank: 32
DZZ Calmar Ratio Rank: 9
DZZ Martin Ratio Rank: 9

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. DZZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long MU Daily ETF (MULL) and DB Gold Double Short Exchange Traded Notes (DZZ). 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	DZZ	Difference
Sharpe ratio: Return per unit of total volatility	22.76	-0.01	+22.77
Sortino ratio: Return per unit of downside risk	5.48	1.50	+3.99
Omega ratio: Gain probability vs. loss probability	1.70	1.20	+0.50
Calmar ratio: Return relative to maximum drawdown	62.37	-0.02	+62.39
Martin ratio: Return relative to average drawdown	200.79	-0.03	+200.82

MULL vs. DZZ - Sharpe Ratio Comparison

The current MULL Sharpe Ratio is 22.76, which is higher than the DZZ Sharpe Ratio of -0.01. The chart below compares the historical Sharpe Ratios of MULL and DZZ, 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. DZZ - Drawdown Comparison

The maximum MULL drawdown since its inception was -72.29%, smaller than the maximum DZZ drawdown of -96.64%. Use the drawdown chart below to compare losses from any high point for MULL and DZZ.

Drawdown Indicators

	MULL	DZZ	Difference
Max Drawdown Largest peak-to-trough decline	-72.29%	-96.64%	+24.35%
Max Drawdown (1Y) Largest decline over 1 year	-53.09%	-81.05%	+27.96%
Max Drawdown (3Y) Largest decline over 3 years	—	-81.05%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-81.05%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-81.05%	—
Current Drawdown Current decline from peak	-27.31%	-95.51%	+68.20%
Average Drawdown Average peak-to-trough decline	-20.53%	-82.33%	+61.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.67%	56.45%	-39.78%

Volatility

MULL vs. DZZ - Volatility Comparison

GraniteShares 2x Long MU Daily ETF (MULL) has a higher volatility of 74.81% compared to DB Gold Double Short Exchange Traded Notes (DZZ) at 15.06%. This indicates that MULL's price experiences larger fluctuations and is considered to be riskier than DZZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MULL	DZZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	74.81%	15.06%	+59.75%
Volatility (6M) Calculated over the trailing 6-month period	119.35%	60.08%	+59.27%
Volatility (1Y) Calculated over the trailing 1-year period	145.70%	169.82%	-24.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	142.32%	83.80%	+58.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	142.32%	64.05%	+78.27%

MULL vs. DZZ - Expense Ratio Comparison

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

Dividends

MULL vs. DZZ - Dividend Comparison

MULL's dividend yield for the trailing twelve months is around 0.04%, while DZZ has not paid dividends to shareholders.

Position	TTM	2025
DZZ DB Gold Double Short Exchange Traded Notes	0.00%	0.00%
MULL GraniteShares 2x Long MU Daily ETF	0.04%	0.39%

Frequently Asked Questions

Can I hold both MULL and DZZ in my portfolio?

MULL and DZZ have a correlation of -0.10, 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 DZZ?

MULL has higher volatility (74.81%) compared to DZZ (15.06%). In terms of maximum drawdown, MULL dropped -72.29% vs DZZ's -96.64%.

Which ETF is better, MULL or DZZ?

On 1-year performance, MULL leads with 3263.97% vs -1.60% for DZZ. On fees, DZZ is cheaper at 0.75% per year. On volatility, DZZ has been the lower-risk option at 15.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MULL or DZZ?

Over the 1-year period, MULL has performed better with a 3263.97% return vs -1.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MULL or DZZ?

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

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

MULL has the higher dividend yield at 0.04%, compared with 0.00% for DZZ.

What is the main difference between MULL and DZZ?

MULL is categorized as Leveraged Equities, while DZZ is Leveraged Commodities. They also come from different issuers: GraniteShares and Deutsche Bank. Their fees differ too: 1.50% for MULL and 0.75% for DZZ.

Which has better risk-adjusted returns?

MULL currently has the higher Sharpe Ratio (22.76 vs -0.01), 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.