MULL vs. HDV

Last updated Jun 23, 2026

MULL (GraniteShares 2x Long MU Daily ETF) and HDV (iShares Core High Dividend ETF) are both exchange-traded funds - MULL is a Leveraged Equities fund actively managed by GraniteShares, while HDV is a Dividend fund tracking the Morningstar Dividend Yield Focus Index. MULL is actively managed, while HDV is passively managed. Over the past year, MULL returned 4857.78% vs 19.54% for HDV. At a correlation of -0.03, they often move in opposite directions. MULL charges 1.50%/yr vs 0.08%/yr for HDV.

Performance

MULL vs. HDV - Performance Comparison

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

Returns By Period

In the year-to-date period, MULL achieves a 1,096.58% return, which is significantly higher than HDV's 12.57% return.

MULL

• 1D: 14.08%
• 1M: 129.77%
• YTD: 1,096.58%
• 6M: 1,164.65%
• 1Y: 4,857.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HDV

• 1D: 0.15%
• 1M: -2.65%
• YTD: 12.57%
• 6M: 12.67%
• 1Y: 19.54%
• 3Y*: 14.97%
• 5Y*: 10.90%
• 10Y*: 9.31%

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

MULL vs. HDV - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MULL GraniteShares 2x Long MU Daily ETF	1,096.58%	558.51%	-39.23%
HDV iShares Core High Dividend ETF	12.57%	11.90%	-4.55%

Correlation

The correlation between MULL and HDV is -0.15, 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	-0.15
Correlation (All Time) Calculated using the full available price history since Nov 12, 2024	-0.03

The correlation between MULL and HDV shifts across timeframes, from -0.15 (1 year) to -0.03 (all time), reflecting how their relationship changes across market environments.

MULL vs. HDV - Sectors Allocation Comparison

Sectors	MULL	HDV
Technology	66.7%	0.2%
Basic Materials	-	0.8%
Communication Services	-	5.7%
Consumer Cyclical	-	9.2%
Consumer Defensive	-	24.5%
Energy	-	20.2%
Financial Services	-	4.7%
Healthcare	-	22.6%
Industrials	-	3.5%
Real Estate	-	-
Utilities	-	8.1%

Return for Risk

MULL vs. HDV — 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

HDV

HDV Risk / Return Rank: 64
HDV Sharpe Ratio Rank: 62
HDV Sortino Ratio Rank: 66
HDV Omega Ratio Rank: 57
HDV Calmar Ratio Rank: 77
HDV Martin Ratio Rank: 60

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. HDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long MU Daily ETF (MULL) and iShares Core High Dividend ETF (HDV). 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	HDV	Difference
Sharpe ratio: Return per unit of total volatility	34.53	1.99	+32.54
Sortino ratio: Return per unit of downside risk	6.22	2.92	+3.30
Omega ratio: Gain probability vs. loss probability	1.78	1.34	+0.44
Calmar ratio: Return relative to maximum drawdown	92.96	3.79	+89.17
Martin ratio: Return relative to average drawdown	298.64	10.39	+288.25

MULL vs. HDV - Sharpe Ratio Comparison

The current MULL Sharpe Ratio is 34.53, which is higher than the HDV Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of MULL and HDV, 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. HDV - Drawdown Comparison

The maximum MULL drawdown since its inception was -72.29%, which is greater than HDV's maximum drawdown of -37.04%. Use the drawdown chart below to compare losses from any high point for MULL and HDV.

Drawdown Indicators

	MULL	HDV	Difference
Max Drawdown Largest peak-to-trough decline	-72.29%	-37.04%	-35.25%
Max Drawdown (1Y) Largest decline over 1 year	-53.09%	-5.18%	-47.91%
Max Drawdown (3Y) Largest decline over 3 years	—	-10.49%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-15.42%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-37.04%	—
Current Drawdown Current decline from peak	0.00%	-2.65%	+2.65%
Average Drawdown Average peak-to-trough decline	-20.50%	-3.08%	-17.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.49%	1.89%	+14.60%

Volatility

MULL vs. HDV - Volatility Comparison

GraniteShares 2x Long MU Daily ETF (MULL) has a higher volatility of 66.44% compared to iShares Core High Dividend ETF (HDV) at 3.37%. This indicates that MULL's price experiences larger fluctuations and is considered to be riskier than HDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MULL	HDV	Difference
Volatility (1M) Calculated over the trailing 1-month period	66.44%	3.37%	+63.07%
Volatility (6M) Calculated over the trailing 6-month period	116.36%	7.52%	+108.84%
Volatility (1Y) Calculated over the trailing 1-year period	143.21%	9.87%	+133.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	140.95%	12.80%	+128.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	140.95%	15.74%	+125.21%

MULL vs. HDV - Expense Ratio Comparison

MULL has a 1.50% expense ratio, which is higher than HDV's 0.08% expense ratio.

Dividends

MULL vs. HDV - Dividend Comparison

MULL's dividend yield for the trailing twelve months is around 0.03%, less than HDV's 2.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDV iShares Core High Dividend ETF	2.94%	3.22%	3.67%	3.82%	3.56%	3.47%	4.07%	3.27%	3.67%	3.27%	3.28%	3.92%
MULL GraniteShares 2x Long MU Daily ETF	0.03%	0.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MULL and HDV in my portfolio?

MULL and HDV have a correlation of -0.15, 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 HDV?

MULL has higher volatility (66.44%) compared to HDV (3.37%). In terms of maximum drawdown, MULL dropped -72.29% vs HDV's -37.04%.

Which ETF is better, MULL or HDV?

On 1-year performance, MULL leads with 4857.78% vs 19.54% for HDV. On fees, HDV is cheaper at 0.08% per year. On volatility, HDV has been the lower-risk option at 3.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MULL or HDV?

Over the 1-year period, MULL has performed better with a 4857.78% return vs 19.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MULL or HDV?

HDV is cheaper with a 0.08% expense ratio, compared with 1.50% for MULL.

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

HDV has the higher dividend yield at 2.94%, compared with 0.03% for MULL.

What is the main difference between MULL and HDV?

MULL is categorized as Leveraged Equities, while HDV is Dividend. They also come from different issuers: GraniteShares and iShares. Their fees differ too: 1.50% for MULL and 0.08% for HDV.

Which has better risk-adjusted returns?

MULL currently has the higher Sharpe Ratio (34.53 vs 1.99), 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.