MULL vs. IFED

Last updated Aug 4, 2026

MULL (GraniteShares 2x Long MU Daily ETF) and IFED (ETRACS IFED Invest with the Fed TR Index ETN) are both Leveraged Equities funds. MULL is actively managed, while IFED is passively managed. Over the past year, MULL returned 2677.24% vs 11.16% for IFED. Their 0.31 correlation means their historical movements had little consistent relationship. MULL charges 1.50%/yr vs 0.45%/yr for IFED.

Performance

MULL vs. IFED - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long MU Daily ETF (MULL) and ETRACS IFED Invest with the Fed TR Index ETN (IFED). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MULL achieves a 365.77% return, which is significantly higher than IFED's 6.57% return.

MULL

• 1D: 1.40%
• 1M: -35.21%
• 6M: 109.23%
• YTD: 365.77%
• 1Y: 2,677.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 446.64%

IFED

• 1D: -3.14%
• 1M: 10.34%
• 6M: 10.05%
• YTD: 6.57%
• 1Y: 11.16%
• 3Y*: 18.28%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.62%

*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)
IFED ETRACS IFED Invest with the Fed TR Index ETN	$137.39K	$84.48K	$45.67K
MULL GraniteShares 2x Long MU Daily ETF	$193.24M	$208.11M	$267.73M

MULL vs. IFED - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MULL GraniteShares 2x Long MU Daily ETF	365.77%	558.51%	-39.23%
IFED ETRACS IFED Invest with the Fed TR Index ETN	6.57%	15.02%	-3.65%

Correlation

The correlation between MULL and IFED is 0.23, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.23
Correlation (All Time) Calculated using the full available price history since Nov 12, 2024	0.31

Return for Risk

MULL vs. IFED — 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

IFED

IFED Risk / Return Rank: 22
IFED Sharpe Ratio Rank: 19
IFED Sortino Ratio Rank: 21
IFED Omega Ratio Rank: 27
IFED Calmar Ratio Rank: 20
IFED Martin Ratio Rank: 23

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. IFED - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long MU Daily ETF (MULL) and ETRACS IFED Invest with the Fed TR Index ETN (IFED). 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	IFED	Difference
Sharpe ratio: Return per unit of total volatility	16.75	0.38	+16.36
Sortino ratio: Return per unit of downside risk	4.89	0.75	+4.14
Omega ratio: Gain probability vs. loss probability	1.61	1.13	+0.48
Calmar ratio: Return relative to maximum drawdown	39.82	0.56	+39.27
Martin ratio: Return relative to average drawdown	129.25	1.73	+127.52

MULL vs. IFED - Sharpe Ratio Comparison

The current MULL Sharpe Ratio is 16.75, which is higher than the IFED Sharpe Ratio of 0.38. The chart below compares the historical Sharpe Ratios of MULL and IFED, 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. IFED - Drawdown Comparison

The maximum MULL drawdown since its inception was -72.29%, which is greater than IFED's maximum drawdown of -22.36%. Use the drawdown chart below to compare losses from any high point for MULL and IFED.

Drawdown Indicators

	MULL	IFED	Difference
Max Drawdown Largest peak-to-trough decline	-72.29%	-22.36%	-49.93%
Max Drawdown (1Y) Largest decline over 1 year	-68.16%	-20.18%	-47.98%
Max Drawdown (3Y) Largest decline over 3 years	—	-22.36%	—
Current Drawdown Current decline from peak	-61.07%	-10.51%	-50.56%
Average Drawdown Average peak-to-trough decline	-21.95%	-5.85%	-16.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.96%	6.47%	+14.49%

Volatility

MULL vs. IFED - Volatility Comparison

GraniteShares 2x Long MU Daily ETF (MULL) has a higher volatility of 60.92% compared to ETRACS IFED Invest with the Fed TR Index ETN (IFED) at 24.37%. This indicates that MULL's price experiences larger fluctuations and is considered to be riskier than IFED based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MULL	IFED	Difference
Volatility (1M) Calculated over the trailing 1-month period	60.92%	24.37%	+36.55%
Volatility (6M) Calculated over the trailing 6-month period	134.81%	28.13%	+106.68%
Volatility (1Y) Calculated over the trailing 1-year period	162.42%	29.53%	+132.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	149.56%	22.60%	+126.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	149.56%	22.60%	+126.96%

MULL vs. IFED - Expense Ratio Comparison

MULL has a 1.50% expense ratio, which is higher than IFED's 0.45% expense ratio.

Dividends

MULL vs. IFED - Dividend Comparison

MULL's dividend yield for the trailing twelve months is around 0.08%, while IFED has not paid dividends to shareholders.

Position	TTM	2025
IFED ETRACS IFED Invest with the Fed TR Index ETN	0.00%	0.00%
MULL GraniteShares 2x Long MU Daily ETF	0.08%	0.39%

Frequently Asked Questions

Can I hold both MULL and IFED in my portfolio?

MULL and IFED have a correlation of 0.23, 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 IFED?

MULL has higher volatility (60.92%) compared to IFED (24.37%). In terms of maximum drawdown, MULL dropped -72.29% vs IFED's -22.36%.

Which ETF is better, MULL or IFED?

On 1-year performance, MULL leads with 2677.24% vs 11.16% for IFED. On fees, IFED is cheaper at 0.45% per year. On volatility, IFED has been the lower-risk option at 24.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MULL or IFED?

Over the 1-year period, MULL has performed better with a 2677.24% return vs 11.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MULL or IFED?

IFED is cheaper with a 0.45% expense ratio, compared with 1.50% for MULL.

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

MULL has the higher dividend yield at 0.08%, compared with 0.00% for IFED.

What is the main difference between MULL and IFED?

They also come from different issuers: GraniteShares and UBS. Their fees differ too: 1.50% for MULL and 0.45% for IFED.

Which has better risk-adjusted returns?

MULL currently has the higher Sharpe Ratio (16.75 vs 0.38), 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.