MULL vs. MSFL

Last updated Apr 1, 2026

Compare and contrast key facts about GraniteShares 2x Long MU Daily ETF (MULL) and GraniteShares 2x Long MSFT Daily ETF (MSFL).

MULL and MSFL 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. MSFL is an actively managed fund by GraniteShares. It was launched on Mar 15, 2024.

Performance

MULL vs. MSFL - Performance Comparison

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

MULL vs. MSFL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MULL GraniteShares 2x Long MU Daily ETF	18.59%	558.51%	-40.10%
MSFL GraniteShares 2x Long MSFT Daily ETF	-43.95%	16.99%	-2.06%

Returns By Period

In the year-to-date period, MULL achieves a 18.59% return, which is significantly higher than MSFL's -43.95% return.

MULL

• 1D: 9.98%
• 1M: -37.16%
• YTD: 18.59%
• 6M: 194.62%
• 1Y: 734.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSFL

• 1D: 6.35%
• 1M: -12.11%
• YTD: -43.95%
• 6M: -52.20%
• 1Y: -14.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MULL vs. MSFL - Expense Ratio Comparison

MULL has a 1.50% expense ratio, which is higher than MSFL's 1.15% expense ratio.

MULL

GraniteShares 2x Long MU Daily ETF

MSFL

GraniteShares 2x Long MSFT Daily ETF

Return for Risk

MULL vs. MSFL — 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: 98

MSFL

MSFL Risk / Return Rank: 8
MSFL Sharpe Ratio Rank: 7
MSFL Sortino Ratio Rank: 9
MSFL Omega Ratio Rank: 9
MSFL Calmar Ratio Rank: 8
MSFL Martin Ratio Rank: 7

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. MSFL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long MU Daily ETF (MULL) and GraniteShares 2x Long MSFT Daily ETF (MSFL). 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	MSFL	Difference
Sharpe ratio Return per unit of total volatility	5.72	-0.27	+5.99
Sortino ratio Return per unit of downside risk	3.60	-0.04	+3.64
Omega ratio Gain probability vs. loss probability	1.48	0.99	+0.49
Calmar ratio Return relative to maximum drawdown	13.35	-0.27	+13.62
Martin ratio Return relative to average drawdown	37.78	-0.69	+38.46
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. MSFL - Sharpe Ratio Comparison

The current MULL Sharpe Ratio is 5.72, which is higher than the MSFL Sharpe Ratio of -0.27. The chart below compares the historical Sharpe Ratios of MULL and MSFL, 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	MSFL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.72	-0.27	+5.99
Sharpe Ratio (All Time) Calculated using the full available price history	1.62	-0.47	+2.09

Correlation

The correlation between MULL and MSFL is 0.33, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

MULL vs. MSFL - Dividend Comparison

MULL's dividend yield for the trailing twelve months is around 0.33%, while MSFL has not paid dividends to shareholders.

	TTM	2025
MULL GraniteShares 2x Long MU Daily ETF	0.33%	0.39%
MSFL GraniteShares 2x Long MSFT Daily ETF	0.00%	0.00%

Drawdowns

MULL vs. MSFL - Drawdown Comparison

The maximum MULL drawdown since its inception was -72.29%, which is greater than MSFL's maximum drawdown of -59.39%. Use the drawdown chart below to compare losses from any high point for MULL and MSFL.

Drawdown Indicators

	MULL	MSFL	Difference
Max Drawdown Largest peak-to-trough decline	-72.29%	-59.39%	-12.90%
Max Drawdown (1Y) Largest decline over 1 year	-53.09%	-59.39%	+6.30%
Current Drawdown Current decline from peak	-48.41%	-56.32%	+7.91%
Average Drawdown Average peak-to-trough decline	-21.94%	-19.41%	-2.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.76%	23.60%	-4.84%

Volatility

MULL vs. MSFL - Volatility Comparison

GraniteShares 2x Long MU Daily ETF (MULL) has a higher volatility of 47.04% compared to GraniteShares 2x Long MSFT Daily ETF (MSFL) at 13.12%. This indicates that MULL's price experiences larger fluctuations and is considered to be riskier than MSFL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MULL	MSFL	Difference
Volatility (1M) Calculated over the trailing 1-month period	47.04%	13.12%	+33.92%
Volatility (6M) Calculated over the trailing 6-month period	98.50%	39.15%	+59.35%
Volatility (1Y) Calculated over the trailing 1-year period	129.87%	52.83%	+77.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	129.40%	47.91%	+81.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	129.40%	47.91%	+81.49%