MULL vs. MUU

Last updated Jun 21, 2026

MULL (GraniteShares 2x Long MU Daily ETF) and MUU (Direxion Daily MU Bull 2X Shares) are both Leveraged Equities funds. MULL is actively managed, while MUU is passively managed. With a 1.00 correlation, they move nearly in lockstep. MULL charges 1.50%/yr vs 1.01%/yr for MUU.

Performance

MULL vs. MUU - Performance Comparison

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

Returns By Period

MULL

• 1D: 17.22%
• 1M: 95.91%
• YTD: 948.91%
• 6M: 1,094.77%
• 1Y: 4,245.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MUU

• 1D: 16.87%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MULL vs. MUU - Yearly Performance Comparison

	2026 (YTD)
MULL GraniteShares 2x Long MU Daily ETF	6.68%
MUU Direxion Daily MU Bull 2X Shares	4.56%

Correlation

The correlation between MULL and MUU is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 16, 2026	1.00

Return for Risk

MULL vs. MUU — 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

MUU

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. MUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long MU Daily ETF (MULL) and Direxion Daily MU Bull 2X Shares (MUU). 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	MUU	Difference
Sharpe ratio: Return per unit of total volatility	31.07	—	—
Sortino ratio: Return per unit of downside risk	6.08	—	—
Omega ratio: Gain probability vs. loss probability	1.76	—	—
Calmar ratio: Return relative to maximum drawdown	83.34	—	—
Martin ratio: Return relative to average drawdown	267.73	—	—

Drawdowns

MULL vs. MUU - Drawdown Comparison

The maximum MULL drawdown since its inception was -72.29%, which is greater than MUU's maximum drawdown of -14.14%. Use the drawdown chart below to compare losses from any high point for MULL and MUU.

Drawdown Indicators

	MULL	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-72.29%	-14.14%	-58.15%
Max Drawdown (1Y) Largest decline over 1 year	-53.09%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-20.55%	-8.23%	-12.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.49%	—	—

Volatility

Volatility by Period

	MULL	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	66.05%	—	—
Volatility (6M) Calculated over the trailing 6-month period	116.16%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	142.41%	247.52%	-105.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	140.77%	247.52%	-106.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	140.77%	247.52%	-106.75%

MULL vs. MUU - Expense Ratio Comparison

MULL has a 1.50% expense ratio, which is higher than MUU's 1.01% expense ratio.

Dividends

MULL vs. MUU - Dividend Comparison

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

Position	TTM	2025
MULL GraniteShares 2x Long MU Daily ETF	0.04%	0.39%
MUU Direxion Daily MU Bull 2X Shares	0.00%	0.00%

Frequently Asked Questions

Can I hold both MULL and MUU in my portfolio?

With a correlation of 1.00, MULL and MUU move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, MULL or MUU?

On fees, MUU is cheaper at 1.01% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MULL or MUU?

MUU is cheaper with a 1.01% expense ratio, compared with 1.50% for MULL.

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

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

What is the main difference between MULL and MUU?

They also come from different issuers: GraniteShares and Direxion. Their fees differ too: 1.50% for MULL and 1.01% for MUU.