MULL vs. MUU

Last updated Aug 1, 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. Over the past year, MULL returned 2639.01% vs 2805.45% for MUU. Their 1.00 correlation means they have historically moved very closely together. 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

The year-to-date returns for both investments are quite close, with MULL having a 359.36% return and MUU slightly higher at 372.51%.

MULL

• 1D: -11.97%
• 1M: -36.10%
• 6M: 129.44%
• YTD: 359.36%
• 1Y: 2,639.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 446.67%

MUU

• 1D: -12.24%
• 1M: -36.47%
• 6M: 134.93%
• YTD: 372.51%
• 1Y: 2,805.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 419.04%

*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)
MULL GraniteShares 2x Long MU Daily ETF	$191.48M	$219.09M	$265.13M
MUU Direxion Daily MU Bull 2X Shares	$1.51B	$1.57B	$2.27B

MULL vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MULL GraniteShares 2x Long MU Daily ETF	359.36%	558.51%	-39.23%
MUU Direxion Daily MU Bull 2X Shares	372.51%	599.03%	-44.56%

Correlation

The correlation between MULL and MUU is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	1.00
Correlation (All Time) Calculated using the full available price history since Nov 12, 2024	1.00

The correlation between MULL and MUU has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

MULL vs. MUU — 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

MUU

MUU Risk / Return Rank: 98
MUU Sharpe Ratio Rank: 100
MUU Sortino Ratio Rank: 97
MUU Omega Ratio Rank: 96
MUU Calmar Ratio Rank: 99
MUU Martin Ratio Rank: 99

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. 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	15.08	16.13	-1.04
Sortino ratio: Return per unit of downside risk	4.77	4.86	-0.09
Omega ratio: Gain probability vs. loss probability	1.59	1.61	-0.01
Calmar ratio: Return relative to maximum drawdown	35.94	38.27	-2.33
Martin ratio: Return relative to average drawdown	118.66	127.21	-8.55

MULL vs. MUU - Sharpe Ratio Comparison

The current MULL Sharpe Ratio is 15.08, which is comparable to the MUU Sharpe Ratio of 16.13. The chart below compares the historical Sharpe Ratios of MULL and MUU, 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. MUU - Drawdown Comparison

The maximum MULL drawdown since its inception was -72.29%, roughly equal to the maximum MUU drawdown of -75.07%. 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%	-75.07%	+2.78%
Max Drawdown (1Y) Largest decline over 1 year	-68.16%	-68.07%	-0.09%
Current Drawdown Current decline from peak	-61.61%	-61.50%	-0.11%
Average Drawdown Average peak-to-trough decline	-21.86%	-24.34%	+2.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.61%	20.44%	+0.17%

Volatility

MULL vs. MUU - Volatility Comparison

GraniteShares 2x Long MU Daily ETF (MULL) and Direxion Daily MU Bull 2X Shares (MUU) have volatilities of 61.67% and 62.16%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MULL	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	61.67%	62.16%	-0.49%
Volatility (6M) Calculated over the trailing 6-month period	135.25%	134.20%	+1.05%
Volatility (1Y) Calculated over the trailing 1-year period	162.81%	161.94%	+0.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	149.74%	146.71%	+3.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	149.74%	146.71%	+3.03%

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 0.08%, less than MUU's 1.44% yield.

Position	TTM	2025	2024
MULL GraniteShares 2x Long MU Daily ETF	0.08%	0.39%	0.00%
MUU Direxion Daily MU Bull 2X Shares	1.44%	4.27%	0.31%

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 is riskier, MULL or MUU?

MUU has higher volatility (62.16%) compared to MULL (61.67%). In terms of maximum drawdown, MULL dropped -72.29% vs MUU's -75.07%.

Which ETF is better, MULL or MUU?

On 1-year performance, MUU leads with 2805.45% vs 2639.01% for MULL. On fees, MUU is cheaper at 1.01% per year. On volatility, MULL has been the lower-risk option at 61.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MULL or MUU?

Over the 1-year period, MUU has performed better with a 2805.45% return vs 2639.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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?

MUU has the higher dividend yield at 1.44%, compared with 0.08% for MULL.

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.

Which has better risk-adjusted returns?

MUU currently has the higher Sharpe Ratio (16.13 vs 15.08), 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.