MULL vs. ORLG

Last updated Jul 17, 2026

MULL (GraniteShares 2x Long MU Daily ETF) and ORLG (Leverage Shares 2X Long ORLY Daily ETF) are both Leveraged Equities funds. MULL is actively managed, while ORLG is passively managed. At a correlation of -0.26, they often move in opposite directions. MULL charges 1.50%/yr vs 0.75%/yr for ORLG.

Performance

MULL vs. ORLG - Performance Comparison

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

Returns By Period

MULL

• 1D: -11.30%
• 1M: -37.61%
• 6M: 295.95%
• YTD: 436.29%
• 1Y: 2,454.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ORLG

• 1D: 8.37%
• 1M: -11.93%
• 6M: -23.86%
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MULL vs. ORLG - Yearly Performance Comparison

	2026 (YTD)
MULL GraniteShares 2x Long MU Daily ETF	303.66%
ORLG Leverage Shares 2X Long ORLY Daily ETF	-25.87%

Correlation

The correlation between MULL and ORLG is -0.26, 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 (All Time) Calculated using the full available price history since Jan 15, 2026	-0.26

Return for Risk

MULL vs. ORLG — 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: 95
MULL Calmar Ratio Rank: 99
MULL Martin Ratio Rank: 99

ORLG

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. ORLG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long MU Daily ETF (MULL) and Leverage Shares 2X Long ORLY Daily ETF (ORLG). 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	ORLG	Difference
Sharpe ratio: Return per unit of total volatility	16.22	—	—
Sortino ratio: Return per unit of downside risk	4.90	—	—
Omega ratio: Gain probability vs. loss probability	1.62	—	—
Calmar ratio: Return relative to maximum drawdown	45.09	—	—
Martin ratio: Return relative to average drawdown	142.83	—	—

Drawdowns

MULL vs. ORLG - Drawdown Comparison

The maximum MULL drawdown since its inception was -72.29%, which is greater than ORLG's maximum drawdown of -39.93%. Use the drawdown chart below to compare losses from any high point for MULL and ORLG.

Drawdown Indicators

	MULL	ORLG	Difference
Max Drawdown Largest peak-to-trough decline	-72.29%	-39.93%	-32.36%
Max Drawdown (1Y) Largest decline over 1 year	-55.18%	—	—
Current Drawdown Current decline from peak	-55.18%	-34.91%	-20.27%
Average Drawdown Average peak-to-trough decline	-21.04%	-20.65%	-0.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.49%	—	—

Volatility

Volatility by Period

	MULL	ORLG	Difference
Volatility (1M) Calculated over the trailing 1-month period	64.12%	—	—
Volatility (6M) Calculated over the trailing 6-month period	126.46%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	153.61%	59.08%	+94.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	145.38%	59.08%	+86.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	145.38%	59.08%	+86.30%

MULL vs. ORLG - Expense Ratio Comparison

MULL has a 1.50% expense ratio, which is higher than ORLG's 0.75% expense ratio.

Dividends

MULL vs. ORLG - Dividend Comparison

MULL's dividend yield for the trailing twelve months is around 0.07%, while ORLG has not paid dividends to shareholders.

Position	TTM	2025
MULL GraniteShares 2x Long MU Daily ETF	0.07%	0.39%
ORLG Leverage Shares 2X Long ORLY Daily ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both MULL and ORLG in my portfolio?

MULL and ORLG have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MULL or ORLG?

On fees, ORLG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MULL or ORLG?

ORLG is cheaper with a 0.75% expense ratio, compared with 1.50% for MULL.

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

MULL has the higher dividend yield at 0.07%, compared with 0.00% for ORLG.

What is the main difference between MULL and ORLG?

They also come from different issuers: GraniteShares and Leverage Shares. Their fees differ too: 1.50% for MULL and 0.75% for ORLG.