MULL vs. SOXL

Last updated Jun 25, 2026

MULL (GraniteShares 2x Long MU Daily ETF) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both Leveraged Equities funds. MULL is actively managed, while SOXL is passively managed. Over the past year, MULL returned 3263.97% vs 858.82% for SOXL. A 0.75 correlation means they provide meaningful diversification when combined. MULL charges 1.50%/yr vs 0.75%/yr for SOXL.

Performance

MULL vs. SOXL - 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 Semiconductor Bull 3X ETF (SOXL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MULL achieves a 769.80% return, which is significantly higher than SOXL's 446.21% return.

MULL

• 1D: -1.17%
• 1M: 67.02%
• YTD: 769.80%
• 6M: 757.79%
• 1Y: 3,263.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SOXL

• 1D: -0.80%
• 1M: 20.47%
• YTD: 446.21%
• 6M: 419.27%
• 1Y: 858.82%
• 3Y*: 120.25%
• 5Y*: 42.22%
• 10Y*: 64.42%

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

MULL vs. SOXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MULL GraniteShares 2x Long MU Daily ETF	769.80%	558.51%	-39.23%
SOXL Direxion Daily Semiconductor Bull 3X ETF	446.21%	54.91%	-16.43%

Correlation

The correlation between MULL and SOXL is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (All Time) Calculated using the full available price history since Nov 12, 2024	0.75

The correlation between MULL and SOXL has been stable across timeframes, ranging from 0.72 to 0.75 - a consistent structural relationship.

MULL vs. SOXL - Sectors Allocation Comparison

Sectors	MULL	SOXL
Technology	66.7%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

MULL vs. SOXL — 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

SOXL

SOXL Risk / Return Rank: 96
SOXL Sharpe Ratio Rank: 99
SOXL Sortino Ratio Rank: 91
SOXL Omega Ratio Rank: 92
SOXL Calmar Ratio Rank: 99
SOXL Martin Ratio Rank: 98

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. SOXL - 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 Semiconductor Bull 3X ETF (SOXL). 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	SOXL	Difference
Sharpe ratio: Return per unit of total volatility	22.76	7.45	+15.30
Sortino ratio: Return per unit of downside risk	5.48	3.87	+1.61
Omega ratio: Gain probability vs. loss probability	1.70	1.56	+0.14
Calmar ratio: Return relative to maximum drawdown	62.37	19.95	+42.42
Martin ratio: Return relative to average drawdown	200.79	63.67	+137.12

MULL vs. SOXL - Sharpe Ratio Comparison

The current MULL Sharpe Ratio is 22.76, which is higher than the SOXL Sharpe Ratio of 7.45. The chart below compares the historical Sharpe Ratios of MULL and SOXL, 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. SOXL - Drawdown Comparison

The maximum MULL drawdown since its inception was -72.29%, smaller than the maximum SOXL drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for MULL and SOXL.

Drawdown Indicators

	MULL	SOXL	Difference
Max Drawdown Largest peak-to-trough decline	-72.29%	-90.46%	+18.17%
Max Drawdown (1Y) Largest decline over 1 year	-53.09%	-43.47%	-9.62%
Max Drawdown (3Y) Largest decline over 3 years	—	-87.88%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-90.46%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-90.46%	—
Current Drawdown Current decline from peak	-27.31%	-23.67%	-3.64%
Average Drawdown Average peak-to-trough decline	-20.53%	-34.95%	+14.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.67%	13.60%	+3.07%

Volatility

MULL vs. SOXL - Volatility Comparison

GraniteShares 2x Long MU Daily ETF (MULL) has a higher volatility of 74.81% compared to Direxion Daily Semiconductor Bull 3X ETF (SOXL) at 68.18%. This indicates that MULL's price experiences larger fluctuations and is considered to be riskier than SOXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MULL	SOXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	74.81%	68.18%	+6.63%
Volatility (6M) Calculated over the trailing 6-month period	119.35%	99.65%	+19.70%
Volatility (1Y) Calculated over the trailing 1-year period	145.70%	116.81%	+28.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	142.32%	110.33%	+31.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	142.32%	100.60%	+41.72%

MULL vs. SOXL - Expense Ratio Comparison

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

Dividends

MULL vs. SOXL - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
MULL GraniteShares 2x Long MU Daily ETF	0.04%	0.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SOXL Direxion Daily Semiconductor Bull 3X ETF	0.00%	0.34%	1.18%	0.51%	1.07%	0.04%	0.05%	0.38%	1.30%	0.09%	4.84%

Frequently Asked Questions

Can I hold both MULL and SOXL in my portfolio?

MULL and SOXL have a correlation of 0.72, 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 SOXL?

MULL has higher volatility (74.81%) compared to SOXL (68.18%). In terms of maximum drawdown, MULL dropped -72.29% vs SOXL's -90.46%.

Which ETF is better, MULL or SOXL?

On 1-year performance, MULL leads with 3263.97% vs 858.82% for SOXL. On fees, SOXL is cheaper at 0.75% per year. On volatility, SOXL has been the lower-risk option at 68.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MULL or SOXL?

Over the 1-year period, MULL has performed better with a 3263.97% return vs 858.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MULL or SOXL?

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

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

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

What is the main difference between MULL and SOXL?

They also come from different issuers: GraniteShares and Direxion. Their fees differ too: 1.50% for MULL and 0.75% for SOXL.

Which has better risk-adjusted returns?

MULL currently has the higher Sharpe Ratio (22.76 vs 7.45), 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.