MULL vs. SOXS
MULL (GraniteShares 2x Long MU Daily ETF) and SOXS (Direxion Daily Semiconductor Bear 3x Shares) are both exchange-traded funds - MULL is a Leveraged Equities fund actively managed by GraniteShares, while SOXS is a Inverse Equities fund tracking the PHLX Semiconductor Index (-300%). MULL is actively managed, while SOXS is passively managed. Over the past year, MULL returned 3188.03% vs -96.97% for SOXS. At a correlation of -0.76, they often move in opposite directions. MULL charges 1.50%/yr vs 1.08%/yr for SOXS.
Performance
MULL vs. SOXS - Performance Comparison
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Returns By Period
In the year-to-date period, MULL achieves a 619.42% return, which is significantly higher than SOXS's -93.03% return.
MULL
- 1D
- 9.74%
- 1M
- -10.77%
- 6M
- 426.13%
- YTD
- 619.42%
- 1Y
- 3,188.03%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SOXS
- 1D
- -7.96%
- 1M
- -8.28%
- 6M
- -90.39%
- YTD
- -93.03%
- 1Y
- -96.97%
- 3Y*
- -86.16%
- 5Y*
- -80.04%
- 10Y*
- -78.89%
MULL vs. SOXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MULL GraniteShares 2x Long MU Daily ETF | 619.42% | 558.51% | -39.23% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | -93.03% | -85.53% | 9.72% |
Correlation
The correlation between MULL and SOXS is -0.74, 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 (1Y) Calculated over the trailing 1-year period | -0.74 |
Correlation (All Time) Calculated using the full available price history since Nov 12, 2024 | -0.76 |
The correlation between MULL and SOXS has been stable across timeframes, ranging from -0.76 to -0.74 - a consistent structural relationship.
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Return for Risk
MULL vs. SOXS — Risk / Return Rank
MULL
SOXS
MULL vs. SOXS - 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 Bear 3x Shares (SOXS). 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 | SOXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +22.05 | ||
| Sortino ratioReturn per unit of downside risk | +8.17 | ||
| Omega ratioGain probability vs. loss probability | 1.67 | 0.69 | +0.98 |
| Calmar ratioReturn relative to maximum drawdown | 60.92 | -0.99 | +61.91 |
| Martin ratioReturn relative to average drawdown | 188.54 | -1.43 | +189.96 |
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Drawdowns
MULL vs. SOXS - Drawdown Comparison
The maximum MULL drawdown since its inception was -72.29%, smaller than the maximum SOXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for MULL and SOXS.
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Drawdown Indicators
| MULL | SOXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.29% | -100.00% | +27.71% |
Max Drawdown (1Y)Largest decline over 1 year | -53.09% | -97.89% | +44.80% |
Max Drawdown (3Y)Largest decline over 3 years | — | -99.87% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -99.98% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -100.00% | — |
Current DrawdownCurrent decline from peak | -39.88% | -100.00% | +60.12% |
Average DrawdownAverage peak-to-trough decline | -20.89% | -92.63% | +71.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.12% | 67.82% | -50.70% |
Volatility
MULL vs. SOXS - Volatility Comparison
GraniteShares 2x Long MU Daily ETF (MULL) has a higher volatility of 65.11% compared to Direxion Daily Semiconductor Bear 3x Shares (SOXS) at 60.89%. This indicates that MULL's price experiences larger fluctuations and is considered to be riskier than SOXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MULL | SOXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 65.11% | 60.89% | +4.22% |
Volatility (6M)Calculated over the trailing 6-month period | 124.51% | 108.47% | +16.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 152.42% | 125.43% | +26.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 144.79% | 113.13% | +31.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 144.79% | 102.94% | +41.85% |
MULL vs. SOXS - Expense Ratio Comparison
MULL has a 1.50% expense ratio, which is higher than SOXS's 1.08% expense ratio.
Dividends
MULL vs. SOXS - Dividend Comparison
MULL's dividend yield for the trailing twelve months is around 0.05%, less than SOXS's 53.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
MULL GraniteShares 2x Long MU Daily ETF | 0.05% | 0.39% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | 53.05% | 10.79% | 5.45% | 9.22% | 0.19% | 0.00% | 3.58% | 2.30% | 0.76% |
Frequently Asked Questions
MULL and SOXS have a correlation of -0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MULL has higher volatility (65.11%) compared to SOXS (60.89%). In terms of maximum drawdown, MULL dropped -72.29% vs SOXS's -100.00%.
On 1-year performance, MULL leads with 3188.03% vs -96.97% for SOXS. On fees, SOXS is cheaper at 1.08% per year. On volatility, SOXS has been the lower-risk option at 60.89%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, MULL has performed better with a 3188.03% return vs -96.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SOXS is cheaper with a 1.08% expense ratio, compared with 1.50% for MULL.
SOXS has the higher dividend yield at 53.05%, compared with 0.05% for MULL.
MULL is categorized as Leveraged Equities, while SOXS is Inverse Equities. They also come from different issuers: GraniteShares and Direxion. Their fees differ too: 1.50% for MULL and 1.08% for SOXS.
MULL currently has the higher Sharpe Ratio (21.28 vs -0.77), 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.
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