MULL vs. TSDD

Last updated Jun 24, 2026

MULL (GraniteShares 2x Long MU Daily ETF) and TSDD (GraniteShares 2x Short TSLA Daily ETF) are both exchange-traded funds - MULL is a Leveraged Equities fund actively managed by GraniteShares, while TSDD is a Inverse Equities fund actively managed by GraniteShares. Both are actively managed. Over the past year, MULL returned 3622.12% vs -50.11% for TSDD. At a correlation of -0.37, they often move in opposite directions. Both charge a 1.50% expense ratio.

Performance

MULL vs. TSDD - Performance Comparison

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

Returns By Period

In the year-to-date period, MULL achieves a 780.13% return, which is significantly higher than TSDD's 12.81% return.

MULL

• 1D: -26.45%
• 1M: 69.00%
• YTD: 780.13%
• 6M: 832.94%
• 1Y: 3,622.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TSDD

• 1D: 11.65%
• 1M: 18.16%
• YTD: 12.81%
• 6M: 31.20%
• 1Y: -50.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MULL vs. TSDD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MULL GraniteShares 2x Long MU Daily ETF	780.13%	558.51%	-39.23%
TSDD GraniteShares 2x Short TSLA Daily ETF	12.81%	-74.84%	-35.14%

Correlation

The correlation between MULL and TSDD is -0.37, 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	-0.37
Correlation (All Time) Calculated using the full available price history since Nov 12, 2024	-0.37

MULL vs. TSDD - Sectors Allocation Comparison

Sectors	MULL	TSDD
Technology	66.7%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	200.1%
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

MULL vs. TSDD — 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: 96
MULL Omega Ratio Rank: 95
MULL Calmar Ratio Rank: 100
MULL Martin Ratio Rank: 99

TSDD

TSDD Risk / Return Rank: 4
TSDD Sharpe Ratio Rank: 4
TSDD Sortino Ratio Rank: 5
TSDD Omega Ratio Rank: 5
TSDD Calmar Ratio Rank: 3
TSDD Martin Ratio Rank: 5

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. TSDD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long MU Daily ETF (MULL) and GraniteShares 2x Short TSLA Daily ETF (TSDD). 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	TSDD	Difference
Sharpe ratio: Return per unit of total volatility	25.24	-0.57	+25.81
Sortino ratio: Return per unit of downside risk	5.61	-0.50	+6.11
Omega ratio: Gain probability vs. loss probability	1.71	0.95	+0.77
Calmar ratio: Return relative to maximum drawdown	69.24	-0.69	+69.93
Martin ratio: Return relative to average drawdown	221.31	-0.89	+222.20

MULL vs. TSDD - Sharpe Ratio Comparison

The current MULL Sharpe Ratio is 25.24, which is higher than the TSDD Sharpe Ratio of -0.57. The chart below compares the historical Sharpe Ratios of MULL and TSDD, 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. TSDD - Drawdown Comparison

The maximum MULL drawdown since its inception was -72.29%, smaller than the maximum TSDD drawdown of -99.03%. Use the drawdown chart below to compare losses from any high point for MULL and TSDD.

Drawdown Indicators

	MULL	TSDD	Difference
Max Drawdown Largest peak-to-trough decline	-72.29%	-99.03%	+26.74%
Max Drawdown (1Y) Largest decline over 1 year	-53.09%	-72.39%	+19.30%
Current Drawdown Current decline from peak	-26.45%	-98.71%	+72.26%
Average Drawdown Average peak-to-trough decline	-20.52%	-71.62%	+51.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.58%	56.48%	-39.90%

Volatility

MULL vs. TSDD - Volatility Comparison

GraniteShares 2x Long MU Daily ETF (MULL) has a higher volatility of 74.91% compared to GraniteShares 2x Short TSLA Daily ETF (TSDD) at 27.76%. This indicates that MULL's price experiences larger fluctuations and is considered to be riskier than TSDD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MULL	TSDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	74.91%	27.76%	+47.15%
Volatility (6M) Calculated over the trailing 6-month period	119.83%	56.76%	+63.07%
Volatility (1Y) Calculated over the trailing 1-year period	145.72%	89.21%	+56.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	142.49%	114.32%	+28.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	142.49%	114.32%	+28.17%

MULL vs. TSDD - Expense Ratio Comparison

Both MULL and TSDD have an expense ratio of 1.50%.

Dividends

MULL vs. TSDD - Dividend Comparison

MULL's dividend yield for the trailing twelve months is around 0.04%, less than TSDD's 7.47% yield.

Position	TTM	2025	2024	2023
MULL GraniteShares 2x Long MU Daily ETF	0.04%	0.39%	0.00%	0.00%
TSDD GraniteShares 2x Short TSLA Daily ETF	7.47%	8.42%	0.00%	24.84%

Frequently Asked Questions

Can I hold both MULL and TSDD in my portfolio?

MULL and TSDD have a correlation of -0.37, 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 TSDD?

MULL has higher volatility (74.91%) compared to TSDD (27.76%). In terms of maximum drawdown, MULL dropped -72.29% vs TSDD's -99.03%.

Which ETF is better, MULL or TSDD?

On 1-year performance, MULL leads with 3622.12% vs -50.11% for TSDD. Both ETFs have the same 1.50% expense ratio. On volatility, TSDD has been the lower-risk option at 27.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MULL or TSDD?

Over the 1-year period, MULL has performed better with a 3622.12% return vs -50.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MULL or TSDD?

MULL and TSDD have the same expense ratio: 1.50% per year.

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

TSDD has the higher dividend yield at 7.47%, compared with 0.04% for MULL.

What is the main difference between MULL and TSDD?

MULL is categorized as Leveraged Equities, while TSDD is Inverse Equities.

Which has better risk-adjusted returns?

MULL currently has the higher Sharpe Ratio (25.24 vs -0.57), 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.