MULL vs. TWM

Last updated Apr 1, 2026

Compare and contrast key facts about GraniteShares 2x Long MU Daily ETF (MULL) and ProShares UltraShort Russell2000 (TWM).

MULL and TWM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MULL is an actively managed fund by GraniteShares. It was launched on Nov 11, 2024. TWM is a passively managed fund by ProShares that tracks the performance of the Russell 2000 (-200%). It was launched on Jan 23, 2007.

Performance

MULL vs. TWM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long MU Daily ETF (MULL) and ProShares UltraShort Russell2000 (TWM). The values are adjusted to include any dividend payments, if applicable.

MULL vs. TWM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MULL GraniteShares 2x Long MU Daily ETF	18.59%	558.51%	-40.10%
TWM ProShares UltraShort Russell2000	-2.77%	-24.71%	14.97%

Returns By Period

In the year-to-date period, MULL achieves a 18.59% return, which is significantly higher than TWM's -2.77% return.

MULL

• 1D: 9.98%
• 1M: -37.16%
• YTD: 18.59%
• 6M: 194.62%
• 1Y: 734.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TWM

• 1D: -7.08%
• 1M: 9.64%
• YTD: -2.77%
• 6M: -7.03%
• 1Y: -40.09%
• 3Y*: -22.79%
• 5Y*: -12.98%
• 10Y*: -26.22%

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

MULL vs. TWM - Expense Ratio Comparison

MULL has a 1.50% expense ratio, which is higher than TWM's 0.95% expense ratio.

MULL

GraniteShares 2x Long MU Daily ETF

TWM

ProShares UltraShort Russell2000

Return for Risk

MULL vs. TWM — 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: 99
MULL Sortino Ratio Rank: 97
MULL Omega Ratio Rank: 96
MULL Calmar Ratio Rank: 99
MULL Martin Ratio Rank: 98

TWM

TWM Risk / Return Rank: 2
TWM Sharpe Ratio Rank: 1
TWM Sortino Ratio Rank: 1
TWM Omega Ratio Rank: 1
TWM Calmar Ratio Rank: 2
TWM 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. TWM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long MU Daily ETF (MULL) and ProShares UltraShort Russell2000 (TWM). 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.

	MULL	TWM	Difference
Sharpe ratio Return per unit of total volatility	5.72	-0.86	+6.58
Sortino ratio Return per unit of downside risk	3.60	-1.17	+4.77
Omega ratio Gain probability vs. loss probability	1.48	0.86	+0.62
Calmar ratio Return relative to maximum drawdown	13.35	-0.66	+14.01
Martin ratio Return relative to average drawdown	37.78	-0.86	+38.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MULL vs. TWM - Sharpe Ratio Comparison

The current MULL Sharpe Ratio is 5.72, which is higher than the TWM Sharpe Ratio of -0.86. The chart below compares the historical Sharpe Ratios of MULL and TWM, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MULL	TWM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.72	-0.86	+6.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.29	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.58	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.62	-0.55	+2.17

Correlation

The correlation between MULL and TWM is -0.50. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

MULL vs. TWM - Dividend Comparison

MULL's dividend yield for the trailing twelve months is around 0.33%, less than TWM's 4.66% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
MULL GraniteShares 2x Long MU Daily ETF	0.33%	0.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TWM ProShares UltraShort Russell2000	4.66%	5.36%	6.21%	4.72%	0.17%	0.00%	0.41%	1.49%	0.73%	0.05%

Drawdowns

MULL vs. TWM - Drawdown Comparison

The maximum MULL drawdown since its inception was -72.29%, smaller than the maximum TWM drawdown of -99.92%. Use the drawdown chart below to compare losses from any high point for MULL and TWM.

Drawdown Indicators

	MULL	TWM	Difference
Max Drawdown Largest peak-to-trough decline	-72.29%	-99.92%	+27.63%
Max Drawdown (1Y) Largest decline over 1 year	-53.09%	-59.88%	+6.79%
Max Drawdown (5Y) Largest decline over 5 years	—	-70.51%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-96.07%	—
Current Drawdown Current decline from peak	-48.41%	-99.91%	+51.50%
Average Drawdown Average peak-to-trough decline	-21.94%	-87.16%	+65.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.76%	45.89%	-27.13%

Volatility

MULL vs. TWM - Volatility Comparison

GraniteShares 2x Long MU Daily ETF (MULL) has a higher volatility of 47.04% compared to ProShares UltraShort Russell2000 (TWM) at 15.08%. This indicates that MULL's price experiences larger fluctuations and is considered to be riskier than TWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MULL	TWM	Difference
Volatility (1M) Calculated over the trailing 1-month period	47.04%	15.08%	+31.96%
Volatility (6M) Calculated over the trailing 6-month period	98.50%	28.97%	+69.53%
Volatility (1Y) Calculated over the trailing 1-year period	129.87%	46.52%	+83.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	129.40%	45.14%	+84.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	129.40%	45.69%	+83.71%