MULL vs. WNTR

Last updated Jul 15, 2026

MULL (GraniteShares 2x Long MU Daily ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - MULL is a Leveraged Equities fund actively managed by GraniteShares, while WNTR is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, MULL returned 3188.03% vs 119.74% for WNTR. At a correlation of -0.24, they often move in opposite directions. MULL charges 1.50%/yr vs 1.01%/yr for WNTR.

Performance

MULL vs. WNTR - Performance Comparison

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

Returns By Period

In the year-to-date period, MULL achieves a 619.42% return, which is significantly higher than WNTR's 5.96% return.

MULL

• 1D: 9.74%
• 1M: -10.77%
• 6M: 426.13%
• YTD: 619.42%
• 1Y: 3,188.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

WNTR

• 1D: -3.79%
• 1M: 13.60%
• 6M: 16.72%
• YTD: 5.96%
• 1Y: 119.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MULL vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
MULL GraniteShares 2x Long MU Daily ETF	619.42%	524.82%
WNTR YieldMax Short MSTR Option Income Strategy ETF	5.96%	52.78%

Correlation

The correlation between MULL and WNTR is -0.24, 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	-0.24
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.24

Return for Risk

MULL vs. WNTR — 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

WNTR

WNTR Risk / Return Rank: 70
WNTR Sharpe Ratio Rank: 87
WNTR Sortino Ratio Rank: 67
WNTR Omega Ratio Rank: 72
WNTR Calmar Ratio Rank: 71
WNTR Martin Ratio Rank: 53

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. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long MU Daily ETF (MULL) and YieldMax Short MSTR Option Income Strategy ETF (WNTR). 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	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	21.28	2.24	+19.04
Sortino ratio: Return per unit of downside risk	5.28	2.46	+2.82
Omega ratio: Gain probability vs. loss probability	1.67	1.34	+0.33
Calmar ratio: Return relative to maximum drawdown	60.92	2.82	+58.09
Martin ratio: Return relative to average drawdown	188.54	7.24	+181.29

MULL vs. WNTR - Sharpe Ratio Comparison

The current MULL Sharpe Ratio is 21.28, which is higher than the WNTR Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of MULL and WNTR, 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. WNTR - Drawdown Comparison

The maximum MULL drawdown since its inception was -72.29%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for MULL and WNTR.

Drawdown Indicators

	MULL	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-72.29%	-42.65%	-29.64%
Max Drawdown (1Y) Largest decline over 1 year	-53.09%	-42.65%	-10.44%
Current Drawdown Current decline from peak	-39.88%	-13.55%	-26.33%
Average Drawdown Average peak-to-trough decline	-20.89%	-20.51%	-0.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.12%	16.60%	+0.52%

Volatility

MULL vs. WNTR - Volatility Comparison

GraniteShares 2x Long MU Daily ETF (MULL) has a higher volatility of 65.11% compared to YieldMax Short MSTR Option Income Strategy ETF (WNTR) at 19.07%. This indicates that MULL's price experiences larger fluctuations and is considered to be riskier than WNTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MULL	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	65.11%	19.07%	+46.04%
Volatility (6M) Calculated over the trailing 6-month period	124.51%	47.38%	+77.13%
Volatility (1Y) Calculated over the trailing 1-year period	152.42%	53.89%	+98.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	144.79%	53.60%	+91.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	144.79%	53.60%	+91.19%

MULL vs. WNTR - Expense Ratio Comparison

MULL has a 1.50% expense ratio, which is higher than WNTR's 1.01% expense ratio.

Dividends

MULL vs. WNTR - Dividend Comparison

MULL's dividend yield for the trailing twelve months is around 0.05%, less than WNTR's 106.17% yield.

Position	TTM	2025
MULL GraniteShares 2x Long MU Daily ETF	0.05%	0.39%
WNTR YieldMax Short MSTR Option Income Strategy ETF	106.17%	58.56%

Frequently Asked Questions

Can I hold both MULL and WNTR in my portfolio?

MULL and WNTR have a correlation of -0.24, 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 WNTR?

MULL has higher volatility (65.11%) compared to WNTR (19.07%). In terms of maximum drawdown, MULL dropped -72.29% vs WNTR's -42.65%.

Which ETF is better, MULL or WNTR?

On 1-year performance, MULL leads with 3188.03% vs 119.74% for WNTR. On fees, WNTR is cheaper at 1.01% per year. On volatility, WNTR has been the lower-risk option at 19.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MULL or WNTR?

Over the 1-year period, MULL has performed better with a 3188.03% return vs 119.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MULL or WNTR?

WNTR is cheaper with a 1.01% expense ratio, compared with 1.50% for MULL.

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

WNTR has the higher dividend yield at 106.17%, compared with 0.05% for MULL.

What is the main difference between MULL and WNTR?

MULL is categorized as Leveraged Equities, while WNTR is Derivative Income. They also come from different issuers: GraniteShares and YieldMax. Their fees differ too: 1.50% for MULL and 1.01% for WNTR.

Which has better risk-adjusted returns?

MULL currently has the higher Sharpe Ratio (21.28 vs 2.24), 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.