MULL vs. XTAP

Last updated Jun 24, 2026

MULL (GraniteShares 2x Long MU Daily ETF) and XTAP (Innovator U.S. Equity Accelerated Plus ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, MULL returned 3622.12% vs 19.37% for XTAP. At a 0.49 correlation, their price movements are largely independent. MULL charges 1.50%/yr vs 0.79%/yr for XTAP.

Performance

MULL vs. XTAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long MU Daily ETF (MULL) and Innovator U.S. Equity Accelerated Plus ETF (XTAP). 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 XTAP's 10.29% return.

MULL

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

XTAP

• 1D: -0.56%
• 1M: -0.17%
• YTD: 10.29%
• 6M: 10.43%
• 1Y: 19.37%
• 3Y*: 17.09%
• 5Y*: 10.65%
• 10Y*: —

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

MULL vs. XTAP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MULL GraniteShares 2x Long MU Daily ETF	780.13%	558.51%	-39.23%
XTAP Innovator U.S. Equity Accelerated Plus ETF	10.29%	17.58%	0.33%

Correlation

The correlation between MULL and XTAP is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (All Time) Calculated using the full available price history since Nov 12, 2024	0.49

MULL vs. XTAP - Sectors Allocation Comparison

Sectors	MULL	XTAP
Technology	66.7%	35.7%
Basic Materials	-	1.8%
Communication Services	-	11.3%
Consumer Cyclical	-	10.2%
Consumer Defensive	-	4.9%
Energy	-	3.5%
Financial Services	-	11.6%
Healthcare	-	8.5%
Industrials	-	8.3%
Real Estate	-	1.9%
Utilities	-	2.4%

Return for Risk

MULL vs. XTAP — 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

XTAP

XTAP Risk / Return Rank: 98
XTAP Sharpe Ratio Rank: 96
XTAP Sortino Ratio Rank: 98
XTAP Omega Ratio Rank: 98
XTAP Calmar Ratio Rank: 98
XTAP 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. XTAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long MU Daily ETF (MULL) and Innovator U.S. Equity Accelerated Plus ETF (XTAP). 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	XTAP	Difference
Sharpe ratio: Return per unit of total volatility	25.24	4.06	+21.18
Sortino ratio: Return per unit of downside risk	5.61	6.76	-1.15
Omega ratio: Gain probability vs. loss probability	1.71	2.05	-0.33
Calmar ratio: Return relative to maximum drawdown	69.24	11.34	+57.90
Martin ratio: Return relative to average drawdown	221.31	62.48	+158.84

MULL vs. XTAP - Sharpe Ratio Comparison

The current MULL Sharpe Ratio is 25.24, which is higher than the XTAP Sharpe Ratio of 4.06. The chart below compares the historical Sharpe Ratios of MULL and XTAP, 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. XTAP - Drawdown Comparison

The maximum MULL drawdown since its inception was -72.29%, which is greater than XTAP's maximum drawdown of -22.13%. Use the drawdown chart below to compare losses from any high point for MULL and XTAP.

Drawdown Indicators

	MULL	XTAP	Difference
Max Drawdown Largest peak-to-trough decline	-72.29%	-22.13%	-50.16%
Max Drawdown (1Y) Largest decline over 1 year	-53.09%	-1.72%	-51.37%
Max Drawdown (3Y) Largest decline over 3 years	—	-11.83%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-22.13%	—
Current Drawdown Current decline from peak	-26.45%	-0.91%	-25.54%
Average Drawdown Average peak-to-trough decline	-20.52%	-3.42%	-17.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.58%	0.31%	+16.27%

Volatility

MULL vs. XTAP - Volatility Comparison

GraniteShares 2x Long MU Daily ETF (MULL) has a higher volatility of 74.91% compared to Innovator U.S. Equity Accelerated Plus ETF (XTAP) at 2.05%. This indicates that MULL's price experiences larger fluctuations and is considered to be riskier than XTAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MULL	XTAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	74.91%	2.05%	+72.86%
Volatility (6M) Calculated over the trailing 6-month period	119.83%	3.72%	+116.11%
Volatility (1Y) Calculated over the trailing 1-year period	145.72%	4.83%	+140.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	142.49%	14.55%	+127.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	142.49%	14.36%	+128.13%

MULL vs. XTAP - Expense Ratio Comparison

MULL has a 1.50% expense ratio, which is higher than XTAP's 0.79% expense ratio.

Dividends

MULL vs. XTAP - Dividend Comparison

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

Position	TTM	2025
MULL GraniteShares 2x Long MU Daily ETF	0.04%	0.39%
XTAP Innovator U.S. Equity Accelerated Plus ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both MULL and XTAP in my portfolio?

MULL and XTAP have a correlation of 0.47, 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 XTAP?

MULL has higher volatility (74.91%) compared to XTAP (2.05%). In terms of maximum drawdown, MULL dropped -72.29% vs XTAP's -22.13%.

Which ETF is better, MULL or XTAP?

On 1-year performance, MULL leads with 3622.12% vs 19.37% for XTAP. On fees, XTAP is cheaper at 0.79% per year. On volatility, XTAP has been the lower-risk option at 2.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MULL or XTAP?

Over the 1-year period, MULL has performed better with a 3622.12% return vs 19.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MULL or XTAP?

XTAP is cheaper with a 0.79% expense ratio, compared with 1.50% for MULL.

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

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

What is the main difference between MULL and XTAP?

They also come from different issuers: GraniteShares and Innovator. Their fees differ too: 1.50% for MULL and 0.79% for XTAP.

Which has better risk-adjusted returns?

MULL currently has the higher Sharpe Ratio (25.24 vs 4.06), 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.