MVLL vs. ARMG

Last updated Aug 2, 2026

MVLL (GraniteShares 2x Long MRVL Daily ETF) and ARMG (Leverage Shares 2X Long ARM Daily ETF) are both Leveraged Equities funds. MVLL is passively managed, while ARMG is actively managed. Over the past year, MVLL returned 195.07% vs 59.59% for ARMG. Their 0.60 correlation means they have sometimes moved together and sometimes differently. MVLL charges 1.50%/yr vs 0.75%/yr for ARMG.

Performance

MVLL vs. ARMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long MRVL Daily ETF (MVLL) and Leverage Shares 2X Long ARM Daily ETF (ARMG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with MVLL having a 183.32% return and ARMG slightly higher at 190.00%.

MVLL

• 1D: 4.74%
• 1M: -46.40%
• 6M: 236.40%
• YTD: 183.32%
• 1Y: 195.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 97.66%

ARMG

• 1D: -1.25%
• 1M: -46.26%
• 6M: 220.35%
• YTD: 190.00%
• 1Y: 59.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.32%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ARMG Leverage Shares 2X Long ARM Daily ETF	$14.17M	$20.37M	$65.80M
MVLL GraniteShares 2x Long MRVL Daily ETF	$64.72M	$85.12M	$269.82M

MVLL vs. ARMG - Yearly Performance Comparison

	2026 (YTD)	2025
MVLL GraniteShares 2x Long MRVL Daily ETF	183.32%	-8.44%
ARMG Leverage Shares 2X Long ARM Daily ETF	190.00%	-40.53%

Correlation

The correlation between MVLL and ARMG is 0.63, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.63
Correlation (All Time) Calculated using the full available price history since Mar 7, 2025	0.60

The correlation between MVLL and ARMG has been stable across timeframes, ranging from 0.60 to 0.63 - a consistent structural relationship.

Return for Risk

MVLL vs. ARMG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MVLL

MVLL Risk / Return Rank: 54
MVLL Sharpe Ratio Rank: 40
MVLL Sortino Ratio Rank: 66
MVLL Omega Ratio Rank: 67
MVLL Calmar Ratio Rank: 54
MVLL Martin Ratio Rank: 45

ARMG

ARMG Risk / Return Rank: 29
ARMG Sharpe Ratio Rank: 19
ARMG Sortino Ratio Rank: 45
ARMG Omega Ratio Rank: 41
ARMG Calmar Ratio Rank: 23
ARMG Martin Ratio Rank: 20

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MVLL vs. ARMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long MRVL Daily ETF (MVLL) and Leverage Shares 2X Long ARM Daily ETF (ARMG). 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.

	MVLL	ARMG	Difference
Sharpe ratio: Return per unit of total volatility	0.98	0.35	+0.64
Sortino ratio: Return per unit of downside risk	2.17	1.63	+0.53
Omega ratio: Gain probability vs. loss probability	1.28	1.19	+0.09
Calmar ratio: Return relative to maximum drawdown	1.94	0.66	+1.27
Martin ratio: Return relative to average drawdown	5.10	1.23	+3.87

MVLL vs. ARMG - Sharpe Ratio Comparison

The current MVLL Sharpe Ratio is 0.98, which is higher than the ARMG Sharpe Ratio of 0.35. The chart below compares the historical Sharpe Ratios of MVLL and ARMG, 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

MVLL vs. ARMG - Drawdown Comparison

The maximum MVLL drawdown since its inception was -78.87%, roughly equal to the maximum ARMG drawdown of -80.28%. Use the drawdown chart below to compare losses from any high point for MVLL and ARMG.

Drawdown Indicators

	MVLL	ARMG	Difference
Max Drawdown Largest peak-to-trough decline	-78.87%	-80.28%	+1.41%
Max Drawdown (1Y) Largest decline over 1 year	-78.87%	-76.64%	-2.23%
Current Drawdown Current decline from peak	-72.55%	-73.55%	+1.00%
Average Drawdown Average peak-to-trough decline	-25.03%	-52.13%	+27.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.22%	41.08%	-10.86%

Volatility

MVLL vs. ARMG - Volatility Comparison

GraniteShares 2x Long MRVL Daily ETF (MVLL) has a higher volatility of 55.64% compared to Leverage Shares 2X Long ARM Daily ETF (ARMG) at 50.86%. This indicates that MVLL's price experiences larger fluctuations and is considered to be riskier than ARMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MVLL	ARMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	55.64%	50.86%	+4.78%
Volatility (6M) Calculated over the trailing 6-month period	129.12%	128.29%	+0.83%
Volatility (1Y) Calculated over the trailing 1-year period	155.64%	149.49%	+6.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	151.11%	145.42%	+5.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	151.11%	145.42%	+5.69%

MVLL vs. ARMG - Expense Ratio Comparison

MVLL has a 1.50% expense ratio, which is higher than ARMG's 0.75% expense ratio.

Dividends

MVLL vs. ARMG - Dividend Comparison

MVLL has not paid dividends to shareholders, while ARMG's dividend yield for the trailing twelve months is around 1.68%.

Position	TTM	2025
ARMG Leverage Shares 2X Long ARM Daily ETF	1.68%	4.86%
MVLL GraniteShares 2x Long MRVL Daily ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both MVLL and ARMG in my portfolio?

MVLL and ARMG have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MVLL or ARMG?

MVLL has higher volatility (55.64%) compared to ARMG (50.86%). In terms of maximum drawdown, MVLL dropped -78.87% vs ARMG's -80.28%.

Which ETF is better, MVLL or ARMG?

On 1-year performance, MVLL leads with 195.07% vs 59.59% for ARMG. On fees, ARMG is cheaper at 0.75% per year. On volatility, ARMG has been the lower-risk option at 50.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MVLL or ARMG?

Over the 1-year period, MVLL has performed better with a 195.07% return vs 59.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MVLL or ARMG?

ARMG is cheaper with a 0.75% expense ratio, compared with 1.50% for MVLL.

Which ETF pays a higher dividend yield, MVLL or ARMG?

ARMG has the higher dividend yield at 1.68%, compared with 0.00% for MVLL.

What is the main difference between MVLL and ARMG?

They also come from different issuers: GraniteShares and Leverage Shares. Their fees differ too: 1.50% for MVLL and 0.75% for ARMG.

Which has better risk-adjusted returns?

MVLL currently has the higher Sharpe Ratio (0.98 vs 0.35), 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.