MVLL vs. MULL

Last updated Jun 23, 2026

MVLL (GraniteShares 2x Long MRVL Daily ETF) and MULL (GraniteShares 2x Long MU Daily ETF) are both Leveraged Equities funds from GraniteShares. MVLL is passively managed, while MULL is actively managed. Over the past year, MVLL returned 797.95% vs 4857.78% for MULL. At a 0.48 correlation, their price movements are largely independent. Both charge a 1.50% expense ratio.

Performance

MVLL vs. MULL - Performance Comparison

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

Returns By Period

In the year-to-date period, MVLL achieves a 776.39% return, which is significantly lower than MULL's 1,096.58% return.

MVLL

• 1D: -2.53%
• 1M: 102.27%
• YTD: 776.39%
• 6M: 776.25%
• 1Y: 797.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MULL

• 1D: 14.08%
• 1M: 129.77%
• YTD: 1,096.58%
• 6M: 1,164.65%
• 1Y: 4,857.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MVLL vs. MULL - Yearly Performance Comparison

	2026 (YTD)	2025
MVLL GraniteShares 2x Long MRVL Daily ETF	776.39%	-8.44%
MULL GraniteShares 2x Long MU Daily ETF	1,096.58%	544.04%

Correlation

The correlation between MVLL and MULL is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (All Time) Calculated using the full available price history since Mar 7, 2025	0.48

MVLL vs. MULL - Sectors Allocation Comparison

Sectors	MVLL	MULL
Technology	66.6%	66.7%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

MVLL vs. MULL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MVLL

MVLL Risk / Return Rank: 94
MVLL Sharpe Ratio Rank: 98
MVLL Sortino Ratio Rank: 88
MVLL Omega Ratio Rank: 88
MVLL Calmar Ratio Rank: 98
MVLL Martin Ratio Rank: 96

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

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.

MVLL vs. MULL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long MRVL Daily ETF (MVLL) and GraniteShares 2x Long MU Daily ETF (MULL). 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	MULL	Difference
Sharpe ratio: Return per unit of total volatility	5.60	34.53	-28.93
Sortino ratio: Return per unit of downside risk	3.86	6.22	-2.36
Omega ratio: Gain probability vs. loss probability	1.53	1.78	-0.25
Calmar ratio: Return relative to maximum drawdown	16.47	92.96	-76.49
Martin ratio: Return relative to average drawdown	33.38	298.64	-265.25

MVLL vs. MULL - Sharpe Ratio Comparison

The current MVLL Sharpe Ratio is 5.60, which is lower than the MULL Sharpe Ratio of 34.53. The chart below compares the historical Sharpe Ratios of MVLL and MULL, 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. MULL - Drawdown Comparison

The maximum MVLL drawdown since its inception was -59.02%, smaller than the maximum MULL drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for MVLL and MULL.

Drawdown Indicators

	MVLL	MULL	Difference
Max Drawdown Largest peak-to-trough decline	-59.02%	-72.29%	+13.27%
Max Drawdown (1Y) Largest decline over 1 year	-48.93%	-53.09%	+4.16%
Current Drawdown Current decline from peak	-15.10%	0.00%	-15.10%
Average Drawdown Average peak-to-trough decline	-22.37%	-20.50%	-1.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.09%	16.49%	+7.60%

Volatility

MVLL vs. MULL - Volatility Comparison

GraniteShares 2x Long MRVL Daily ETF (MVLL) has a higher volatility of 83.43% compared to GraniteShares 2x Long MU Daily ETF (MULL) at 66.44%. This indicates that MVLL's price experiences larger fluctuations and is considered to be riskier than MULL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MVLL	MULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	83.43%	66.44%	+16.99%
Volatility (6M) Calculated over the trailing 6-month period	111.00%	116.36%	-5.36%
Volatility (1Y) Calculated over the trailing 1-year period	144.07%	143.21%	+0.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	146.42%	140.95%	+5.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	146.42%	140.95%	+5.47%

MVLL vs. MULL - Expense Ratio Comparison

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

Dividends

MVLL vs. MULL - Dividend Comparison

MVLL has not paid dividends to shareholders, while MULL's dividend yield for the trailing twelve months is around 0.03%.

Position	TTM	2025
MULL GraniteShares 2x Long MU Daily ETF	0.03%	0.39%
MVLL GraniteShares 2x Long MRVL Daily ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both MVLL and MULL in my portfolio?

MVLL and MULL have a correlation of 0.43, 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 MULL?

MVLL has higher volatility (83.43%) compared to MULL (66.44%). In terms of maximum drawdown, MVLL dropped -59.02% vs MULL's -72.29%.

Which ETF is better, MVLL or MULL?

On 1-year performance, MULL leads with 4857.78% vs 797.95% for MVLL. Both ETFs have the same 1.50% expense ratio. On volatility, MULL has been the lower-risk option at 66.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MVLL or MULL?

Over the 1-year period, MULL has performed better with a 4857.78% return vs 797.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MVLL or MULL?

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

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

MULL has the higher dividend yield at 0.03%, compared with 0.00% for MVLL.

Which has better risk-adjusted returns?

MULL currently has the higher Sharpe Ratio (34.53 vs 5.60), 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.