MVLL vs. MULL

Last updated Aug 2, 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 195.07% vs 2639.01% for MULL. Their 0.53 correlation means they have sometimes moved together and sometimes differently. 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 183.32% return, which is significantly lower than MULL's 359.36% return.

MVLL

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

MULL

• 1D: -11.97%
• 1M: -36.10%
• 6M: 129.44%
• YTD: 359.36%
• 1Y: 2,639.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 446.67%

*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)
MULL GraniteShares 2x Long MU Daily ETF	$191.48M	$219.09M	$265.13M
MVLL GraniteShares 2x Long MRVL Daily ETF	$64.72M	$85.12M	$269.82M

MVLL vs. MULL - Yearly Performance Comparison

	2026 (YTD)	2025
MVLL GraniteShares 2x Long MRVL Daily ETF	183.32%	-8.44%
MULL GraniteShares 2x Long MU Daily ETF	359.36%	544.04%

Correlation

The correlation between MVLL and MULL is 0.50, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.50
Correlation (All Time) Calculated using the full available price history since Mar 7, 2025	0.53

The correlation between MVLL and MULL has been stable across timeframes, ranging from 0.50 to 0.53 - a consistent structural relationship.

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 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

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: 99
MULL Martin Ratio Rank: 99

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. 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	0.98	15.08	-14.10
Sortino ratio: Return per unit of downside risk	2.17	4.77	-2.61
Omega ratio: Gain probability vs. loss probability	1.28	1.59	-0.31
Calmar ratio: Return relative to maximum drawdown	1.94	35.94	-34.00
Martin ratio: Return relative to average drawdown	5.10	118.66	-113.56

MVLL vs. MULL - Sharpe Ratio Comparison

The current MVLL Sharpe Ratio is 0.98, which is lower than the MULL Sharpe Ratio of 15.08. 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 -78.87%, which is greater than MULL's maximum 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	-78.87%	-72.29%	-6.58%
Max Drawdown (1Y) Largest decline over 1 year	-78.87%	-68.16%	-10.71%
Current Drawdown Current decline from peak	-72.55%	-61.61%	-10.94%
Average Drawdown Average peak-to-trough decline	-25.03%	-21.86%	-3.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.22%	20.61%	+9.61%

Volatility

MVLL vs. MULL - Volatility Comparison

The current volatility for GraniteShares 2x Long MRVL Daily ETF (MVLL) is 55.64%, while GraniteShares 2x Long MU Daily ETF (MULL) has a volatility of 61.67%. This indicates that MVLL experiences smaller price fluctuations and is considered to be less risky 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	55.64%	61.67%	-6.03%
Volatility (6M) Calculated over the trailing 6-month period	129.12%	135.25%	-6.13%
Volatility (1Y) Calculated over the trailing 1-year period	155.64%	162.81%	-7.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	151.11%	149.74%	+1.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	151.11%	149.74%	+1.37%

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 0.08%.

Position	TTM	2025
MULL GraniteShares 2x Long MU Daily ETF	0.08%	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 0.50, 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?

MULL has higher volatility (61.67%) compared to MVLL (55.64%). In terms of maximum drawdown, MVLL dropped -78.87% vs MULL's -72.29%.

Which ETF is better, MVLL or MULL?

On 1-year performance, MULL leads with 2639.01% vs 195.07% for MVLL. Both ETFs have the same 1.50% expense ratio. On volatility, MVLL has been the lower-risk option at 55.64%. 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 2639.01% return vs 195.07%. 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 0.08%, compared with 0.00% for MVLL.

Which has better risk-adjusted returns?

MULL currently has the higher Sharpe Ratio (15.08 vs 0.98), 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.