MVLL vs. PYPG

Last updated Jul 18, 2026

MVLL (GraniteShares 2x Long MRVL Daily ETF) and PYPG (Leverage Shares 2X Long PYPL Daily ETF) are both Leveraged Equities funds. MVLL is passively managed, while PYPG is actively managed. Over the past year, MVLL returned 226.40% vs -57.41% for PYPG. At a 0.14 correlation, their price movements are largely independent. MVLL charges 1.50%/yr vs 0.75%/yr for PYPG.

Performance

MVLL vs. PYPG - 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 PYPL Daily ETF (PYPG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MVLL achieves a 199.76% return, which is significantly higher than PYPG's -23.77% return.

MVLL

• 1D: 0.23%
• 1M: -61.62%
• 6M: 239.10%
• YTD: 199.76%
• 1Y: 226.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PYPG

• 1D: -0.47%
• 1M: 73.22%
• 6M: -19.05%
• YTD: -23.77%
• 1Y: -57.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MVLL vs. PYPG - Yearly Performance Comparison

	2026 (YTD)	2025
MVLL GraniteShares 2x Long MRVL Daily ETF	199.76%	52.46%
PYPG Leverage Shares 2X Long PYPL Daily ETF	-23.77%	-20.19%

Correlation

The correlation between MVLL and PYPG is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.07
Correlation (All Time) Calculated using the full available price history since Apr 4, 2025	0.15

Return for Risk

MVLL vs. PYPG — Risk / Return Rank

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

MVLL

MVLL Risk / Return Rank: 67
MVLL Sharpe Ratio Rank: 57
MVLL Sortino Ratio Rank: 69
MVLL Omega Ratio Rank: 71
MVLL Calmar Ratio Rank: 79
MVLL Martin Ratio Rank: 62

PYPG

PYPG Risk / Return Rank: 4
PYPG Sharpe Ratio Rank: 4
PYPG Sortino Ratio Rank: 5
PYPG Omega Ratio Rank: 4
PYPG Calmar Ratio Rank: 3
PYPG Martin Ratio Rank: 5

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. PYPG - 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 PYPL Daily ETF (PYPG). 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	PYPG	Difference
Sharpe ratio: Return per unit of total volatility	1.50	-0.67	+2.18
Sortino ratio: Return per unit of downside risk	2.45	-0.72	+3.18
Omega ratio: Gain probability vs. loss probability	1.33	0.90	+0.43
Calmar ratio: Return relative to maximum drawdown	3.21	-0.72	+3.93
Martin ratio: Return relative to average drawdown	8.40	-1.02	+9.41

MVLL vs. PYPG - Sharpe Ratio Comparison

The current MVLL Sharpe Ratio is 1.50, which is higher than the PYPG Sharpe Ratio of -0.67. The chart below compares the historical Sharpe Ratios of MVLL and PYPG, 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. PYPG - Drawdown Comparison

The maximum MVLL drawdown since its inception was -71.03%, smaller than the maximum PYPG drawdown of -79.52%. Use the drawdown chart below to compare losses from any high point for MVLL and PYPG.

Drawdown Indicators

	MVLL	PYPG	Difference
Max Drawdown Largest peak-to-trough decline	-71.03%	-79.52%	+8.49%
Max Drawdown (1Y) Largest decline over 1 year	-71.03%	-79.52%	+8.49%
Current Drawdown Current decline from peak	-70.96%	-61.90%	-9.06%
Average Drawdown Average peak-to-trough decline	-23.70%	-41.38%	+17.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.10%	56.44%	-29.34%

Volatility

MVLL vs. PYPG - Volatility Comparison

GraniteShares 2x Long MRVL Daily ETF (MVLL) has a higher volatility of 55.65% compared to Leverage Shares 2X Long PYPL Daily ETF (PYPG) at 34.49%. This indicates that MVLL's price experiences larger fluctuations and is considered to be riskier than PYPG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MVLL	PYPG	Difference
Volatility (1M) Calculated over the trailing 1-month period	55.65%	34.49%	+21.16%
Volatility (6M) Calculated over the trailing 6-month period	123.85%	77.02%	+46.83%
Volatility (1Y) Calculated over the trailing 1-year period	151.63%	85.36%	+66.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	149.67%	83.15%	+66.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	149.67%	83.15%	+66.52%

MVLL vs. PYPG - Expense Ratio Comparison

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

Dividends

MVLL vs. PYPG - Dividend Comparison

Neither MVLL nor PYPG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both MVLL and PYPG in my portfolio?

MVLL and PYPG have a correlation of 0.07, 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 PYPG?

MVLL has higher volatility (55.65%) compared to PYPG (34.49%). In terms of maximum drawdown, MVLL dropped -71.03% vs PYPG's -79.52%.

Which ETF is better, MVLL or PYPG?

On 1-year performance, MVLL leads with 226.40% vs -57.41% for PYPG. On fees, PYPG is cheaper at 0.75% per year. On volatility, PYPG has been the lower-risk option at 34.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MVLL or PYPG?

Over the 1-year period, MVLL has performed better with a 226.40% return vs -57.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MVLL or PYPG?

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

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

MVLL and PYPG have nearly identical dividend yields, around 0.00%.

What is the main difference between MVLL and PYPG?

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

Which has better risk-adjusted returns?

MVLL currently has the higher Sharpe Ratio (1.50 vs -0.67), 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.