NOWL vs. MULL

Last updated Jun 4, 2026

NOWL (GraniteShares 2x Long NOW Daily ETF) and MULL (GraniteShares 2x Long MU Daily ETF) are both Leveraged Equities funds from GraniteShares. Both are actively managed. At a correlation of -0.06, they often move in opposite directions. Both charge a 1.50% expense ratio.

Performance

NOWL vs. MULL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long NOW Daily ETF (NOWL) 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, NOWL achieves a -55.17% return, which is significantly lower than MULL's 936.86% return.

NOWL

• 1D: -15.19%
• 1M: 53.22%
• YTD: -55.17%
• 6M: -63.42%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MULL

• 1D: 2.92%
• 1M: 216.81%
• YTD: 936.86%
• 6M: 1,369.93%
• 1Y: 6,074.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NOWL vs. MULL - Yearly Performance Comparison

	2026 (YTD)	2025
NOWL GraniteShares 2x Long NOW Daily ETF	-55.17%	-42.58%
MULL GraniteShares 2x Long MU Daily ETF	936.86%	347.05%

Correlation

The correlation between NOWL and MULL is -0.06, 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 (All Time) Calculated using the full available price history since Jul 16, 2025	-0.06

Return for Risk

NOWL vs. MULL — Risk / Return Rank

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

MULL

MULL Risk / Return Rank: 99
MULL Sharpe Ratio Rank: 100
MULL Sortino Ratio Rank: 98
MULL Omega Ratio Rank: 97
MULL Calmar Ratio Rank: 100
MULL Martin Ratio Rank: 100

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.

NOWL vs. MULL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long NOW Daily ETF (NOWL) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	NOWL	MULL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	46.71	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.76	7.45	-8.21

Drawdowns

NOWL vs. MULL - Drawdown Comparison

The maximum NOWL drawdown since its inception was -86.57%, which is greater than MULL's maximum drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for NOWL and MULL.

Drawdown Indicators

	NOWL	MULL	Difference
Max Drawdown Largest peak-to-trough decline	-86.57%	-72.29%	-14.28%
Max Drawdown (1Y) Largest decline over 1 year	—	-53.09%	—
Current Drawdown Current decline from peak	-76.11%	0.00%	-76.11%
Average Drawdown Average peak-to-trough decline	-47.53%	-20.62%	-26.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	15.79%	—

Volatility

Volatility by Period

	NOWL	MULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	55.41%	—
Volatility (6M) Calculated over the trailing 6-month period	—	105.59%	—
Volatility (1Y) Calculated over the trailing 1-year period	103.33%	132.38%	-29.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	103.33%	136.22%	-32.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	103.33%	136.22%	-32.89%

NOWL vs. MULL - Expense Ratio Comparison

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

Dividends

NOWL vs. MULL - Dividend Comparison

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

Position	TTM	2025
MULL GraniteShares 2x Long MU Daily ETF	0.04%	0.39%
NOWL GraniteShares 2x Long NOW Daily ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both NOWL and MULL in my portfolio?

NOWL and MULL have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NOWL or MULL?

Both ETFs have the same 1.50% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NOWL or MULL?

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

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

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