NVD vs. MULL

Last updated Jun 5, 2026

NVD (GraniteShares 2x Short NVDA Daily ETF) and MULL (GraniteShares 2x Long MU Daily ETF) are both exchange-traded funds - NVD is a Inverse Equities fund actively managed by GraniteShares, while MULL is a Leveraged Equities fund actively managed by GraniteShares. Both are actively managed. Over the past year, NVD returned -68.07% vs 5016.23% for MULL. At a correlation of -0.49, they often move in opposite directions. Both charge a 1.50% expense ratio.

Performance

NVD vs. MULL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Short NVDA Daily ETF (NVD) 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, NVD achieves a -37.20% return, which is significantly lower than MULL's 774.91% return.

NVD

• 1D: -3.65%
• 1M: -22.72%
• YTD: -37.20%
• 6M: -40.09%
• 1Y: -68.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MULL

• 1D: -15.62%
• 1M: 119.20%
• YTD: 774.91%
• 6M: 1,229.17%
• 1Y: 5,016.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NVD vs. MULL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NVD GraniteShares 2x Short NVDA Daily ETF	-37.20%	-73.27%	18.42%
MULL GraniteShares 2x Long MU Daily ETF	774.91%	558.51%	-40.10%

Correlation

The correlation between NVD and MULL is -0.39, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.39
Correlation (All Time) Calculated using the full available price history since Nov 13, 2024	-0.49

The correlation between NVD and MULL shifts across timeframes, from -0.49 (all time) to -0.39 (1 year), reflecting how their relationship changes across market environments.

NVD vs. MULL - Sectors Allocation Comparison

Sectors	NVD	MULL
Technology	199.7%	66.7%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

NVD vs. MULL — Risk / Return Rank

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

NVD

NVD Risk / Return Rank: 1
NVD Sharpe Ratio Rank: 1
NVD Sortino Ratio Rank: 1
NVD Omega Ratio Rank: 1
NVD Calmar Ratio Rank: 1
NVD Martin Ratio Rank: 2

MULL

MULL Risk / Return Rank: 99
MULL Sharpe Ratio Rank: 100
MULL Sortino Ratio Rank: 97
MULL Omega Ratio Rank: 96
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.

NVD vs. MULL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Short NVDA Daily ETF (NVD) 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.

	NVD	MULL	Difference
Sharpe ratio: Return per unit of total volatility	-1.00	38.21	-39.20
Sortino ratio: Return per unit of downside risk	-1.75	6.62	-8.37
Omega ratio: Gain probability vs. loss probability	0.81	1.83	-1.03
Calmar ratio: Return relative to maximum drawdown	-0.94	96.00	-96.94
Martin ratio: Return relative to average drawdown	-1.42	321.55	-322.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NVD vs. MULL - Sharpe Ratio Comparison

The current NVD Sharpe Ratio is -1.00, which is lower than the MULL Sharpe Ratio of 38.21. The chart below compares the historical Sharpe Ratios of NVD 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.

Sharpe Ratios by Period

	NVD	MULL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.00	38.21	-39.20
Sharpe Ratio (All Time) Calculated using the full available price history	-0.88	6.53	-7.41

Drawdowns

NVD vs. MULL - Drawdown Comparison

The maximum NVD drawdown since its inception was -99.26%, which is greater than MULL's maximum drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for NVD and MULL.

Drawdown Indicators

	NVD	MULL	Difference
Max Drawdown Largest peak-to-trough decline	-99.26%	-72.29%	-26.97%
Max Drawdown (1Y) Largest decline over 1 year	-72.64%	-53.09%	-19.55%
Current Drawdown Current decline from peak	-99.15%	-15.62%	-83.53%
Average Drawdown Average peak-to-trough decline	-81.68%	-20.61%	-61.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	47.83%	15.82%	+32.01%

Volatility

NVD vs. MULL - Volatility Comparison

The current volatility for GraniteShares 2x Short NVDA Daily ETF (NVD) is 25.96%, while GraniteShares 2x Long MU Daily ETF (MULL) has a volatility of 57.59%. This indicates that NVD 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

	NVD	MULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.96%	57.59%	-31.63%
Volatility (6M) Calculated over the trailing 6-month period	52.11%	107.25%	-55.14%
Volatility (1Y) Calculated over the trailing 1-year period	68.48%	133.41%	-64.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	92.55%	136.72%	-44.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	92.55%	136.72%	-44.17%

NVD vs. MULL - Expense Ratio Comparison

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

Dividends

NVD vs. MULL - Dividend Comparison

NVD's dividend yield for the trailing twelve months is around 18.83%, more than MULL's 0.04% yield.

Position	TTM	2025	2024	2023
MULL GraniteShares 2x Long MU Daily ETF	0.04%	0.39%	0.00%	0.00%
NVD GraniteShares 2x Short NVDA Daily ETF	18.83%	11.83%	8.68%	15.78%

Frequently Asked Questions

Can I hold both NVD and MULL in my portfolio?

NVD and MULL have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVD or MULL?

MULL has higher volatility (57.59%) compared to NVD (25.96%). In terms of maximum drawdown, NVD dropped -99.26% vs MULL's -72.29%.

Which ETF is better, NVD or MULL?

On 1-year performance, MULL leads with 5016.23% vs -68.07% for NVD. Both ETFs have the same 1.50% expense ratio. On volatility, NVD has been the lower-risk option at 25.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVD or MULL?

Over the 1-year period, MULL has performed better with a 5016.23% return vs -68.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVD or MULL?

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

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

NVD has the higher dividend yield at 18.83%, compared with 0.04% for MULL.

What is the main difference between NVD and MULL?

NVD is categorized as Inverse Equities, while MULL is Leveraged Equities.

Which has better risk-adjusted returns?

MULL currently has the higher Sharpe Ratio (38.21 vs -1.00), 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.