NVDX vs. MULL

Last updated Jun 26, 2026

NVDX (T-REX 2X Long NVIDIA Daily Target ETF) and MULL (GraniteShares 2x Long MU Daily ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, NVDX returned 21.15% vs 4402.04% for MULL. A 0.50 correlation means they provide meaningful diversification when combined. NVDX charges 1.05%/yr vs 1.50%/yr for MULL.

Performance

NVDX vs. MULL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T-REX 2X Long NVIDIA Daily Target ETF (NVDX) 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, NVDX achieves a -4.38% return, which is significantly lower than MULL's 1,049.06% return.

NVDX

• 1D: -3.08%
• 1M: -19.00%
• YTD: -4.38%
• 6M: -7.09%
• 1Y: 21.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MULL

• 1D: 32.11%
• 1M: 58.86%
• YTD: 1,049.06%
• 6M: 1,033.19%
• 1Y: 4,402.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NVDX vs. MULL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NVDX T-REX 2X Long NVIDIA Daily Target ETF	-4.38%	26.24%	-18.07%
MULL GraniteShares 2x Long MU Daily ETF	1,049.06%	558.51%	-39.23%

Correlation

The correlation between NVDX 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 Nov 12, 2024	0.50

The correlation between NVDX and MULL has been stable across timeframes, ranging from 0.43 to 0.50 - a consistent structural relationship.

NVDX vs. MULL - Sectors Allocation Comparison

Sectors	NVDX	MULL
Technology	100.0%	66.7%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

NVDX vs. MULL — Risk / Return Rank

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

NVDX

NVDX Risk / Return Rank: 15
NVDX Sharpe Ratio Rank: 13
NVDX Sortino Ratio Rank: 18
NVDX Omega Ratio Rank: 17
NVDX Calmar Ratio Rank: 15
NVDX Martin Ratio Rank: 14

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: 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.

NVDX vs. MULL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T-REX 2X Long NVIDIA Daily Target ETF (NVDX) 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.

	NVDX	MULL	Difference
Sharpe ratio: Return per unit of total volatility	0.30	30.09	-29.79
Sortino ratio: Return per unit of downside risk	0.91	5.88	-4.97
Omega ratio: Gain probability vs. loss probability	1.11	1.75	-0.64
Calmar ratio: Return relative to maximum drawdown	0.49	84.21	-83.72
Martin ratio: Return relative to average drawdown	1.04	276.41	-275.36

NVDX vs. MULL - Sharpe Ratio Comparison

The current NVDX Sharpe Ratio is 0.30, which is lower than the MULL Sharpe Ratio of 30.09. The chart below compares the historical Sharpe Ratios of NVDX 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

NVDX vs. MULL - Drawdown Comparison

The maximum NVDX drawdown since its inception was -68.19%, smaller than the maximum MULL drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for NVDX and MULL.

Drawdown Indicators

	NVDX	MULL	Difference
Max Drawdown Largest peak-to-trough decline	-68.19%	-72.29%	+4.10%
Max Drawdown (1Y) Largest decline over 1 year	-43.76%	-53.09%	+9.33%
Current Drawdown Current decline from peak	-33.40%	-3.97%	-29.43%
Average Drawdown Average peak-to-trough decline	-20.38%	-20.49%	+0.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.29%	16.46%	+3.83%

Volatility

NVDX vs. MULL - Volatility Comparison

The current volatility for T-REX 2X Long NVIDIA Daily Target ETF (NVDX) is 26.38%, while GraniteShares 2x Long MU Daily ETF (MULL) has a volatility of 72.81%. This indicates that NVDX 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

	NVDX	MULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.38%	72.81%	-46.43%
Volatility (6M) Calculated over the trailing 6-month period	53.17%	122.03%	-68.86%
Volatility (1Y) Calculated over the trailing 1-year period	70.86%	148.63%	-77.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	95.40%	144.22%	-48.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	95.40%	144.22%	-48.82%

NVDX vs. MULL - Expense Ratio Comparison

NVDX has a 1.05% expense ratio, which is lower than MULL's 1.50% expense ratio.

Dividends

NVDX vs. MULL - Dividend Comparison

NVDX's dividend yield for the trailing twelve months is around 3.50%, more than MULL's 0.03% yield.

Position	TTM	2025	2024
MULL GraniteShares 2x Long MU Daily ETF	0.03%	0.39%	0.00%
NVDX T-REX 2X Long NVIDIA Daily Target ETF	3.50%	3.35%	15.48%

Frequently Asked Questions

Can I hold both NVDX and MULL in my portfolio?

NVDX 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, NVDX or MULL?

MULL has higher volatility (72.81%) compared to NVDX (26.38%). In terms of maximum drawdown, NVDX dropped -68.19% vs MULL's -72.29%.

Which ETF is better, NVDX or MULL?

On 1-year performance, MULL leads with 4402.04% vs 21.15% for NVDX. On fees, NVDX is cheaper at 1.05% per year. On volatility, NVDX has been the lower-risk option at 26.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVDX or MULL?

Over the 1-year period, MULL has performed better with a 4402.04% return vs 21.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDX or MULL?

NVDX is cheaper with a 1.05% expense ratio, compared with 1.50% for MULL.

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

NVDX has the higher dividend yield at 3.50%, compared with 0.03% for MULL.

What is the main difference between NVDX and MULL?

They also come from different issuers: REX and GraniteShares. Their fees differ too: 1.05% for NVDX and 1.50% for MULL.

Which has better risk-adjusted returns?

MULL currently has the higher Sharpe Ratio (30.09 vs 0.30), 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.