PBRG vs. MULL
PBRG (Leverage Shares 2X Long PBR Daily ETF) and MULL (GraniteShares 2x Long MU Daily ETF) are both Leveraged Equities funds. PBRG is passively managed, while MULL is actively managed. At a correlation of -0.07, they often move in opposite directions. PBRG charges 0.75%/yr vs 1.50%/yr for MULL.
Performance
PBRG vs. MULL - Performance Comparison
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Returns By Period
In the year-to-date period, PBRG achieves a 110.89% return, which is significantly lower than MULL's 545.56% return.
PBRG
- 1D
- -3.51%
- 1M
- -27.22%
- YTD
- 110.89%
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MULL
- 1D
- -26.21%
- 1M
- 49.48%
- YTD
- 545.56%
- 6M
- 797.25%
- 1Y
- 3,465.86%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PBRG vs. MULL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PBRG Leverage Shares 2X Long PBR Daily ETF | 110.89% | 7.59% |
MULL GraniteShares 2x Long MU Daily ETF | 545.56% | 29.59% |
Correlation
The correlation between PBRG and MULL 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 (All Time) Calculated using the full available price history since Dec 19, 2025 | -0.07 |
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Return for Risk
PBRG vs. MULL — Risk / Return Rank
PBRG
MULL
PBRG vs. MULL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long PBR Daily ETF (PBRG) 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.
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Sharpe Ratios by Period
| PBRG | MULL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 25.81 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 7.14 | 5.14 | +2.01 |
Drawdowns
PBRG vs. MULL - Drawdown Comparison
The maximum PBRG drawdown since its inception was -34.71%, smaller than the maximum MULL drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for PBRG and MULL.
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Drawdown Indicators
| PBRG | MULL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.71% | -72.29% | +37.58% |
Max Drawdown (1Y)Largest decline over 1 year | — | -53.09% | — |
Current DrawdownCurrent decline from peak | -34.71% | -37.74% | +3.03% |
Average DrawdownAverage peak-to-trough decline | -6.54% | -20.65% | +14.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 16.00% | — |
Volatility
PBRG vs. MULL - Volatility Comparison
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Volatility by Period
| PBRG | MULL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 66.70% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 111.86% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 70.61% | 136.34% | -65.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 70.61% | 138.33% | -67.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.61% | 138.33% | -67.72% |
PBRG vs. MULL - Expense Ratio Comparison
PBRG has a 0.75% expense ratio, which is lower than MULL's 1.50% expense ratio.
Dividends
PBRG vs. MULL - Dividend Comparison
PBRG has not paid dividends to shareholders, while MULL's dividend yield for the trailing twelve months is around 0.06%.
| Position | TTM | 2025 |
|---|---|---|
MULL GraniteShares 2x Long MU Daily ETF | 0.06% | 0.39% |
PBRG Leverage Shares 2X Long PBR Daily ETF | 0.00% | 0.00% |
Frequently Asked Questions
PBRG and MULL 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.
On fees, PBRG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PBRG is cheaper with a 0.75% expense ratio, compared with 1.50% for MULL.
MULL has the higher dividend yield at 0.06%, compared with 0.00% for PBRG.
They also come from different issuers: Leverage Shares and GraniteShares. Their fees differ too: 0.75% for PBRG and 1.50% for MULL.
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