QID vs. MULL

Last updated Jun 23, 2026

QID (ProShares UltraShort QQQ) and MULL (GraniteShares 2x Long MU Daily ETF) are both Leveraged Equities funds. QID is passively managed, while MULL is actively managed. Over the past year, QID returned -49.05% vs 4857.78% for MULL. At a correlation of -0.63, they often move in opposite directions. QID charges 0.95%/yr vs 1.50%/yr for MULL.

Performance

QID vs. MULL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort QQQ (QID) 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, QID achieves a -31.93% return, which is significantly lower than MULL's 1,096.58% return.

QID

• 1D: 0.22%
• 1M: -6.88%
• YTD: -31.93%
• 6M: -30.64%
• 1Y: -49.05%
• 3Y*: -38.43%
• 5Y*: -31.45%
• 10Y*: -39.47%

MULL

• 1D: 14.08%
• 1M: 129.77%
• YTD: 1,096.58%
• 6M: 1,164.65%
• 1Y: 4,857.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QID vs. MULL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QID ProShares UltraShort QQQ	-31.93%	-34.97%	1.28%
MULL GraniteShares 2x Long MU Daily ETF	1,096.58%	558.51%	-39.23%

Correlation

The correlation between QID and MULL is -0.60, 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	-0.60
Correlation (All Time) Calculated using the full available price history since Nov 12, 2024	-0.63

The correlation between QID and MULL has been stable across timeframes, ranging from -0.63 to -0.60 - a consistent structural relationship.

QID vs. MULL - Sectors Allocation Comparison

Sectors	QID	MULL
Financial Services	93.8%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	66.7%
Utilities	-	-

Return for Risk

QID vs. MULL — Risk / Return Rank

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

QID

QID Risk / Return Rank: 0
QID Sharpe Ratio Rank: 0
QID Sortino Ratio Rank: 0
QID Omega Ratio Rank: 0
QID Calmar Ratio Rank: 0
QID Martin Ratio Rank: 0

MULL

MULL Risk / Return Rank: 98
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.

QID vs. MULL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort QQQ (QID) 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.

	QID	MULL	Difference
Sharpe ratio: Return per unit of total volatility	-1.40	34.53	-35.93
Sortino ratio: Return per unit of downside risk	-2.37	6.22	-8.59
Omega ratio: Gain probability vs. loss probability	0.75	1.78	-1.03
Calmar ratio: Return relative to maximum drawdown	-1.01	92.96	-93.97
Martin ratio: Return relative to average drawdown	-1.94	298.64	-300.58

QID vs. MULL - Sharpe Ratio Comparison

The current QID Sharpe Ratio is -1.40, which is lower than the MULL Sharpe Ratio of 34.53. The chart below compares the historical Sharpe Ratios of QID 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

QID vs. MULL - Drawdown Comparison

The maximum QID drawdown since its inception was -99.99%, which is greater than MULL's maximum drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for QID and MULL.

Drawdown Indicators

	QID	MULL	Difference
Max Drawdown Largest peak-to-trough decline	-99.99%	-72.29%	-27.70%
Max Drawdown (1Y) Largest decline over 1 year	-48.52%	-53.09%	+4.57%
Max Drawdown (3Y) Largest decline over 3 years	-79.50%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-88.72%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.37%	—	—
Current Drawdown Current decline from peak	-99.99%	0.00%	-99.99%
Average Drawdown Average peak-to-trough decline	-87.02%	-20.50%	-66.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.66%	16.49%	+10.17%

Volatility

QID vs. MULL - Volatility Comparison

The current volatility for ProShares UltraShort QQQ (QID) is 16.52%, while GraniteShares 2x Long MU Daily ETF (MULL) has a volatility of 66.44%. This indicates that QID 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

	QID	MULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.52%	66.44%	-49.92%
Volatility (6M) Calculated over the trailing 6-month period	28.23%	116.36%	-88.13%
Volatility (1Y) Calculated over the trailing 1-year period	35.23%	143.21%	-107.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.26%	140.95%	-95.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.81%	140.95%	-96.14%

QID vs. MULL - Expense Ratio Comparison

QID has a 0.95% expense ratio, which is lower than MULL's 1.50% expense ratio.

Dividends

QID vs. MULL - Dividend Comparison

QID's dividend yield for the trailing twelve months is around 7.63%, more than MULL's 0.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
MULL GraniteShares 2x Long MU Daily ETF	0.03%	0.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QID ProShares UltraShort QQQ	7.63%	6.25%	7.99%	5.63%	0.15%	0.00%	0.92%	2.54%	1.38%	0.08%

Frequently Asked Questions

Can I hold both QID and MULL in my portfolio?

QID and MULL have a correlation of -0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QID or MULL?

MULL has higher volatility (66.44%) compared to QID (16.52%). In terms of maximum drawdown, QID dropped -99.99% vs MULL's -72.29%.

Which ETF is better, QID or MULL?

On 1-year performance, MULL leads with 4857.78% vs -49.05% for QID. On fees, QID is cheaper at 0.95% per year. On volatility, QID has been the lower-risk option at 16.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QID or MULL?

Over the 1-year period, MULL has performed better with a 4857.78% return vs -49.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QID or MULL?

QID is cheaper with a 0.95% expense ratio, compared with 1.50% for MULL.

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

QID has the higher dividend yield at 7.63%, compared with 0.03% for MULL.

What is the main difference between QID and MULL?

They also come from different issuers: ProShares and GraniteShares. Their fees differ too: 0.95% for QID and 1.50% for MULL.

Which has better risk-adjusted returns?

MULL currently has the higher Sharpe Ratio (34.53 vs -1.40), 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.