QPUX vs. MULL

Last updated Jun 5, 2026

QPUX (Defiance 2X Daily Long Pure Quantum ETF) and MULL (GraniteShares 2x Long MU Daily ETF) are both Leveraged Equities funds. Both are actively managed. At a 0.27 correlation, their price movements are largely independent. QPUX charges 1.29%/yr vs 1.50%/yr for MULL.

Performance

QPUX vs. MULL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance 2X Daily Long Pure Quantum ETF (QPUX) 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, QPUX achieves a -9.71% return, which is significantly lower than MULL's 774.91% return.

QPUX

• 1D: -2.18%
• 1M: 48.72%
• YTD: -9.71%
• 6M: -45.33%
• 1Y: —
• 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)

QPUX vs. MULL - Yearly Performance Comparison

	2026 (YTD)	2025
QPUX Defiance 2X Daily Long Pure Quantum ETF	-9.71%	-15.90%
MULL GraniteShares 2x Long MU Daily ETF	774.91%	423.77%

Correlation

The correlation between QPUX and MULL is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 8, 2025	0.27

Return for Risk

QPUX 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: 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.

QPUX vs. MULL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance 2X Daily Long Pure Quantum ETF (QPUX) 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

	QPUX	MULL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	38.21	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.15	6.53	-6.68

Drawdowns

QPUX vs. MULL - Drawdown Comparison

The maximum QPUX drawdown since its inception was -94.73%, which is greater than MULL's maximum drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for QPUX and MULL.

Drawdown Indicators

	QPUX	MULL	Difference
Max Drawdown Largest peak-to-trough decline	-94.73%	-72.29%	-22.44%
Max Drawdown (1Y) Largest decline over 1 year	—	-53.09%	—
Current Drawdown Current decline from peak	-82.09%	-15.62%	-66.47%
Average Drawdown Average peak-to-trough decline	-63.57%	-20.61%	-42.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	15.82%	—

Volatility

Volatility by Period

	QPUX	MULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	57.59%	—
Volatility (6M) Calculated over the trailing 6-month period	—	107.25%	—
Volatility (1Y) Calculated over the trailing 1-year period	194.31%	133.41%	+60.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	194.31%	136.72%	+57.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	194.31%	136.72%	+57.59%

QPUX vs. MULL - Expense Ratio Comparison

QPUX has a 1.29% expense ratio, which is lower than MULL's 1.50% expense ratio.

Dividends

QPUX vs. MULL - Dividend Comparison

QPUX 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%
QPUX Defiance 2X Daily Long Pure Quantum ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both QPUX and MULL in my portfolio?

QPUX and MULL have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QPUX or MULL?

On fees, QPUX is cheaper at 1.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QPUX or MULL?

QPUX is cheaper with a 1.29% expense ratio, compared with 1.50% for MULL.

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

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

What is the main difference between QPUX and MULL?

They also come from different issuers: Defiance and GraniteShares. Their fees differ too: 1.29% for QPUX and 1.50% for MULL.