RKLX vs. MULL

Last updated Jun 24, 2026

RKLX (Defiance Daily Target 2X Long RKLB ETF) and MULL (GraniteShares 2x Long MU Daily ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, RKLX returned 185.10% vs 3622.12% for MULL. At a 0.32 correlation, their price movements are largely independent. RKLX charges 1.29%/yr vs 1.50%/yr for MULL.

Performance

RKLX vs. MULL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long RKLB ETF (RKLX) 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, RKLX achieves a 2.51% return, which is significantly lower than MULL's 780.13% return.

RKLX

• 1D: -10.27%
• 1M: -56.29%
• YTD: 2.51%
• 6M: -17.39%
• 1Y: 185.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MULL

• 1D: -26.45%
• 1M: 69.00%
• YTD: 780.13%
• 6M: 832.94%
• 1Y: 3,622.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RKLX vs. MULL - Yearly Performance Comparison

	2026 (YTD)	2025
RKLX Defiance Daily Target 2X Long RKLB ETF	2.51%	579.88%
MULL GraniteShares 2x Long MU Daily ETF	780.13%	468.77%

Correlation

The correlation between RKLX and MULL is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (All Time) Calculated using the full available price history since Mar 13, 2025	0.32

RKLX vs. MULL - Sectors Allocation Comparison

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

Return for Risk

RKLX vs. MULL — Risk / Return Rank

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

RKLX

RKLX Risk / Return Rank: 44
RKLX Sharpe Ratio Rank: 30
RKLX Sortino Ratio Rank: 53
RKLX Omega Ratio Rank: 47
RKLX Calmar Ratio Rank: 57
RKLX Martin Ratio Rank: 35

MULL

MULL Risk / Return Rank: 98
MULL Sharpe Ratio Rank: 100
MULL Sortino Ratio Rank: 96
MULL Omega Ratio Rank: 95
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.

RKLX vs. MULL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long RKLB ETF (RKLX) 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.

	RKLX	MULL	Difference
Sharpe ratio: Return per unit of total volatility	1.01	25.24	-24.23
Sortino ratio: Return per unit of downside risk	2.34	5.61	-3.27
Omega ratio: Gain probability vs. loss probability	1.28	1.71	-0.44
Calmar ratio: Return relative to maximum drawdown	2.60	69.24	-66.64
Martin ratio: Return relative to average drawdown	4.84	221.31	-216.47

RKLX vs. MULL - Sharpe Ratio Comparison

The current RKLX Sharpe Ratio is 1.01, which is lower than the MULL Sharpe Ratio of 25.24. The chart below compares the historical Sharpe Ratios of RKLX 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

RKLX vs. MULL - Drawdown Comparison

The maximum RKLX drawdown since its inception was -71.71%, roughly equal to the maximum MULL drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for RKLX and MULL.

Drawdown Indicators

	RKLX	MULL	Difference
Max Drawdown Largest peak-to-trough decline	-71.71%	-72.29%	+0.58%
Max Drawdown (1Y) Largest decline over 1 year	-71.71%	-53.09%	-18.62%
Current Drawdown Current decline from peak	-64.12%	-26.45%	-37.67%
Average Drawdown Average peak-to-trough decline	-26.92%	-20.52%	-6.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.42%	16.58%	+21.84%

Volatility

RKLX vs. MULL - Volatility Comparison

The current volatility for Defiance Daily Target 2X Long RKLB ETF (RKLX) is 62.72%, while GraniteShares 2x Long MU Daily ETF (MULL) has a volatility of 74.91%. This indicates that RKLX 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

	RKLX	MULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	62.72%	74.91%	-12.19%
Volatility (6M) Calculated over the trailing 6-month period	142.12%	119.83%	+22.29%
Volatility (1Y) Calculated over the trailing 1-year period	185.83%	145.72%	+40.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	182.53%	142.49%	+40.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	182.53%	142.49%	+40.04%

RKLX vs. MULL - Expense Ratio Comparison

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

Dividends

RKLX vs. MULL - Dividend Comparison

RKLX's dividend yield for the trailing twelve months is around 14.58%, more than MULL's 0.04% yield.

Position	TTM	2025
MULL GraniteShares 2x Long MU Daily ETF	0.04%	0.39%
RKLX Defiance Daily Target 2X Long RKLB ETF	14.58%	14.94%

Frequently Asked Questions

Can I hold both RKLX and MULL in my portfolio?

RKLX and MULL have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RKLX or MULL?

MULL has higher volatility (74.91%) compared to RKLX (62.72%). In terms of maximum drawdown, RKLX dropped -71.71% vs MULL's -72.29%.

Which ETF is better, RKLX or MULL?

On 1-year performance, MULL leads with 3622.12% vs 185.10% for RKLX. On fees, RKLX is cheaper at 1.29% per year. On volatility, RKLX has been the lower-risk option at 62.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RKLX or MULL?

Over the 1-year period, MULL has performed better with a 3622.12% return vs 185.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RKLX or MULL?

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

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

RKLX has the higher dividend yield at 14.58%, compared with 0.04% for MULL.

What is the main difference between RKLX and MULL?

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

Which has better risk-adjusted returns?

MULL currently has the higher Sharpe Ratio (25.24 vs 1.01), 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.