RVNL vs. MULL

Last updated Jul 12, 2026

RVNL (GraniteShares 2x Long RIVN Daily ETF) and MULL (GraniteShares 2x Long MU Daily ETF) are both Leveraged Equities funds from GraniteShares. Both are actively managed. Over the past year, RVNL returned -2.20% vs 2882.24% for MULL. At a 0.20 correlation, their price movements are largely independent. RVNL charges 1.15%/yr vs 1.50%/yr for MULL.

Performance

RVNL vs. MULL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long RIVN Daily ETF (RVNL) 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, RVNL achieves a -44.58% return, which is significantly lower than MULL's 619.42% return.

RVNL

• 1D: -6.91%
• 1M: 13.94%
• 6M: -41.25%
• YTD: -44.58%
• 1Y: -2.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MULL

• 1D: -2.53%
• 1M: -10.77%
• 6M: 404.87%
• YTD: 619.42%
• 1Y: 2,882.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RVNL vs. MULL - Yearly Performance Comparison

	2026 (YTD)	2025
RVNL GraniteShares 2x Long RIVN Daily ETF	-44.58%	109.17%
MULL GraniteShares 2x Long MU Daily ETF	619.42%	1,235.85%

Correlation

The correlation between RVNL and MULL is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (All Time) Calculated using the full available price history since Apr 22, 2025	0.20

RVNL vs. MULL - Sectors Allocation Comparison

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

Return for Risk

RVNL vs. MULL — Risk / Return Rank

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

RVNL

RVNL Risk / Return Rank: 14
RVNL Sharpe Ratio Rank: 9
RVNL Sortino Ratio Rank: 22
RVNL Omega Ratio Rank: 21
RVNL Calmar Ratio Rank: 8
RVNL Martin Ratio Rank: 8

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: 99
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.

RVNL vs. MULL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long RIVN Daily ETF (RVNL) 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.

	RVNL	MULL	Difference
Sharpe ratio: Return per unit of total volatility	-0.05	19.64	-19.70
Sortino ratio: Return per unit of downside risk	1.01	5.18	-4.17
Omega ratio: Gain probability vs. loss probability	1.12	1.66	-0.53
Calmar ratio: Return relative to maximum drawdown	-0.10	56.18	-56.28
Martin ratio: Return relative to average drawdown	-0.17	173.42	-173.59

RVNL vs. MULL - Sharpe Ratio Comparison

The current RVNL Sharpe Ratio is -0.05, which is lower than the MULL Sharpe Ratio of 19.64. The chart below compares the historical Sharpe Ratios of RVNL 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

RVNL vs. MULL - Drawdown Comparison

The maximum RVNL drawdown since its inception was -72.92%, roughly equal to the maximum MULL drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for RVNL and MULL.

Drawdown Indicators

	RVNL	MULL	Difference
Max Drawdown Largest peak-to-trough decline	-72.92%	-72.29%	-0.63%
Max Drawdown (1Y) Largest decline over 1 year	-72.92%	-53.09%	-19.83%
Current Drawdown Current decline from peak	-57.50%	-39.88%	-17.62%
Average Drawdown Average peak-to-trough decline	-41.52%	-20.78%	-20.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	43.45%	17.16%	+26.29%

Volatility

RVNL vs. MULL - Volatility Comparison

GraniteShares 2x Long RIVN Daily ETF (RVNL) and GraniteShares 2x Long MU Daily ETF (MULL) have volatilities of 66.41% and 68.08%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RVNL	MULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	66.41%	68.08%	-1.67%
Volatility (6M) Calculated over the trailing 6-month period	105.15%	124.42%	-19.27%
Volatility (1Y) Calculated over the trailing 1-year period	140.21%	151.84%	-11.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	132.36%	144.77%	-12.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	132.36%	144.77%	-12.41%

RVNL vs. MULL - Expense Ratio Comparison

RVNL has a 1.15% expense ratio, which is lower than MULL's 1.50% expense ratio.

Dividends

RVNL vs. MULL - Dividend Comparison

RVNL has not paid dividends to shareholders, while MULL's dividend yield for the trailing twelve months is around 0.05%.

Position	TTM	2025
MULL GraniteShares 2x Long MU Daily ETF	0.05%	0.39%
RVNL GraniteShares 2x Long RIVN Daily ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both RVNL and MULL in my portfolio?

RVNL and MULL have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RVNL or MULL?

MULL has higher volatility (68.08%) compared to RVNL (66.41%). In terms of maximum drawdown, RVNL dropped -72.92% vs MULL's -72.29%.

Which ETF is better, RVNL or MULL?

On 1-year performance, MULL leads with 2882.24% vs -2.20% for RVNL. On fees, RVNL is cheaper at 1.15% per year. On volatility, RVNL has been the lower-risk option at 66.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RVNL or MULL?

Over the 1-year period, MULL has performed better with a 2882.24% return vs -2.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RVNL or MULL?

RVNL is cheaper with a 1.15% expense ratio, compared with 1.50% for MULL.

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

MULL has the higher dividend yield at 0.05%, compared with 0.00% for RVNL.

What is the main difference between RVNL and MULL?

Their fees differ too: 1.15% for RVNL and 1.50% for MULL.

Which has better risk-adjusted returns?

MULL currently has the higher Sharpe Ratio (19.64 vs -0.05), 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.