SMUP vs. MULL

Last updated Jul 11, 2026

SMUP (T-REX 2X Long SMR Daily Target ETF) and MULL (GraniteShares 2x Long MU Daily ETF) are both Leveraged Equities funds. Both are actively managed. At a 0.33 correlation, their price movements are largely independent. Both charge a 1.50% expense ratio.

Performance

SMUP vs. MULL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T-REX 2X Long SMR Daily Target ETF (SMUP) 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, SMUP achieves a -77.45% return, which is significantly lower than MULL's 619.42% return.

SMUP

• 1D: -0.75%
• 1M: -21.61%
• 6M: -88.72%
• YTD: -77.45%
• 1Y: —
• 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)

SMUP vs. MULL - Yearly Performance Comparison

	2026 (YTD)	2025
SMUP T-REX 2X Long SMR Daily Target ETF	-77.45%	-95.38%
MULL GraniteShares 2x Long MU Daily ETF	619.42%	419.39%

Correlation

The correlation between SMUP and MULL is 0.33, 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 Jul 25, 2025	0.33

Return for Risk

SMUP vs. MULL — Risk / Return Rank

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

SMUP

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

SMUP vs. MULL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T-REX 2X Long SMR Daily Target ETF (SMUP) 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.

	SMUP	MULL	Difference
Sharpe ratio: Return per unit of total volatility	—	19.64	—
Sortino ratio: Return per unit of downside risk	—	5.18	—
Omega ratio: Gain probability vs. loss probability	—	1.66	—
Calmar ratio: Return relative to maximum drawdown	—	56.18	—
Martin ratio: Return relative to average drawdown	—	173.42	—

Drawdowns

SMUP vs. MULL - Drawdown Comparison

The maximum SMUP drawdown since its inception was -99.09%, which is greater than MULL's maximum drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for SMUP and MULL.

Drawdown Indicators

	SMUP	MULL	Difference
Max Drawdown Largest peak-to-trough decline	-99.09%	-72.29%	-26.80%
Max Drawdown (1Y) Largest decline over 1 year	—	-53.09%	—
Current Drawdown Current decline from peak	-99.03%	-39.88%	-59.15%
Average Drawdown Average peak-to-trough decline	-80.87%	-20.78%	-60.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	17.16%	—

Volatility

Volatility by Period

	SMUP	MULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	68.08%	—
Volatility (6M) Calculated over the trailing 6-month period	—	124.42%	—
Volatility (1Y) Calculated over the trailing 1-year period	200.07%	151.84%	+48.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	200.07%	144.77%	+55.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	200.07%	144.77%	+55.30%

SMUP vs. MULL - Expense Ratio Comparison

Both SMUP and MULL have an expense ratio of 1.50%.

Dividends

SMUP vs. MULL - Dividend Comparison

SMUP's dividend yield for the trailing twelve months is around 100.16%, more than MULL's 0.05% yield.

Position	TTM	2025
MULL GraniteShares 2x Long MU Daily ETF	0.05%	0.39%
SMUP T-REX 2X Long SMR Daily Target ETF	100.16%	22.59%

Frequently Asked Questions

Can I hold both SMUP and MULL in my portfolio?

SMUP and MULL have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMUP or MULL?

Both ETFs have the same 1.50% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMUP or MULL?

SMUP and MULL have the same expense ratio: 1.50% per year.

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

SMUP has the higher dividend yield at 100.16%, compared with 0.05% for MULL.

What is the main difference between SMUP and MULL?

They also come from different issuers: T-Rex and GraniteShares.