SNOU vs. MULL

Last updated Jun 4, 2026

SNOU (T-Rex 2X Long SNOW Daily Target ETF) and MULL (GraniteShares 2x Long MU Daily ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, SNOU returned -18.14% vs 6074.28% for MULL. At a 0.13 correlation, their price movements are largely independent. Both charge a 1.50% expense ratio.

Performance

SNOU vs. MULL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T-Rex 2X Long SNOW Daily Target ETF (SNOU) 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, SNOU achieves a -10.09% return, which is significantly lower than MULL's 936.86% return.

SNOU

• 1D: -14.91%
• 1M: 148.51%
• YTD: -10.09%
• 6M: -41.19%
• 1Y: -18.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MULL

• 1D: 2.92%
• 1M: 216.81%
• YTD: 936.86%
• 6M: 1,369.93%
• 1Y: 6,074.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SNOU vs. MULL - Yearly Performance Comparison

	2026 (YTD)	2025
SNOU T-Rex 2X Long SNOW Daily Target ETF	-10.09%	52.64%
MULL GraniteShares 2x Long MU Daily ETF	936.86%	905.99%

Correlation

The correlation between SNOU and MULL is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (All Time) Calculated using the full available price history since Apr 25, 2025	0.13

Return for Risk

SNOU vs. MULL — Risk / Return Rank

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

SNOU

SNOU Risk / Return Rank: 11
SNOU Sharpe Ratio Rank: 7
SNOU Sortino Ratio Rank: 16
SNOU Omega Ratio Rank: 17
SNOU Calmar Ratio Rank: 7
SNOU Martin Ratio Rank: 7

MULL

MULL Risk / Return Rank: 99
MULL Sharpe Ratio Rank: 100
MULL Sortino Ratio Rank: 98
MULL Omega Ratio Rank: 97
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.

SNOU vs. MULL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T-Rex 2X Long SNOW Daily Target ETF (SNOU) 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.

	SNOU	MULL	Difference
Sharpe ratio: Return per unit of total volatility	-0.14	46.71	-46.85
Sortino ratio: Return per unit of downside risk	0.76	7.02	-6.26
Omega ratio: Gain probability vs. loss probability	1.10	1.89	-0.79
Calmar ratio: Return relative to maximum drawdown	-0.22	116.34	-116.55
Martin ratio: Return relative to average drawdown	-0.40	390.40	-390.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SNOU vs. MULL - Sharpe Ratio Comparison

The current SNOU Sharpe Ratio is -0.14, which is lower than the MULL Sharpe Ratio of 46.71. The chart below compares the historical Sharpe Ratios of SNOU 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.

Sharpe Ratios by Period

	SNOU	MULL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.14	46.71	-46.85
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	7.45	-7.19

Drawdowns

SNOU vs. MULL - Drawdown Comparison

The maximum SNOU drawdown since its inception was -84.17%, which is greater than MULL's maximum drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for SNOU and MULL.

Drawdown Indicators

	SNOU	MULL	Difference
Max Drawdown Largest peak-to-trough decline	-84.17%	-72.29%	-11.88%
Max Drawdown (1Y) Largest decline over 1 year	-84.17%	-53.09%	-31.08%
Current Drawdown Current decline from peak	-47.00%	0.00%	-47.00%
Average Drawdown Average peak-to-trough decline	-32.45%	-20.62%	-11.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	45.13%	15.79%	+29.34%

Volatility

SNOU vs. MULL - Volatility Comparison

T-Rex 2X Long SNOW Daily Target ETF (SNOU) has a higher volatility of 67.38% compared to GraniteShares 2x Long MU Daily ETF (MULL) at 55.41%. This indicates that SNOU's price experiences larger fluctuations and is considered to be riskier than MULL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SNOU	MULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	67.38%	55.41%	+11.97%
Volatility (6M) Calculated over the trailing 6-month period	106.45%	105.59%	+0.86%
Volatility (1Y) Calculated over the trailing 1-year period	131.53%	132.38%	-0.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	129.34%	136.22%	-6.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	129.34%	136.22%	-6.88%

SNOU vs. MULL - Expense Ratio Comparison

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

Dividends

SNOU vs. MULL - Dividend Comparison

SNOU's dividend yield for the trailing twelve months is around 6.64%, more than MULL's 0.04% yield.

Position	TTM	2025
MULL GraniteShares 2x Long MU Daily ETF	0.04%	0.39%
SNOU T-Rex 2X Long SNOW Daily Target ETF	6.64%	5.97%

Frequently Asked Questions

Can I hold both SNOU and MULL in my portfolio?

SNOU and MULL have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SNOU or MULL?

SNOU has higher volatility (67.38%) compared to MULL (55.41%). In terms of maximum drawdown, SNOU dropped -84.17% vs MULL's -72.29%.

Which ETF is better, SNOU or MULL?

On 1-year performance, MULL leads with 6074.28% vs -18.14% for SNOU. Both ETFs have the same 1.50% expense ratio. On volatility, MULL has been the lower-risk option at 55.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SNOU or MULL?

Over the 1-year period, MULL has performed better with a 6074.28% return vs -18.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SNOU or MULL?

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

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

SNOU has the higher dividend yield at 6.64%, compared with 0.04% for MULL.

What is the main difference between SNOU and MULL?

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

Which has better risk-adjusted returns?

MULL currently has the higher Sharpe Ratio (46.71 vs -0.14), 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.