SPHD vs. MULL
SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) and MULL (GraniteShares 2x Long MU Daily ETF) are both exchange-traded funds - SPHD is a Dividend fund tracking the S&P 500 Low Volatility High Dividend Index, while MULL is a Leveraged Equities fund actively managed by GraniteShares. SPHD is passively managed, while MULL is actively managed. Over the past year, SPHD returned 12.09% vs 3622.12% for MULL. At a correlation of -0.03, they often move in opposite directions. SPHD charges 0.30%/yr vs 1.50%/yr for MULL.
Performance
SPHD vs. MULL - Performance Comparison
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Returns By Period
In the year-to-date period, SPHD achieves a 8.20% return, which is significantly lower than MULL's 780.13% return.
SPHD
- 1D
- 1.63%
- 1M
- 0.82%
- YTD
- 8.20%
- 6M
- 8.56%
- 1Y
- 12.09%
- 3Y*
- 12.70%
- 5Y*
- 7.06%
- 10Y*
- 7.55%
MULL
- 1D
- -26.45%
- 1M
- 69.00%
- YTD
- 780.13%
- 6M
- 832.94%
- 1Y
- 3,622.12%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPHD vs. MULL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 8.20% | 3.41% | -3.84% |
MULL GraniteShares 2x Long MU Daily ETF | 780.13% | 558.51% | -39.23% |
Correlation
The correlation between SPHD and MULL is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.15 |
Correlation (All Time) Calculated using the full available price history since Nov 12, 2024 | -0.03 |
The correlation between SPHD and MULL shifts across timeframes, from -0.15 (1 year) to -0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SPHD vs. MULL — Risk / Return Rank
SPHD
MULL
SPHD vs. MULL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) 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.
| SPHD | MULL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -24.18 | ||
| Sortino ratioReturn per unit of downside risk | -4.00 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.71 | -0.53 |
| Calmar ratioReturn relative to maximum drawdown | 1.66 | 69.24 | -67.58 |
| Martin ratioReturn relative to average drawdown | 4.06 | 221.31 | -217.25 |
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Drawdowns
SPHD vs. MULL - Drawdown Comparison
The maximum SPHD drawdown since its inception was -41.39%, smaller than the maximum MULL drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for SPHD and MULL.
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Drawdown Indicators
| SPHD | MULL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.39% | -72.29% | +30.90% |
Max Drawdown (1Y)Largest decline over 1 year | -7.33% | -53.09% | +45.76% |
Max Drawdown (3Y)Largest decline over 3 years | -13.29% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -19.50% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -41.39% | — | — |
Current DrawdownCurrent decline from peak | -1.91% | -26.45% | +24.54% |
Average DrawdownAverage peak-to-trough decline | -4.69% | -20.52% | +15.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.98% | 16.58% | -13.60% |
Volatility
SPHD vs. MULL - Volatility Comparison
The current volatility for Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) is 4.26%, while GraniteShares 2x Long MU Daily ETF (MULL) has a volatility of 74.91%. This indicates that SPHD 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.
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Volatility by Period
| SPHD | MULL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.26% | 74.91% | -70.65% |
Volatility (6M)Calculated over the trailing 6-month period | 8.13% | 119.83% | -111.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.48% | 145.72% | -134.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.16% | 142.49% | -128.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.65% | 142.49% | -124.84% |
SPHD vs. MULL - Expense Ratio Comparison
SPHD has a 0.30% expense ratio, which is lower than MULL's 1.50% expense ratio.
Dividends
SPHD vs. MULL - Dividend Comparison
SPHD's dividend yield for the trailing twelve months is around 4.60%, more than MULL's 0.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MULL GraniteShares 2x Long MU Daily ETF | 0.04% | 0.39% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 4.60% | 4.02% | 3.41% | 4.48% | 3.89% | 3.45% | 4.89% | 4.07% | 4.40% | 3.14% | 3.83% | 3.49% |
Frequently Asked Questions
SPHD and MULL have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MULL has higher volatility (74.91%) compared to SPHD (4.26%). In terms of maximum drawdown, SPHD dropped -41.39% vs MULL's -72.29%.
On 1-year performance, MULL leads with 3622.12% vs 12.09% for SPHD. On fees, SPHD is cheaper at 0.30% per year. On volatility, SPHD has been the lower-risk option at 4.26%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, MULL has performed better with a 3622.12% return vs 12.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPHD is cheaper with a 0.30% expense ratio, compared with 1.50% for MULL.
SPHD has the higher dividend yield at 4.60%, compared with 0.04% for MULL.
SPHD is categorized as Dividend, while MULL is Leveraged Equities. They also come from different issuers: Invesco and GraniteShares. Their fees differ too: 0.30% for SPHD and 1.50% for MULL.
MULL currently has the higher Sharpe Ratio (25.24 vs 1.06), 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.
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