TARK vs. MULL

Last updated Jun 4, 2026

TARK (Tradr 2X Long Innovation ETF) and MULL (GraniteShares 2x Long MU Daily ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, TARK returned 48.05% vs 6074.28% for MULL. At a 0.48 correlation, their price movements are largely independent. TARK charges 1.15%/yr vs 1.50%/yr for MULL.

Performance

TARK vs. MULL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tradr 2X Long Innovation ETF (TARK) 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, TARK achieves a -5.86% return, which is significantly lower than MULL's 936.86% return.

TARK

• 1D: -4.26%
• 1M: -1.29%
• YTD: -5.86%
• 6M: -15.22%
• 1Y: 48.05%
• 3Y*: 20.81%
• 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)

TARK vs. MULL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TARK Tradr 2X Long Innovation ETF	-5.86%	41.00%	-2.81%
MULL GraniteShares 2x Long MU Daily ETF	936.86%	558.51%	-40.10%

Correlation

The correlation between TARK and MULL is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (All Time) Calculated using the full available price history since Nov 13, 2024	0.48

Return for Risk

TARK vs. MULL — Risk / Return Rank

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

TARK

TARK Risk / Return Rank: 21
TARK Sharpe Ratio Rank: 20
TARK Sortino Ratio Rank: 25
TARK Omega Ratio Rank: 23
TARK Calmar Ratio Rank: 20
TARK Martin Ratio Rank: 17

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.

TARK vs. MULL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 2X Long Innovation ETF (TARK) 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.

	TARK	MULL	Difference
Sharpe ratio: Return per unit of total volatility	0.67	46.71	-46.03
Sortino ratio: Return per unit of downside risk	1.35	7.02	-5.67
Omega ratio: Gain probability vs. loss probability	1.16	1.89	-0.73
Calmar ratio: Return relative to maximum drawdown	0.84	116.34	-115.50
Martin ratio: Return relative to average drawdown	1.64	390.40	-388.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TARK vs. MULL - Sharpe Ratio Comparison

The current TARK Sharpe Ratio is 0.67, which is lower than the MULL Sharpe Ratio of 46.71. The chart below compares the historical Sharpe Ratios of TARK 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

	TARK	MULL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.67	46.71	-46.03
Sharpe Ratio (All Time) Calculated using the full available price history	-0.08	7.45	-7.53

Drawdowns

TARK vs. MULL - Drawdown Comparison

The maximum TARK drawdown since its inception was -77.82%, which is greater than MULL's maximum drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for TARK and MULL.

Drawdown Indicators

	TARK	MULL	Difference
Max Drawdown Largest peak-to-trough decline	-77.82%	-72.29%	-5.53%
Max Drawdown (1Y) Largest decline over 1 year	-57.57%	-53.09%	-4.48%
Max Drawdown (3Y) Largest decline over 3 years	-65.55%	—	—
Current Drawdown Current decline from peak	-38.05%	0.00%	-38.05%
Average Drawdown Average peak-to-trough decline	-50.98%	-20.62%	-30.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.31%	15.79%	+13.52%

Volatility

TARK vs. MULL - Volatility Comparison

The current volatility for Tradr 2X Long Innovation ETF (TARK) is 18.24%, while GraniteShares 2x Long MU Daily ETF (MULL) has a volatility of 55.41%. This indicates that TARK 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

	TARK	MULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.24%	55.41%	-37.17%
Volatility (6M) Calculated over the trailing 6-month period	49.96%	105.59%	-55.63%
Volatility (1Y) Calculated over the trailing 1-year period	71.80%	132.38%	-60.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	90.58%	136.22%	-45.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	90.58%	136.22%	-45.64%

TARK vs. MULL - Expense Ratio Comparison

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

Dividends

TARK vs. MULL - Dividend Comparison

TARK's dividend yield for the trailing twelve months is around 31.86%, more than MULL's 0.04% yield.

Position	TTM	2025	2024
MULL GraniteShares 2x Long MU Daily ETF	0.04%	0.39%	0.00%
TARK Tradr 2X Long Innovation ETF	31.86%	30.00%	0.59%

Frequently Asked Questions

Can I hold both TARK and MULL in my portfolio?

TARK and MULL have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TARK or MULL?

MULL has higher volatility (55.41%) compared to TARK (18.24%). In terms of maximum drawdown, TARK dropped -77.82% vs MULL's -72.29%.

Which ETF is better, TARK or MULL?

On 1-year performance, MULL leads with 6074.28% vs 48.05% for TARK. On fees, TARK is cheaper at 1.15% per year. On volatility, TARK has been the lower-risk option at 18.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TARK or MULL?

Over the 1-year period, MULL has performed better with a 6074.28% return vs 48.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TARK or MULL?

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

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

TARK has the higher dividend yield at 31.86%, compared with 0.04% for MULL.

What is the main difference between TARK and MULL?

They also come from different issuers: AXS and GraniteShares. Their fees differ too: 1.15% for TARK and 1.50% for MULL.

Which has better risk-adjusted returns?

MULL currently has the higher Sharpe Ratio (46.71 vs 0.67), 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.