TLA vs. MULL

Last updated Aug 1, 2026

TLA (GraniteShares Autocallable TSLA ETF) and MULL (GraniteShares 2x Long MU Daily ETF) are both exchange-traded funds - TLA is a Derivative Income fund actively managed by GraniteShares, while MULL is a Leveraged Equities fund actively managed by GraniteShares. Both are actively managed. Their 0.41 correlation means their historical movements had little consistent relationship. TLA charges 1.07%/yr vs 1.50%/yr for MULL.

Performance

TLA vs. MULL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares Autocallable TSLA ETF (TLA) and GraniteShares 2x Long MU Daily ETF (MULL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

TLA

• 1D: 0.68%
• 1M: -7.40%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

MULL

• 1D: -11.97%
• 1M: -36.10%
• 6M: 129.44%
• YTD: 359.36%
• 1Y: 2,639.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 446.67%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MULL GraniteShares 2x Long MU Daily ETF	$191.48M	$219.09M	$265.13M
TLA GraniteShares Autocallable TSLA ETF	$81.43K	$70.64K	$69.71K

TLA vs. MULL - Yearly Performance Comparison

	2026 (YTD)
TLA GraniteShares Autocallable TSLA ETF	-2.43%
MULL GraniteShares 2x Long MU Daily ETF	106.35%

Correlation

The correlation between TLA and MULL is 0.41, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 3, 2026	0.41

Return for Risk

TLA vs. MULL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TLA

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) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TLA vs. MULL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares Autocallable TSLA ETF (TLA) 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.

	TLA	MULL	Difference
Sharpe ratio: Return per unit of total volatility	—	15.08	—
Sortino ratio: Return per unit of downside risk	—	4.77	—
Omega ratio: Gain probability vs. loss probability	—	1.59	—
Calmar ratio: Return relative to maximum drawdown	—	35.94	—
Martin ratio: Return relative to average drawdown	—	118.66	—

Drawdowns

TLA vs. MULL - Drawdown Comparison

The maximum TLA drawdown since its inception was -11.80%, smaller than the maximum MULL drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for TLA and MULL.

Drawdown Indicators

	TLA	MULL	Difference
Max Drawdown Largest peak-to-trough decline	-11.80%	-72.29%	+60.49%
Max Drawdown (1Y) Largest decline over 1 year	—	-68.16%	—
Current Drawdown Current decline from peak	-8.79%	-61.61%	+52.82%
Average Drawdown Average peak-to-trough decline	-1.78%	-21.86%	+20.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	20.61%	—

Volatility

Volatility by Period

	TLA	MULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	61.67%	—
Volatility (6M) Calculated over the trailing 6-month period	—	135.25%	—
Volatility (1Y) Calculated over the trailing 1-year period	16.63%	162.81%	-146.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.63%	149.74%	-133.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.63%	149.74%	-133.11%

TLA vs. MULL - Expense Ratio Comparison

TLA has a 1.07% expense ratio, which is lower than MULL's 1.50% expense ratio.

Dividends

TLA vs. MULL - Dividend Comparison

TLA's dividend yield for the trailing twelve months is around 8.86%, more than MULL's 0.08% yield.

Position	TTM	2025
MULL GraniteShares 2x Long MU Daily ETF	0.08%	0.39%
TLA GraniteShares Autocallable TSLA ETF	8.86%	0.00%

Frequently Asked Questions

Can I hold both TLA and MULL in my portfolio?

TLA and MULL have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TLA or MULL?

On fees, TLA is cheaper at 1.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TLA or MULL?

TLA is cheaper with a 1.07% expense ratio, compared with 1.50% for MULL.

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

TLA has the higher dividend yield at 8.86%, compared with 0.08% for MULL.

What is the main difference between TLA and MULL?

TLA is categorized as Derivative Income, while MULL is Leveraged Equities. Their fees differ too: 1.07% for TLA and 1.50% for MULL.