TSLI vs. MULL

Last updated Jun 30, 2026

TSLI (ProShares Ultra TSLA) and MULL (GraniteShares 2x Long MU Daily ETF) are both Leveraged Equities funds. Both are actively managed. At a 0.36 correlation, their price movements are largely independent.

Performance

TSLI vs. MULL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra TSLA (TSLI) 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, TSLI achieves a -27.63% return, which is significantly lower than MULL's 912.93% return.

TSLI

• 1D: 16.30%
• 1M: -13.97%
• YTD: -27.63%
• 6M: -31.06%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MULL

• 1D: 3.06%
• 1M: 19.86%
• YTD: 912.93%
• 6M: 849.12%
• 1Y: 4,062.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSLI vs. MULL - Yearly Performance Comparison

	2026 (YTD)	2025
TSLI ProShares Ultra TSLA	-27.63%	48.21%
MULL GraniteShares 2x Long MU Daily ETF	912.93%	270.91%

Correlation

The correlation between TSLI and MULL is 0.36, 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 Sep 10, 2025	0.36

Return for Risk

TSLI vs. MULL — Risk / Return Rank

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

TSLI

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: 100
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.

TSLI vs. MULL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra TSLA (TSLI) 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.

	TSLI	MULL	Difference
Sharpe ratio: Return per unit of total volatility	—	27.61	—
Sortino ratio: Return per unit of downside risk	—	5.72	—
Omega ratio: Gain probability vs. loss probability	—	1.73	—
Calmar ratio: Return relative to maximum drawdown	—	77.69	—
Martin ratio: Return relative to average drawdown	—	259.67	—

Drawdowns

TSLI vs. MULL - Drawdown Comparison

The maximum TSLI drawdown since its inception was -54.83%, smaller than the maximum MULL drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for TSLI and MULL.

Drawdown Indicators

	TSLI	MULL	Difference
Max Drawdown Largest peak-to-trough decline	-54.83%	-72.29%	+17.46%
Max Drawdown (1Y) Largest decline over 1 year	—	-53.09%	—
Current Drawdown Current decline from peak	-39.83%	-15.35%	-24.48%
Average Drawdown Average peak-to-trough decline	-26.12%	-20.47%	-5.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	15.90%	—

Volatility

Volatility by Period

	TSLI	MULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	74.72%	—
Volatility (6M) Calculated over the trailing 6-month period	—	123.17%	—
Volatility (1Y) Calculated over the trailing 1-year period	88.44%	149.68%	-61.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	88.44%	144.41%	-55.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	88.44%	144.41%	-55.97%

Dividends

TSLI vs. MULL - Dividend Comparison

TSLI's dividend yield for the trailing twelve months is around 9.72%, more than MULL's 0.04% yield.

Position	TTM	2025
MULL GraniteShares 2x Long MU Daily ETF	0.04%	0.39%
TSLI ProShares Ultra TSLA	9.72%	6.17%

Frequently Asked Questions

Can I hold both TSLI and MULL in my portfolio?

TSLI and MULL have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

TSLI has the higher dividend yield at 9.72%, compared with 0.04% for MULL.

What is the main difference between TSLI and MULL?

They also come from different issuers: ProShares and GraniteShares.