URAA vs. MULL

Last updated Aug 4, 2026

URAA (Direxion Daily Uranium Industry Bull 2X Shares) and MULL (GraniteShares 2x Long MU Daily ETF) are both exchange-traded funds - URAA is a Uranium fund tracking the Solactive United States Uranium and Nuclear Energy ETF Select Index (200%), while MULL is a Leveraged Equities fund actively managed by GraniteShares. URAA is passively managed, while MULL is actively managed. Over the past year, URAA returned -10.54% vs 2677.24% for MULL. Their 0.39 correlation means their historical movements had little consistent relationship. URAA charges 1.28%/yr vs 1.50%/yr for MULL.

Performance

URAA vs. MULL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Uranium Industry Bull 2X Shares (URAA) 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, URAA achieves a -28.00% return, which is significantly lower than MULL's 365.77% return.

URAA

• 1D: 8.03%
• 1M: -10.41%
• 6M: -50.94%
• YTD: -28.00%
• 1Y: -10.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 0.34%

MULL

• 1D: 1.40%
• 1M: -35.21%
• 6M: 109.23%
• YTD: 365.77%
• 1Y: 2,677.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 446.64%

*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	$193.24M	$208.11M	$267.73M
URAA Direxion Daily Uranium Industry Bull 2X Shares	$1.05M	$1.22M	$2.39M

URAA vs. MULL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
URAA Direxion Daily Uranium Industry Bull 2X Shares	-28.00%	88.33%	-21.30%
MULL GraniteShares 2x Long MU Daily ETF	365.77%	558.51%	-39.23%

Correlation

The correlation between URAA and MULL is 0.40, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.40
Correlation (All Time) Calculated using the full available price history since Nov 12, 2024	0.39

URAA vs. MULL - Sectors Allocation Comparison

Sectors	URAA	MULL
Energy	64.2%	-
Industrials	17.8%	-
Utilities	14.2%	-
Basic Materials	2.8%	-
Technology	1.1%	66.7%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

URAA vs. MULL — Risk / Return Rank

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

URAA

URAA Risk / Return Rank: 12
URAA Sharpe Ratio Rank: 9
URAA Sortino Ratio Rank: 17
URAA Omega Ratio Rank: 16
URAA Calmar Ratio Rank: 9
URAA Martin Ratio Rank: 9

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.

URAA vs. MULL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Uranium Industry Bull 2X Shares (URAA) 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.

	URAA	MULL	Difference
Sharpe ratio: Return per unit of total volatility	-0.11	16.75	-16.85
Sortino ratio: Return per unit of downside risk	0.55	4.89	-4.34
Omega ratio: Gain probability vs. loss probability	1.06	1.61	-0.55
Calmar ratio: Return relative to maximum drawdown	-0.15	39.82	-39.98
Martin ratio: Return relative to average drawdown	-0.29	129.25	-129.54

URAA vs. MULL - Sharpe Ratio Comparison

The current URAA Sharpe Ratio is -0.11, which is lower than the MULL Sharpe Ratio of 16.75. The chart below compares the historical Sharpe Ratios of URAA 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.

Drawdowns

URAA vs. MULL - Drawdown Comparison

The maximum URAA drawdown since its inception was -69.08%, roughly equal to the maximum MULL drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for URAA and MULL.

Drawdown Indicators

	URAA	MULL	Difference
Max Drawdown Largest peak-to-trough decline	-69.08%	-72.29%	+3.21%
Max Drawdown (1Y) Largest decline over 1 year	-69.08%	-68.16%	-0.92%
Current Drawdown Current decline from peak	-63.74%	-61.07%	-2.67%
Average Drawdown Average peak-to-trough decline	-29.73%	-21.95%	-7.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.06%	20.96%	+15.10%

Volatility

URAA vs. MULL - Volatility Comparison

The current volatility for Direxion Daily Uranium Industry Bull 2X Shares (URAA) is 27.93%, while GraniteShares 2x Long MU Daily ETF (MULL) has a volatility of 60.92%. This indicates that URAA 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

	URAA	MULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	27.93%	60.92%	-32.99%
Volatility (6M) Calculated over the trailing 6-month period	70.76%	134.81%	-64.05%
Volatility (1Y) Calculated over the trailing 1-year period	98.06%	162.42%	-64.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	89.29%	149.56%	-60.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	89.29%	149.56%	-60.27%

URAA vs. MULL - Expense Ratio Comparison

URAA has a 1.28% expense ratio, which is lower than MULL's 1.50% expense ratio.

Dividends

URAA vs. MULL - Dividend Comparison

URAA's dividend yield for the trailing twelve months is around 13.99%, more than MULL's 0.08% yield.

Position	TTM	2025	2024
MULL GraniteShares 2x Long MU Daily ETF	0.08%	0.39%	0.00%
URAA Direxion Daily Uranium Industry Bull 2X Shares	13.99%	9.14%	4.36%

Frequently Asked Questions

Can I hold both URAA and MULL in my portfolio?

URAA and MULL have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, URAA or MULL?

MULL has higher volatility (60.92%) compared to URAA (27.93%). In terms of maximum drawdown, URAA dropped -69.08% vs MULL's -72.29%.

Which ETF is better, URAA or MULL?

On 1-year performance, MULL leads with 2677.24% vs -10.54% for URAA. On fees, URAA is cheaper at 1.28% per year. On volatility, URAA has been the lower-risk option at 27.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, URAA or MULL?

Over the 1-year period, MULL has performed better with a 2677.24% return vs -10.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, URAA or MULL?

URAA is cheaper with a 1.28% expense ratio, compared with 1.50% for MULL.

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

URAA has the higher dividend yield at 13.99%, compared with 0.08% for MULL.

What is the main difference between URAA and MULL?

URAA is categorized as Uranium, while MULL is Leveraged Equities. They also come from different issuers: Direxion and GraniteShares. Their fees differ too: 1.28% for URAA and 1.50% for MULL.

Which has better risk-adjusted returns?

MULL currently has the higher Sharpe Ratio (16.75 vs -0.11), 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.