URSP vs. MULL

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares Ultra S&P 500 Equal Weight ETF (URSP) and GraniteShares 2x Long MU Daily ETF (MULL).

URSP and MULL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. URSP is a passively managed fund by ProShares that tracks the performance of the S&P 500 Equal Weight Index. It was launched on Aug 25, 2025. MULL is an actively managed fund by GraniteShares. It was launched on Nov 11, 2024.

Performance

URSP vs. MULL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra S&P 500 Equal Weight ETF (URSP) and GraniteShares 2x Long MU Daily ETF (MULL). The values are adjusted to include any dividend payments, if applicable.

URSP vs. MULL - Yearly Performance Comparison

	2026 (YTD)	2025
URSP ProShares Ultra S&P 500 Equal Weight ETF	-0.70%	1.57%
MULL GraniteShares 2x Long MU Daily ETF	18.59%	382.02%

Returns By Period

In the year-to-date period, URSP achieves a -0.70% return, which is significantly lower than MULL's 18.59% return.

URSP

• 1D: 3.91%
• 1M: -12.42%
• YTD: -0.70%
• 6M: -0.13%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MULL

• 1D: 9.98%
• 1M: -37.16%
• YTD: 18.59%
• 6M: 194.62%
• 1Y: 734.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

URSP vs. MULL - Expense Ratio Comparison

URSP has a 0.95% expense ratio, which is lower than MULL's 1.50% expense ratio.

MULL

GraniteShares 2x Long MU Daily ETF

URSP

ProShares Ultra S&P 500 Equal Weight ETF

Return for Risk

URSP vs. MULL — Risk / Return Rank

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

MULL

MULL Risk / Return Rank: 98
MULL Sharpe Ratio Rank: 99
MULL Sortino Ratio Rank: 97
MULL Omega Ratio Rank: 96
MULL Calmar Ratio Rank: 99
MULL Martin Ratio Rank: 98

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.

URSP vs. MULL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra S&P 500 Equal Weight ETF (URSP) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	URSP	MULL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	5.72	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.06	1.62	-1.56

Correlation

The correlation between URSP and MULL is 0.33, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

URSP vs. MULL - Dividend Comparison

URSP's dividend yield for the trailing twelve months is around 0.69%, more than MULL's 0.33% yield.

	TTM	2025
URSP ProShares Ultra S&P 500 Equal Weight ETF	0.69%	0.38%
MULL GraniteShares 2x Long MU Daily ETF	0.33%	0.39%

Drawdowns

URSP vs. MULL - Drawdown Comparison

The maximum URSP drawdown since its inception was -15.72%, smaller than the maximum MULL drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for URSP and MULL.

Drawdown Indicators

	URSP	MULL	Difference
Max Drawdown Largest peak-to-trough decline	-15.72%	-72.29%	+56.57%
Max Drawdown (1Y) Largest decline over 1 year	—	-53.09%	—
Current Drawdown Current decline from peak	-12.42%	-48.41%	+35.99%
Average Drawdown Average peak-to-trough decline	-3.06%	-21.94%	+18.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	18.76%	—

Volatility

Volatility by Period

	URSP	MULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	47.04%	—
Volatility (6M) Calculated over the trailing 6-month period	—	98.50%	—
Volatility (1Y) Calculated over the trailing 1-year period	24.11%	129.87%	-105.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.11%	129.40%	-105.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.11%	129.40%	-105.29%