URTY vs. MULL

Last updated Aug 4, 2026

URTY (ProShares UltraPro Russell2000) and MULL (GraniteShares 2x Long MU Daily ETF) are both Leveraged Equities funds. URTY is passively managed, while MULL is actively managed. Over the past year, URTY returned 118.59% vs 2677.24% for MULL. Their 0.50 correlation means their historical movements had little consistent relationship. URTY charges 0.95%/yr vs 1.50%/yr for MULL.

Performance

URTY vs. MULL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Russell2000 (URTY) 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, URTY achieves a 55.97% return, which is significantly lower than MULL's 365.77% return.

URTY

• 1D: 5.14%
• 1M: -2.55%
• 6M: 31.22%
• YTD: 55.97%
• 1Y: 118.59%
• 3Y*: 23.05%
• 5Y*: -2.82%
• 10Y*: 6.75%
• ALL TIME*: 14.07%

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
URTY ProShares UltraPro Russell2000	$35.77M	$36.50M	$68.68M

URTY vs. MULL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
URTY ProShares UltraPro Russell2000	55.97%	9.26%	-25.35%
MULL GraniteShares 2x Long MU Daily ETF	365.77%	558.51%	-39.23%

Correlation

The correlation between URTY and MULL is 0.47, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.47
Correlation (All Time) Calculated using the full available price history since Nov 12, 2024	0.50

URTY vs. MULL - Sectors Allocation Comparison

Sectors	URTY	MULL
Healthcare	20.2%	-
Financial Services	17.7%	-
Technology	14.8%	66.7%
Industrials	14.1%	-
Consumer Cyclical	9.2%	-
Real Estate	6.7%	-
Energy	5.4%	-
Basic Materials	4.4%	-
Utilities	2.7%	-
Consumer Defensive	2.6%	-
Communication Services	2.2%	-

Return for Risk

URTY vs. MULL — Risk / Return Rank

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

URTY

URTY Risk / Return Rank: 81
URTY Sharpe Ratio Rank: 85
URTY Sortino Ratio Rank: 77
URTY Omega Ratio Rank: 71
URTY Calmar Ratio Rank: 88
URTY Martin Ratio Rank: 84

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.

URTY vs. MULL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Russell2000 (URTY) 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.

	URTY	MULL	Difference
Sharpe ratio: Return per unit of total volatility	2.06	16.75	-14.68
Sortino ratio: Return per unit of downside risk	2.56	4.89	-2.33
Omega ratio: Gain probability vs. loss probability	1.30	1.61	-0.31
Calmar ratio: Return relative to maximum drawdown	3.66	39.82	-36.16
Martin ratio: Return relative to average drawdown	12.00	129.25	-117.25

URTY vs. MULL - Sharpe Ratio Comparison

The current URTY Sharpe Ratio is 2.06, which is lower than the MULL Sharpe Ratio of 16.75. The chart below compares the historical Sharpe Ratios of URTY 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

URTY vs. MULL - Drawdown Comparison

The maximum URTY drawdown since its inception was -88.09%, which is greater than MULL's maximum drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for URTY and MULL.

Drawdown Indicators

	URTY	MULL	Difference
Max Drawdown Largest peak-to-trough decline	-88.09%	-72.29%	-15.80%
Max Drawdown (1Y) Largest decline over 1 year	-32.56%	-68.16%	+35.60%
Max Drawdown (3Y) Largest decline over 3 years	-65.85%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-82.76%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-88.09%	—	—
Current Drawdown Current decline from peak	-35.79%	-61.07%	+25.28%
Average Drawdown Average peak-to-trough decline	-34.80%	-21.95%	-12.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.92%	20.96%	-11.04%

Volatility

URTY vs. MULL - Volatility Comparison

The current volatility for ProShares UltraPro Russell2000 (URTY) is 12.57%, while GraniteShares 2x Long MU Daily ETF (MULL) has a volatility of 60.92%. This indicates that URTY 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

	URTY	MULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.57%	60.92%	-48.35%
Volatility (6M) Calculated over the trailing 6-month period	42.24%	134.81%	-92.57%
Volatility (1Y) Calculated over the trailing 1-year period	57.90%	162.42%	-104.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.36%	149.56%	-82.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.28%	149.56%	-80.28%

URTY vs. MULL - Expense Ratio Comparison

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

Dividends

URTY vs. MULL - Dividend Comparison

URTY's dividend yield for the trailing twelve months is around 0.76%, more than MULL's 0.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
MULL GraniteShares 2x Long MU Daily ETF	0.08%	0.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
URTY ProShares UltraPro Russell2000	0.76%	1.02%	1.16%	0.55%	0.28%	0.00%	0.00%	0.18%	0.28%	0.00%	0.03%

Frequently Asked Questions

Can I hold both URTY and MULL in my portfolio?

URTY and MULL have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, URTY or MULL?

MULL has higher volatility (60.92%) compared to URTY (12.57%). In terms of maximum drawdown, URTY dropped -88.09% vs MULL's -72.29%.

Which ETF is better, URTY or MULL?

On 1-year performance, MULL leads with 2677.24% vs 118.59% for URTY. On fees, URTY is cheaper at 0.95% per year. On volatility, URTY has been the lower-risk option at 12.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, URTY or MULL?

Over the 1-year period, MULL has performed better with a 2677.24% return vs 118.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, URTY or MULL?

URTY is cheaper with a 0.95% expense ratio, compared with 1.50% for MULL.

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

URTY has the higher dividend yield at 0.76%, compared with 0.08% for MULL.

What is the main difference between URTY and MULL?

They also come from different issuers: ProShares and GraniteShares. Their fees differ too: 0.95% for URTY and 1.50% for MULL.

Which has better risk-adjusted returns?

MULL currently has the higher Sharpe Ratio (16.75 vs 2.06), 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.