XPP vs. MULL

Last updated Apr 2, 2026

Compare and contrast key facts about ProShares Ultra FTSE China 50 (XPP) and GraniteShares 2x Long MU Daily ETF (MULL).

XPP and MULL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XPP is a passively managed fund by ProShares that tracks the performance of the FTSE/Xinhua China 25 Index (200%). It was launched on Jun 2, 2009. MULL is an actively managed fund by GraniteShares. It was launched on Nov 11, 2024.

Performance

XPP vs. MULL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra FTSE China 50 (XPP) and GraniteShares 2x Long MU Daily ETF (MULL). The values are adjusted to include any dividend payments, if applicable.

XPP vs. MULL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XPP ProShares Ultra FTSE China 50	-16.13%	45.84%	1.83%
MULL GraniteShares 2x Long MU Daily ETF	40.10%	558.51%	-40.10%

Returns By Period

In the year-to-date period, XPP achieves a -16.13% return, which is significantly lower than MULL's 40.10% return.

XPP

• 1D: -1.79%
• 1M: -8.28%
• YTD: -16.13%
• 6M: -28.23%
• 1Y: -7.96%
• 3Y*: 1.80%
• 5Y*: -20.38%
• 10Y*: -5.13%

MULL

• 1D: 18.15%
• 1M: -25.99%
• YTD: 40.10%
• 6M: 196.67%
• 1Y: 845.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XPP vs. MULL - Expense Ratio Comparison

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

MULL

GraniteShares 2x Long MU Daily ETF

XPP

ProShares Ultra FTSE China 50

Return for Risk

XPP vs. MULL — Risk / Return Rank

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

XPP

XPP Risk / Return Rank: 9
XPP Sharpe Ratio Rank: 9
XPP Sortino Ratio Rank: 11
XPP Omega Ratio Rank: 11
XPP Calmar Ratio Rank: 8
XPP Martin Ratio Rank: 7

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: 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.

XPP vs. MULL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra FTSE China 50 (XPP) 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.

	XPP	MULL	Difference
Sharpe ratio Return per unit of total volatility	-0.17	6.53	-6.70
Sortino ratio Return per unit of downside risk	0.09	3.77	-3.68
Omega ratio Gain probability vs. loss probability	1.01	1.50	-0.49
Calmar ratio Return relative to maximum drawdown	-0.26	16.69	-16.95
Martin ratio Return relative to average drawdown	-0.66	46.83	-47.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XPP vs. MULL - Sharpe Ratio Comparison

The current XPP Sharpe Ratio is -0.17, which is lower than the MULL Sharpe Ratio of 6.53. The chart below compares the historical Sharpe Ratios of XPP and MULL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	XPP	MULL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.17	6.53	-6.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.33	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.09	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.09	1.91	-2.01

Correlation

The correlation between XPP and MULL is 0.30, 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

XPP vs. MULL - Dividend Comparison

XPP's dividend yield for the trailing twelve months is around 2.59%, more than MULL's 0.28% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
XPP ProShares Ultra FTSE China 50	2.59%	2.32%	2.96%	2.87%	0.00%	0.00%	0.00%	3.81%	1.47%
MULL GraniteShares 2x Long MU Daily ETF	0.28%	0.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

XPP vs. MULL - Drawdown Comparison

The maximum XPP drawdown since its inception was -89.90%, which is greater than MULL's maximum drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for XPP and MULL.

Drawdown Indicators

	XPP	MULL	Difference
Max Drawdown Largest peak-to-trough decline	-89.90%	-72.29%	-17.61%
Max Drawdown (1Y) Largest decline over 1 year	-32.09%	-53.09%	+21.00%
Max Drawdown (5Y) Largest decline over 5 years	-85.54%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-89.90%	—	—
Current Drawdown Current decline from peak	-77.80%	-39.05%	-38.75%
Average Drawdown Average peak-to-trough decline	-47.52%	-21.99%	-25.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.74%	18.92%	-6.18%

Volatility

XPP vs. MULL - Volatility Comparison

The current volatility for ProShares Ultra FTSE China 50 (XPP) is 13.51%, while GraniteShares 2x Long MU Daily ETF (MULL) has a volatility of 47.87%. This indicates that XPP 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

	XPP	MULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.51%	47.87%	-34.36%
Volatility (6M) Calculated over the trailing 6-month period	29.10%	99.70%	-70.60%
Volatility (1Y) Calculated over the trailing 1-year period	47.46%	130.90%	-83.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.66%	130.06%	-67.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.97%	130.06%	-75.09%