GraniteShares 2x Long MU Daily ETF (MULL) Performance
MULL total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +365.8% since Dec 31, 2025
- 1 year
- +685.5% total return
- Since first price
- +1,737.1% since 2024
MULL trailing returns vs SPY, QQQ, AGG
| Period | MULL total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −35.6% | −35.6% | −1.0% | −5.0% | +0.9% |
| 3 months | −34.3% | −34.3% | +3.2% | +1.9% | −0.4% |
| 6 months | +101.1% | +101.1% | +7.8% | +8.4% | −1.5% |
| YTD | +365.8% | +365.8% | +12.3% | +15.1% | −1.0% |
| 1 year | +685.5% | +682.4% | +14.4% | +15.9% | −1.1% |
| Since inceptionNov 12, 2024 | +1,737.1% | +1,730.0% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: MULL vs SPY
From Nov 12, 2024: MULL grew to $183,707, SPY to $13,026.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
MULL returns by calendar year
1 of 1 full years positive. Best 2025 (+558.5%), worst 2025 (+558.5%). 2026 is year to date.
MULL annual returns table
| Year | MULL | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +365.8% | −68.2% | +12.3% | +15.1% | −1.0% |
| 2025 | +558.5% | −70.3% | +17.7% | +20.8% | +7.2% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
MULL largest drawdowns
Now 61.1% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Dec 17, 2024 | −72.3% | Apr 4, 2025 | Sep 9, 2025 | 4 months | 9 months |
| Jun 22, 2026 | −68.2% | Jul 29, 2026 | not yet | 37 days | 4 months so far |
| Mar 18, 2026 | −53.1% | Mar 30, 2026 | Apr 22, 2026 | 12 days | 35 days |
| Nov 10, 2025 | −38.9% | Nov 20, 2025 | Dec 10, 2025 | 10 days | 30 days |
| Jun 3, 2026 | −37.7% | Jun 5, 2026 | Jun 18, 2026 | 2 days | 15 days |
| Feb 2, 2026 | −32.8% | Mar 6, 2026 | Mar 17, 2026 | 32 days | 43 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
MULL risk statistics
| Statistic | Since 2024 |
|---|---|
| Annualized return | +565.8% |
| Volatility (annualized) | 218.9% |
| Sharpe ratio | 1.62 |
| Sortino ratio | 5.59 |
| Best month | +217.6% |
| Worst month | −55.2% |
| Best 12 months | +5,798.7% |
| Worst 12 months | +226.5% |
| Positive months | 68% |
| Beta vs S&P 500 | — |
| Correlation with S&P 500 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
MULL rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 12 | +226.5% | +1,381.2% | +5,798.7% | 100% |
Every holding period starting at a month-end since 2024. Returns for 3 years and longer are annualized.
MULL performance overview
GraniteShares 2x Long MU Daily ETF (MULL) returned +685.5% over the past year, with distributions reinvested. Since its first recorded price on Nov 12, 2024 it has returned +1,737.1%. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −72.3%, from Dec 17, 2024 to Apr 4, 2025, and it took 5 months to get back to the old high. Volatility has been 218.9% a year.
Related: MULL chart, MULL dividends. See the MULL overview for the latest quote and fund facts.
MULL performance FAQ
What is the MULL return over the past year?
MULL returned +685.5% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 682.4%.
How much would $10,000 invested in MULL be worth?
$10,000 invested in MULL at its first recorded close on November 12, 2024 would be worth about $183,707 on October 23, 2026 with distributions reinvested.
What is the biggest drawdown of MULL?
The largest peak-to-trough decline was −72.3% between December 17, 2024 and April 4, 2025. It recovered to the old high on September 9, 2025, 5 months after the bottom.
How volatile is MULL?
Over the past history MULL had an annualized volatility of 218.9% and a Sharpe ratio of 1.62 (excess return over 1–3 month T-bills per unit of risk).