Data as of .
MHX vs MRAL: which held to its multiple?
Over the days both have traded, MHX finished 8.0 points from its stated multiple and MRAL 8.2.
Performance, window by window
| Window | Total return | Multiple would give | Difference | |||
|---|---|---|---|---|---|---|
| MHX | MRAL | MHX | MRAL | MHX | MRAL | |
| 1 month | +40.5% | +40.4% | +48.5% | +48.5% | −8.0 pts | −8.2 pts |
| 3 months | not published | −43.0% | not published | −29.8% | not published | −13.1 pts |
| 6 months | not published | +8.8% | not published | +57.1% | not published | −48.3 pts |
| 1 year | not published | −76.4% | not published | −47.5% | not published | −28.9 pts |
| Since launch | −19.2% | −85.1% | −3.0% | −50.4% | −16.3 pts | −34.6 pts |
| MHX Corgi MARA 2x Daily ETF Aims to return twice the daily move of MARA | MRAL GraniteShares 2x Long MARA Daily ETF Aims to return twice the daily move of MARA | |
|---|---|---|
| Issuer | Corgi | GraniteShares |
| Sets out to return | +2x | +2x |
| On | MARA | MARA |
| Segment | company | company |
| Fund returned, 3 months | +40.5% | −43.0% |
| Underlying returned, 3 months | +24.3% | −14.9% |
| What the stated multiple implies, 3 months | +48.5% | −29.8% |
| Difference from stated, 3 months | −8.0 pts | −13.1 pts |
| Fund returned, 1 year or since launch | −19.2% | −76.4% |
| Difference from stated, over that window | −16.3 pts | −28.9 pts |
| Underlying volatility | 98% | 91% |
| Difference over the days both have traded | −8.0 pts | −8.2 pts |
| Expense ratio | not published | 1.50% |
| Launched | Jul 14, 2026 | Mar 7, 2025 |
MHX in plain words
One month to Sep 11, 2026: MHX returned +40.5% where its own daily promise gave +43.0%, 2.5 points short. Read the multiple against the whole window instead and +2 times MARA's 24.3% implies +48.5%, which makes MHX look 8.0 points short. 5.5 of that is daily compounding, which happens to any +2 times fund over the same path, and the rest is the fund. MHX aims to return +2 times MARA's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. MARA moved at 98% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
MRAL in plain words
Three months to Sep 11, 2026: MRAL returned −43.0% where its own daily promise gave −40.5%, 2.5 points short. Read the multiple against the whole window instead and +2 times MARA's −14.9% implies −29.8%, which makes MRAL look 13.1 points short. 10.7 of that is daily compounding, which happens to any +2 times fund over the same path, and the rest is the fund. MRAL aims to return +2 times MARA's move each day, then resets. MARA moved at 91% annualized over that window.
Questions people ask
- Which came closer to its stated multiple, MHX or MRAL?
- Over the window to Sep 11, 2026, MHX finished 8.0 points from what its multiple implies and MRAL finished 13.1 points from its own, so MHX came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are MHX and MRAL levered on the same thing?
- Yes. Both are levered on MARA, MHX at +2 times and MRAL at +2 times the daily move.
- Which one decays faster, MHX or MRAL?
- Decay follows how much the underlying moves about. Over this window MHX’s moved at 98% annualized and MRAL’s at 91%, so MHX has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold MHX or MRAL for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, MHX against MRAL, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/MHX-MRAL Free to use with attribution; the underlying files are at Open data.