Which came closer to its stated multiple, MHX or MRAL?

Over the window to Sep 30, 2026, MHX finished 5.7 points from what its multiple implies and MRAL finished 13.6 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 80% annualized and MRAL’s at 94%, so MRAL 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.

Which is cheaper, MHX or MRAL?

MHX charges 0.45% a year and MRAL charges 1.50%, so MHX is cheaper. Fees come from each fund's prospectus.

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MHX vs MRAL: which held to its multiple?

Over the days both have traded, MHX finished 5.7 points from its stated multiple and MRAL 6.5. Corgi MARA 2x Daily ETF and GraniteShares 2x Long MARA Daily ETF.

−29.6%

MHX returned, since launch

−44.1%

MRAL returned, 3 months

−16.0 pts

MHX from its stated multiple

−13.6 pts

MRAL from its stated multiple

MHX · 1 month to Sep 30, 20265.7 pts short of its stated multiple

MHX returned +4.7% while 2 times MARA's move would have been +10.4%

MRAL · 3 months to Sep 30, 202613.6 pts short of its stated multiple

MRAL returned −44.1% while 2 times MARA's move would have been −30.5%

Performance, window by window

	Total return		Multiple would give		Difference
Window	MHX	MRAL	MHX	MRAL	MHX	MRAL
1 month	+4.7%	+3.9%	+10.4%	+10.4%	−5.7 pts	−6.5 pts
3 months	not published	−44.1%	not published	−30.5%	not published	−13.6 pts
6 months	not published	+30.6%	not published	+81.8%	not published	−51.3 pts
1 year	not published	−84.2%	not published	−75.9%	not published	−8.3 pts
Since launch MHX Jul 2026 · MRAL Mar 2025	−29.6%	−87.1%	−13.7%	−58.6%	−16.0 pts	−28.5 pts

MHX and MRAL over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

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

Underlying asset MARA MARA

Segment company company

Fund returned, 3 months or since launch +4.7% −44.1%

Underlying returned, over that window +5.2% −15.3%

What the stated multiple implies, over that window +10.4% −30.5%

Difference from stated, over that window −5.7 pts −13.6 pts

Fund returned, 1 year or since launch −29.6% −84.2%

Difference from stated, over that window −16.0 pts −8.3 pts

Underlying volatility 80% 94%

Difference over the days both have traded −5.7 pts −6.5 pts

Expense ratio 0.45% 1.50%

Launched Jul 14, 2026 Mar 7, 2025

Net assets $263,061 $40m

MHX and MRAL on the same fields, as of Sep 30, 2026. Source: ETFIQ.

MHX in plain words

One month to Sep 30, 2026: MHX returned +4.7% where its own daily promise gave +5.5%, 0.9 points short. Read the multiple against the whole window instead and 2 times MARA's 5.2% implies +10.4%, which makes MHX look 5.7 points short. 4.9 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 80% 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 30, 2026: MRAL returned −44.1% where its own daily promise gave −41.9%, 2.3 points short. Read the multiple against the whole window instead and 2 times MARA's −15.3% implies −30.5%, which makes MRAL look 13.6 points short. 11.3 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 94% annualized over that window.

Questions people ask

Which came closer to its stated multiple, MHX or MRAL?: Over the window to Sep 30, 2026, MHX finished 5.7 points from what its multiple implies and MRAL finished 13.6 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 80% annualized and MRAL’s at 94%, so MRAL 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.
Which is cheaper, MHX or MRAL?: MHX charges 0.45% a year and MRAL charges 1.50%, so MHX is cheaper. Fees come from each fund's prospectus.

Other comparisons

MHX on its own →MRAL on its own →How every figure is computed →Standards and sources →

Where these figures came from

MHX filings on SEC EDGAR ↗MHX prospectus with the expense ratio (SEC) ↗Corgi website ↗MRAL filings on SEC EDGAR ↗MRAL prospectus with the expense ratio (SEC) ↗GraniteShares page for MRAL ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, MHX against MRAL, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/mhx-vs-mral

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.