Which came closer to its stated multiple, MULL or MUU?

Over the window to Sep 30, 2026, MULL finished 18.7 points from what its multiple implies and MUU finished 19.3 points from its own, so MULL came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are MULL and MUU levered on the same thing?

Yes. Both are levered on Micron Technology, MULL at +2 times and MUU at +2 times the daily move.

Which one decays faster, MULL or MUU?

Decay follows how much the underlying moves about. Over this window MULL’s moved at 76% annualized and MUU’s at 76%, so MULL has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold MULL or MUU 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, MULL or MUU?

MULL charges 1.50% a year and MUU charges 1.01%, so MUU is cheaper. Fees come from each fund's prospectus.

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MULL vs MUU: which held to its multiple?

Over the days both have traded, MULL finished 2.4 points from its stated multiple and MUU 1.3. GraniteShares 2x Long MU Daily ETF and Direxion Daily MU Bull 2X ETF.

−12.3%

MULL returned, 3 months

−12.9%

MUU returned, 3 months

−18.7 pts

MULL from its stated multiple

−19.3 pts

MUU from its stated multiple

MULL · 3 months to Sep 30, 202618.7 pts short of its stated multiple

MULL returned −12.3% while 2 times MU's move would have been +6.4%

MUU · 3 months to Sep 30, 202619.3 pts short of its stated multiple

MUU returned −12.9% while 2 times MU's move would have been +6.4%

ETFIQ Decay Resistance Score · MULL scores higherDid it keep up with its own daily multiple, compounded day by day?

MULL 13.5

MUU 10.2

0.1, the lowest in this set99.9, the highest

A percentile among the 470 leveraged ETFs, long, over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it → How it is computed →

Performance, window by window

	Total return		Multiple would give		Difference
Window	MULL	MUU	MULL	MUU	MULL	MUU
1 month	+19.8%	+20.9%	+22.2%	+22.2%	−2.4 pts	−1.3 pts
3 months	−12.3%	−12.9%	+6.4%	+6.4%	−18.7 pts	−19.3 pts
6 months	+409.9%	+423.3%	not meaningful	not meaningful	not meaningful	not meaningful
1 year	+1674.5%	+1777.1%	not meaningful	not meaningful	not meaningful	not meaningful
Since launch MULL Nov 2024 · MUU Oct 2024	+2717.1%	+2831.1%	not meaningful	not meaningful	not meaningful	not meaningful

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

On the same fields

MULL

GraniteShares 2x Long MU Daily ETF · Aims to return twice the daily move of Micron Technology (MU)

MUU

Direxion Daily MU Bull 2X ETF · Aims to return twice the daily move of Micron Technology (MU)

Issuer GraniteShares Direxion

Sets out to return +2x +2x

Underlying asset MU MU

Segment company company

Fund returned, 3 months or since launch −12.3% −12.9%

Underlying returned, over that window +3.2% +3.2%

What the stated multiple implies, over that window +6.4% +6.4%

Difference from stated, over that window −18.7 pts −19.3 pts

Fund returned, 1 year or since launch +1674.5% +1777.1%

Difference from stated, over that window not available not available

Underlying volatility 76% 76%

Difference over the days both have traded −2.4 pts −1.3 pts

Expense ratio 1.50% 1.01%

Launched Nov 12, 2024 Oct 10, 2024

Net assets $779m $4.4bn

MULL and MUU on the same fields, as of Sep 30, 2026. Source: ETFIQ.

MULL in plain words

Three months to Sep 30, 2026: MULL returned −12.3% where its own daily promise gave −7.2%, 5.1 points short. Read the multiple against the whole window instead and 2 times MU's 3.2% implies +6.4%, which makes MULL look 18.7 points short. 13.6 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. MULL aims to return +2 times MU'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. MU moved at 76% 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.

MUU in plain words

Three months to Sep 30, 2026: MUU returned −12.9% where its own daily promise gave −7.2%, 5.8 points short. Read the multiple against the whole window instead and 2 times MU's 3.2% implies +6.4%, which makes MUU look 19.3 points short. MUU aims to return +2 times MU's move each day, then resets.

Questions people ask

Which came closer to its stated multiple, MULL or MUU?: Over the window to Sep 30, 2026, MULL finished 18.7 points from what its multiple implies and MUU finished 19.3 points from its own, so MULL came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are MULL and MUU levered on the same thing?: Yes. Both are levered on Micron Technology, MULL at +2 times and MUU at +2 times the daily move.
Which one decays faster, MULL or MUU?: Decay follows how much the underlying moves about. Over this window MULL’s moved at 76% annualized and MUU’s at 76%, so MULL has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold MULL or MUU 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, MULL or MUU?: MULL charges 1.50% a year and MUU charges 1.01%, so MUU is cheaper. Fees come from each fund's prospectus.

Other comparisons

MULL vs MIC MULL vs MUD MULL vs MUG MULL vs MUZ MUU vs MIC MUU vs MUD MUU vs MUG MUU vs MUZ

MULL on its own →MUU on its own →How every figure is computed →Standards and sources →

Where these figures came from

MULL filings on SEC EDGAR ↗MULL prospectus with the expense ratio (SEC) ↗GraniteShares page for MULL ↗MUU filings on SEC EDGAR ↗MUU prospectus with the expense ratio (SEC) ↗Direxion website ↗

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, MULL against MUU, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/mull-vs-muu

Open data

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