MULL vs SPY
GraniteShares 2x Long MU Daily ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. MULL delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | MULL | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.50% | 0.09% | |
| AUM | $509M | $789.1B | |
| Dividend Yield | 0.04% | 1.01% | |
| Holdings | 2 | 505 | |
| YTD Return | +312.13% | +13.75% | |
| 1Y Return | +2045.64% | +22.91% | |
| 3Y Return (annualized) | - | +21.67% | |
| 5Y Return (annualized) | - | +13.32% | |
| Volatility (annualized) | 224.8% | 15.3% | |
| Max Drawdown | -72.3% | -56.5% | |
| Fund Family | GraniteShares | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Nov 11, 2024 | Jan 22, 1993 |
MULL vs SPY Performance
GraniteShares 2x Long MU Daily ETF (MULL) is a ETF from GraniteShares and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year MULL returned +2045.64% while SPY returned +22.91%. Year to date, MULL is up 312.13% versus a gain of 13.75% for SPY.
Risk: Volatility and Drawdowns
MULL has been the more volatile fund, with annualized monthly volatility of 224.8% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -72.3% for MULL and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.68. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
MULL charges 1.50% per year while SPY charges 0.09%. On a $10,000 position that is $150 vs $9 annually, a gap of $141 per year that compounds over a long holding period. On income, MULL currently yields 0.04% against 1.01% for SPY.
Holdings Overlap
MULL and SPY share 0 holdings out of 504 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, MULL or SPY?
MULL has an expense ratio of 1.50% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $141 per year of difference.
Which performed better, MULL or SPY?
Over the past year MULL returned +2045.64% vs +22.91% for SPY, so MULL leads on 1-year performance. Over the longest common window we track (2 years), MULL annualized +452.81% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, MULL or SPY?
MULL has been the more volatile fund at 224.8% annualized versus 15.3% for SPY. Worst drawdown: MULL -72.3% vs SPY -56.5%.
Should I hold both MULL and SPY?
MULL and SPY have a monthly-return correlation of 0.68, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between MULL and SPY?
MULL and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 504 unique securities.
Which pays a higher dividend, MULL or SPY?
MULL yields 0.04% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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