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Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.
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Returns By Period
ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) has returned -10.58% so far this year and 20.15% over the past 12 months.
ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN
- 1D
- 9.39%
- 1M
- -11.99%
- YTD
- -10.58%
- 6M
- -14.38%
- 1Y
- 20.15%
- 3Y*
- 30.55%
- 5Y*
- 8.61%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 2.91%
- 1M
- -5.09%
- YTD
- -4.63%
- 6M
- -2.39%
- 1Y
- 16.33%
- 3Y*
- 16.69%
- 5Y*
- 10.18%
- 10Y*
- 12.16%
Monthly Returns
Based on dividend-adjusted daily data since Feb 5, 2021, MTUL's average daily return is +0.06%, while the average monthly return is +0.95%. At this rate, your investment would double in approximately 6.1 years.
Historically, 48% of months were positive and 52% were negative. The best month was Oct 2022 with a return of +25.0%, while the worst month was Apr 2022 at -25.5%. The longest winning streak lasted 5 consecutive months, and the longest losing streak was 4 months.
On a daily basis, MTUL closed higher 52% of trading days. The best single day was Apr 9, 2025 with a return of +18.1%, while the worst single day was Apr 4, 2025 at -12.9%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 1.96% | -0.35% | -11.99% | -10.58% | |||||||||
| 2025 | 10.66% | -1.58% | -12.92% | 4.38% | 15.24% | 5.75% | -1.34% | 1.28% | 10.42% | -0.07% | -3.65% | -0.56% | 27.42% |
| 2024 | 10.81% | 18.81% | 5.66% | -9.63% | 10.71% | 7.30% | -5.62% | -0.28% | 11.79% | -0.46% | 9.78% | -7.56% | 58.70% |
| 2023 | -1.82% | -8.15% | -0.26% | 4.68% | -10.37% | 14.64% | 2.56% | 0.17% | -10.32% | -3.76% | 18.52% | 8.85% | 10.66% |
| 2022 | -17.80% | -6.14% | 11.03% | -25.51% | 0.15% | -15.20% | 10.16% | -3.67% | -12.30% | 24.96% | 5.81% | -6.99% | -37.97% |
| 2021 | -12.03% | -3.22% | 14.76% | -3.47% | 3.85% | 1.59% | 8.00% | -6.59% | 17.01% | -7.47% | -1.55% | 7.00% |
Benchmark Metrics
ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN has an annualized alpha of -9.54%, beta of 2.15, and R² of 0.71 versus S&P 500 Index. Calculated based on daily prices since February 08, 2021.
- This ETF captured 177.56% of S&P 500 Index gains and 170.42% of its losses — amplifying both gains and losses, but participating more in upside than downside.
- This ETF had an annualized alpha of -9.54% versus S&P 500 Index — delivering less than market exposure alone would predict.
- Beta of 2.15 means this ETF moves significantly more than S&P 500 Index — expect amplified gains in rallies and amplified losses in downturns.
- Alpha
- -9.54%
- Beta
- 2.15
- R²
- 0.71
- Upside Capture
- 177.56%
- Downside Capture
- 170.42%
Expense Ratio
MTUL has a high expense ratio of 0.95%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
MTUL ranks 30 for risk / return — below 30% of ETFs on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) and compare them to a chosen benchmark (S&P 500 Index).
| MTUL | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.43 | 0.90 | -0.46 |
Sortino ratioReturn per unit of downside risk | 0.90 | 1.39 | -0.48 |
Omega ratioGain probability vs. loss probability | 1.13 | 1.21 | -0.08 |
Calmar ratioReturn relative to maximum drawdown | 0.82 | 1.40 | -0.58 |
Martin ratioReturn relative to average drawdown | 3.29 | 6.61 | -3.32 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Explore MTUL risk-adjusted metrics in detail
Dive deeper into individual metrics with historical trends, benchmark comparisons, and performance across different time periods.
Dividends
Dividend History
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN was 56.83%, occurring on Jun 17, 2022. Recovery took 583 trading sessions.
The current ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN drawdown is 16.72%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -56.83% | Nov 4, 2021 | 156 | Jun 17, 2022 | 583 | Oct 14, 2024 | 739 |
| -39.15% | Feb 19, 2025 | 35 | Apr 8, 2025 | 56 | Jun 30, 2025 | 91 |
| -30.49% | Feb 16, 2021 | 15 | Mar 8, 2021 | 107 | Aug 9, 2021 | 122 |
| -23.86% | Jan 28, 2026 | 43 | Mar 30, 2026 | — | — | — |
| -17.59% | Oct 28, 2025 | 19 | Nov 21, 2025 | 29 | Jan 6, 2026 | 48 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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