- Issuer
- UBS
- Inception Date
- Feb 5, 2021
- Region
- North America (U.S.)
- Category
- Momentum, Leveraged Equities
- Leveraged
- 2x
- Index Tracked
- MSCI USA Momentum Index
- Distribution Policy
- Accumulating
- Asset Class
- Equity
- Asset Class Size
- Large-Cap
- Asset Class Style
- Growth
- Assets Under Management
- $8M
Highlights
- Avg. Volume (1M)
- 3K
- Avg. Volume Value (1M)
- $153.30K
Share Price Chart
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Performance
MTUL Performance Chart
ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) is up 38.0% since the beginning of the year. MTUL is currently trading at $52 per share. Investors who bought $1,000 worth of MTUL shares 5 years ago would now be looking at an investment worth $2,060.
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Returns By Period
ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) has returned 38.03% so far this year and 49.92% over the past 12 months.
ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN
- 1D
- 1.89%
- 1M
- -13.31%
- 6M
- 35.38%
- YTD
- 38.03%
- 1Y
- 49.92%
- 3Y*
- 45.94%
- 5Y*
- 15.55%
- 10Y*
- —
- ALL TIME*
- 14.25%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
MTUL Monthly Returns History
Based on dividend-adjusted daily data since Feb 5, 2021, MTUL's average daily return is +0.09%, while the average monthly return is +1.75%. At this rate, an investment would double in approximately 3.3 years.
Historically, 50% of months were positive and 50% were negative. The best month was Apr 2026 with a return of +32.7%, 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 53% 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% | 32.69% | 29.63% | 16.00% | -22.64% | 38.03% | |||||
| 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 | -10.93% | -3.22% | 14.76% | -3.47% | 3.85% | 1.59% | 8.00% | -6.59% | 17.01% | -7.47% | -1.55% | 8.34% |
Benchmark Metrics
ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN has an annualized alpha of -5.73%, beta of 2.20, and R2 of 0.65 versus S&P 500 Index. Calculated based on daily prices since February 05, 2021.
- This ETF captured 212.41% of S&P 500 Index gains and 177.17% of its losses - amplifying both gains and losses, but participating more in upside than downside.
- This ETF had an annualized alpha of -5.73% versus S&P 500 Index - delivering less than market exposure alone would predict.
- Beta of 2.20 means this ETF moves significantly more than S&P 500 Index - expect amplified gains in rallies and amplified losses in downturns.
- Alpha
- -5.73%
- Beta
- 2.20
- R²
- 0.65
- Upside Capture
- 212.41%
- Downside Capture
- 177.17%
Expense Ratio
MTUL has a high expense ratio of 0.95%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
MTUL ranks 41 for risk / return — above 41% of ETFs peers on PortfoliosLab. Its historical combined result is near the middle of the peer group.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| MTUL | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.56 | ||
| Sortino ratioReturn per unit of downside risk | -0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.25 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.49 | 2.00 | -0.52 |
| Martin ratioReturn relative to average drawdown | 6.15 | 8.49 | -2.34 |
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 22.74%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-56.83%Jun 2022 | 7mo 15d | 2y 4mo | 2y 11moNov 2021 - Oct 2024 | Bear market2022 |
-39.15%Apr 2025 | 1mo 18d | 2mo 23d | 4mo 11dFeb 2025 - Jun 2025 | 2025 selloff2025 |
-32.27%Jul 2026 | 12d | — | 16dJul 2026 - now | — |
-30.49%Mar 2021 | 20d | 5mo 4d | 5mo 24dFeb 2021 - Aug 2021 | — |
-23.86%Mar 2026 | 2mo 1d | 10d | 2mo 11dJan 2026 - Apr 2026 | — |
Drawdown Indicators
| MTUL | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.83% | -56.78% | -0.05% |
Max Drawdown (1Y)Largest decline over 1 year | -32.27% | -9.10% | -23.17% |
Max Drawdown (3Y)Largest decline over 3 years | -39.15% | -18.90% | -20.25% |
Max Drawdown (5Y)Largest decline over 5 years | -56.83% | -25.43% | -31.40% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -22.74% | -1.58% | -21.16% |
Average DrawdownAverage peak-to-trough decline | -22.29% | -10.70% | -11.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.79% | 2.14% | +5.65% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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