- Issuer
- UBS
- Inception Date
- Feb 4, 2021
- Region
- North America (U.S.)
- Category
- Leveraged Equities, Low Volatility
- Leveraged
- 2x
- Index Tracked
- MSCI USA Minimum Volatility Index
- Distribution Policy
- Accumulating
- Asset Class
- Equity
- Assets Under Management
- $4M
Highlights
- Avg. Volume (1M)
- 172
- Avg. Volume Value (1M)
- $7.61K
Share Price Chart
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Performance
USML Performance Chart
ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) is up 6.2% since the beginning of the year. USML is currently trading at $45 per share. Investors who bought $1,000 worth of USML shares 5 years ago would now be looking at an investment worth $1,394.
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Returns By Period
ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) has returned 6.16% so far this year and 9.59% over the past 12 months.
ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN
- 1D
- 0.34%
- 1M
- 2.09%
- 6M
- 5.03%
- YTD
- 6.16%
- 1Y
- 9.59%
- 3Y*
- 14.75%
- 5Y*
- 6.87%
- 10Y*
- —
- ALL TIME*
- 10.83%
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%
USML Monthly Returns History
Based on dividend-adjusted daily data since Feb 5, 2021, USML's average daily return is +0.05%, while the average monthly return is +1.09%. At this rate, an investment would double in approximately 5.3 years.
Historically, 62% of months were positive and 38% were negative. The best month was Oct 2022 with a return of +14.8%, while the worst month was Sep 2022 at -14.8%. The longest winning streak lasted 6 consecutive months, and the longest losing streak was 3 months.
On a daily basis, USML closed higher 53% of trading days. The best single day was Apr 9, 2025 with a return of +10.9%, while the worst single day was Apr 4, 2025 at -10.9%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 1.08% | 5.38% | -9.94% | 4.01% | 3.45% | 0.12% | 2.73% | 6.16% | |||||
| 2025 | 6.94% | 4.77% | -1.38% | -2.51% | 1.28% | 0.85% | -3.27% | 3.04% | 2.17% | -4.46% | 4.19% | -1.97% | 9.33% |
| 2024 | 4.08% | 3.52% | 5.55% | -7.78% | 4.78% | 3.20% | 6.85% | 8.99% | 0.26% | -3.09% | 9.59% | -11.85% | 23.97% |
| 2023 | 1.90% | -7.05% | 6.08% | 2.55% | -7.08% | 9.01% | 1.75% | -1.56% | -6.34% | -2.34% | 10.78% | 5.15% | 11.37% |
| 2022 | -11.38% | -6.62% | 12.11% | -11.32% | -0.23% | -9.39% | 10.21% | -6.01% | -14.80% | 14.82% | 9.94% | -6.92% | -22.87% |
| 2021 | -5.41% | 10.92% | 7.24% | 1.65% | 3.43% | 6.56% | 3.80% | -9.66% | 10.78% | -4.06% | 13.15% | 42.12% |
Benchmark Metrics
ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN has an annualized alpha of -2.74%, beta of 1.19, and R2 of 0.67 versus S&P 500 Index. Calculated based on daily prices since February 05, 2021.
- This ETF participated in 137.50% of S&P 500 Index downside but only 131.18% of its upside - more exposed to losses than it benefited from rallies.
- This ETF had an annualized alpha of -2.74% versus S&P 500 Index - delivering less than market exposure alone would predict.
- Alpha
- -2.74%
- Beta
- 1.19
- R²
- 0.67
- Upside Capture
- 131.18%
- Downside Capture
- 137.50%
Expense Ratio
USML has a high expense ratio of 0.95%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
USML ranks 24 for risk / return — above 24% of ETFs peers on PortfoliosLab. Its historical combined result is below the peer median.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) 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.
| USML | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.87 | ||
| Sortino ratioReturn per unit of downside risk | -1.11 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.25 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 0.70 | 2.00 | -1.31 |
| Martin ratioReturn relative to average drawdown | 2.01 | 8.49 | -6.48 |
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 Minimum Volatility 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 Minimum Volatility Factor TR ETN was 35.34%, occurring on Oct 14, 2022. Recovery took 436 trading sessions.
The current ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN drawdown is 1.05%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-35.34%Oct 2022 | 9mo 18d | 1y 9mo | 2y 6moDec 2021 - Jul 2024 | Bear market2022 |
-19.14%Apr 2025 | 4mo 7d | 10mo 24d | 1y 2moDec 2024 - Feb 2026 | 2025 selloff2025 |
-13.09%Mar 2026 | 24d | 3mo 12d | 4mo 6dMar 2026 - Jul 2026 | — |
-11.89%Oct 2021 | 27d | 1mo 12d | 2mo 9dSep 2021 - Nov 2021 | — |
-8.41%Mar 2021 | 22d | 8d | 1moFeb 2021 - Mar 2021 | — |
Drawdown Indicators
| USML | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.34% | -56.78% | +21.44% |
Max Drawdown (1Y)Largest decline over 1 year | -13.09% | -9.10% | -3.99% |
Max Drawdown (3Y)Largest decline over 3 years | -19.14% | -18.90% | -0.24% |
Max Drawdown (5Y)Largest decline over 5 years | -35.34% | -25.43% | -9.91% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -1.05% | -1.58% | +0.53% |
Average DrawdownAverage peak-to-trough decline | -10.21% | -10.70% | +0.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.51% | 2.14% | +2.37% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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