AMNA vs. USML

Last updated Jun 4, 2026

AMNA (ETRACS Alerian Midstream Energy Index ETN) and USML (ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN) are both exchange-traded funds - AMNA is a MLPs fund tracking the Alerian Midstream Energy Select Index, while USML is a Leveraged Equities fund tracking the MSCI USA Minimum Volatility Index. Both are passively managed. At a 0.40 correlation, their price movements are largely independent. AMNA charges 0.75%/yr vs 0.95%/yr for USML.

Performance

AMNA vs. USML - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS Alerian Midstream Energy Index ETN (AMNA) and ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

AMNA

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

USML

• 1D: -1.24%
• 1M: 3.76%
• YTD: 2.96%
• 6M: 2.63%
• 1Y: 2.80%
• 3Y*: 16.27%
• 5Y*: 8.11%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

AMNA vs. USML - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
AMNA ETRACS Alerian Midstream Energy Index ETN	0.00%	0.00%	44.30%	12.50%	20.41%	24.78%
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN	2.96%	9.33%	23.97%	11.37%	-22.87%	42.12%

Correlation

The correlation between AMNA and USML is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021	0.40

Return for Risk

AMNA vs. USML — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

USML

USML Risk / Return Rank: 11
USML Sharpe Ratio Rank: 11
USML Sortino Ratio Rank: 11
USML Omega Ratio Rank: 10
USML Calmar Ratio Rank: 11
USML Martin Ratio Rank: 12

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AMNA vs. USML - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS Alerian Midstream Energy Index ETN (AMNA) and ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	AMNA	USML	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.17	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.33	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.44	—

Drawdowns

Drawdown Indicators

	AMNA	USML	Difference
Max Drawdown Largest peak-to-trough decline	—	-35.34%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-13.09%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-19.14%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-35.34%	—
Current Drawdown Current decline from peak	—	-3.69%	—
Average Drawdown Average peak-to-trough decline	—	-10.41%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.33%	—

Volatility

Volatility by Period

	AMNA	USML	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.22%	—
Volatility (6M) Calculated over the trailing 6-month period	—	11.44%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	16.38%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	24.47%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	24.29%	—

AMNA vs. USML - Expense Ratio Comparison

AMNA has a 0.75% expense ratio, which is lower than USML's 0.95% expense ratio.

Dividends

AMNA vs. USML - Dividend Comparison

Neither AMNA nor USML has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
AMNA ETRACS Alerian Midstream Energy Index ETN	0.00%	0.00%	4.32%	5.61%	5.48%	5.84%	2.12%
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AMNA and USML in my portfolio?

AMNA and USML have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AMNA or USML?

On fees, AMNA is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AMNA or USML?

AMNA is cheaper with a 0.75% expense ratio, compared with 0.95% for USML.

Which ETF pays a higher dividend yield, AMNA or USML?

AMNA and USML have nearly identical dividend yields, around 0.00%.

What is the main difference between AMNA and USML?

AMNA is categorized as MLPs, while USML is Leveraged Equities. AMNA tracks Alerian Midstream Energy Select Index, while USML tracks MSCI USA Minimum Volatility Index. Their fees differ too: 0.75% for AMNA and 0.95% for USML.