AMND vs. USML

Last updated Jun 4, 2026

AMND (ETRACS Alerian Midstream Energy High Dividend Index ETN due July 19, 2050) and USML (ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN) are both exchange-traded funds - AMND is a Energy Equities fund tracking the Alerian Midstream Energy Dividend 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. AMND charges 0.75%/yr vs 0.95%/yr for USML.

Performance

AMND vs. USML - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS Alerian Midstream Energy High Dividend Index ETN due July 19, 2050 (AMND) 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

AMND

• 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)

AMND vs. USML - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
AMND ETRACS Alerian Midstream Energy High Dividend Index ETN due July 19, 2050	0.00%	0.00%	40.42%	13.60%	21.27%	23.23%
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 AMND 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	0.33
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

AMND 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.

AMND vs. USML - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS Alerian Midstream Energy High Dividend Index ETN due July 19, 2050 (AMND) 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

	AMND	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

	AMND	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

	AMND	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%	—

AMND vs. USML - Expense Ratio Comparison

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

Dividends

AMND vs. USML - Dividend Comparison

Neither AMND nor USML has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
AMND ETRACS Alerian Midstream Energy High Dividend Index ETN due July 19, 2050	0.00%	0.00%	5.14%	6.56%	6.37%	7.10%	2.49%
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 AMND and USML in my portfolio?

AMND 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, AMND or USML?

On fees, AMND 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, AMND or USML?

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

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

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

What is the main difference between AMND and USML?

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