AMTR vs. MTUL

Last updated Jul 17, 2026

AMTR (ETRACS Alerian Midstream Energy Total Return Index ETN) and MTUL (ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN) are both exchange-traded funds - AMTR is a MLPs fund tracking the Alerian Midstream Energy Index, while MTUL is a Momentum fund tracking the MSCI USA Momentum Index. Both are passively managed. At a 0.38 correlation, their price movements are largely independent. AMTR charges 0.75%/yr vs 0.95%/yr for MTUL.

Performance

AMTR vs. MTUL - Performance Comparison

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

Returns By Period

AMTR

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

MTUL

• 1D: 0.00%
• 1M: 9.57%
• 6M: 68.99%
• YTD: 78.64%
• 1Y: 92.83%
• 3Y*: 59.11%
• 5Y*: 23.28%
• 10Y*: —

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

AMTR vs. MTUL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
AMTR ETRACS Alerian Midstream Energy Total Return Index ETN	0.00%	0.00%	44.68%	12.75%	20.41%	26.02%
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN	78.64%	27.42%	58.70%	10.66%	-37.97%	8.34%

Correlation

The correlation between AMTR and MTUL is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021	0.38

The correlation between AMTR and MTUL shifts across timeframes, from 0.17 (3 years) to 0.40 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

AMTR vs. MTUL — Risk / Return Rank

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

AMTR

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

MTUL

MTUL Risk / Return Rank: 75
MTUL Sharpe Ratio Rank: 70
MTUL Sortino Ratio Rank: 64
MTUL Omega Ratio Rank: 67
MTUL Calmar Ratio Rank: 87
MTUL Martin Ratio Rank: 87

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.

AMTR vs. MTUL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS Alerian Midstream Energy Total Return Index ETN (AMTR) and ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL). 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.

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.

	AMTR	MTUL	Difference
Sharpe ratio: Return per unit of total volatility	—	1.79	—
Sortino ratio: Return per unit of downside risk	—	2.38	—
Omega ratio: Gain probability vs. loss probability	—	1.32	—
Calmar ratio: Return relative to maximum drawdown	—	3.91	—
Martin ratio: Return relative to average drawdown	—	14.30	—

Drawdowns

Drawdown Indicators

	AMTR	MTUL	Difference
Max Drawdown Largest peak-to-trough decline	—	-56.83%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-23.86%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-39.15%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-56.83%	—
Current Drawdown Current decline from peak	—	0.00%	—
Average Drawdown Average peak-to-trough decline	—	-22.32%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	6.52%	—

Volatility

Volatility by Period

	AMTR	MTUL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	24.94%	—
Volatility (6M) Calculated over the trailing 6-month period	—	45.58%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	52.20%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	44.56%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	44.94%	—

AMTR vs. MTUL - Expense Ratio Comparison

AMTR has a 0.75% expense ratio, which is lower than MTUL's 0.95% expense ratio.

Dividends

AMTR vs. MTUL - Dividend Comparison

Neither AMTR nor MTUL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both AMTR and MTUL in my portfolio?

AMTR and MTUL have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AMTR or MTUL?

On fees, AMTR 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, AMTR or MTUL?

AMTR is cheaper with a 0.75% expense ratio, compared with 0.95% for MTUL.

Which ETF pays a higher dividend yield, AMTR or MTUL?

AMTR and MTUL have nearly identical dividend yields, around 0.00%.

What is the main difference between AMTR and MTUL?

AMTR is categorized as MLPs, while MTUL is Momentum. AMTR tracks Alerian Midstream Energy Index, while MTUL tracks MSCI USA Momentum Index. Their fees differ too: 0.75% for AMTR and 0.95% for MTUL.