CTA vs. USML
CTA (Simplify Managed Futures Strategy ETF) and USML (ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN) are both exchange-traded funds - CTA is a Systematic Trend fund actively managed by Simplify, while USML is a Leveraged Equities fund tracking the MSCI USA Minimum Volatility Index. CTA is actively managed, while USML is passively managed. Over the past 3 years, CTA returned 10.84%/yr vs 16.28%/yr for USML. At a correlation of -0.11, they often move in opposite directions. CTA charges 0.78%/yr vs 0.95%/yr for USML.
Performance
CTA vs. USML - Performance Comparison
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Returns By Period
In the year-to-date period, CTA achieves a 9.07% return, which is significantly higher than USML's 1.71% return.
CTA
- 1D
- -1.49%
- 1M
- -5.00%
- YTD
- 9.07%
- 6M
- 12.10%
- 1Y
- 9.47%
- 3Y*
- 10.84%
- 5Y*
- —
- 10Y*
- —
USML
- 1D
- -1.73%
- 1M
- 3.16%
- YTD
- 1.71%
- 6M
- 1.67%
- 1Y
- 1.50%
- 3Y*
- 16.28%
- 5Y*
- 7.85%
- 10Y*
- —
CTA vs. USML - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CTA Simplify Managed Futures Strategy ETF | 9.07% | 0.88% | 24.15% | -2.23% | 9.55% |
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN | 1.71% | 9.33% | 23.97% | 11.37% | -4.06% |
Correlation
The correlation between CTA and USML is 0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.00 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (All Time) Calculated using the full available price history since Mar 9, 2022 | -0.11 |
The correlation between CTA and USML shifts across timeframes, from -0.11 (all time) to 0.00 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CTA vs. USML — Risk / Return Rank
CTA
USML
CTA vs. USML - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Managed Futures Strategy ETF (CTA) 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.
| CTA | USML | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.37 | ||
| Sortino ratioReturn per unit of downside risk | +0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.04 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.01 | 0.22 | +0.78 |
| Martin ratioReturn relative to average drawdown | 2.58 | 0.67 | +1.90 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CTA | USML | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.55 | 0.18 | +0.37 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.32 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.57 | 0.42 | +0.14 |
Drawdowns
CTA vs. USML - Drawdown Comparison
The maximum CTA drawdown since its inception was -18.07%, smaller than the maximum USML drawdown of -35.34%. Use the drawdown chart below to compare losses from any high point for CTA and USML.
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Drawdown Indicators
| CTA | USML | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.07% | -35.34% | +17.27% |
Max Drawdown (1Y)Largest decline over 1 year | -11.00% | -13.09% | +2.09% |
Max Drawdown (3Y)Largest decline over 3 years | -11.23% | -19.14% | +7.91% |
Max Drawdown (5Y)Largest decline over 5 years | — | -35.34% | — |
Current DrawdownCurrent decline from peak | -10.51% | -4.86% | -5.65% |
Average DrawdownAverage peak-to-trough decline | -5.68% | -10.40% | +4.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.28% | 4.35% | -0.07% |
Volatility
CTA vs. USML - Volatility Comparison
Simplify Managed Futures Strategy ETF (CTA) has a higher volatility of 6.69% compared to ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) at 4.58%. This indicates that CTA's price experiences larger fluctuations and is considered to be riskier than USML based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CTA | USML | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.69% | 4.58% | +2.11% |
Volatility (6M)Calculated over the trailing 6-month period | 17.42% | 11.57% | +5.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.23% | 16.45% | +3.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.60% | 24.47% | -7.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.60% | 24.29% | -7.69% |
CTA vs. USML - Expense Ratio Comparison
CTA has a 0.78% expense ratio, which is lower than USML's 0.95% expense ratio.
Dividends
CTA vs. USML - Dividend Comparison
CTA's dividend yield for the trailing twelve months is around 4.99%, while USML has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CTA Simplify Managed Futures Strategy ETF | 4.99% | 3.19% | 4.80% | 7.78% | 6.58% |
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CTA and USML have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CTA has higher volatility (6.69%) compared to USML (4.58%). In terms of maximum drawdown, CTA dropped -18.07% vs USML's -35.34%.
On 3-year performance, USML leads with 16.28% vs 10.84% for CTA. On fees, CTA is cheaper at 0.78% per year. On volatility, USML has been the lower-risk option at 4.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, USML has performed better with a 16.28% return vs 10.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CTA is cheaper with a 0.78% expense ratio, compared with 0.95% for USML.
CTA has the higher dividend yield at 4.99%, compared with 0.00% for USML.
CTA is categorized as Systematic Trend, while USML is Leveraged Equities. They also come from different issuers: Simplify and UBS. Their fees differ too: 0.78% for CTA and 0.95% for USML.
CTA currently has the higher Sharpe Ratio (0.55 vs 0.18), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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