CURE vs. USML
CURE (Direxion Daily Healthcare Bull 3x Shares) and USML (ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN) are both Leveraged Equities funds - CURE tracks the Health Care Select Sector Index (300%) while USML tracks the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 5 years, CURE returned 1.60%/yr vs 7.63%/yr for USML. A 0.78 correlation means they provide meaningful diversification when combined. CURE charges 1.08%/yr vs 0.95%/yr for USML.
Performance
CURE vs. USML - Performance Comparison
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Returns By Period
In the year-to-date period, CURE achieves a -9.94% return, which is significantly lower than USML's 0.78% return.
CURE
- 1D
- -0.69%
- 1M
- 18.27%
- YTD
- -9.94%
- 6M
- -3.58%
- 1Y
- 30.33%
- 3Y*
- 3.28%
- 5Y*
- 1.60%
- 10Y*
- 13.02%
USML
- 1D
- -0.92%
- 1M
- 2.21%
- YTD
- 0.78%
- 6M
- 2.17%
- 1Y
- 0.57%
- 3Y*
- 15.45%
- 5Y*
- 7.63%
- 10Y*
- —
CURE vs. USML - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
CURE Direxion Daily Healthcare Bull 3x Shares | -9.94% | 22.55% | -8.47% | -9.40% | -20.51% | 78.93% |
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN | 0.78% | 9.33% | 23.97% | 11.37% | -22.87% | 42.12% |
Correlation
The correlation between CURE and USML is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021 | 0.78 |
Over the past year, the correlation between CURE and USML has dropped to 0.56 - well below their long-term average of 0.78, suggesting their price drivers have been diverging.
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Return for Risk
CURE vs. USML — Risk / Return Rank
CURE
USML
CURE vs. USML - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Healthcare Bull 3x Shares (CURE) 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.
| CURE | USML | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.66 | ||
| Sortino ratioReturn per unit of downside risk | +1.13 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.02 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 0.98 | 0.04 | +0.94 |
| Martin ratioReturn relative to average drawdown | 2.24 | 0.13 | +2.11 |
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
| CURE | USML | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.69 | 0.03 | +0.66 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.04 | 0.31 | -0.28 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.26 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.48 | 0.42 | +0.06 |
Drawdowns
CURE vs. USML - Drawdown Comparison
The maximum CURE drawdown since its inception was -69.19%, which is greater than USML's maximum drawdown of -35.34%. Use the drawdown chart below to compare losses from any high point for CURE and USML.
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Drawdown Indicators
| CURE | USML | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -69.19% | -35.34% | -33.85% |
Max Drawdown (1Y)Largest decline over 1 year | -31.10% | -13.09% | -18.01% |
Max Drawdown (3Y)Largest decline over 3 years | -51.93% | -19.14% | -32.79% |
Max Drawdown (5Y)Largest decline over 5 years | -52.23% | -35.34% | -16.89% |
Max Drawdown (10Y)Largest decline over 10 years | -69.19% | — | — |
Current DrawdownCurrent decline from peak | -28.51% | -5.74% | -22.77% |
Average DrawdownAverage peak-to-trough decline | -18.15% | -10.40% | -7.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.57% | 4.36% | +9.21% |
Volatility
CURE vs. USML - Volatility Comparison
Direxion Daily Healthcare Bull 3x Shares (CURE) has a higher volatility of 14.68% compared to ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) at 4.70%. This indicates that CURE'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
| CURE | USML | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.68% | 4.70% | +9.98% |
Volatility (6M)Calculated over the trailing 6-month period | 31.01% | 11.61% | +19.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.18% | 16.45% | +27.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.88% | 24.48% | +19.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.60% | 24.28% | +25.32% |
CURE vs. USML - Expense Ratio Comparison
CURE has a 1.08% expense ratio, which is higher than USML's 0.95% expense ratio.
Dividends
CURE vs. USML - Dividend Comparison
CURE's dividend yield for the trailing twelve months is around 1.18%, while USML has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CURE Direxion Daily Healthcare Bull 3x Shares | 1.18% | 1.12% | 1.17% | 2.02% | 0.38% | 0.02% | 0.17% | 0.40% | 0.70% | 0.18% |
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% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CURE and USML have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CURE has higher volatility (14.68%) compared to USML (4.70%). In terms of maximum drawdown, CURE dropped -69.19% vs USML's -35.34%.
On 5-year performance, USML leads with 7.63% vs 1.60% for CURE. On fees, USML is cheaper at 0.95% per year. On volatility, USML has been the lower-risk option at 4.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USML has performed better with a 7.63% return vs 1.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USML is cheaper with a 0.95% expense ratio, compared with 1.08% for CURE.
CURE has the higher dividend yield at 1.18%, compared with 0.00% for USML.
CURE tracks Health Care Select Sector Index (300%), while USML tracks MSCI USA Minimum Volatility Index. They also come from different issuers: Direxion and UBS. Their fees differ too: 1.08% for CURE and 0.95% for USML.
CURE currently has the higher Sharpe Ratio (0.69 vs 0.03), 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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