EEMO vs. MTUL
EEMO (Invesco S&P Emerging Markets Momentum ETF) and MTUL (ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN) are both Momentum funds - EEMO tracks the S&P Momentum Emerging Plus LargeMidCap Index while MTUL tracks the MSCI USA Momentum Index. Both are passively managed. Over the past 5 years, EEMO returned 6.84%/yr vs 21.53%/yr for MTUL. A 0.59 correlation means they provide meaningful diversification when combined. EEMO charges 0.31%/yr vs 0.95%/yr for MTUL.
Performance
EEMO vs. MTUL - Performance Comparison
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Returns By Period
In the year-to-date period, EEMO achieves a 41.14% return, which is significantly lower than MTUL's 72.94% return.
EEMO
- 1D
- 3.82%
- 1M
- 3.90%
- YTD
- 41.14%
- 6M
- 40.15%
- 1Y
- 49.68%
- 3Y*
- 24.60%
- 5Y*
- 6.84%
- 10Y*
- 9.15%
MTUL
- 1D
- 4.03%
- 1M
- 13.20%
- YTD
- 72.94%
- 6M
- 64.43%
- 1Y
- 90.13%
- 3Y*
- 61.94%
- 5Y*
- 21.53%
- 10Y*
- —
EEMO vs. MTUL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
EEMO Invesco S&P Emerging Markets Momentum ETF | 41.14% | 10.99% | 9.88% | 13.90% | -18.73% | -17.07% |
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN | 72.94% | 27.42% | 58.70% | 10.66% | -37.97% | 8.34% |
Correlation
The correlation between EEMO and MTUL is 0.61, 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 | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021 | 0.59 |
The correlation between EEMO and MTUL has been stable across timeframes, ranging from 0.57 to 0.61 - a consistent structural relationship.
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Return for Risk
EEMO vs. MTUL — Risk / Return Rank
EEMO
MTUL
EEMO vs. MTUL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P Emerging Markets Momentum ETF (EEMO) 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.
| EEMO | MTUL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.27 | ||
| Sortino ratioReturn per unit of downside risk | -0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.33 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.38 | 3.80 | -0.41 |
| Martin ratioReturn relative to average drawdown | 12.20 | 14.88 | -2.67 |
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Drawdowns
EEMO vs. MTUL - Drawdown Comparison
The maximum EEMO drawdown since its inception was -48.47%, smaller than the maximum MTUL drawdown of -56.83%. Use the drawdown chart below to compare losses from any high point for EEMO and MTUL.
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Drawdown Indicators
| EEMO | MTUL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.47% | -56.83% | +8.36% |
Max Drawdown (1Y)Largest decline over 1 year | -14.75% | -23.86% | +9.11% |
Max Drawdown (3Y)Largest decline over 3 years | -26.06% | -39.15% | +13.09% |
Max Drawdown (5Y)Largest decline over 5 years | -34.03% | -56.83% | +22.80% |
Max Drawdown (10Y)Largest decline over 10 years | -46.57% | — | — |
Current DrawdownCurrent decline from peak | -4.50% | -3.12% | -1.38% |
Average DrawdownAverage peak-to-trough decline | -20.11% | -22.45% | +2.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.08% | 6.08% | -2.00% |
Volatility
EEMO vs. MTUL - Volatility Comparison
Invesco S&P Emerging Markets Momentum ETF (EEMO) and ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) have volatilities of 19.67% and 19.45%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EEMO | MTUL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.67% | 19.45% | +0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 28.97% | 40.40% | -11.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.38% | 47.43% | -17.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.99% | 43.52% | -22.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.36% | 44.11% | -21.75% |
EEMO vs. MTUL - Expense Ratio Comparison
EEMO has a 0.31% expense ratio, which is lower than MTUL's 0.95% expense ratio.
Dividends
EEMO vs. MTUL - Dividend Comparison
EEMO's dividend yield for the trailing twelve months is around 1.61%, while MTUL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EEMO Invesco S&P Emerging Markets Momentum ETF | 1.61% | 2.31% | 2.57% | 3.65% | 3.82% | 1.51% | 1.53% | 2.13% | 13.10% | 5.13% | 1.55% | 2.92% |
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EEMO and MTUL have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EEMO has higher volatility (19.67%) compared to MTUL (19.45%). In terms of maximum drawdown, EEMO dropped -48.47% vs MTUL's -56.83%.
On 5-year performance, MTUL leads with 21.53% vs 6.84% for EEMO. On fees, EEMO is cheaper at 0.31% per year. On volatility, MTUL has been the lower-risk option at 19.45%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, MTUL has performed better with a 21.53% return vs 6.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EEMO is cheaper with a 0.31% expense ratio, compared with 0.95% for MTUL.
EEMO has the higher dividend yield at 1.61%, compared with 0.00% for MTUL.
EEMO tracks S&P Momentum Emerging Plus LargeMidCap Index, while MTUL tracks MSCI USA Momentum Index. They also come from different issuers: Invesco and UBS. Their fees differ too: 0.31% for EEMO and 0.95% for MTUL.
MTUL currently has the higher Sharpe Ratio (1.91 vs 1.64), 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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