FDMO vs. MTUL
FDMO (Fidelity Momentum Factor ETF) and MTUL (ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN) are both Momentum funds - FDMO tracks the Fidelity U.S. Momentum Factor Index while MTUL tracks the MSCI USA Momentum Index. Both are passively managed. Over the past 5 years, FDMO returned 14.22%/yr vs 15.37%/yr for MTUL. Their correlation of 0.90 means they have usually moved in the same direction. FDMO charges 0.29%/yr vs 0.95%/yr for MTUL.
Performance
FDMO vs. MTUL - Performance Comparison
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Returns By Period
In the year-to-date period, FDMO achieves a 11.50% return, which is significantly lower than MTUL's 39.46% return.
FDMO
- 1D
- 1.29%
- 1M
- -1.50%
- 6M
- 8.79%
- YTD
- 11.50%
- 1Y
- 22.87%
- 3Y*
- 25.49%
- 5Y*
- 14.22%
- 10Y*
- —
- ALL TIME*
- 15.38%
MTUL
- 1D
- 1.04%
- 1M
- -12.41%
- 6M
- 34.68%
- YTD
- 39.46%
- 1Y
- 51.48%
- 3Y*
- 48.16%
- 5Y*
- 15.37%
- 10Y*
- —
- ALL TIME*
- 14.44%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $8.23M | $8.36M | $6.07M | |
| $205.26K | $149.84K | $116.28K |
FDMO vs. MTUL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
FDMO Fidelity Momentum Factor ETF | 11.50% | 21.43% | 32.78% | 24.79% | -19.32% | 14.78% |
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN | 39.46% | 27.42% | 58.70% | 10.66% | -37.97% | 8.34% |
Correlation
The correlation between FDMO and MTUL is 0.82, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.82 |
Correlation (3Y) Balances recent behavior with more history. | 0.88 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.89 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021 | 0.90 |
The correlation between FDMO and MTUL has been stable across timeframes, ranging from 0.82 to 0.90 - a consistent structural relationship.
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Return for Risk
FDMO vs. MTUL — Risk / Return Rank
FDMO
MTUL
FDMO vs. MTUL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Momentum Factor ETF (FDMO) 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.
| FDMO | MTUL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.28 | ||
| Sortino ratioReturn per unit of downside risk | +0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.20 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.88 | 1.60 | +0.28 |
| Martin ratioReturn relative to average drawdown | 6.60 | 6.52 | +0.07 |
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Drawdowns
FDMO vs. MTUL - Drawdown Comparison
The maximum FDMO drawdown since its inception was -33.94%, smaller than the maximum MTUL drawdown of -56.83%. Use the drawdown chart below to compare losses from any high point for FDMO and MTUL.
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Drawdown Indicators
| FDMO | MTUL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.94% | -56.83% | +22.89% |
Max Drawdown (1Y)Largest decline over 1 year | -12.22% | -32.27% | +20.05% |
Max Drawdown (3Y)Largest decline over 3 years | -21.88% | -39.15% | +17.27% |
Max Drawdown (5Y)Largest decline over 5 years | -25.44% | -56.83% | +31.39% |
Current DrawdownCurrent decline from peak | -5.32% | -21.93% | +16.61% |
Average DrawdownAverage peak-to-trough decline | -5.38% | -22.29% | +16.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.48% | 7.91% | -4.43% |
Volatility
FDMO vs. MTUL - Volatility Comparison
The current volatility for Fidelity Momentum Factor ETF (FDMO) is 6.48%, while ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) has a volatility of 26.68%. This indicates that FDMO experiences smaller price fluctuations and is considered to be less risky than MTUL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FDMO | MTUL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.48% | 26.68% | -20.20% |
Volatility (6M)Calculated over the trailing 6-month period | 15.86% | 49.98% | -34.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.18% | 56.35% | -37.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.46% | 45.41% | -25.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.63% | 45.64% | -26.01% |
FDMO vs. MTUL - Expense Ratio Comparison
FDMO has a 0.29% expense ratio, which is lower than MTUL's 0.95% expense ratio.
Dividends
FDMO vs. MTUL - Dividend Comparison
FDMO's dividend yield for the trailing twelve months is around 0.61%, while MTUL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
FDMO Fidelity Momentum Factor ETF | 0.61% | 0.61% | 0.90% | 0.87% | 1.19% | 0.60% | 0.77% | 1.23% | 1.22% | 1.09% | 0.45% |
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% |
Frequently Asked Questions
FDMO and MTUL have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MTUL has higher volatility (26.68%) compared to FDMO (6.48%). In terms of maximum drawdown, FDMO dropped -33.94% vs MTUL's -56.83%.
On 5-year performance, MTUL leads with 15.37% vs 14.22% for FDMO. On fees, FDMO is cheaper at 0.29% per year. On volatility, FDMO has been the lower-risk option at 6.48%. 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 15.37% return vs 14.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FDMO is cheaper with a 0.29% expense ratio, compared with 0.95% for MTUL.
FDMO has the higher dividend yield at 0.61%, compared with 0.00% for MTUL.
FDMO tracks Fidelity U.S. Momentum Factor Index, while MTUL tracks MSCI USA Momentum Index. They also come from different issuers: Fidelity and UBS. Their fees differ too: 0.29% for FDMO and 0.95% for MTUL.
FDMO currently has the higher Sharpe Ratio (1.20 vs 0.92), 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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