FDMO vs. MTUL

Last updated Jun 4, 2026

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 16.35%/yr vs 19.95%/yr for MTUL. Their correlation of 0.90 suggests significant overlap in exposure. FDMO charges 0.29%/yr vs 0.95%/yr for MTUL.

Performance

FDMO vs. MTUL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Momentum Factor ETF (FDMO) 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

In the year-to-date period, FDMO achieves a 15.24% return, which is significantly lower than MTUL's 60.22% return.

FDMO

• 1D: -0.32%
• 1M: 7.12%
• YTD: 15.24%
• 6M: 14.87%
• 1Y: 32.96%
• 3Y*: 28.59%
• 5Y*: 16.35%
• 10Y*: —

MTUL

• 1D: -0.74%
• 1M: 27.97%
• YTD: 60.22%
• 6M: 59.66%
• 1Y: 75.85%
• 3Y*: 59.49%
• 5Y*: 19.95%
• 10Y*: —

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

FDMO vs. MTUL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FDMO Fidelity Momentum Factor ETF	15.24%	21.43%	32.78%	24.79%	-19.32%	13.94%
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN	60.22%	27.42%	58.70%	10.66%	-37.97%	7.00%

Correlation

The correlation between FDMO and MTUL is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021	0.90

The correlation between FDMO and MTUL has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.

Return for Risk

FDMO vs. MTUL — Risk / Return Rank

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

FDMO

FDMO Risk / Return Rank: 57
FDMO Sharpe Ratio Rank: 58
FDMO Sortino Ratio Rank: 56
FDMO Omega Ratio Rank: 56
FDMO Calmar Ratio Rank: 54
FDMO Martin Ratio Rank: 60

MTUL

MTUL Risk / Return Rank: 56
MTUL Sharpe Ratio Rank: 50
MTUL Sortino Ratio Rank: 47
MTUL Omega Ratio Rank: 50
MTUL Calmar Ratio Rank: 64
MTUL Martin Ratio Rank: 69

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.

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.

	FDMO	MTUL	Difference
Sharpe ratio: Return per unit of total volatility	2.01	1.73	+0.27
Sortino ratio: Return per unit of downside risk	2.74	2.33	+0.40
Omega ratio: Gain probability vs. loss probability	1.35	1.32	+0.04
Calmar ratio: Return relative to maximum drawdown	2.71	3.20	-0.49
Martin ratio: Return relative to average drawdown	10.79	12.78	-1.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FDMO vs. MTUL - Sharpe Ratio Comparison

The current FDMO Sharpe Ratio is 2.01, which is comparable to the MTUL Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of FDMO and MTUL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FDMO	MTUL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.01	1.73	+0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.87	0.47	+0.40
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	0.41	+0.41

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.

Drawdown Indicators

	FDMO	MTUL	Difference
Max Drawdown Largest peak-to-trough decline	-33.94%	-56.83%	+22.89%
Max Drawdown (1Y) Largest decline over 1 year	-12.22%	-23.86%	+11.64%
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 Drawdown Current decline from peak	-0.32%	-0.74%	+0.42%
Average Drawdown Average peak-to-trough decline	-5.42%	-22.68%	+17.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.06%	5.96%	-2.90%

Volatility

FDMO vs. MTUL - Volatility Comparison

The current volatility for Fidelity Momentum Factor ETF (FDMO) is 4.82%, while ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) has a volatility of 20.29%. 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.

Volatility by Period

	FDMO	MTUL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.82%	20.29%	-15.47%
Volatility (6M) Calculated over the trailing 6-month period	13.11%	37.63%	-24.52%
Volatility (1Y) Calculated over the trailing 1-year period	16.50%	43.98%	-27.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.00%	42.81%	-23.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.51%	43.65%	-24.14%

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 0.56%, 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	0.56%	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

Can I hold both FDMO and MTUL in my portfolio?

FDMO and MTUL have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDMO or MTUL?

MTUL has higher volatility (20.29%) compared to FDMO (4.82%). In terms of maximum drawdown, FDMO dropped -33.94% vs MTUL's -56.83%.

Which ETF is better, FDMO or MTUL?

On 5-year performance, MTUL leads with 19.95% vs 16.35% for FDMO. On fees, FDMO is cheaper at 0.29% per year. On volatility, FDMO has been the lower-risk option at 4.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDMO or MTUL?

Over the 5-year period, MTUL has performed better with a 19.95% return vs 16.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDMO or MTUL?

FDMO is cheaper with a 0.29% expense ratio, compared with 0.95% for MTUL.

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

FDMO has the higher dividend yield at 0.56%, compared with 0.00% for MTUL.

What is the main difference between FDMO and 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.

Which has better risk-adjusted returns?

FDMO currently has the higher Sharpe Ratio (2.01 vs 1.73), 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.