FMTM vs. MTUL

Last updated Jun 4, 2026

FMTM (MarketDesk Focused U.S. Momentum ETF) and MTUL (ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN) are both Momentum funds. FMTM is actively managed, while MTUL is passively managed. Over the past year, FMTM returned 63.62% vs 75.85% for MTUL. A 0.73 correlation means they provide meaningful diversification when combined. FMTM charges 0.45%/yr vs 0.95%/yr for MTUL.

Performance

FMTM vs. MTUL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MarketDesk Focused U.S. Momentum ETF (FMTM) 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, FMTM achieves a 31.75% return, which is significantly lower than MTUL's 60.22% return.

FMTM

• 1D: 0.50%
• 1M: 6.28%
• YTD: 31.75%
• 6M: 34.74%
• 1Y: 63.62%
• 3Y*: —
• 5Y*: —
• 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)

FMTM vs. MTUL - Yearly Performance Comparison

	2026 (YTD)	2025
FMTM MarketDesk Focused U.S. Momentum ETF	31.75%	27.90%
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN	60.22%	31.14%

Correlation

The correlation between FMTM and MTUL is 0.75, 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	0.75
Correlation (All Time) Calculated using the full available price history since Mar 21, 2025	0.73

The correlation between FMTM and MTUL has been stable across timeframes, ranging from 0.73 to 0.75 - a consistent structural relationship.

Return for Risk

FMTM vs. MTUL — Risk / Return Rank

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

FMTM

FMTM Risk / Return Rank: 82
FMTM Sharpe Ratio Rank: 84
FMTM Sortino Ratio Rank: 74
FMTM Omega Ratio Rank: 76
FMTM Calmar Ratio Rank: 88
FMTM Martin Ratio Rank: 89

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.

FMTM vs. MTUL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MarketDesk Focused U.S. Momentum ETF (FMTM) 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.

	FMTM	MTUL	Difference
Sharpe ratio Return per unit of total volatility	2.80	1.73	+1.07
Sortino ratio Return per unit of downside risk	3.43	2.33	+1.09
Omega ratio Gain probability vs. loss probability	1.46	1.32	+0.15
Calmar ratio Return relative to maximum drawdown	5.28	3.20	+2.08
Martin ratio Return relative to average drawdown	20.62	12.78	+7.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMTM vs. MTUL - Sharpe Ratio Comparison

The current FMTM Sharpe Ratio is 2.80, which is higher than the MTUL Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of FMTM 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

	FMTM	MTUL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.80	1.73	+1.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.47	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.38	0.41	+1.98

Drawdowns

FMTM vs. MTUL - Drawdown Comparison

The maximum FMTM drawdown since its inception was -12.12%, smaller than the maximum MTUL drawdown of -56.83%. Use the drawdown chart below to compare losses from any high point for FMTM and MTUL.

Drawdown Indicators

	FMTM	MTUL	Difference
Max Drawdown Largest peak-to-trough decline	-12.12%	-56.83%	+44.71%
Max Drawdown (1Y) Largest decline over 1 year	-12.12%	-23.86%	+11.74%
Max Drawdown (3Y) Largest decline over 3 years	—	-39.15%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-56.83%	—
Current Drawdown Current decline from peak	0.00%	-0.74%	+0.74%
Average Drawdown Average peak-to-trough decline	-1.89%	-22.68%	+20.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	5.96%	-2.86%

Volatility

FMTM vs. MTUL - Volatility Comparison

The current volatility for MarketDesk Focused U.S. Momentum ETF (FMTM) is 6.52%, while ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) has a volatility of 20.29%. This indicates that FMTM 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

	FMTM	MTUL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.52%	20.29%	-13.77%
Volatility (6M) Calculated over the trailing 6-month period	17.83%	37.63%	-19.80%
Volatility (1Y) Calculated over the trailing 1-year period	22.82%	43.98%	-21.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.94%	42.81%	-19.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.94%	43.65%	-20.71%

FMTM vs. MTUL - Expense Ratio Comparison

FMTM has a 0.45% expense ratio, which is lower than MTUL's 0.95% expense ratio.

Dividends

FMTM vs. MTUL - Dividend Comparison

FMTM's dividend yield for the trailing twelve months is around 0.22%, while MTUL has not paid dividends to shareholders.

Position	TTM	2025
FMTM MarketDesk Focused U.S. Momentum ETF	0.22%	0.30%
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN	0.00%	0.00%

Frequently Asked Questions

Can I hold both FMTM and MTUL in my portfolio?

FMTM and MTUL have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMTM or MTUL?

MTUL has higher volatility (20.29%) compared to FMTM (6.52%). In terms of maximum drawdown, FMTM dropped -12.12% vs MTUL's -56.83%.

Which ETF is better, FMTM or MTUL?

On 1-year performance, MTUL leads with 75.85% vs 63.62% for FMTM. On fees, FMTM is cheaper at 0.45% per year. On volatility, FMTM has been the lower-risk option at 6.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMTM or MTUL?

Over the 1-year period, MTUL has performed better with a 75.85% return vs 63.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMTM or MTUL?

FMTM is cheaper with a 0.45% expense ratio, compared with 0.95% for MTUL.

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

FMTM has the higher dividend yield at 0.22%, compared with 0.00% for MTUL.

What is the main difference between FMTM and MTUL?

Their fees differ too: 0.45% for FMTM and 0.95% for MTUL.

Which has better risk-adjusted returns?

FMTM currently has the higher Sharpe Ratio (2.80 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.