HDLB vs. MTUL
Compare and contrast key facts about ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB) and ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL).
HDLB and MTUL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HDLB is a passively managed fund by UBS that tracks the performance of the Solactive US High Dividend Low Volatility (USD)(TR) (200%). It was launched on Oct 24, 2019. MTUL is a passively managed fund by UBS that tracks the performance of the MSCI USA Momentum Index. It was launched on Feb 5, 2021. Both HDLB and MTUL are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
HDLB vs. MTUL - Performance Comparison
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HDLB vs. MTUL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
HDLB ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B | 17.61% | 27.26% | 28.21% | -4.12% | -11.46% | 42.92% |
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN | -10.58% | 27.42% | 58.70% | 10.66% | -37.97% | 7.00% |
Returns By Period
In the year-to-date period, HDLB achieves a 17.61% return, which is significantly higher than MTUL's -10.58% return.
HDLB
- 1D
- 0.27%
- 1M
- -7.39%
- YTD
- 17.61%
- 6M
- 9.68%
- 1Y
- 20.54%
- 3Y*
- 25.14%
- 5Y*
- 15.09%
- 10Y*
- —
MTUL
- 1D
- 9.39%
- 1M
- -11.99%
- YTD
- -10.58%
- 6M
- -14.38%
- 1Y
- 20.15%
- 3Y*
- 30.55%
- 5Y*
- 8.61%
- 10Y*
- —
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HDLB vs. MTUL - Expense Ratio Comparison
HDLB has a 1.65% expense ratio, which is higher than MTUL's 0.95% expense ratio.
Return for Risk
HDLB vs. MTUL — Risk / Return Rank
HDLB
MTUL
HDLB vs. MTUL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB) 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.
| HDLB | MTUL | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.63 | 0.43 | +0.20 |
Sortino ratioReturn per unit of downside risk | 1.02 | 0.90 | +0.11 |
Omega ratioGain probability vs. loss probability | 1.14 | 1.13 | +0.01 |
Calmar ratioReturn relative to maximum drawdown | 1.13 | 0.82 | +0.31 |
Martin ratioReturn relative to average drawdown | 3.80 | 3.29 | +0.51 |
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
| HDLB | MTUL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.63 | 0.43 | +0.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.50 | 0.21 | +0.29 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.12 | 0.13 | -0.01 |
Correlation
The correlation between HDLB and MTUL is 0.31, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
HDLB vs. MTUL - Dividend Comparison
HDLB's dividend yield for the trailing twelve months is around 10.80%, while MTUL has not paid dividends to shareholders.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
HDLB ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B | 10.80% | 12.20% | 10.09% | 12.36% | 10.86% | 8.07% | 16.23% | 0.97% |
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% |
Drawdowns
HDLB vs. MTUL - Drawdown Comparison
The maximum HDLB drawdown since its inception was -78.70%, which is greater than MTUL's maximum drawdown of -56.83%. Use the drawdown chart below to compare losses from any high point for HDLB and MTUL.
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Drawdown Indicators
| HDLB | MTUL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.70% | -56.83% | -21.87% |
Max Drawdown (1Y)Largest decline over 1 year | -20.94% | -26.88% | +5.94% |
Max Drawdown (5Y)Largest decline over 5 years | -43.81% | -56.83% | +13.02% |
Current DrawdownCurrent decline from peak | -7.94% | -16.72% | +8.78% |
Average DrawdownAverage peak-to-trough decline | -27.93% | -23.35% | -4.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.23% | 6.69% | -0.46% |
Volatility
HDLB vs. MTUL - Volatility Comparison
The current volatility for ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB) is 8.24%, while ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) has a volatility of 19.54%. This indicates that HDLB 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
| HDLB | MTUL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.24% | 19.54% | -11.30% |
Volatility (6M)Calculated over the trailing 6-month period | 20.54% | 34.36% | -13.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.79% | 46.60% | -13.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.42% | 41.98% | -11.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.95% | 42.96% | +0.99% |