HDLB vs. MTUL
HDLB (ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B) and MTUL (ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN) are both exchange-traded funds - HDLB is a Leveraged Equities fund tracking the Solactive US High Dividend Low Volatility (USD)(TR) (200%), while MTUL is a Momentum fund tracking the MSCI USA Momentum Index. Both are passively managed. Over the past 5 years, HDLB returned 13.61%/yr vs 18.70%/yr for MTUL. At a 0.26 correlation, their price movements are largely independent. HDLB charges 1.65%/yr vs 0.95%/yr for MTUL.
Performance
HDLB vs. MTUL - Performance Comparison
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Returns By Period
In the year-to-date period, HDLB achieves a 18.95% return, which is significantly lower than MTUL's 52.05% return.
HDLB
- 1D
- 1.81%
- 1M
- 1.08%
- 6M
- 17.45%
- YTD
- 18.95%
- 1Y
- 19.42%
- 3Y*
- 28.12%
- 5Y*
- 13.61%
- 10Y*
- —
MTUL
- 1D
- -5.08%
- 1M
- -5.23%
- 6M
- 42.79%
- YTD
- 52.05%
- 1Y
- 66.98%
- 3Y*
- 51.48%
- 5Y*
- 18.70%
- 10Y*
- —
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 | 18.95% | 27.26% | 28.21% | -4.12% | -11.46% | 45.96% |
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN | 52.05% | 27.42% | 58.70% | 10.66% | -37.97% | 8.34% |
Correlation
The correlation between HDLB and MTUL is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021 | 0.26 |
The correlation between HDLB and MTUL shifts across timeframes, from -0.13 (1 year) to 0.27 (5 years), reflecting how their relationship changes across market environments.
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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.
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.
| HDLB | MTUL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.63 | ||
| Sortino ratioReturn per unit of downside risk | -0.77 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.26 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.21 | 2.82 | -1.62 |
| Martin ratioReturn relative to average drawdown | 2.61 | 10.38 | -7.76 |
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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 | -16.17% | -23.86% | +7.69% |
Max Drawdown (3Y)Largest decline over 3 years | -22.15% | -39.15% | +17.00% |
Max Drawdown (5Y)Largest decline over 5 years | -43.81% | -56.83% | +13.02% |
Current DrawdownCurrent decline from peak | -6.89% | -14.82% | +7.93% |
Average DrawdownAverage peak-to-trough decline | -27.19% | -22.36% | -4.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.45% | 6.47% | +0.98% |
Volatility
HDLB vs. MTUL - Volatility Comparison
The current volatility for ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB) is 10.40%, while ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) has a volatility of 23.34%. 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 | 10.40% | 23.34% | -12.94% |
Volatility (6M)Calculated over the trailing 6-month period | 20.55% | 43.89% | -23.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.74% | 50.59% | -22.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.81% | 44.16% | -13.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.44% | 44.60% | -1.16% |
HDLB vs. MTUL - Expense Ratio Comparison
HDLB has a 1.65% expense ratio, which is higher than MTUL's 0.95% expense ratio.
Dividends
HDLB vs. MTUL - Dividend Comparison
HDLB's dividend yield for the trailing twelve months is around 10.66%, while MTUL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
HDLB ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B | 10.66% | 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% |
Frequently Asked Questions
HDLB and MTUL have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MTUL has higher volatility (23.34%) compared to HDLB (10.40%). In terms of maximum drawdown, HDLB dropped -78.70% vs MTUL's -56.83%.
On 5-year performance, MTUL leads with 18.70% vs 13.61% for HDLB. On fees, MTUL is cheaper at 0.95% per year. On volatility, HDLB has been the lower-risk option at 10.40%. 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 18.70% return vs 13.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MTUL is cheaper with a 0.95% expense ratio, compared with 1.65% for HDLB.
HDLB has the higher dividend yield at 10.66%, compared with 0.00% for MTUL.
HDLB is categorized as Leveraged Equities, while MTUL is Momentum. HDLB tracks Solactive US High Dividend Low Volatility (USD)(TR) (200%), while MTUL tracks MSCI USA Momentum Index. Their fees differ too: 1.65% for HDLB and 0.95% for MTUL.
MTUL currently has the higher Sharpe Ratio (1.33 vs 0.70), 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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