ITB vs. MTUL
ITB (iShares U.S. Home Construction ETF) and MTUL (ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN) are both exchange-traded funds - ITB is a Building & Construction fund tracking the Dow Jones U.S. Select Home Construction Index, while MTUL is a Momentum fund tracking the MSCI USA Momentum Index. Both are passively managed. Over the past 5 years, ITB returned 8.49%/yr vs 18.70%/yr for MTUL. At a 0.48 correlation, their price movements are largely independent. ITB charges 0.38%/yr vs 0.95%/yr for MTUL.
Performance
ITB vs. MTUL - Performance Comparison
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Returns By Period
In the year-to-date period, ITB achieves a 0.36% return, which is significantly lower than MTUL's 52.05% return.
ITB
- 1D
- -1.49%
- 1M
- -0.51%
- 6M
- -10.42%
- YTD
- 0.36%
- 1Y
- -1.85%
- 3Y*
- 3.64%
- 5Y*
- 8.49%
- 10Y*
- 13.44%
MTUL
- 1D
- -5.08%
- 1M
- -5.23%
- 6M
- 42.79%
- YTD
- 52.05%
- 1Y
- 66.98%
- 3Y*
- 51.48%
- 5Y*
- 18.70%
- 10Y*
- —
ITB vs. MTUL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ITB iShares U.S. Home Construction ETF | 0.36% | -5.26% | 2.06% | 68.91% | -26.26% | 35.77% |
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 ITB and MTUL is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.39 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021 | 0.48 |
Over the past year, the correlation between ITB and MTUL has dropped to 0.23 - well below their long-term average of 0.48, suggesting their price drivers have been diverging.
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Return for Risk
ITB vs. MTUL — Risk / Return Rank
ITB
MTUL
ITB vs. MTUL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Home Construction ETF (ITB) 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.
| ITB | MTUL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.40 | ||
| Sortino ratioReturn per unit of downside risk | -1.78 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.26 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 2.82 | -2.89 |
| Martin ratioReturn relative to average drawdown | -0.13 | 10.38 | -10.51 |
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Drawdowns
ITB vs. MTUL - Drawdown Comparison
The maximum ITB drawdown since its inception was -86.53%, which is greater than MTUL's maximum drawdown of -56.83%. Use the drawdown chart below to compare losses from any high point for ITB and MTUL.
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Drawdown Indicators
| ITB | MTUL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.53% | -56.83% | -29.70% |
Max Drawdown (1Y)Largest decline over 1 year | -26.04% | -23.86% | -2.18% |
Max Drawdown (3Y)Largest decline over 3 years | -33.35% | -39.15% | +5.80% |
Max Drawdown (5Y)Largest decline over 5 years | -40.55% | -56.83% | +16.28% |
Max Drawdown (10Y)Largest decline over 10 years | -52.10% | — | — |
Current DrawdownCurrent decline from peak | -23.92% | -14.82% | -9.10% |
Average DrawdownAverage peak-to-trough decline | -37.02% | -22.36% | -14.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.00% | 6.47% | +7.53% |
Volatility
ITB vs. MTUL - Volatility Comparison
The current volatility for iShares U.S. Home Construction ETF (ITB) is 10.84%, while ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) has a volatility of 23.34%. This indicates that ITB 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
| ITB | MTUL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.84% | 23.34% | -12.50% |
Volatility (6M)Calculated over the trailing 6-month period | 22.25% | 43.89% | -21.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.26% | 50.59% | -20.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.51% | 44.16% | -14.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.14% | 44.60% | -14.46% |
ITB vs. MTUL - Expense Ratio Comparison
ITB has a 0.38% expense ratio, which is lower than MTUL's 0.95% expense ratio.
Dividends
ITB vs. MTUL - Dividend Comparison
ITB's dividend yield for the trailing twelve months is around 0.67%, while MTUL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ITB iShares U.S. Home Construction ETF | 0.67% | 1.67% | 0.46% | 0.48% | 0.86% | 0.37% | 0.46% | 0.50% | 0.63% | 0.28% | 0.43% | 0.34% |
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% | 0.00% |
Frequently Asked Questions
ITB and MTUL have a correlation of 0.23, 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 ITB (10.84%). In terms of maximum drawdown, ITB dropped -86.53% vs MTUL's -56.83%.
On 5-year performance, MTUL leads with 18.70% vs 8.49% for ITB. On fees, ITB is cheaper at 0.38% per year. On volatility, ITB has been the lower-risk option at 10.84%. 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 8.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ITB is cheaper with a 0.38% expense ratio, compared with 0.95% for MTUL.
ITB has the higher dividend yield at 0.67%, compared with 0.00% for MTUL.
ITB is categorized as Building & Construction, while MTUL is Momentum. ITB tracks Dow Jones U.S. Select Home Construction Index, while MTUL tracks MSCI USA Momentum Index. They also come from different issuers: iShares and UBS. Their fees differ too: 0.38% for ITB and 0.95% for MTUL.
MTUL currently has the higher Sharpe Ratio (1.33 vs -0.06), 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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