JOET vs. MTUL
JOET (Virtus Terranova U.S. Quality Momentum ETF) and MTUL (ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN) are both Momentum funds - JOET tracks the Terranova U.S. Quality Momentum Index while MTUL tracks the MSCI USA Momentum Index. Both are passively managed. Over the past 5 years, JOET returned 10.88%/yr vs 19.95%/yr for MTUL. Their correlation of 0.86 suggests significant overlap in exposure. JOET charges 0.29%/yr vs 0.95%/yr for MTUL.
Performance
JOET vs. MTUL - Performance Comparison
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Returns By Period
In the year-to-date period, JOET achieves a 7.43% return, which is significantly lower than MTUL's 60.22% return.
JOET
- 1D
- 0.00%
- 1M
- 5.74%
- YTD
- 7.43%
- 6M
- 6.85%
- 1Y
- 14.02%
- 3Y*
- 18.62%
- 5Y*
- 10.88%
- 10Y*
- —
MTUL
- 1D
- -0.74%
- 1M
- 27.97%
- YTD
- 60.22%
- 6M
- 59.66%
- 1Y
- 75.85%
- 3Y*
- 59.49%
- 5Y*
- 19.95%
- 10Y*
- —
JOET vs. MTUL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
JOET Virtus Terranova U.S. Quality Momentum ETF | 7.43% | 11.89% | 24.01% | 16.34% | -18.04% | 25.18% |
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 JOET and MTUL is 0.77, 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 | 0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.83 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.85 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021 | 0.86 |
The correlation between JOET and MTUL has been stable across timeframes, ranging from 0.77 to 0.86 - a consistent structural relationship.
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Return for Risk
JOET vs. MTUL — Risk / Return Rank
JOET
MTUL
JOET vs. MTUL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Virtus Terranova U.S. Quality Momentum ETF (JOET) 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.
| JOET | MTUL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.69 | ||
| Sortino ratioReturn per unit of downside risk | -0.77 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.32 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.35 | 3.20 | -1.84 |
| Martin ratioReturn relative to average drawdown | 5.19 | 12.78 | -7.60 |
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
| JOET | MTUL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.05 | 1.73 | -0.69 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.62 | 0.47 | +0.15 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.71 | 0.41 | +0.30 |
Drawdowns
JOET vs. MTUL - Drawdown Comparison
The maximum JOET drawdown since its inception was -26.58%, smaller than the maximum MTUL drawdown of -56.83%. Use the drawdown chart below to compare losses from any high point for JOET and MTUL.
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Drawdown Indicators
| JOET | MTUL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.58% | -56.83% | +30.25% |
Max Drawdown (1Y)Largest decline over 1 year | -10.42% | -23.86% | +13.44% |
Max Drawdown (3Y)Largest decline over 3 years | -19.55% | -39.15% | +19.60% |
Max Drawdown (5Y)Largest decline over 5 years | -26.58% | -56.83% | +30.25% |
Current DrawdownCurrent decline from peak | 0.00% | -0.74% | +0.74% |
Average DrawdownAverage peak-to-trough decline | -7.18% | -22.68% | +15.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.71% | 5.96% | -3.25% |
Volatility
JOET vs. MTUL - Volatility Comparison
The current volatility for Virtus Terranova U.S. Quality Momentum ETF (JOET) is 3.50%, while ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) has a volatility of 20.29%. This indicates that JOET 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
| JOET | MTUL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.50% | 20.29% | -16.79% |
Volatility (6M)Calculated over the trailing 6-month period | 10.37% | 37.63% | -27.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.45% | 43.98% | -30.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.70% | 42.81% | -25.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.52% | 43.65% | -26.13% |
JOET vs. MTUL - Expense Ratio Comparison
JOET has a 0.29% expense ratio, which is lower than MTUL's 0.95% expense ratio.
Dividends
JOET vs. MTUL - Dividend Comparison
JOET's dividend yield for the trailing twelve months is around 0.61%, while MTUL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
JOET Virtus Terranova U.S. Quality Momentum ETF | 0.61% | 0.65% | 0.71% | 1.32% | 1.25% | 0.42% | 0.08% |
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
JOET and MTUL have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MTUL has higher volatility (20.29%) compared to JOET (3.50%). In terms of maximum drawdown, JOET dropped -26.58% vs MTUL's -56.83%.
On 5-year performance, MTUL leads with 19.95% vs 10.88% for JOET. On fees, JOET is cheaper at 0.29% per year. On volatility, JOET has been the lower-risk option at 3.50%. 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 19.95% return vs 10.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JOET is cheaper with a 0.29% expense ratio, compared with 0.95% for MTUL.
JOET has the higher dividend yield at 0.61%, compared with 0.00% for MTUL.
JOET tracks Terranova U.S. Quality Momentum Index, while MTUL tracks MSCI USA Momentum Index. They also come from different issuers: Virtus Investment Partners and UBS. Their fees differ too: 0.29% for JOET and 0.95% for MTUL.
MTUL currently has the higher Sharpe Ratio (1.73 vs 1.05), 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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