MAYT vs. USML

Last updated Apr 1, 2026

Compare and contrast key facts about AllianzIM U.S. Large Cap Buffer10 May ETF (MAYT) and ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML).

MAYT and USML are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MAYT is an actively managed fund by Allianz. It was launched on Apr 28, 2023. USML is a passively managed fund by UBS that tracks the performance of the MSCI USA Minimum Volatility Index. It was launched on Feb 4, 2021.

Performance

MAYT vs. USML - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Large Cap Buffer10 May ETF (MAYT) and ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML). The values are adjusted to include any dividend payments, if applicable.

MAYT vs. USML - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MAYT AllianzIM U.S. Large Cap Buffer10 May ETF	0.19%	11.29%	18.36%	11.98%
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN	-4.08%	9.33%	23.97%	7.25%

Returns By Period

In the year-to-date period, MAYT achieves a 0.19% return, which is significantly higher than USML's -4.08% return.

MAYT

• 1D: 1.74%
• 1M: -0.81%
• YTD: 0.19%
• 6M: 2.49%
• 1Y: 12.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USML

• 1D: 2.10%
• 1M: -9.94%
• YTD: -4.08%
• 6M: -6.40%
• 1Y: -5.09%
• 3Y*: 12.95%
• 5Y*: 8.41%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

MAYT vs. USML - Expense Ratio Comparison

MAYT has a 0.74% expense ratio, which is lower than USML's 0.95% expense ratio.

USML

ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN

MAYT

AllianzIM U.S. Large Cap Buffer10 May ETF

Return for Risk

MAYT vs. USML — Risk / Return Rank

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

MAYT

MAYT Risk / Return Rank: 67
MAYT Sharpe Ratio Rank: 60
MAYT Sortino Ratio Rank: 62
MAYT Omega Ratio Rank: 84
MAYT Calmar Ratio Rank: 53
MAYT Martin Ratio Rank: 77

USML

USML Risk / Return Rank: 8
USML Sharpe Ratio Rank: 8
USML Sortino Ratio Rank: 8
USML Omega Ratio Rank: 8
USML Calmar Ratio Rank: 9
USML Martin Ratio Rank: 6

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.

MAYT vs. USML - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Large Cap Buffer10 May ETF (MAYT) and ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML). 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.

	MAYT	USML	Difference
Sharpe ratio Return per unit of total volatility	1.07	-0.21	+1.28
Sortino ratio Return per unit of downside risk	1.61	-0.13	+1.74
Omega ratio Gain probability vs. loss probability	1.34	0.98	+0.35
Calmar ratio Return relative to maximum drawdown	1.39	-0.20	+1.58
Martin ratio Return relative to average drawdown	8.37	-0.80	+9.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MAYT vs. USML - Sharpe Ratio Comparison

The current MAYT Sharpe Ratio is 1.07, which is higher than the USML Sharpe Ratio of -0.21. The chart below compares the historical Sharpe Ratios of MAYT and USML, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MAYT	USML	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.07	-0.21	+1.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.55	0.38	+1.16

Correlation

The correlation between MAYT and USML is 0.66, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

MAYT vs. USML - Dividend Comparison

Neither MAYT nor USML has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

MAYT vs. USML - Drawdown Comparison

The maximum MAYT drawdown since its inception was -11.99%, smaller than the maximum USML drawdown of -35.34%. Use the drawdown chart below to compare losses from any high point for MAYT and USML.

Drawdown Indicators

	MAYT	USML	Difference
Max Drawdown Largest peak-to-trough decline	-11.99%	-35.34%	+23.35%
Max Drawdown (1Y) Largest decline over 1 year	-9.59%	-17.38%	+7.79%
Max Drawdown (5Y) Largest decline over 5 years	—	-35.34%	—
Current Drawdown Current decline from peak	-0.95%	-10.28%	+9.33%
Average Drawdown Average peak-to-trough decline	-0.85%	-10.54%	+9.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.59%	4.25%	-2.66%

Volatility

MAYT vs. USML - Volatility Comparison

The current volatility for AllianzIM U.S. Large Cap Buffer10 May ETF (MAYT) is 2.90%, while ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) has a volatility of 5.94%. This indicates that MAYT experiences smaller price fluctuations and is considered to be less risky than USML based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MAYT	USML	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.90%	5.94%	-3.04%
Volatility (6M) Calculated over the trailing 6-month period	3.80%	12.05%	-8.25%
Volatility (1Y) Calculated over the trailing 1-year period	12.02%	24.47%	-12.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.31%	24.55%	-15.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.31%	24.54%	-15.23%