MLPB vs. USML

Last updated Apr 1, 2026

Compare and contrast key facts about ETRACS Alerian MLP Infrastructure Index ETN Series B (MLPB) and ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML).

MLPB and USML are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MLPB is a passively managed fund by UBS that tracks the performance of the Alerian MLP Infrastructure Index. It was launched on Oct 8, 2015. 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. Both MLPB and USML 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

MLPB vs. USML - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS Alerian MLP Infrastructure Index ETN Series B (MLPB) and ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML). The values are adjusted to include any dividend payments, if applicable.

MLPB vs. USML - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MLPB ETRACS Alerian MLP Infrastructure Index ETN Series B	16.69%	7.40%	25.53%	22.01%	30.22%	27.22%
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN	-4.08%	9.33%	23.97%	11.37%	-22.87%	42.12%

Returns By Period

In the year-to-date period, MLPB achieves a 16.69% return, which is significantly higher than USML's -4.08% return.

MLPB

• 1D: -1.54%
• 1M: 1.21%
• YTD: 16.69%
• 6M: 20.26%
• 1Y: 11.98%
• 3Y*: 22.94%
• 5Y*: 23.10%
• 10Y*: 9.55%

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)

MLPB vs. USML - Expense Ratio Comparison

MLPB has a 0.85% expense ratio, which is lower than USML's 0.95% expense ratio.

USML

ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN

MLPB

ETRACS Alerian MLP Infrastructure Index ETN Series B

Return for Risk

MLPB vs. USML — Risk / Return Rank

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

MLPB

MLPB Risk / Return Rank: 32
MLPB Sharpe Ratio Rank: 35
MLPB Sortino Ratio Rank: 33
MLPB Omega Ratio Rank: 36
MLPB Calmar Ratio Rank: 29
MLPB Martin Ratio Rank: 25

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.

MLPB vs. USML - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS Alerian MLP Infrastructure Index ETN Series B (MLPB) 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.

	MLPB	USML	Difference
Sharpe ratio Return per unit of total volatility	0.64	-0.21	+0.85
Sortino ratio Return per unit of downside risk	0.93	-0.13	+1.06
Omega ratio Gain probability vs. loss probability	1.14	0.98	+0.16
Calmar ratio Return relative to maximum drawdown	0.69	-0.20	+0.88
Martin ratio Return relative to average drawdown	1.81	-0.80	+2.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MLPB vs. USML - Sharpe Ratio Comparison

The current MLPB Sharpe Ratio is 0.64, which is higher than the USML Sharpe Ratio of -0.21. The chart below compares the historical Sharpe Ratios of MLPB 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

	MLPB	USML	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.64	-0.21	+0.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.15	0.34	+0.81
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.34	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.38	-0.15

Correlation

The correlation between MLPB and USML is 0.39, 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

MLPB vs. USML - Dividend Comparison

MLPB's dividend yield for the trailing twelve months is around 5.83%, while USML has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
MLPB ETRACS Alerian MLP Infrastructure Index ETN Series B	5.83%	6.51%	5.95%	6.37%	6.00%	6.98%	11.93%	7.98%	8.11%	7.23%	6.85%
USML ETRACS 2x Leveraged MSCI US Minimum Volatility 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%

Drawdowns

MLPB vs. USML - Drawdown Comparison

The maximum MLPB drawdown since its inception was -71.93%, which is greater than USML's maximum drawdown of -35.34%. Use the drawdown chart below to compare losses from any high point for MLPB and USML.

Drawdown Indicators

	MLPB	USML	Difference
Max Drawdown Largest peak-to-trough decline	-71.93%	-35.34%	-36.59%
Max Drawdown (1Y) Largest decline over 1 year	-16.49%	-17.38%	+0.89%
Max Drawdown (5Y) Largest decline over 5 years	-20.41%	-35.34%	+14.93%
Max Drawdown (10Y) Largest decline over 10 years	-71.93%	—	—
Current Drawdown Current decline from peak	-2.68%	-10.28%	+7.60%
Average Drawdown Average peak-to-trough decline	-15.03%	-10.54%	-4.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.26%	4.25%	+2.01%

Volatility

MLPB vs. USML - Volatility Comparison

The current volatility for ETRACS Alerian MLP Infrastructure Index ETN Series B (MLPB) is 3.72%, while ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) has a volatility of 5.94%. This indicates that MLPB 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

	MLPB	USML	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.72%	5.94%	-2.22%
Volatility (6M) Calculated over the trailing 6-month period	8.96%	12.05%	-3.09%
Volatility (1Y) Calculated over the trailing 1-year period	18.75%	24.47%	-5.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.14%	24.55%	-4.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.10%	24.54%	+3.56%