MTUL vs. FBGX

Last updated Jun 5, 2026

MTUL (ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN) and FBGX (UBS AG FI Enhanced Large Cap Growth ETN) are both exchange-traded funds - MTUL is a Momentum fund tracking the MSCI USA Momentum Index, while FBGX is a Leveraged Equities fund tracking the Russell 1000 Growth Index (200%). Both are passively managed. A 0.60 correlation means they provide meaningful diversification when combined. MTUL charges 0.95%/yr vs 1.29%/yr for FBGX.

Performance

MTUL vs. FBGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) and UBS AG FI Enhanced Large Cap Growth ETN (FBGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MTUL

• 1D: 0.74%
• 1M: 23.35%
• YTD: 61.40%
• 6M: 63.02%
• 1Y: 78.14%
• 3Y*: 60.02%
• 5Y*: 20.13%
• 10Y*: —

FBGX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MTUL vs. FBGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN	61.40%	27.42%	58.70%	10.66%	-37.97%	7.00%
FBGX UBS AG FI Enhanced Large Cap Growth ETN	0.00%	0.00%	35.73%	83.74%	-56.41%	44.91%

Correlation

The correlation between MTUL and FBGX is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021	0.60

The correlation between MTUL and FBGX shifts across timeframes, from 0.43 (3 years) to 0.60 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MTUL vs. FBGX — Risk / Return Rank

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

MTUL

MTUL Risk / Return Rank: 59
MTUL Sharpe Ratio Rank: 53
MTUL Sortino Ratio Rank: 49
MTUL Omega Ratio Rank: 53
MTUL Calmar Ratio Rank: 67
MTUL Martin Ratio Rank: 72

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.

MTUL vs. FBGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) and UBS AG FI Enhanced Large Cap Growth ETN (FBGX). 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.

	MTUL	FBGX	Difference
Sharpe ratio: Return per unit of total volatility	1.79	—	—
Sortino ratio: Return per unit of downside risk	2.38	—	—
Omega ratio: Gain probability vs. loss probability	1.32	—	—
Calmar ratio: Return relative to maximum drawdown	3.29	—	—
Martin ratio: Return relative to average drawdown	13.17	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	MTUL	FBGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.79	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	—	—

Drawdowns

Drawdown Indicators

	MTUL	FBGX	Difference
Max Drawdown Largest peak-to-trough decline	-56.83%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-23.86%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-39.15%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-56.83%	—	—
Current Drawdown Current decline from peak	-0.01%	—	—
Average Drawdown Average peak-to-trough decline	-22.66%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	5.95%	—	—

Volatility

Volatility by Period

	MTUL	FBGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.00%	—	—
Volatility (6M) Calculated over the trailing 6-month period	37.62%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	43.98%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.80%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.63%	—	—

MTUL vs. FBGX - Expense Ratio Comparison

MTUL has a 0.95% expense ratio, which is lower than FBGX's 1.29% expense ratio.

Dividends

MTUL vs. FBGX - Dividend Comparison

Neither MTUL nor FBGX has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both MTUL and FBGX in my portfolio?

MTUL and FBGX have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MTUL or FBGX?

On fees, MTUL is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MTUL or FBGX?

MTUL is cheaper with a 0.95% expense ratio, compared with 1.29% for FBGX.

Which ETF pays a higher dividend yield, MTUL or FBGX?

MTUL and FBGX have nearly identical dividend yields, around 0.00%.

What is the main difference between MTUL and FBGX?

MTUL is categorized as Momentum, while FBGX is Leveraged Equities. MTUL tracks MSCI USA Momentum Index, while FBGX tracks Russell 1000 Growth Index (200%). Their fees differ too: 0.95% for MTUL and 1.29% for FBGX.