MTUL vs. FECGX

Last updated Aug 1, 2026

MTUL (ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN) and FECGX (Fidelity Small Cap Growth Index Fund) are both funds - MTUL is a Momentum fund tracking the MSCI USA Momentum Index, while FECGX is a Small Cap Growth Equities fund tracking the Russell 2000 Growth Index. Both are passively managed. Over the past 5 years, MTUL returned 15.55%/yr vs 5.35%/yr for FECGX. Their 0.75 correlation means they have sometimes moved together and sometimes differently. MTUL charges 0.95%/yr vs 0.05%/yr for FECGX.

Performance

MTUL vs. FECGX - 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 Fidelity Small Cap Growth Index Fund (FECGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MTUL achieves a 38.03% return, which is significantly higher than FECGX's 15.86% return.

MTUL

• 1D: 1.89%
• 1M: -13.31%
• 6M: 35.38%
• YTD: 38.03%
• 1Y: 49.92%
• 3Y*: 45.94%
• 5Y*: 15.55%
• 10Y*: —
• ALL TIME*: 14.25%

FECGX

• 1D: 2.65%
• 1M: -3.50%
• 6M: 11.42%
• YTD: 15.86%
• 1Y: 31.92%
• 3Y*: 14.66%
• 5Y*: 5.35%
• 10Y*: —
• ALL TIME*: 10.05%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FECGX Fidelity Small Cap Growth Index Fund	$0.00	$0.00	$0.00
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN	$228.72K	$153.30K	$113.30K

MTUL vs. FECGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN	38.03%	27.42%	58.70%	10.66%	-37.97%	8.34%
FECGX Fidelity Small Cap Growth Index Fund	15.86%	13.04%	15.26%	18.90%	-26.17%	-8.29%

Correlation

The correlation between MTUL and FECGX is 0.68, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.68
Correlation (3Y) Balances recent behavior with more history.	0.71
Correlation (5Y) Shows whether the relationship held over a longer period.	0.74
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021	0.75

The correlation between MTUL and FECGX has been stable across timeframes, ranging from 0.68 to 0.75 - a consistent structural relationship.

Return for Risk

MTUL vs. FECGX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MTUL

MTUL Risk / Return Rank: 42
MTUL Sharpe Ratio Rank: 35
MTUL Sortino Ratio Rank: 40
MTUL Omega Ratio Rank: 41
MTUL Calmar Ratio Rank: 42
MTUL Martin Ratio Rank: 52

FECGX

FECGX Risk / Return Rank: 48
FECGX Sharpe Ratio Rank: 47
FECGX Sortino Ratio Rank: 49
FECGX Omega Ratio Rank: 40
FECGX Calmar Ratio Rank: 56
FECGX Martin Ratio Rank: 49

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MTUL vs. FECGX - 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 Fidelity Small Cap Growth Index Fund (FECGX). 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.

	MTUL	FECGX	Difference
Sharpe ratio: Return per unit of total volatility	0.85	1.27	-0.42
Sortino ratio: Return per unit of downside risk	1.47	1.85	-0.38
Omega ratio: Gain probability vs. loss probability	1.19	1.22	-0.02
Calmar ratio: Return relative to maximum drawdown	1.49	1.92	-0.43
Martin ratio: Return relative to average drawdown	6.15	6.64	-0.49

MTUL vs. FECGX - Sharpe Ratio Comparison

The current MTUL Sharpe Ratio is 0.85, which is lower than the FECGX Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of MTUL and FECGX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MTUL vs. FECGX - Drawdown Comparison

The maximum MTUL drawdown since its inception was -56.83%, which is greater than FECGX's maximum drawdown of -41.85%. Use the drawdown chart below to compare losses from any high point for MTUL and FECGX.

Drawdown Indicators

	MTUL	FECGX	Difference
Max Drawdown Largest peak-to-trough decline	-56.83%	-41.85%	-14.98%
Max Drawdown (1Y) Largest decline over 1 year	-32.27%	-14.81%	-17.46%
Max Drawdown (3Y) Largest decline over 3 years	-39.15%	-28.45%	-10.70%
Max Drawdown (5Y) Largest decline over 5 years	-56.83%	-40.34%	-16.49%
Current Drawdown Current decline from peak	-22.74%	-5.23%	-17.51%
Average Drawdown Average peak-to-trough decline	-22.29%	-15.46%	-6.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.79%	4.28%	+3.51%

Volatility

MTUL vs. FECGX - Volatility Comparison

ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) has a higher volatility of 26.81% compared to Fidelity Small Cap Growth Index Fund (FECGX) at 5.75%. This indicates that MTUL's price experiences larger fluctuations and is considered to be riskier than FECGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MTUL	FECGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.81%	5.75%	+21.06%
Volatility (6M) Calculated over the trailing 6-month period	50.13%	17.18%	+32.95%
Volatility (1Y) Calculated over the trailing 1-year period	56.27%	22.42%	+33.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.40%	24.68%	+20.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	45.65%	27.10%	+18.55%

MTUL vs. FECGX - Expense Ratio Comparison

MTUL has a 0.95% expense ratio, which is higher than FECGX's 0.05% expense ratio.

Dividends

MTUL vs. FECGX - Dividend Comparison

MTUL has not paid dividends to shareholders, while FECGX's dividend yield for the trailing twelve months is around 0.47%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FECGX Fidelity Small Cap Growth Index Fund	0.47%	0.54%	1.25%	0.81%	0.80%	3.43%	1.00%	0.29%
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%

Frequently Asked Questions

Can I hold both MTUL and FECGX in my portfolio?

MTUL and FECGX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MTUL or FECGX?

MTUL has higher volatility (26.81%) compared to FECGX (5.75%). In terms of maximum drawdown, MTUL dropped -56.83% vs FECGX's -41.85%.

Which has better risk-adjusted returns?

FECGX currently has the higher Sharpe Ratio (1.27 vs 0.85), 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.