MTUL vs. FMTM

Last updated Jun 4, 2026

MTUL (ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN) and FMTM (MarketDesk Focused U.S. Momentum ETF) are both Momentum funds. MTUL is passively managed, while FMTM is actively managed. Over the past year, MTUL returned 75.85% vs 63.62% for FMTM. A 0.73 correlation means they provide meaningful diversification when combined. MTUL charges 0.95%/yr vs 0.45%/yr for FMTM.

Performance

MTUL vs. FMTM - 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 MarketDesk Focused U.S. Momentum ETF (FMTM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MTUL achieves a 60.22% return, which is significantly higher than FMTM's 31.75% return.

MTUL

• 1D: -0.74%
• 1M: 27.97%
• YTD: 60.22%
• 6M: 59.66%
• 1Y: 75.85%
• 3Y*: 59.49%
• 5Y*: 19.95%
• 10Y*: —

FMTM

• 1D: 0.50%
• 1M: 6.28%
• YTD: 31.75%
• 6M: 34.74%
• 1Y: 63.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MTUL vs. FMTM - Yearly Performance Comparison

	2026 (YTD)	2025
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN	60.22%	31.14%
FMTM MarketDesk Focused U.S. Momentum ETF	31.75%	27.90%

Correlation

The correlation between MTUL and FMTM is 0.75, 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	0.75
Correlation (All Time) Calculated using the full available price history since Mar 21, 2025	0.73

The correlation between MTUL and FMTM has been stable across timeframes, ranging from 0.73 to 0.75 - a consistent structural relationship.

Return for Risk

MTUL vs. FMTM — Risk / Return Rank

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

MTUL

MTUL Risk / Return Rank: 56
MTUL Sharpe Ratio Rank: 50
MTUL Sortino Ratio Rank: 47
MTUL Omega Ratio Rank: 50
MTUL Calmar Ratio Rank: 64
MTUL Martin Ratio Rank: 69

FMTM

FMTM Risk / Return Rank: 82
FMTM Sharpe Ratio Rank: 84
FMTM Sortino Ratio Rank: 74
FMTM Omega Ratio Rank: 76
FMTM Calmar Ratio Rank: 88
FMTM Martin Ratio Rank: 89

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. FMTM - 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 MarketDesk Focused U.S. Momentum ETF (FMTM). 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	FMTM	Difference
Sharpe ratio: Return per unit of total volatility	1.73	2.80	-1.07
Sortino ratio: Return per unit of downside risk	2.33	3.43	-1.09
Omega ratio: Gain probability vs. loss probability	1.32	1.46	-0.15
Calmar ratio: Return relative to maximum drawdown	3.20	5.28	-2.08
Martin ratio: Return relative to average drawdown	12.78	20.62	-7.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MTUL vs. FMTM - Sharpe Ratio Comparison

The current MTUL Sharpe Ratio is 1.73, which is lower than the FMTM Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of MTUL and FMTM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MTUL	FMTM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.73	2.80	-1.07
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	2.38	-1.98

Drawdowns

MTUL vs. FMTM - Drawdown Comparison

The maximum MTUL drawdown since its inception was -56.83%, which is greater than FMTM's maximum drawdown of -12.12%. Use the drawdown chart below to compare losses from any high point for MTUL and FMTM.

Drawdown Indicators

	MTUL	FMTM	Difference
Max Drawdown Largest peak-to-trough decline	-56.83%	-12.12%	-44.71%
Max Drawdown (1Y) Largest decline over 1 year	-23.86%	-12.12%	-11.74%
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	-0.74%	0.00%	-0.74%
Average Drawdown Average peak-to-trough decline	-22.68%	-1.89%	-20.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.96%	3.10%	+2.86%

Volatility

MTUL vs. FMTM - Volatility Comparison

ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) has a higher volatility of 20.29% compared to MarketDesk Focused U.S. Momentum ETF (FMTM) at 6.52%. This indicates that MTUL's price experiences larger fluctuations and is considered to be riskier than FMTM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MTUL	FMTM	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.29%	6.52%	+13.77%
Volatility (6M) Calculated over the trailing 6-month period	37.63%	17.83%	+19.80%
Volatility (1Y) Calculated over the trailing 1-year period	43.98%	22.82%	+21.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.81%	22.94%	+19.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.65%	22.94%	+20.71%

MTUL vs. FMTM - Expense Ratio Comparison

MTUL has a 0.95% expense ratio, which is higher than FMTM's 0.45% expense ratio.

Dividends

MTUL vs. FMTM - Dividend Comparison

MTUL has not paid dividends to shareholders, while FMTM's dividend yield for the trailing twelve months is around 0.22%.

Position	TTM	2025
FMTM MarketDesk Focused U.S. Momentum ETF	0.22%	0.30%
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN	0.00%	0.00%

Frequently Asked Questions

Can I hold both MTUL and FMTM in my portfolio?

MTUL and FMTM have a correlation of 0.75, 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 FMTM?

MTUL has higher volatility (20.29%) compared to FMTM (6.52%). In terms of maximum drawdown, MTUL dropped -56.83% vs FMTM's -12.12%.

Which ETF is better, MTUL or FMTM?

On 1-year performance, MTUL leads with 75.85% vs 63.62% for FMTM. On fees, FMTM is cheaper at 0.45% per year. On volatility, FMTM has been the lower-risk option at 6.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MTUL or FMTM?

Over the 1-year period, MTUL has performed better with a 75.85% return vs 63.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MTUL or FMTM?

FMTM is cheaper with a 0.45% expense ratio, compared with 0.95% for MTUL.

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

FMTM has the higher dividend yield at 0.22%, compared with 0.00% for MTUL.

What is the main difference between MTUL and FMTM?

Their fees differ too: 0.95% for MTUL and 0.45% for FMTM.

Which has better risk-adjusted returns?

FMTM currently has the higher Sharpe Ratio (2.80 vs 1.73), 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.