MTUL vs. FOCPX

Last updated Jun 4, 2026

MTUL (ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN) and FOCPX (Fidelity OTC Portfolio) are both funds - MTUL is a Momentum fund tracking the MSCI USA Momentum Index, while FOCPX is a Large Cap Growth Equities fund actively managed by Fidelity. MTUL is passively managed, while FOCPX is actively managed. Over the past 5 years, MTUL returned 19.95%/yr vs 19.55%/yr for FOCPX. Their correlation of 0.80 suggests significant overlap in exposure. MTUL charges 0.95%/yr vs 0.73%/yr for FOCPX.

Performance

MTUL vs. FOCPX - 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 OTC Portfolio (FOCPX). 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 FOCPX's 27.59% return.

MTUL

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

FOCPX

• 1D: 0.78%
• 1M: 10.68%
• YTD: 27.59%
• 6M: 28.74%
• 1Y: 61.90%
• 3Y*: 34.85%
• 5Y*: 19.55%
• 10Y*: 22.63%

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

MTUL vs. FOCPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN	60.22%	27.42%	58.70%	10.66%	-37.97%	7.00%
FOCPX Fidelity OTC Portfolio	27.59%	22.21%	38.95%	42.64%	-32.08%	16.75%

Correlation

The correlation between MTUL and FOCPX is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021	0.80

The correlation between MTUL and FOCPX has been stable across timeframes, ranging from 0.76 to 0.83 - a consistent structural relationship.

Return for Risk

MTUL vs. FOCPX — 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

FOCPX

FOCPX Risk / Return Rank: 93
FOCPX Sharpe Ratio Rank: 96
FOCPX Sortino Ratio Rank: 90
FOCPX Omega Ratio Rank: 87
FOCPX Calmar Ratio Rank: 94
FOCPX Martin Ratio Rank: 96

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. FOCPX - 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 OTC Portfolio (FOCPX). 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	FOCPX	Difference
Sharpe ratio: Return per unit of total volatility	1.73	3.55	-1.82
Sortino ratio: Return per unit of downside risk	2.33	4.40	-2.07
Omega ratio: Gain probability vs. loss probability	1.32	1.59	-0.28
Calmar ratio: Return relative to maximum drawdown	3.20	5.57	-2.37
Martin ratio: Return relative to average drawdown	12.78	24.59	-11.81
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. FOCPX - Sharpe Ratio Comparison

The current MTUL Sharpe Ratio is 1.73, which is lower than the FOCPX Sharpe Ratio of 3.55. The chart below compares the historical Sharpe Ratios of MTUL and FOCPX, 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	FOCPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.73	3.55	-1.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.87	-0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.01	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.66	-0.25

Drawdowns

MTUL vs. FOCPX - Drawdown Comparison

The maximum MTUL drawdown since its inception was -56.83%, smaller than the maximum FOCPX drawdown of -70.25%. Use the drawdown chart below to compare losses from any high point for MTUL and FOCPX.

Drawdown Indicators

	MTUL	FOCPX	Difference
Max Drawdown Largest peak-to-trough decline	-56.83%	-70.25%	+13.42%
Max Drawdown (1Y) Largest decline over 1 year	-23.86%	-11.29%	-12.57%
Max Drawdown (3Y) Largest decline over 3 years	-39.15%	-24.82%	-14.33%
Max Drawdown (5Y) Largest decline over 5 years	-56.83%	-37.05%	-19.78%
Max Drawdown (10Y) Largest decline over 10 years	—	-37.05%	—
Current Drawdown Current decline from peak	-0.74%	0.00%	-0.74%
Average Drawdown Average peak-to-trough decline	-22.68%	-17.01%	-5.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.96%	2.55%	+3.41%

Volatility

MTUL vs. FOCPX - Volatility Comparison

ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) has a higher volatility of 20.29% compared to Fidelity OTC Portfolio (FOCPX) at 5.41%. This indicates that MTUL's price experiences larger fluctuations and is considered to be riskier than FOCPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MTUL	FOCPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.29%	5.41%	+14.88%
Volatility (6M) Calculated over the trailing 6-month period	37.63%	13.89%	+23.74%
Volatility (1Y) Calculated over the trailing 1-year period	43.98%	17.71%	+26.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.81%	22.66%	+20.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.65%	22.44%	+21.21%

MTUL vs. FOCPX - Expense Ratio Comparison

MTUL has a 0.95% expense ratio, which is higher than FOCPX's 0.73% expense ratio.

Dividends

MTUL vs. FOCPX - Dividend Comparison

MTUL has not paid dividends to shareholders, while FOCPX's dividend yield for the trailing twelve months is around 6.09%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FOCPX Fidelity OTC Portfolio	6.09%	7.78%	16.76%	0.05%	4.06%	11.53%	6.23%	7.58%	7.93%	4.86%	3.24%	5.41%
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%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MTUL and FOCPX in my portfolio?

MTUL and FOCPX have a correlation of 0.76, 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 FOCPX?

MTUL has higher volatility (20.29%) compared to FOCPX (5.41%). In terms of maximum drawdown, MTUL dropped -56.83% vs FOCPX's -70.25%.

Which has better risk-adjusted returns?

FOCPX currently has the higher Sharpe Ratio (3.55 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.