MTUL vs. ITB
MTUL (ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN) and ITB (iShares U.S. Home Construction ETF) are both exchange-traded funds - MTUL is a Momentum fund tracking the MSCI USA Momentum Index, while ITB is a Building & Construction fund tracking the Dow Jones U.S. Select Home Construction Index. Both are passively managed. Over the past 5 years, MTUL returned 18.70%/yr vs 8.49%/yr for ITB. At a 0.48 correlation, their price movements are largely independent. MTUL charges 0.95%/yr vs 0.38%/yr for ITB.
Performance
MTUL vs. ITB - Performance Comparison
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Returns By Period
In the year-to-date period, MTUL achieves a 52.05% return, which is significantly higher than ITB's 0.36% return.
MTUL
- 1D
- -5.08%
- 1M
- -5.23%
- 6M
- 42.79%
- YTD
- 52.05%
- 1Y
- 66.98%
- 3Y*
- 51.48%
- 5Y*
- 18.70%
- 10Y*
- —
ITB
- 1D
- -1.49%
- 1M
- -0.51%
- 6M
- -10.42%
- YTD
- 0.36%
- 1Y
- -1.85%
- 3Y*
- 3.64%
- 5Y*
- 8.49%
- 10Y*
- 13.44%
MTUL vs. ITB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN | 52.05% | 27.42% | 58.70% | 10.66% | -37.97% | 8.34% |
ITB iShares U.S. Home Construction ETF | 0.36% | -5.26% | 2.06% | 68.91% | -26.26% | 35.77% |
Correlation
The correlation between MTUL and ITB is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.39 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021 | 0.48 |
Over the past year, the correlation between MTUL and ITB has dropped to 0.23 - well below their long-term average of 0.48, suggesting their price drivers have been diverging.
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Return for Risk
MTUL vs. ITB — Risk / Return Rank
MTUL
ITB
MTUL vs. ITB - 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 iShares U.S. Home Construction ETF (ITB). 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 | ITB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.40 | ||
| Sortino ratioReturn per unit of downside risk | +1.78 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.02 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 2.82 | -0.07 | +2.89 |
| Martin ratioReturn relative to average drawdown | 10.38 | -0.13 | +10.51 |
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Drawdowns
MTUL vs. ITB - Drawdown Comparison
The maximum MTUL drawdown since its inception was -56.83%, smaller than the maximum ITB drawdown of -86.53%. Use the drawdown chart below to compare losses from any high point for MTUL and ITB.
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Drawdown Indicators
| MTUL | ITB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.83% | -86.53% | +29.70% |
Max Drawdown (1Y)Largest decline over 1 year | -23.86% | -26.04% | +2.18% |
Max Drawdown (3Y)Largest decline over 3 years | -39.15% | -33.35% | -5.80% |
Max Drawdown (5Y)Largest decline over 5 years | -56.83% | -40.55% | -16.28% |
Max Drawdown (10Y)Largest decline over 10 years | — | -52.10% | — |
Current DrawdownCurrent decline from peak | -14.82% | -23.92% | +9.10% |
Average DrawdownAverage peak-to-trough decline | -22.36% | -37.02% | +14.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.47% | 14.00% | -7.53% |
Volatility
MTUL vs. ITB - Volatility Comparison
ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) has a higher volatility of 23.34% compared to iShares U.S. Home Construction ETF (ITB) at 10.84%. This indicates that MTUL's price experiences larger fluctuations and is considered to be riskier than ITB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MTUL | ITB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.34% | 10.84% | +12.50% |
Volatility (6M)Calculated over the trailing 6-month period | 43.89% | 22.25% | +21.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 50.59% | 30.26% | +20.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 44.16% | 29.51% | +14.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.60% | 30.14% | +14.46% |
MTUL vs. ITB - Expense Ratio Comparison
MTUL has a 0.95% expense ratio, which is higher than ITB's 0.38% expense ratio.
Dividends
MTUL vs. ITB - Dividend Comparison
MTUL has not paid dividends to shareholders, while ITB's dividend yield for the trailing twelve months is around 0.67%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ITB iShares U.S. Home Construction ETF | 0.67% | 1.67% | 0.46% | 0.48% | 0.86% | 0.37% | 0.46% | 0.50% | 0.63% | 0.28% | 0.43% | 0.34% |
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
MTUL and ITB have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MTUL has higher volatility (23.34%) compared to ITB (10.84%). In terms of maximum drawdown, MTUL dropped -56.83% vs ITB's -86.53%.
On 5-year performance, MTUL leads with 18.70% vs 8.49% for ITB. On fees, ITB is cheaper at 0.38% per year. On volatility, ITB has been the lower-risk option at 10.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, MTUL has performed better with a 18.70% return vs 8.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ITB is cheaper with a 0.38% expense ratio, compared with 0.95% for MTUL.
ITB has the higher dividend yield at 0.67%, compared with 0.00% for MTUL.
MTUL is categorized as Momentum, while ITB is Building & Construction. MTUL tracks MSCI USA Momentum Index, while ITB tracks Dow Jones U.S. Select Home Construction Index. They also come from different issuers: UBS and iShares. Their fees differ too: 0.95% for MTUL and 0.38% for ITB.
MTUL currently has the higher Sharpe Ratio (1.33 vs -0.06), 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.
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