MTUL vs. IVOO
MTUL (ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN) and IVOO (Vanguard S&P Mid-Cap 400 ETF) are both exchange-traded funds - MTUL is a Momentum fund tracking the MSCI USA Momentum Index, while IVOO is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index. Both are passively managed. Over the past 5 years, MTUL returned 15.55%/yr vs 8.41%/yr for IVOO. Their 0.72 correlation means they have sometimes moved together and sometimes differently. MTUL charges 0.95%/yr vs 0.07%/yr for IVOO.
Performance
MTUL vs. IVOO - Performance Comparison
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Returns By Period
In the year-to-date period, MTUL achieves a 38.03% return, which is significantly higher than IVOO's 14.58% 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%
IVOO
- 1D
- -0.08%
- 1M
- -1.02%
- 6M
- 10.08%
- YTD
- 14.58%
- 1Y
- 22.85%
- 3Y*
- 12.98%
- 5Y*
- 8.41%
- 10Y*
- 10.98%
- ALL TIME*
- 12.19%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $9.28M | $9.17M | $9.84M | |
| $228.72K | $153.30K | $113.30K |
MTUL vs. IVOO - 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% |
IVOO Vanguard S&P Mid-Cap 400 ETF | 14.58% | 7.47% | 13.77% | 16.45% | -13.17% | 17.15% |
Correlation
The correlation between MTUL and IVOO is 0.61, 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. | 0.61 |
Correlation (3Y) Balances recent behavior with more history. | 0.66 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.72 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021 | 0.72 |
The correlation between MTUL and IVOO shifts across timeframes, from 0.61 (1 year) to 0.72 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
MTUL vs. IVOO — Risk / Return Rank
MTUL
IVOO
MTUL vs. IVOO - 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 Vanguard S&P Mid-Cap 400 ETF (IVOO). 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 | IVOO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.49 | ||
| Sortino ratioReturn per unit of downside risk | -0.54 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.24 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.49 | 2.40 | -0.91 |
| Martin ratioReturn relative to average drawdown | 6.15 | 8.72 | -2.57 |
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Drawdowns
MTUL vs. IVOO - Drawdown Comparison
The maximum MTUL drawdown since its inception was -56.83%, which is greater than IVOO's maximum drawdown of -42.33%. Use the drawdown chart below to compare losses from any high point for MTUL and IVOO.
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Drawdown Indicators
| MTUL | IVOO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.83% | -42.33% | -14.50% |
Max Drawdown (1Y)Largest decline over 1 year | -32.27% | -8.81% | -23.46% |
Max Drawdown (3Y)Largest decline over 3 years | -39.15% | -24.22% | -14.93% |
Max Drawdown (5Y)Largest decline over 5 years | -56.83% | -24.22% | -32.61% |
Max Drawdown (10Y)Largest decline over 10 years | — | -42.33% | — |
Current DrawdownCurrent decline from peak | -22.74% | -2.33% | -20.41% |
Average DrawdownAverage peak-to-trough decline | -22.29% | -5.23% | -17.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.79% | 2.42% | +5.37% |
Volatility
MTUL vs. IVOO - Volatility Comparison
ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) has a higher volatility of 26.81% compared to Vanguard S&P Mid-Cap 400 ETF (IVOO) at 3.43%. This indicates that MTUL's price experiences larger fluctuations and is considered to be riskier than IVOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MTUL | IVOO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 26.81% | 3.43% | +23.38% |
Volatility (6M)Calculated over the trailing 6-month period | 50.13% | 11.63% | +38.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.27% | 15.74% | +40.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 45.40% | 19.65% | +25.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 45.65% | 21.15% | +24.50% |
MTUL vs. IVOO - Expense Ratio Comparison
MTUL has a 0.95% expense ratio, which is higher than IVOO's 0.07% expense ratio.
Dividends
MTUL vs. IVOO - Dividend Comparison
MTUL has not paid dividends to shareholders, while IVOO's dividend yield for the trailing twelve months is around 1.18%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IVOO Vanguard S&P Mid-Cap 400 ETF | 1.18% | 1.35% | 1.30% | 1.25% | 1.58% | 1.14% | 1.23% | 1.49% | 1.56% | 1.22% | 1.37% | 1.45% |
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 IVOO have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MTUL has higher volatility (26.81%) compared to IVOO (3.43%). In terms of maximum drawdown, MTUL dropped -56.83% vs IVOO's -42.33%.
On 5-year performance, MTUL leads with 15.55% vs 8.41% for IVOO. On fees, IVOO is cheaper at 0.07% per year. On volatility, IVOO has been the lower-risk option at 3.43%. 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 15.55% return vs 8.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IVOO is cheaper with a 0.07% expense ratio, compared with 0.95% for MTUL.
IVOO has the higher dividend yield at 1.18%, compared with 0.00% for MTUL.
MTUL is categorized as Momentum, while IVOO is Mid Cap Blend Equities. MTUL tracks MSCI USA Momentum Index, while IVOO tracks S&P MidCap 400 Index. They also come from different issuers: UBS and Vanguard. Their fees differ too: 0.95% for MTUL and 0.07% for IVOO.
IVOO currently has the higher Sharpe Ratio (1.34 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.
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