MTUL vs. MLPB
MTUL (ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN) and MLPB (ETRACS Alerian MLP Infrastructure Index ETN Series B) are both exchange-traded funds - MTUL is a Momentum fund tracking the MSCI USA Momentum Index, while MLPB is a MLPs fund tracking the Alerian MLP Infrastructure Index. Both are passively managed. Over the past 5 years, MTUL returned 19.95%/yr vs 19.42%/yr for MLPB. At a 0.38 correlation, their price movements are largely independent. MTUL charges 0.95%/yr vs 0.85%/yr for MLPB.
Performance
MTUL vs. MLPB - Performance Comparison
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Returns By Period
In the year-to-date period, MTUL achieves a 60.22% return, which is significantly higher than MLPB's 19.72% return.
MTUL
- 1D
- -0.74%
- 1M
- 27.97%
- YTD
- 60.22%
- 6M
- 59.66%
- 1Y
- 75.85%
- 3Y*
- 59.49%
- 5Y*
- 19.95%
- 10Y*
- —
MLPB
- 1D
- -0.05%
- 1M
- -0.42%
- YTD
- 19.72%
- 6M
- 18.24%
- 1Y
- 20.60%
- 3Y*
- 22.21%
- 5Y*
- 19.42%
- 10Y*
- 10.20%
MTUL vs. MLPB - 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% |
MLPB ETRACS Alerian MLP Infrastructure Index ETN Series B | 19.72% | 7.40% | 25.53% | 22.01% | 30.22% | 27.22% |
Correlation
The correlation between MTUL and MLPB is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021 | 0.38 |
The correlation between MTUL and MLPB shifts across timeframes, from -0.04 (1 year) to 0.40 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
MTUL vs. MLPB — Risk / Return Rank
MTUL
MLPB
MTUL vs. MLPB - 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 ETRACS Alerian MLP Infrastructure Index ETN Series B (MLPB). 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 | MLPB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.26 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 3.20 | 2.14 | +1.06 |
| Martin ratioReturn relative to average drawdown | 12.78 | 6.60 | +6.19 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MTUL | MLPB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.73 | 1.54 | +0.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.47 | 0.97 | -0.51 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.37 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.41 | 0.24 | +0.17 |
Drawdowns
MTUL vs. MLPB - Drawdown Comparison
The maximum MTUL drawdown since its inception was -56.83%, smaller than the maximum MLPB drawdown of -71.93%. Use the drawdown chart below to compare losses from any high point for MTUL and MLPB.
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Drawdown Indicators
| MTUL | MLPB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.83% | -71.93% | +15.10% |
Max Drawdown (1Y)Largest decline over 1 year | -23.86% | -9.68% | -14.18% |
Max Drawdown (3Y)Largest decline over 3 years | -39.15% | -16.49% | -22.66% |
Max Drawdown (5Y)Largest decline over 5 years | -56.83% | -20.41% | -36.42% |
Max Drawdown (10Y)Largest decline over 10 years | — | -71.93% | — |
Current DrawdownCurrent decline from peak | -0.74% | -4.69% | +3.95% |
Average DrawdownAverage peak-to-trough decline | -22.68% | -14.83% | -7.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.96% | 3.13% | +2.83% |
Volatility
MTUL vs. MLPB - Volatility Comparison
ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) has a higher volatility of 20.29% compared to ETRACS Alerian MLP Infrastructure Index ETN Series B (MLPB) at 5.40%. This indicates that MTUL's price experiences larger fluctuations and is considered to be riskier than MLPB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MTUL | MLPB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.29% | 5.40% | +14.89% |
Volatility (6M)Calculated over the trailing 6-month period | 37.63% | 10.05% | +27.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.98% | 13.51% | +30.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 42.81% | 20.03% | +22.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.65% | 28.11% | +15.54% |
MTUL vs. MLPB - Expense Ratio Comparison
MTUL has a 0.95% expense ratio, which is higher than MLPB's 0.85% expense ratio.
Dividends
MTUL vs. MLPB - Dividend Comparison
MTUL has not paid dividends to shareholders, while MLPB's dividend yield for the trailing twelve months is around 5.85%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
MLPB ETRACS Alerian MLP Infrastructure Index ETN Series B | 5.85% | 6.51% | 5.95% | 6.37% | 6.00% | 6.98% | 11.93% | 7.98% | 8.11% | 7.23% | 6.85% |
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% |
Frequently Asked Questions
MTUL and MLPB have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MTUL has higher volatility (20.29%) compared to MLPB (5.40%). In terms of maximum drawdown, MTUL dropped -56.83% vs MLPB's -71.93%.
On 5-year performance, MTUL leads with 19.95% vs 19.42% for MLPB. On fees, MLPB is cheaper at 0.85% per year. On volatility, MLPB has been the lower-risk option at 5.40%. 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 19.95% return vs 19.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MLPB is cheaper with a 0.85% expense ratio, compared with 0.95% for MTUL.
MLPB has the higher dividend yield at 5.85%, compared with 0.00% for MTUL.
MTUL is categorized as Momentum, while MLPB is MLPs. MTUL tracks MSCI USA Momentum Index, while MLPB tracks Alerian MLP Infrastructure Index. Their fees differ too: 0.95% for MTUL and 0.85% for MLPB.
MTUL currently has the higher Sharpe Ratio (1.73 vs 1.54), 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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