MTUL vs. MMTM
MTUL (ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN) and MMTM (SPDR S&P 1500 Momentum Tilt ETF) are both Momentum funds - MTUL tracks the MSCI USA Momentum Index while MMTM tracks the S&P 1500 Positive Momentum Tilt Index. Both are passively managed. Over the past 5 years, MTUL returned 19.95%/yr vs 13.50%/yr for MMTM. Their correlation of 0.89 suggests significant overlap in exposure. MTUL charges 0.95%/yr vs 0.12%/yr for MMTM.
Performance
MTUL vs. MMTM - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MTUL achieves a 60.22% return, which is significantly higher than MMTM's 9.16% return.
MTUL
- 1D
- -0.74%
- 1M
- 27.97%
- YTD
- 60.22%
- 6M
- 59.66%
- 1Y
- 75.85%
- 3Y*
- 59.49%
- 5Y*
- 19.95%
- 10Y*
- —
MMTM
- 1D
- -1.07%
- 1M
- 2.46%
- YTD
- 9.16%
- 6M
- 9.58%
- 1Y
- 24.27%
- 3Y*
- 22.46%
- 5Y*
- 13.50%
- 10Y*
- 15.00%
MTUL vs. MMTM - 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% |
MMTM SPDR S&P 1500 Momentum Tilt ETF | 9.16% | 13.26% | 29.94% | 22.49% | -16.12% | 22.31% |
Correlation
The correlation between MTUL and MMTM is 0.78, 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 | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021 | 0.89 |
The correlation between MTUL and MMTM shifts across timeframes, from 0.78 (1 year) to 0.89 (5 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
MTUL vs. MMTM — Risk / Return Rank
MTUL
MMTM
MTUL vs. MMTM - 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 SPDR S&P 1500 Momentum Tilt ETF (MMTM). 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 | MMTM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.31 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.20 | 2.46 | +0.73 |
| Martin ratioReturn relative to average drawdown | 12.78 | 11.15 | +1.64 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| MTUL | MMTM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.73 | 1.72 | +0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.47 | 0.75 | -0.28 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.81 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.41 | 0.85 | -0.44 |
Drawdowns
MTUL vs. MMTM - Drawdown Comparison
The maximum MTUL drawdown since its inception was -56.83%, which is greater than MMTM's maximum drawdown of -33.85%. Use the drawdown chart below to compare losses from any high point for MTUL and MMTM.
Loading charts...
Drawdown Indicators
| MTUL | MMTM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.83% | -33.85% | -22.98% |
Max Drawdown (1Y)Largest decline over 1 year | -23.86% | -9.89% | -13.97% |
Max Drawdown (3Y)Largest decline over 3 years | -39.15% | -22.08% | -17.07% |
Max Drawdown (5Y)Largest decline over 5 years | -56.83% | -23.72% | -33.11% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.85% | — |
Current DrawdownCurrent decline from peak | -0.74% | -1.48% | +0.74% |
Average DrawdownAverage peak-to-trough decline | -22.68% | -4.20% | -18.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.96% | 2.18% | +3.78% |
Volatility
MTUL vs. MMTM - Volatility Comparison
ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) has a higher volatility of 20.29% compared to SPDR S&P 1500 Momentum Tilt ETF (MMTM) at 2.35%. This indicates that MTUL's price experiences larger fluctuations and is considered to be riskier than MMTM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| MTUL | MMTM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.29% | 2.35% | +17.94% |
Volatility (6M)Calculated over the trailing 6-month period | 37.63% | 10.73% | +26.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.98% | 14.19% | +29.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 42.81% | 18.20% | +24.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.65% | 18.65% | +25.00% |
MTUL vs. MMTM - Expense Ratio Comparison
MTUL has a 0.95% expense ratio, which is higher than MMTM's 0.12% expense ratio.
Dividends
MTUL vs. MMTM - Dividend Comparison
MTUL has not paid dividends to shareholders, while MMTM's dividend yield for the trailing twelve months is around 0.78%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MMTM SPDR S&P 1500 Momentum Tilt ETF | 0.78% | 0.86% | 0.83% | 1.16% | 1.67% | 0.95% | 1.14% | 1.55% | 1.64% | 1.52% | 1.98% | 1.68% |
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 MMTM have a correlation of 0.78, 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 MMTM (2.35%). In terms of maximum drawdown, MTUL dropped -56.83% vs MMTM's -33.85%.
On 5-year performance, MTUL leads with 19.95% vs 13.50% for MMTM. On fees, MMTM is cheaper at 0.12% per year. On volatility, MMTM has been the lower-risk option at 2.35%. 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 13.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MMTM is cheaper with a 0.12% expense ratio, compared with 0.95% for MTUL.
MMTM has the higher dividend yield at 0.78%, compared with 0.00% for MTUL.
MTUL tracks MSCI USA Momentum Index, while MMTM tracks S&P 1500 Positive Momentum Tilt Index. They also come from different issuers: UBS and State Street. Their fees differ too: 0.95% for MTUL and 0.12% for MMTM.
MTUL currently has the higher Sharpe Ratio (1.73 vs 1.72), 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.
Find the right allocation for MTUL and MMTM
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer