MTUL vs. MTUM
MTUL (ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN) and MTUM (iShares MSCI USA Momentum Factor ETF) are both Momentum funds - MTUL tracks the MSCI USA Momentum Index while MTUM tracks the MSCI USA Momentum SR Variant Index. Both are passively managed. Over the past 5 years, MTUL returned 20.57%/yr vs 15.03%/yr for MTUM. With a 0.97 correlation, they move nearly in lockstep. MTUL charges 0.95%/yr vs 0.15%/yr for MTUM.
Performance
MTUL vs. MTUM - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MTUL achieves a 66.24% return, which is significantly higher than MTUM's 31.46% return.
MTUL
- 1D
- 0.00%
- 1M
- 15.33%
- YTD
- 66.24%
- 6M
- 58.06%
- 1Y
- 80.22%
- 3Y*
- 59.11%
- 5Y*
- 20.57%
- 10Y*
- —
MTUM
- 1D
- -0.41%
- 1M
- 8.29%
- YTD
- 31.46%
- 6M
- 28.81%
- 1Y
- 39.62%
- 3Y*
- 33.68%
- 5Y*
- 15.03%
- 10Y*
- 17.44%
MTUL vs. MTUM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN | 66.24% | 27.42% | 58.70% | 10.66% | -37.97% | 8.34% |
MTUM iShares MSCI USA Momentum Factor ETF | 31.46% | 22.15% | 32.89% | 9.15% | -18.27% | 5.85% |
Correlation
The correlation between MTUL and MTUM is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021 | 0.97 |
The correlation between MTUL and MTUM has been stable across timeframes, ranging from 0.90 to 0.97 - a consistent structural relationship.
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. MTUM — Risk / Return Rank
MTUL
MTUM
MTUL vs. MTUM - 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 MSCI USA Momentum Factor ETF (MTUM). 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 | MTUM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.11 | ||
| Sortino ratioReturn per unit of downside risk | -0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.33 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.38 | 3.45 | -0.07 |
| Martin ratioReturn relative to average drawdown | 13.25 | 13.13 | +0.12 |
Loading charts...
Drawdowns
MTUL vs. MTUM - Drawdown Comparison
The maximum MTUL drawdown since its inception was -56.83%, which is greater than MTUM's maximum drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for MTUL and MTUM.
Loading charts...
Drawdown Indicators
| MTUL | MTUM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.83% | -34.08% | -22.75% |
Max Drawdown (1Y)Largest decline over 1 year | -23.86% | -11.54% | -12.32% |
Max Drawdown (3Y)Largest decline over 3 years | -39.15% | -20.99% | -18.16% |
Max Drawdown (5Y)Largest decline over 5 years | -56.83% | -32.28% | -24.55% |
Max Drawdown (10Y)Largest decline over 10 years | — | -34.08% | — |
Current DrawdownCurrent decline from peak | -6.87% | -4.87% | -2.00% |
Average DrawdownAverage peak-to-trough decline | -22.47% | -6.19% | -16.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.08% | 3.03% | +3.05% |
Volatility
MTUL vs. MTUM - Volatility Comparison
ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) has a higher volatility of 19.87% compared to iShares MSCI USA Momentum Factor ETF (MTUM) at 12.23%. This indicates that MTUL's price experiences larger fluctuations and is considered to be riskier than MTUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| MTUL | MTUM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.87% | 12.23% | +7.64% |
Volatility (6M)Calculated over the trailing 6-month period | 40.27% | 19.36% | +20.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.32% | 21.89% | +25.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.48% | 21.15% | +22.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.10% | 21.31% | +22.79% |
MTUL vs. MTUM - Expense Ratio Comparison
MTUL has a 0.95% expense ratio, which is higher than MTUM's 0.15% expense ratio.
Dividends
MTUL vs. MTUM - Dividend Comparison
MTUL has not paid dividends to shareholders, while MTUM's dividend yield for the trailing twelve months is around 0.56%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
MTUM iShares MSCI USA Momentum Factor ETF | 0.56% | 0.91% | 0.75% | 1.35% | 1.80% | 0.55% | 0.83% | 1.48% | 1.27% | 1.02% | 1.43% | 1.12% |
Frequently Asked Questions
With a correlation of 0.90, MTUL and MTUM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
MTUL has higher volatility (19.87%) compared to MTUM (12.23%). In terms of maximum drawdown, MTUL dropped -56.83% vs MTUM's -34.08%.
On 5-year performance, MTUL leads with 20.57% vs 15.03% for MTUM. On fees, MTUM is cheaper at 0.15% per year. On volatility, MTUM has been the lower-risk option at 12.23%. 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 20.57% return vs 15.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MTUM is cheaper with a 0.15% expense ratio, compared with 0.95% for MTUL.
MTUM has the higher dividend yield at 0.56%, compared with 0.00% for MTUL.
MTUL tracks MSCI USA Momentum Index, while MTUM tracks MSCI USA Momentum SR Variant Index. They also come from different issuers: UBS and iShares. Their fees differ too: 0.95% for MTUL and 0.15% for MTUM.
MTUM currently has the higher Sharpe Ratio (1.82 vs 1.71), 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 MTUM
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