MTUL vs. MVRL
MTUL (ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN) and MVRL (ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN) are both exchange-traded funds - MTUL is a Momentum fund tracking the MSCI USA Momentum Index, while MVRL is a REIT fund tracking the MVIS US Mortgage REITs Index (150%). Both are passively managed. Over the past 5 years, MTUL returned 20.13%/yr vs -8.32%/yr for MVRL. At a 0.47 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
MTUL vs. MVRL - Performance Comparison
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Returns By Period
In the year-to-date period, MTUL achieves a 61.40% return, which is significantly higher than MVRL's -3.14% return.
MTUL
- 1D
- 0.74%
- 1M
- 23.35%
- YTD
- 61.40%
- 6M
- 63.02%
- 1Y
- 78.14%
- 3Y*
- 60.02%
- 5Y*
- 20.13%
- 10Y*
- —
MVRL
- 1D
- 2.18%
- 1M
- -6.30%
- YTD
- -3.14%
- 6M
- -2.46%
- 1Y
- 14.65%
- 3Y*
- 8.41%
- 5Y*
- -8.32%
- 10Y*
- —
MTUL vs. MVRL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN | 61.40% | 27.42% | 58.70% | 10.66% | -37.97% | 7.00% |
MVRL ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN | -3.14% | 14.96% | -3.45% | 12.30% | -42.41% | 14.07% |
Correlation
The correlation between MTUL and MVRL is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021 | 0.47 |
Over the past year, the correlation between MTUL and MVRL has dropped to 0.24 - well below their long-term average of 0.47, suggesting their price drivers have been diverging.
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Return for Risk
MTUL vs. MVRL — Risk / Return Rank
MTUL
MVRL
MTUL vs. MVRL - 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 Monthly Pay 1.5x Leveraged Mortgage REIT ETN (MVRL). 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 | MVRL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.25 | ||
| Sortino ratioReturn per unit of downside risk | +1.47 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.11 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 3.29 | 0.70 | +2.59 |
| Martin ratioReturn relative to average drawdown | 13.17 | 1.94 | +11.23 |
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 | MVRL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.79 | 0.54 | +1.25 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.47 | -0.23 | +0.70 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.41 | 0.13 | +0.28 |
Drawdowns
MTUL vs. MVRL - Drawdown Comparison
The maximum MTUL drawdown since its inception was -56.83%, smaller than the maximum MVRL drawdown of -60.25%. Use the drawdown chart below to compare losses from any high point for MTUL and MVRL.
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Drawdown Indicators
| MTUL | MVRL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.83% | -60.25% | +3.42% |
Max Drawdown (1Y)Largest decline over 1 year | -23.86% | -20.93% | -2.93% |
Max Drawdown (3Y)Largest decline over 3 years | -39.15% | -32.20% | -6.95% |
Max Drawdown (5Y)Largest decline over 5 years | -56.83% | -60.25% | +3.42% |
Current DrawdownCurrent decline from peak | -0.01% | -38.62% | +38.61% |
Average DrawdownAverage peak-to-trough decline | -22.66% | -31.81% | +9.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.95% | 7.56% | -1.61% |
Volatility
MTUL vs. MVRL - Volatility Comparison
ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) has a higher volatility of 20.00% compared to ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN (MVRL) at 6.35%. This indicates that MTUL's price experiences larger fluctuations and is considered to be riskier than MVRL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MTUL | MVRL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.00% | 6.35% | +13.65% |
Volatility (6M)Calculated over the trailing 6-month period | 37.62% | 20.28% | +17.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.98% | 27.25% | +16.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 42.80% | 36.56% | +6.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.63% | 37.63% | +6.00% |
MTUL vs. MVRL - Expense Ratio Comparison
Both MTUL and MVRL have an expense ratio of 0.95%.
Dividends
MTUL vs. MVRL - Dividend Comparison
MTUL has not paid dividends to shareholders, while MVRL's dividend yield for the trailing twelve months is around 20.76%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
MVRL ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN | 20.76% | 19.15% | 19.27% | 18.69% | 25.21% | 12.33% | 5.63% |
Frequently Asked Questions
MTUL and MVRL have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MTUL has higher volatility (20.00%) compared to MVRL (6.35%). In terms of maximum drawdown, MTUL dropped -56.83% vs MVRL's -60.25%.
On 5-year performance, MTUL leads with 20.13% vs -8.32% for MVRL. Both ETFs have the same 0.95% expense ratio. On volatility, MVRL has been the lower-risk option at 6.35%. 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 20.13% return vs -8.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MTUL and MVRL have the same expense ratio: 0.95% per year.
MVRL has the higher dividend yield at 20.76%, compared with 0.00% for MTUL.
MTUL is categorized as Momentum, while MVRL is REIT. MTUL tracks MSCI USA Momentum Index, while MVRL tracks MVIS US Mortgage REITs Index (150%).
MTUL currently has the higher Sharpe Ratio (1.79 vs 0.54), 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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