MTUL vs. NVDG

Last updated Apr 2, 2026

Compare and contrast key facts about ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) and Leverage Shares 2X Long NVDA Daily ETF (NVDG).

MTUL and NVDG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MTUL is a passively managed fund by UBS that tracks the performance of the MSCI USA Momentum Index. It was launched on Feb 5, 2021. NVDG is an actively managed fund by Leverage Shares. It was launched on Dec 12, 2024.

Performance

MTUL vs. NVDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) and Leverage Shares 2X Long NVDA Daily ETF (NVDG). The values are adjusted to include any dividend payments, if applicable.

MTUL vs. NVDG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN	-5.77%	27.42%	-6.05%
NVDG Leverage Shares 2X Long NVDA Daily ETF	-16.59%	32.45%	-0.75%

Returns By Period

In the year-to-date period, MTUL achieves a -5.77% return, which is significantly higher than NVDG's -16.59% return.

MTUL

• 1D: 5.38%
• 1M: -7.85%
• YTD: -5.77%
• 6M: -9.38%
• 1Y: 23.21%
• 3Y*: 32.85%
• 5Y*: 9.76%
• 10Y*: —

NVDG

• 1D: 1.56%
• 1M: -8.92%
• YTD: -16.59%
• 6M: -22.21%
• 1Y: 91.48%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

MTUL vs. NVDG - Expense Ratio Comparison

MTUL has a 0.95% expense ratio, which is higher than NVDG's 0.75% expense ratio.

MTUL

ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN

NVDG

Leverage Shares 2X Long NVDA Daily ETF

Return for Risk

MTUL vs. NVDG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MTUL

MTUL Risk / Return Rank: 33
MTUL Sharpe Ratio Rank: 26
MTUL Sortino Ratio Rank: 32
MTUL Omega Ratio Rank: 32
MTUL Calmar Ratio Rank: 36
MTUL Martin Ratio Rank: 39

NVDG

NVDG Risk / Return Rank: 65
NVDG Sharpe Ratio Rank: 62
NVDG Sortino Ratio Rank: 72
NVDG Omega Ratio Rank: 61
NVDG Calmar Ratio Rank: 78
NVDG Martin Ratio Rank: 52

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

MTUL vs. NVDG - 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 Leverage Shares 2X Long NVDA Daily ETF (NVDG). 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	NVDG	Difference
Sharpe ratio Return per unit of total volatility	0.50	1.13	-0.63
Sortino ratio Return per unit of downside risk	0.98	1.89	-0.90
Omega ratio Gain probability vs. loss probability	1.14	1.24	-0.10
Calmar ratio Return relative to maximum drawdown	0.99	2.25	-1.26
Martin ratio Return relative to average drawdown	3.95	5.38	-1.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MTUL vs. NVDG - Sharpe Ratio Comparison

The current MTUL Sharpe Ratio is 0.50, which is lower than the NVDG Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of MTUL and NVDG, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MTUL	NVDG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.50	1.13	-0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.08	+0.08

Correlation

The correlation between MTUL and NVDG is 0.61, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

MTUL vs. NVDG - Dividend Comparison

MTUL has not paid dividends to shareholders, while NVDG's dividend yield for the trailing twelve months is around 14.16%.

	TTM	2025
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN	0.00%	0.00%
NVDG Leverage Shares 2X Long NVDA Daily ETF	14.16%	11.81%

Drawdowns

MTUL vs. NVDG - Drawdown Comparison

The maximum MTUL drawdown since its inception was -56.83%, smaller than the maximum NVDG drawdown of -66.19%. Use the drawdown chart below to compare losses from any high point for MTUL and NVDG.

Drawdown Indicators

	MTUL	NVDG	Difference
Max Drawdown Largest peak-to-trough decline	-56.83%	-66.19%	+9.36%
Max Drawdown (1Y) Largest decline over 1 year	-26.88%	-42.72%	+15.84%
Max Drawdown (5Y) Largest decline over 5 years	-56.83%	—	—
Current Drawdown Current decline from peak	-12.23%	-35.41%	+23.18%
Average Drawdown Average peak-to-trough decline	-23.34%	-24.03%	+0.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.74%	17.91%	-11.17%

Volatility

MTUL vs. NVDG - Volatility Comparison

The current volatility for ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) is 19.43%, while Leverage Shares 2X Long NVDA Daily ETF (NVDG) has a volatility of 20.81%. This indicates that MTUL experiences smaller price fluctuations and is considered to be less risky than NVDG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MTUL	NVDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.43%	20.81%	-1.38%
Volatility (6M) Calculated over the trailing 6-month period	34.76%	50.85%	-16.09%
Volatility (1Y) Calculated over the trailing 1-year period	46.87%	81.32%	-34.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.02%	92.39%	-50.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.00%	92.39%	-49.39%