MTUL vs. QQQA
MTUL (ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN) and QQQA (ProShares Nasdaq-100 Dorsey Wright Momentum ETF) are both exchange-traded funds - MTUL is a Momentum fund tracking the MSCI USA Momentum Index, while QQQA is a Nasdaq-100 fund tracking the NASDAQ-100 Dorsey Wright Momentum Index - Benchmark TR Gross. Both are passively managed. Over the past 5 years, MTUL returned 20.13%/yr vs 14.57%/yr for QQQA. Their correlation of 0.82 suggests significant overlap in exposure. MTUL charges 0.95%/yr vs 0.58%/yr for QQQA.
Performance
MTUL vs. QQQA - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with MTUL having a 61.40% return and QQQA slightly higher at 64.12%.
MTUL
- 1D
- 0.74%
- 1M
- 23.35%
- YTD
- 61.40%
- 6M
- 63.02%
- 1Y
- 78.14%
- 3Y*
- 60.02%
- 5Y*
- 20.13%
- 10Y*
- —
QQQA
- 1D
- -0.76%
- 1M
- 19.04%
- YTD
- 64.12%
- 6M
- 67.24%
- 1Y
- 86.88%
- 3Y*
- 34.14%
- 5Y*
- 14.57%
- 10Y*
- —
MTUL vs. QQQA - 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% | 18.40% |
QQQA ProShares Nasdaq-100 Dorsey Wright Momentum ETF | 64.12% | 9.87% | 16.17% | 24.98% | -29.08% | 8.43% |
Correlation
The correlation between MTUL and QQQA is 0.80, 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 | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.85 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since May 21, 2021 | 0.82 |
The correlation between MTUL and QQQA has been stable across timeframes, ranging from 0.80 to 0.85 - a consistent structural relationship.
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Return for Risk
MTUL vs. QQQA — Risk / Return Rank
MTUL
QQQA
MTUL vs. QQQA - 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 ProShares Nasdaq-100 Dorsey Wright Momentum ETF (QQQA). 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 | QQQA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.56 | ||
| Sortino ratioReturn per unit of downside risk | -1.56 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.53 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 3.29 | 6.01 | -2.72 |
| Martin ratioReturn relative to average drawdown | 13.17 | 22.45 | -9.28 |
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 | QQQA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.79 | 3.35 | -1.56 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.47 | 0.57 | -0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.41 | 0.58 | -0.17 |
Drawdowns
MTUL vs. QQQA - Drawdown Comparison
The maximum MTUL drawdown since its inception was -56.83%, which is greater than QQQA's maximum drawdown of -38.44%. Use the drawdown chart below to compare losses from any high point for MTUL and QQQA.
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Drawdown Indicators
| MTUL | QQQA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.83% | -38.44% | -18.39% |
Max Drawdown (1Y)Largest decline over 1 year | -23.86% | -14.54% | -9.32% |
Max Drawdown (3Y)Largest decline over 3 years | -39.15% | -30.84% | -8.31% |
Max Drawdown (5Y)Largest decline over 5 years | -56.83% | -38.44% | -18.39% |
Current DrawdownCurrent decline from peak | -0.01% | -0.76% | +0.75% |
Average DrawdownAverage peak-to-trough decline | -22.66% | -15.66% | -7.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.95% | 3.88% | +2.07% |
Volatility
MTUL vs. QQQA - Volatility Comparison
ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) has a higher volatility of 20.00% compared to ProShares Nasdaq-100 Dorsey Wright Momentum ETF (QQQA) at 10.13%. This indicates that MTUL's price experiences larger fluctuations and is considered to be riskier than QQQA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MTUL | QQQA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.00% | 10.13% | +9.87% |
Volatility (6M)Calculated over the trailing 6-month period | 37.62% | 22.18% | +15.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.98% | 26.07% | +17.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 42.80% | 25.82% | +16.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.63% | 25.76% | +17.87% |
MTUL vs. QQQA - Expense Ratio Comparison
MTUL has a 0.95% expense ratio, which is higher than QQQA's 0.58% expense ratio.
Dividends
MTUL vs. QQQA - Dividend Comparison
MTUL has not paid dividends to shareholders, while QQQA's dividend yield for the trailing twelve months is around 0.06%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
QQQA ProShares Nasdaq-100 Dorsey Wright Momentum ETF | 0.06% | 0.10% | 0.09% | 0.34% | 0.28% | 0.10% |
Frequently Asked Questions
MTUL and QQQA have a correlation of 0.80, 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 QQQA (10.13%). In terms of maximum drawdown, MTUL dropped -56.83% vs QQQA's -38.44%.
On 5-year performance, MTUL leads with 20.13% vs 14.57% for QQQA. On fees, QQQA is cheaper at 0.58% per year. On volatility, QQQA has been the lower-risk option at 10.13%. 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 14.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QQQA is cheaper with a 0.58% expense ratio, compared with 0.95% for MTUL.
QQQA has the higher dividend yield at 0.06%, compared with 0.00% for MTUL.
MTUL is categorized as Momentum, while QQQA is Nasdaq-100. MTUL tracks MSCI USA Momentum Index, while QQQA tracks NASDAQ-100 Dorsey Wright Momentum Index - Benchmark TR Gross. They also come from different issuers: UBS and ProShares. Their fees differ too: 0.95% for MTUL and 0.58% for QQQA.
QQQA currently has the higher Sharpe Ratio (3.35 vs 1.79), 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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