MTUL vs. SEIM

Last updated Jun 25, 2026

MTUL (ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN) and SEIM (SEI Enhanced US Large Cap Momentum Factor ETF) are both Momentum funds. MTUL is passively managed, while SEIM is actively managed. Over the past 3 years, MTUL returned 59.11%/yr vs 29.06%/yr for SEIM. Their correlation of 0.87 suggests significant overlap in exposure. MTUL charges 0.95%/yr vs 0.15%/yr for SEIM.

Performance

MTUL vs. SEIM - 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 SEI Enhanced US Large Cap Momentum Factor ETF (SEIM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MTUL achieves a 66.24% return, which is significantly higher than SEIM's 18.33% return.

MTUL

• 1D: 0.00%
• 1M: 15.33%
• YTD: 66.24%
• 6M: 58.06%
• 1Y: 80.22%
• 3Y*: 59.11%
• 5Y*: 20.57%
• 10Y*: —

SEIM

• 1D: 0.00%
• 1M: 2.95%
• YTD: 18.33%
• 6M: 16.17%
• 1Y: 33.03%
• 3Y*: 29.06%
• 5Y*: —
• 10Y*: —

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

MTUL vs. SEIM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN	66.24%	27.42%	58.70%	10.66%	2.23%
SEIM SEI Enhanced US Large Cap Momentum Factor ETF	18.33%	20.20%	39.12%	16.25%	-5.62%

Correlation

The correlation between MTUL and SEIM is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (All Time) Calculated using the full available price history since May 18, 2022	0.87

The correlation between MTUL and SEIM has been stable across timeframes, ranging from 0.84 to 0.88 - a consistent structural relationship.

Return for Risk

MTUL vs. SEIM — Risk / Return Rank

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

MTUL

MTUL Risk / Return Rank: 63
MTUL Sharpe Ratio Rank: 57
MTUL Sortino Ratio Rank: 52
MTUL Omega Ratio Rank: 56
MTUL Calmar Ratio Rank: 75
MTUL Martin Ratio Rank: 77

SEIM

SEIM Risk / Return Rank: 69
SEIM Sharpe Ratio Rank: 66
SEIM Sortino Ratio Rank: 63
SEIM Omega Ratio Rank: 63
SEIM Calmar Ratio Rank: 73
SEIM Martin Ratio Rank: 80

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. SEIM - 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 SEI Enhanced US Large Cap Momentum Factor ETF (SEIM). 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	SEIM	Difference
Sharpe ratio: Return per unit of total volatility	1.71	1.91	-0.21
Sortino ratio: Return per unit of downside risk	2.26	2.60	-0.34
Omega ratio: Gain probability vs. loss probability	1.31	1.34	-0.03
Calmar ratio: Return relative to maximum drawdown	3.38	3.30	+0.08
Martin ratio: Return relative to average drawdown	13.25	14.07	-0.83

MTUL vs. SEIM - Sharpe Ratio Comparison

The current MTUL Sharpe Ratio is 1.71, which is comparable to the SEIM Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of MTUL and SEIM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MTUL vs. SEIM - Drawdown Comparison

The maximum MTUL drawdown since its inception was -56.83%, which is greater than SEIM's maximum drawdown of -22.17%. Use the drawdown chart below to compare losses from any high point for MTUL and SEIM.

Drawdown Indicators

	MTUL	SEIM	Difference
Max Drawdown Largest peak-to-trough decline	-56.83%	-22.17%	-34.66%
Max Drawdown (1Y) Largest decline over 1 year	-23.86%	-10.07%	-13.79%
Max Drawdown (3Y) Largest decline over 3 years	-39.15%	-22.17%	-16.98%
Max Drawdown (5Y) Largest decline over 5 years	-56.83%	—	—
Current Drawdown Current decline from peak	-6.87%	-2.24%	-4.63%
Average Drawdown Average peak-to-trough decline	-22.47%	-3.96%	-18.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.08%	2.35%	+3.73%

Volatility

MTUL vs. SEIM - Volatility Comparison

ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) has a higher volatility of 19.87% compared to SEI Enhanced US Large Cap Momentum Factor ETF (SEIM) at 7.15%. This indicates that MTUL's price experiences larger fluctuations and is considered to be riskier than SEIM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MTUL	SEIM	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.87%	7.15%	+12.72%
Volatility (6M) Calculated over the trailing 6-month period	40.27%	14.39%	+25.88%
Volatility (1Y) Calculated over the trailing 1-year period	47.32%	17.41%	+29.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.48%	19.08%	+24.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.10%	19.08%	+25.02%

MTUL vs. SEIM - Expense Ratio Comparison

MTUL has a 0.95% expense ratio, which is higher than SEIM's 0.15% expense ratio.

Dividends

MTUL vs. SEIM - Dividend Comparison

MTUL has not paid dividends to shareholders, while SEIM's dividend yield for the trailing twelve months is around 0.52%.

Position	TTM	2025	2024	2023	2022
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN	0.00%	0.00%	0.00%	0.00%	0.00%
SEIM SEI Enhanced US Large Cap Momentum Factor ETF	0.52%	0.56%	0.48%	0.89%	1.01%

Frequently Asked Questions

Can I hold both MTUL and SEIM in my portfolio?

MTUL and SEIM have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MTUL or SEIM?

MTUL has higher volatility (19.87%) compared to SEIM (7.15%). In terms of maximum drawdown, MTUL dropped -56.83% vs SEIM's -22.17%.

Which ETF is better, MTUL or SEIM?

On 3-year performance, MTUL leads with 59.11% vs 29.06% for SEIM. On fees, SEIM is cheaper at 0.15% per year. On volatility, SEIM has been the lower-risk option at 7.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MTUL or SEIM?

Over the 3-year period, MTUL has performed better with a 59.11% return vs 29.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MTUL or SEIM?

SEIM is cheaper with a 0.15% expense ratio, compared with 0.95% for MTUL.

Which ETF pays a higher dividend yield, MTUL or SEIM?

SEIM has the higher dividend yield at 0.52%, compared with 0.00% for MTUL.

What is the main difference between MTUL and SEIM?

They also come from different issuers: UBS and SEI. Their fees differ too: 0.95% for MTUL and 0.15% for SEIM.

Which has better risk-adjusted returns?

SEIM currently has the higher Sharpe Ratio (1.91 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.