MTUL vs. SMH
MTUL (ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - MTUL is a Momentum fund tracking the MSCI USA Momentum Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 5 years, MTUL returned 20.69%/yr vs 38.18%/yr for SMH. A 0.75 correlation means they provide meaningful diversification when combined. MTUL charges 0.95%/yr vs 0.35%/yr for SMH.
Performance
MTUL vs. SMH - Performance Comparison
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Returns By Period
In the year-to-date period, MTUL achieves a 66.24% return, which is significantly lower than SMH's 72.73% return.
MTUL
- 1D
- -6.87%
- 1M
- 15.33%
- YTD
- 66.24%
- 6M
- 59.30%
- 1Y
- 84.36%
- 3Y*
- 59.11%
- 5Y*
- 20.69%
- 10Y*
- —
SMH
- 1D
- -7.01%
- 1M
- 7.93%
- YTD
- 72.73%
- 6M
- 71.29%
- 1Y
- 138.23%
- 3Y*
- 62.28%
- 5Y*
- 38.18%
- 10Y*
- 37.85%
MTUL vs. SMH - 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% |
SMH VanEck Semiconductor ETF | 72.73% | 49.17% | 39.10% | 73.38% | -33.53% | 31.03% |
Correlation
The correlation between MTUL and SMH is 0.76, 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 | 0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021 | 0.75 |
The correlation between MTUL and SMH has been stable across timeframes, ranging from 0.75 to 0.78 - a consistent structural relationship.
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Return for Risk
MTUL vs. SMH — Risk / Return Rank
MTUL
SMH
MTUL vs. SMH - 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 VanEck Semiconductor ETF (SMH). 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 | SMH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.20 | ||
| Sortino ratioReturn per unit of downside risk | -1.72 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.58 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | 3.55 | 9.31 | -5.76 |
| Martin ratioReturn relative to average drawdown | 13.96 | 33.88 | -19.91 |
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Drawdowns
MTUL vs. SMH - Drawdown Comparison
The maximum MTUL drawdown since its inception was -56.83%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for MTUL and SMH.
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Drawdown Indicators
| MTUL | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.83% | -84.96% | +28.13% |
Max Drawdown (1Y)Largest decline over 1 year | -23.86% | -14.93% | -8.93% |
Max Drawdown (3Y)Largest decline over 3 years | -39.15% | -35.74% | -3.41% |
Max Drawdown (5Y)Largest decline over 5 years | -56.83% | -45.30% | -11.53% |
Max Drawdown (10Y)Largest decline over 10 years | — | -45.30% | — |
Current DrawdownCurrent decline from peak | -6.87% | -7.01% | +0.14% |
Average DrawdownAverage peak-to-trough decline | -22.48% | -41.01% | +18.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.06% | 4.10% | +1.96% |
Volatility
MTUL vs. SMH - Volatility Comparison
ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) has a higher volatility of 21.95% compared to VanEck Semiconductor ETF (SMH) at 19.08%. This indicates that MTUL's price experiences larger fluctuations and is considered to be riskier than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MTUL | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.95% | 19.08% | +2.87% |
Volatility (6M)Calculated over the trailing 6-month period | 40.49% | 29.18% | +11.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.37% | 34.87% | +12.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.49% | 35.83% | +7.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.11% | 32.97% | +11.14% |
MTUL vs. SMH - Expense Ratio Comparison
MTUL has a 0.95% expense ratio, which is higher than SMH's 0.35% expense ratio.
Dividends
MTUL vs. SMH - Dividend Comparison
MTUL has not paid dividends to shareholders, while SMH's dividend yield for the trailing twelve months is around 0.18%.
| 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% |
SMH VanEck Semiconductor ETF | 0.18% | 0.31% | 0.44% | 0.60% | 1.18% | 0.51% | 0.69% | 1.50% | 1.88% | 1.43% | 0.80% | 2.14% |
Frequently Asked Questions
MTUL and SMH have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MTUL has higher volatility (21.95%) compared to SMH (19.08%). In terms of maximum drawdown, MTUL dropped -56.83% vs SMH's -84.96%.
On 5-year performance, SMH leads with 38.18% vs 20.69% for MTUL. On fees, SMH is cheaper at 0.35% per year. On volatility, SMH has been the lower-risk option at 19.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SMH has performed better with a 38.18% return vs 20.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMH is cheaper with a 0.35% expense ratio, compared with 0.95% for MTUL.
SMH has the higher dividend yield at 0.18%, compared with 0.00% for MTUL.
MTUL is categorized as Momentum, while SMH is Semiconductors. MTUL tracks MSCI USA Momentum Index, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: UBS and VanEck. Their fees differ too: 0.95% for MTUL and 0.35% for SMH.
SMH currently has the higher Sharpe Ratio (3.99 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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