MTUL vs. SMHB
MTUL (ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN) and SMHB (ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B) are both exchange-traded funds - MTUL is a Momentum fund tracking the MSCI USA Momentum Index, while SMHB is a Leveraged Equities fund tracking the Solactive US Small Cap High Dividend Index (200%). Both are passively managed. Over the past 5 years, MTUL returned 19.95%/yr vs -6.36%/yr for SMHB. At a 0.45 correlation, their price movements are largely independent. MTUL charges 0.95%/yr vs 0.85%/yr for SMHB.
Performance
MTUL vs. SMHB - Performance Comparison
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Returns By Period
In the year-to-date period, MTUL achieves a 60.22% return, which is significantly higher than SMHB's 5.72% return.
MTUL
- 1D
- -0.74%
- 1M
- 27.97%
- YTD
- 60.22%
- 6M
- 59.66%
- 1Y
- 75.85%
- 3Y*
- 59.49%
- 5Y*
- 19.95%
- 10Y*
- —
SMHB
- 1D
- -1.45%
- 1M
- -1.99%
- YTD
- 5.72%
- 6M
- 0.84%
- 1Y
- 11.36%
- 3Y*
- 9.31%
- 5Y*
- -6.36%
- 10Y*
- —
MTUL vs. SMHB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN | 60.22% | 27.42% | 58.70% | 10.66% | -37.97% | 7.00% |
SMHB ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B | 5.72% | -7.75% | -15.85% | 35.96% | -36.03% | 38.68% |
Correlation
The correlation between MTUL and SMHB 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 | 0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021 | 0.45 |
Over the past year, the correlation between MTUL and SMHB has dropped to 0.24 - well below their long-term average of 0.45, suggesting their price drivers have been diverging.
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Return for Risk
MTUL vs. SMHB — Risk / Return Rank
MTUL
SMHB
MTUL vs. SMHB - 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 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B (SMHB). 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 | SMHB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.44 | ||
| Sortino ratioReturn per unit of downside risk | +1.64 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.08 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 3.20 | 0.45 | +2.74 |
| Martin ratioReturn relative to average drawdown | 12.78 | 1.10 | +11.69 |
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 | SMHB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.73 | 0.29 | +1.44 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.47 | -0.13 | +0.60 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.41 | -0.10 | +0.51 |
Drawdowns
MTUL vs. SMHB - Drawdown Comparison
The maximum MTUL drawdown since its inception was -56.83%, smaller than the maximum SMHB drawdown of -90.30%. Use the drawdown chart below to compare losses from any high point for MTUL and SMHB.
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Drawdown Indicators
| MTUL | SMHB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.83% | -90.30% | +33.47% |
Max Drawdown (1Y)Largest decline over 1 year | -23.86% | -25.16% | +1.30% |
Max Drawdown (3Y)Largest decline over 3 years | -39.15% | -45.05% | +5.90% |
Max Drawdown (5Y)Largest decline over 5 years | -56.83% | -58.85% | +2.02% |
Current DrawdownCurrent decline from peak | -0.74% | -41.81% | +41.07% |
Average DrawdownAverage peak-to-trough decline | -22.68% | -37.21% | +14.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.96% | 10.38% | -4.42% |
Volatility
MTUL vs. SMHB - Volatility Comparison
ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) has a higher volatility of 20.29% compared to ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B (SMHB) at 7.35%. This indicates that MTUL's price experiences larger fluctuations and is considered to be riskier than SMHB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MTUL | SMHB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.29% | 7.35% | +12.94% |
Volatility (6M)Calculated over the trailing 6-month period | 37.63% | 25.74% | +11.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.98% | 38.92% | +5.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 42.81% | 48.93% | -6.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.65% | 66.33% | -22.68% |
MTUL vs. SMHB - Expense Ratio Comparison
MTUL has a 0.95% expense ratio, which is higher than SMHB's 0.85% expense ratio.
Dividends
MTUL vs. SMHB - Dividend Comparison
MTUL has not paid dividends to shareholders, while SMHB's dividend yield for the trailing twelve months is around 21.00%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
SMHB ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B | 21.00% | 22.22% | 21.95% | 15.27% | 24.18% | 12.22% | 16.86% | 19.97% | 0.91% |
Frequently Asked Questions
MTUL and SMHB 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 (20.29%) compared to SMHB (7.35%). In terms of maximum drawdown, MTUL dropped -56.83% vs SMHB's -90.30%.
On 5-year performance, MTUL leads with 19.95% vs -6.36% for SMHB. On fees, SMHB is cheaper at 0.85% per year. On volatility, SMHB has been the lower-risk option at 7.35%. 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 19.95% return vs -6.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMHB is cheaper with a 0.85% expense ratio, compared with 0.95% for MTUL.
SMHB has the higher dividend yield at 21.00%, compared with 0.00% for MTUL.
MTUL is categorized as Momentum, while SMHB is Leveraged Equities. MTUL tracks MSCI USA Momentum Index, while SMHB tracks Solactive US Small Cap High Dividend Index (200%). Their fees differ too: 0.95% for MTUL and 0.85% for SMHB.
MTUL currently has the higher Sharpe Ratio (1.73 vs 0.29), 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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