MTUL vs. SPUU
Compare and contrast key facts about ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) and Direxion Daily S&P 500 Bull 2x Shares (SPUU).
MTUL and SPUU 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. SPUU is a passively managed fund by Direxion that tracks the performance of the S&P 500 Index (200%). It was launched on May 28, 2014. Both MTUL and SPUU are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
MTUL vs. SPUU - Performance Comparison
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MTUL vs. SPUU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN | -10.58% | 27.42% | 58.70% | 10.66% | -37.97% | 7.00% |
SPUU Direxion Daily S&P 500 Bull 2x Shares | -8.72% | 26.55% | 44.25% | 47.28% | -38.72% | 50.65% |
Returns By Period
In the year-to-date period, MTUL achieves a -10.58% return, which is significantly lower than SPUU's -8.72% return.
MTUL
- 1D
- 9.39%
- 1M
- -11.99%
- YTD
- -10.58%
- 6M
- -14.38%
- 1Y
- 20.15%
- 3Y*
- 30.55%
- 5Y*
- 8.61%
- 10Y*
- —
SPUU
- 1D
- 1.43%
- 1M
- -9.19%
- YTD
- -8.72%
- 6M
- -6.20%
- 1Y
- 28.11%
- 3Y*
- 29.46%
- 5Y*
- 16.19%
- 10Y*
- 21.84%
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MTUL vs. SPUU - Expense Ratio Comparison
MTUL has a 0.95% expense ratio, which is higher than SPUU's 0.64% expense ratio.
Return for Risk
MTUL vs. SPUU — Risk / Return Rank
MTUL
SPUU
MTUL vs. SPUU - 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 Direxion Daily S&P 500 Bull 2x Shares (SPUU). 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 | SPUU | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.43 | 0.78 | -0.35 |
Sortino ratioReturn per unit of downside risk | 0.90 | 1.29 | -0.39 |
Omega ratioGain probability vs. loss probability | 1.13 | 1.19 | -0.06 |
Calmar ratioReturn relative to maximum drawdown | 0.82 | 1.25 | -0.43 |
Martin ratioReturn relative to average drawdown | 3.29 | 5.36 | -2.07 |
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 | SPUU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.43 | 0.78 | -0.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.21 | 0.49 | -0.28 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.61 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.13 | 0.56 | -0.43 |
Correlation
The correlation between MTUL and SPUU is 0.84, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
MTUL vs. SPUU - Dividend Comparison
MTUL has not paid dividends to shareholders, while SPUU's dividend yield for the trailing twelve months is around 1.76%.
| 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% |
SPUU Direxion Daily S&P 500 Bull 2x Shares | 1.76% | 1.63% | 0.55% | 0.83% | 0.88% | 3.04% | 8.03% | 1.80% | 5.50% | 6.96% | 8.08% | 4.42% |
Drawdowns
MTUL vs. SPUU - Drawdown Comparison
The maximum MTUL drawdown since its inception was -56.83%, roughly equal to the maximum SPUU drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for MTUL and SPUU.
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Drawdown Indicators
| MTUL | SPUU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.83% | -59.35% | +2.52% |
Max Drawdown (1Y)Largest decline over 1 year | -26.88% | -23.10% | -3.78% |
Max Drawdown (5Y)Largest decline over 5 years | -56.83% | -46.59% | -10.24% |
Max Drawdown (10Y)Largest decline over 10 years | — | -59.35% | — |
Current DrawdownCurrent decline from peak | -16.72% | -12.15% | -4.57% |
Average DrawdownAverage peak-to-trough decline | -23.35% | -9.62% | -13.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.69% | 5.41% | +1.28% |
Volatility
MTUL vs. SPUU - Volatility Comparison
ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) has a higher volatility of 19.54% compared to Direxion Daily S&P 500 Bull 2x Shares (SPUU) at 10.73%. This indicates that MTUL's price experiences larger fluctuations and is considered to be riskier than SPUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MTUL | SPUU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.54% | 10.73% | +8.81% |
Volatility (6M)Calculated over the trailing 6-month period | 34.36% | 19.20% | +15.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.60% | 36.23% | +10.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.98% | 33.47% | +8.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.96% | 35.72% | +7.24% |