MTUL vs. TSMX
MTUL (ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN) and TSMX (Direxion Daily TSM Bull 2X Shares) are both exchange-traded funds - MTUL is a Momentum fund tracking the MSCI USA Momentum Index, while TSMX is a Leveraged Equities fund actively managed by Direxion. MTUL is passively managed, while TSMX is actively managed. Over the past year, MTUL returned 75.85% vs 295.18% for TSMX. A 0.57 correlation means they provide meaningful diversification when combined. MTUL charges 0.95%/yr vs 1.05%/yr for TSMX.
Performance
MTUL vs. TSMX - Performance Comparison
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Returns By Period
In the year-to-date period, MTUL achieves a 60.22% return, which is significantly lower than TSMX's 85.80% return.
MTUL
- 1D
- -0.74%
- 1M
- 27.97%
- YTD
- 60.22%
- 6M
- 59.66%
- 1Y
- 75.85%
- 3Y*
- 59.49%
- 5Y*
- 19.95%
- 10Y*
- —
TSMX
- 1D
- -4.27%
- 1M
- 15.97%
- YTD
- 85.80%
- 6M
- 94.81%
- 1Y
- 295.18%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MTUL vs. TSMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN | 60.22% | 27.42% | 1.94% |
TSMX Direxion Daily TSM Bull 2X Shares | 85.80% | 81.48% | 14.76% |
Correlation
The correlation between MTUL and TSMX is 0.55, 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 | 0.55 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2024 | 0.57 |
The correlation between MTUL and TSMX has been stable across timeframes, ranging from 0.55 to 0.57 - a consistent structural relationship.
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Return for Risk
MTUL vs. TSMX — Risk / Return Rank
MTUL
TSMX
MTUL vs. TSMX - 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 TSM Bull 2X Shares (TSMX). 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 | TSMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.42 | ||
| Sortino ratioReturn per unit of downside risk | -1.45 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.45 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 3.20 | 8.51 | -5.32 |
| Martin ratioReturn relative to average drawdown | 12.78 | 27.80 | -15.01 |
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 | TSMX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.73 | 4.15 | -2.42 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.47 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.41 | 1.57 | -1.16 |
Drawdowns
MTUL vs. TSMX - Drawdown Comparison
The maximum MTUL drawdown since its inception was -56.83%, smaller than the maximum TSMX drawdown of -63.80%. Use the drawdown chart below to compare losses from any high point for MTUL and TSMX.
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Drawdown Indicators
| MTUL | TSMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.83% | -63.80% | +6.97% |
Max Drawdown (1Y)Largest decline over 1 year | -23.86% | -34.93% | +11.07% |
Max Drawdown (3Y)Largest decline over 3 years | -39.15% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -56.83% | — | — |
Current DrawdownCurrent decline from peak | -0.74% | -4.27% | +3.53% |
Average DrawdownAverage peak-to-trough decline | -22.68% | -15.85% | -6.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.96% | 10.68% | -4.72% |
Volatility
MTUL vs. TSMX - Volatility Comparison
The current volatility for ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) is 20.29%, while Direxion Daily TSM Bull 2X Shares (TSMX) has a volatility of 22.91%. This indicates that MTUL experiences smaller price fluctuations and is considered to be less risky than TSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MTUL | TSMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.29% | 22.91% | -2.62% |
Volatility (6M)Calculated over the trailing 6-month period | 37.63% | 54.45% | -16.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.98% | 71.63% | -27.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 42.81% | 80.93% | -38.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.65% | 80.93% | -37.28% |
MTUL vs. TSMX - Expense Ratio Comparison
MTUL has a 0.95% expense ratio, which is lower than TSMX's 1.05% expense ratio.
Dividends
MTUL vs. TSMX - Dividend Comparison
MTUL has not paid dividends to shareholders, while TSMX's dividend yield for the trailing twelve months is around 4.44%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN | 0.00% | 0.00% | 0.00% |
TSMX Direxion Daily TSM Bull 2X Shares | 4.44% | 8.01% | 0.53% |
Frequently Asked Questions
MTUL and TSMX have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSMX has higher volatility (22.91%) compared to MTUL (20.29%). In terms of maximum drawdown, MTUL dropped -56.83% vs TSMX's -63.80%.
On 1-year performance, TSMX leads with 295.18% vs 75.85% for MTUL. On fees, MTUL is cheaper at 0.95% per year. On volatility, MTUL has been the lower-risk option at 20.29%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, TSMX has performed better with a 295.18% return vs 75.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MTUL is cheaper with a 0.95% expense ratio, compared with 1.05% for TSMX.
TSMX has the higher dividend yield at 4.44%, compared with 0.00% for MTUL.
MTUL is categorized as Momentum, while TSMX is Leveraged Equities. They also come from different issuers: UBS and Direxion. Their fees differ too: 0.95% for MTUL and 1.05% for TSMX.
TSMX currently has the higher Sharpe Ratio (4.15 vs 1.73), 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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