MTUL vs. USML
MTUL (ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN) and USML (ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN) are both exchange-traded funds - MTUL is a Momentum fund tracking the MSCI USA Momentum Index, while USML is a Leveraged Equities fund tracking the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 5 years, MTUL returned 19.95%/yr vs 8.11%/yr for USML. A 0.61 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
MTUL vs. USML - 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 USML's 2.96% return.
MTUL
- 1D
- -0.74%
- 1M
- 27.97%
- YTD
- 60.22%
- 6M
- 59.66%
- 1Y
- 75.85%
- 3Y*
- 59.49%
- 5Y*
- 19.95%
- 10Y*
- —
USML
- 1D
- -1.24%
- 1M
- 3.76%
- YTD
- 2.96%
- 6M
- 2.63%
- 1Y
- 2.80%
- 3Y*
- 16.27%
- 5Y*
- 8.11%
- 10Y*
- —
MTUL vs. USML - 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% |
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN | 2.96% | 9.33% | 23.97% | 11.37% | -22.87% | 42.12% |
Correlation
The correlation between MTUL and USML is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021 | 0.61 |
Over the past year, the correlation between MTUL and USML has dropped to 0.33 - well below their long-term average of 0.61, suggesting their price drivers have been diverging.
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Return for Risk
MTUL vs. USML — Risk / Return Rank
MTUL
USML
MTUL vs. USML - 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 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML). 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 | USML | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.56 | ||
| Sortino ratioReturn per unit of downside risk | +1.98 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.04 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 3.20 | 0.21 | +2.98 |
| Martin ratioReturn relative to average drawdown | 12.78 | 0.65 | +12.13 |
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 | USML | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.73 | 0.17 | +1.56 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.47 | 0.33 | +0.14 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.41 | 0.44 | -0.03 |
Drawdowns
MTUL vs. USML - Drawdown Comparison
The maximum MTUL drawdown since its inception was -56.83%, which is greater than USML's maximum drawdown of -35.34%. Use the drawdown chart below to compare losses from any high point for MTUL and USML.
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Drawdown Indicators
| MTUL | USML | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.83% | -35.34% | -21.49% |
Max Drawdown (1Y)Largest decline over 1 year | -23.86% | -13.09% | -10.77% |
Max Drawdown (3Y)Largest decline over 3 years | -39.15% | -19.14% | -20.01% |
Max Drawdown (5Y)Largest decline over 5 years | -56.83% | -35.34% | -21.49% |
Current DrawdownCurrent decline from peak | -0.74% | -3.69% | +2.95% |
Average DrawdownAverage peak-to-trough decline | -22.68% | -10.41% | -12.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.96% | 4.33% | +1.63% |
Volatility
MTUL vs. USML - Volatility Comparison
ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) has a higher volatility of 20.29% compared to ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) at 4.22%. This indicates that MTUL's price experiences larger fluctuations and is considered to be riskier than USML based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MTUL | USML | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.29% | 4.22% | +16.07% |
Volatility (6M)Calculated over the trailing 6-month period | 37.63% | 11.44% | +26.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.98% | 16.38% | +27.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 42.81% | 24.47% | +18.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.65% | 24.29% | +19.36% |
MTUL vs. USML - Expense Ratio Comparison
Both MTUL and USML have an expense ratio of 0.95%.
Dividends
MTUL vs. USML - Dividend Comparison
Neither MTUL nor USML has paid dividends to shareholders.
Frequently Asked Questions
MTUL and USML have a correlation of 0.33, 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 USML (4.22%). In terms of maximum drawdown, MTUL dropped -56.83% vs USML's -35.34%.
On 5-year performance, MTUL leads with 19.95% vs 8.11% for USML. Both ETFs have the same 0.95% expense ratio. On volatility, USML has been the lower-risk option at 4.22%. 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 8.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MTUL and USML have the same expense ratio: 0.95% per year.
MTUL and USML have nearly identical dividend yields, around 0.00%.
MTUL is categorized as Momentum, while USML is Leveraged Equities. MTUL tracks MSCI USA Momentum Index, while USML tracks MSCI USA Minimum Volatility Index.
MTUL currently has the higher Sharpe Ratio (1.73 vs 0.17), 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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