MTUL vs. XDSQ

Last updated Jun 5, 2026

MTUL (ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN) and XDSQ (Innovator US Equity Accelerated ETF) are both exchange-traded funds - MTUL is a Momentum fund tracking the MSCI USA Momentum Index, while XDSQ is a Leveraged Equities fund actively managed by Innovator. MTUL is passively managed, while XDSQ is actively managed. Over the past 5 years, MTUL returned 20.13%/yr vs 9.81%/yr for XDSQ. Their correlation of 0.81 suggests significant overlap in exposure. MTUL charges 0.95%/yr vs 0.79%/yr for XDSQ.

Performance

MTUL vs. XDSQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) and Innovator US Equity Accelerated ETF (XDSQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MTUL achieves a 61.40% return, which is significantly higher than XDSQ's 2.84% return.

MTUL

• 1D: 0.74%
• 1M: 23.35%
• YTD: 61.40%
• 6M: 63.02%
• 1Y: 78.14%
• 3Y*: 60.02%
• 5Y*: 20.13%
• 10Y*: —

XDSQ

• 1D: 0.04%
• 1M: 1.36%
• YTD: 2.84%
• 6M: 3.73%
• 1Y: 16.08%
• 3Y*: 15.08%
• 5Y*: 9.81%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

MTUL vs. XDSQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN	61.40%	27.42%	58.70%	10.66%	-37.97%	21.79%
XDSQ Innovator US Equity Accelerated ETF	2.84%	14.22%	23.12%	23.00%	-16.78%	12.75%

Correlation

The correlation between MTUL and XDSQ is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Apr 5, 2021	0.81

The correlation between MTUL and XDSQ shifts across timeframes, from 0.71 (1 year) to 0.81 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

MTUL vs. XDSQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MTUL

MTUL Risk / Return Rank: 59
MTUL Sharpe Ratio Rank: 53
MTUL Sortino Ratio Rank: 49
MTUL Omega Ratio Rank: 53
MTUL Calmar Ratio Rank: 67
MTUL Martin Ratio Rank: 72

XDSQ

XDSQ Risk / Return Rank: 45
XDSQ Sharpe Ratio Rank: 44
XDSQ Sortino Ratio Rank: 42
XDSQ Omega Ratio Rank: 52
XDSQ Calmar Ratio Rank: 35
XDSQ Martin Ratio Rank: 49

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

MTUL vs. XDSQ - 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 Innovator US Equity Accelerated ETF (XDSQ). 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	XDSQ	Difference
Sharpe ratio: Return per unit of total volatility	1.79	1.53	+0.25
Sortino ratio: Return per unit of downside risk	2.38	2.11	+0.27
Omega ratio: Gain probability vs. loss probability	1.32	1.32	+0.01
Calmar ratio: Return relative to maximum drawdown	3.29	1.68	+1.61
Martin ratio: Return relative to average drawdown	13.17	8.02	+5.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MTUL vs. XDSQ - Sharpe Ratio Comparison

The current MTUL Sharpe Ratio is 1.79, which is comparable to the XDSQ Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of MTUL and XDSQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MTUL	XDSQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.79	1.53	+0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.65	-0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.69	-0.28

Drawdowns

MTUL vs. XDSQ - Drawdown Comparison

The maximum MTUL drawdown since its inception was -56.83%, which is greater than XDSQ's maximum drawdown of -26.06%. Use the drawdown chart below to compare losses from any high point for MTUL and XDSQ.

Drawdown Indicators

	MTUL	XDSQ	Difference
Max Drawdown Largest peak-to-trough decline	-56.83%	-26.06%	-30.77%
Max Drawdown (1Y) Largest decline over 1 year	-23.86%	-9.60%	-14.26%
Max Drawdown (3Y) Largest decline over 3 years	-39.15%	-19.15%	-20.00%
Max Drawdown (5Y) Largest decline over 5 years	-56.83%	-26.06%	-30.77%
Current Drawdown Current decline from peak	-0.01%	0.00%	-0.01%
Average Drawdown Average peak-to-trough decline	-22.66%	-4.96%	-17.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.95%	2.01%	+3.94%

Volatility

MTUL vs. XDSQ - Volatility Comparison

ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) has a higher volatility of 20.00% compared to Innovator US Equity Accelerated ETF (XDSQ) at 0.53%. This indicates that MTUL's price experiences larger fluctuations and is considered to be riskier than XDSQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MTUL	XDSQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.00%	0.53%	+19.47%
Volatility (6M) Calculated over the trailing 6-month period	37.62%	8.39%	+29.23%
Volatility (1Y) Calculated over the trailing 1-year period	43.98%	10.54%	+33.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.80%	15.27%	+27.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.63%	15.09%	+28.54%

MTUL vs. XDSQ - Expense Ratio Comparison

MTUL has a 0.95% expense ratio, which is higher than XDSQ's 0.79% expense ratio.

Dividends

MTUL vs. XDSQ - Dividend Comparison

Neither MTUL nor XDSQ has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both MTUL and XDSQ in my portfolio?

MTUL and XDSQ have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MTUL or XDSQ?

MTUL has higher volatility (20.00%) compared to XDSQ (0.53%). In terms of maximum drawdown, MTUL dropped -56.83% vs XDSQ's -26.06%.

Which ETF is better, MTUL or XDSQ?

On 5-year performance, MTUL leads with 20.13% vs 9.81% for XDSQ. On fees, XDSQ is cheaper at 0.79% per year. On volatility, XDSQ has been the lower-risk option at 0.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MTUL or XDSQ?

Over the 5-year period, MTUL has performed better with a 20.13% return vs 9.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MTUL or XDSQ?

XDSQ is cheaper with a 0.79% expense ratio, compared with 0.95% for MTUL.

Which ETF pays a higher dividend yield, MTUL or XDSQ?

MTUL and XDSQ have nearly identical dividend yields, around 0.00%.

What is the main difference between MTUL and XDSQ?

MTUL is categorized as Momentum, while XDSQ is Leveraged Equities. They also come from different issuers: UBS and Innovator. Their fees differ too: 0.95% for MTUL and 0.79% for XDSQ.

Which has better risk-adjusted returns?

MTUL currently has the higher Sharpe Ratio (1.79 vs 1.53), 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.