MTUM vs. MTUL
MTUM (iShares MSCI USA Momentum Factor ETF) and MTUL (ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN) are both Momentum funds - MTUM tracks the MSCI USA Momentum SR Variant Index while MTUL tracks the MSCI USA Momentum Index. Both are passively managed. Over the past 5 years, MTUM returned 15.03%/yr vs 20.57%/yr for MTUL. With a 0.97 correlation, they move nearly in lockstep. MTUM charges 0.15%/yr vs 0.95%/yr for MTUL.
Performance
MTUM vs. MTUL - Performance Comparison
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Returns By Period
In the year-to-date period, MTUM achieves a 31.46% return, which is significantly lower than MTUL's 66.24% return.
MTUM
- 1D
- -0.41%
- 1M
- 8.29%
- YTD
- 31.46%
- 6M
- 28.81%
- 1Y
- 39.62%
- 3Y*
- 33.68%
- 5Y*
- 15.03%
- 10Y*
- 17.44%
MTUL
- 1D
- 0.00%
- 1M
- 15.33%
- YTD
- 66.24%
- 6M
- 58.06%
- 1Y
- 80.22%
- 3Y*
- 59.11%
- 5Y*
- 20.57%
- 10Y*
- —
MTUM vs. MTUL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MTUM iShares MSCI USA Momentum Factor ETF | 31.46% | 22.15% | 32.89% | 9.15% | -18.27% | 5.85% |
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN | 66.24% | 27.42% | 58.70% | 10.66% | -37.97% | 8.34% |
Correlation
The correlation between MTUM and MTUL is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021 | 0.97 |
The correlation between MTUM and MTUL has been stable across timeframes, ranging from 0.90 to 0.97 - a consistent structural relationship.
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Return for Risk
MTUM vs. MTUL — Risk / Return Rank
MTUM
MTUL
MTUM vs. MTUL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Momentum Factor ETF (MTUM) and ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| MTUM | MTUL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.31 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.45 | 3.38 | +0.07 |
| Martin ratioReturn relative to average drawdown | 13.13 | 13.25 | -0.12 |
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Drawdowns
MTUM vs. MTUL - Drawdown Comparison
The maximum MTUM drawdown since its inception was -34.08%, smaller than the maximum MTUL drawdown of -56.83%. Use the drawdown chart below to compare losses from any high point for MTUM and MTUL.
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Drawdown Indicators
| MTUM | MTUL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.08% | -56.83% | +22.75% |
Max Drawdown (1Y)Largest decline over 1 year | -11.54% | -23.86% | +12.32% |
Max Drawdown (3Y)Largest decline over 3 years | -20.99% | -39.15% | +18.16% |
Max Drawdown (5Y)Largest decline over 5 years | -32.28% | -56.83% | +24.55% |
Max Drawdown (10Y)Largest decline over 10 years | -34.08% | — | — |
Current DrawdownCurrent decline from peak | -4.87% | -6.87% | +2.00% |
Average DrawdownAverage peak-to-trough decline | -6.19% | -22.47% | +16.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.03% | 6.08% | -3.05% |
Volatility
MTUM vs. MTUL - Volatility Comparison
The current volatility for iShares MSCI USA Momentum Factor ETF (MTUM) is 12.23%, while ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) has a volatility of 19.87%. This indicates that MTUM experiences smaller price fluctuations and is considered to be less risky than MTUL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MTUM | MTUL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.23% | 19.87% | -7.64% |
Volatility (6M)Calculated over the trailing 6-month period | 19.36% | 40.27% | -20.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.89% | 47.32% | -25.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.15% | 43.48% | -22.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.31% | 44.10% | -22.79% |
MTUM vs. MTUL - Expense Ratio Comparison
MTUM has a 0.15% expense ratio, which is lower than MTUL's 0.95% expense ratio.
Dividends
MTUM vs. MTUL - Dividend Comparison
MTUM's dividend yield for the trailing twelve months is around 0.56%, while MTUL has not paid dividends to shareholders.
| Position | 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% |
MTUM iShares MSCI USA Momentum Factor ETF | 0.56% | 0.91% | 0.75% | 1.35% | 1.80% | 0.55% | 0.83% | 1.48% | 1.27% | 1.02% | 1.43% | 1.12% |
Frequently Asked Questions
With a correlation of 0.90, MTUM and MTUL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
MTUL has higher volatility (19.87%) compared to MTUM (12.23%). In terms of maximum drawdown, MTUM dropped -34.08% vs MTUL's -56.83%.
On 5-year performance, MTUL leads with 20.57% vs 15.03% for MTUM. On fees, MTUM is cheaper at 0.15% per year. On volatility, MTUM has been the lower-risk option at 12.23%. 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 20.57% return vs 15.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MTUM is cheaper with a 0.15% expense ratio, compared with 0.95% for MTUL.
MTUM has the higher dividend yield at 0.56%, compared with 0.00% for MTUL.
MTUM tracks MSCI USA Momentum SR Variant Index, while MTUL tracks MSCI USA Momentum Index. They also come from different issuers: iShares and UBS. Their fees differ too: 0.15% for MTUM and 0.95% for MTUL.
MTUM currently has the higher Sharpe Ratio (1.82 vs 1.71), 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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