MVRL vs. MTUL
MVRL (ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN) and MTUL (ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN) are both exchange-traded funds - MVRL is a REIT fund tracking the MVIS US Mortgage REITs Index (150%), while MTUL is a Momentum fund tracking the MSCI USA Momentum Index. Both are passively managed. Over the past 5 years, MVRL returned -8.72%/yr vs 19.95%/yr for MTUL. At a 0.47 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
MVRL vs. MTUL - Performance Comparison
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Returns By Period
In the year-to-date period, MVRL achieves a -5.20% return, which is significantly lower than MTUL's 60.22% return.
MVRL
- 1D
- -2.09%
- 1M
- -7.86%
- YTD
- -5.20%
- 6M
- -5.45%
- 1Y
- 11.96%
- 3Y*
- 7.15%
- 5Y*
- -8.72%
- 10Y*
- —
MTUL
- 1D
- -0.74%
- 1M
- 27.97%
- YTD
- 60.22%
- 6M
- 59.66%
- 1Y
- 75.85%
- 3Y*
- 59.49%
- 5Y*
- 19.95%
- 10Y*
- —
MVRL vs. MTUL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MVRL ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN | -5.20% | 14.96% | -3.45% | 12.30% | -42.41% | 14.07% |
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN | 60.22% | 27.42% | 58.70% | 10.66% | -37.97% | 7.00% |
Correlation
The correlation between MVRL and MTUL is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021 | 0.47 |
Over the past year, the correlation between MVRL and MTUL has dropped to 0.24 - well below their long-term average of 0.47, suggesting their price drivers have been diverging.
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Return for Risk
MVRL vs. MTUL — Risk / Return Rank
MVRL
MTUL
MVRL vs. MTUL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN (MVRL) 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.
| MVRL | MTUL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.29 | ||
| Sortino ratioReturn per unit of downside risk | -1.55 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.32 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 0.57 | 3.20 | -2.62 |
| Martin ratioReturn relative to average drawdown | 1.60 | 12.78 | -11.19 |
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
| MVRL | MTUL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.44 | 1.73 | -1.29 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.24 | 0.47 | -0.71 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.12 | 0.41 | -0.29 |
Drawdowns
MVRL vs. MTUL - Drawdown Comparison
The maximum MVRL drawdown since its inception was -60.25%, which is greater than MTUL's maximum drawdown of -56.83%. Use the drawdown chart below to compare losses from any high point for MVRL and MTUL.
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Drawdown Indicators
| MVRL | MTUL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.25% | -56.83% | -3.42% |
Max Drawdown (1Y)Largest decline over 1 year | -20.93% | -23.86% | +2.93% |
Max Drawdown (3Y)Largest decline over 3 years | -32.20% | -39.15% | +6.95% |
Max Drawdown (5Y)Largest decline over 5 years | -60.25% | -56.83% | -3.42% |
Current DrawdownCurrent decline from peak | -39.93% | -0.74% | -39.19% |
Average DrawdownAverage peak-to-trough decline | -31.81% | -22.68% | -9.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.51% | 5.96% | +1.55% |
Volatility
MVRL vs. MTUL - Volatility Comparison
The current volatility for ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN (MVRL) is 5.87%, while ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) has a volatility of 20.29%. This indicates that MVRL 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
| MVRL | MTUL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.87% | 20.29% | -14.42% |
Volatility (6M)Calculated over the trailing 6-month period | 20.18% | 37.63% | -17.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.30% | 43.98% | -16.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.55% | 42.81% | -6.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.63% | 43.65% | -6.02% |
MVRL vs. MTUL - Expense Ratio Comparison
Both MVRL and MTUL have an expense ratio of 0.95%.
Dividends
MVRL vs. MTUL - Dividend Comparison
MVRL's dividend yield for the trailing twelve months is around 21.21%, while MTUL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
MVRL ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN | 21.21% | 19.15% | 19.27% | 18.69% | 25.21% | 12.33% | 5.63% |
Frequently Asked Questions
MVRL and MTUL have a correlation of 0.24, 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 MVRL (5.87%). In terms of maximum drawdown, MVRL dropped -60.25% vs MTUL's -56.83%.
On 5-year performance, MTUL leads with 19.95% vs -8.72% for MVRL. Both ETFs have the same 0.95% expense ratio. On volatility, MVRL has been the lower-risk option at 5.87%. 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 -8.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MVRL and MTUL have the same expense ratio: 0.95% per year.
MVRL has the higher dividend yield at 21.21%, compared with 0.00% for MTUL.
MVRL is categorized as REIT, while MTUL is Momentum. MVRL tracks MVIS US Mortgage REITs Index (150%), while MTUL tracks MSCI USA Momentum Index.
MTUL currently has the higher Sharpe Ratio (1.73 vs 0.44), 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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