MVRL vs. NRGU

Last updated Jun 4, 2026

MVRL (ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN) and NRGU (MicroSectors U.S. Big Oil Index 3X Leveraged ETN) are both exchange-traded funds - MVRL is a REIT fund tracking the MVIS US Mortgage REITs Index (150%), while NRGU is a Leveraged Equities fund tracking the Solactive MicroSectors U.S. Big Oil Index (-300%). Both are passively managed. Over the past year, MVRL returned 11.96% vs 156.99% for NRGU. At a 0.13 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

MVRL vs. NRGU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN (MVRL) and MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MVRL achieves a -5.20% return, which is significantly lower than NRGU's 129.31% return.

MVRL

• 1D: -2.09%
• 1M: -7.86%
• YTD: -5.20%
• 6M: -5.45%
• 1Y: 11.96%
• 3Y*: 7.15%
• 5Y*: -8.72%
• 10Y*: —

NRGU

• 1D: 2.53%
• 1M: -6.67%
• YTD: 129.31%
• 6M: 97.01%
• 1Y: 156.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MVRL vs. NRGU - Yearly Performance Comparison

	2026 (YTD)	2025
MVRL ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN	-5.20%	1.33%
NRGU MicroSectors U.S. Big Oil Index 3X Leveraged ETN	129.31%	-33.00%

Correlation

The correlation between MVRL and NRGU is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.02
Correlation (All Time) Calculated using the full available price history since Feb 21, 2025	0.13

The correlation between MVRL and NRGU shifts across timeframes, from -0.02 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MVRL vs. NRGU — Risk / Return Rank

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

MVRL

MVRL Risk / Return Rank: 16
MVRL Sharpe Ratio Rank: 15
MVRL Sortino Ratio Rank: 16
MVRL Omega Ratio Rank: 16
MVRL Calmar Ratio Rank: 16
MVRL Martin Ratio Rank: 16

NRGU

NRGU Risk / Return Rank: 58
NRGU Sharpe Ratio Rank: 62
NRGU Sortino Ratio Rank: 48
NRGU Omega Ratio Rank: 48
NRGU Calmar Ratio Rank: 77
NRGU Martin Ratio Rank: 56

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.

MVRL vs. NRGU - 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 MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU). 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	NRGU	Difference
Sharpe ratio: Return per unit of total volatility	0.44	2.11	-1.66
Sortino ratio: Return per unit of downside risk	0.78	2.43	-1.65
Omega ratio: Gain probability vs. loss probability	1.10	1.30	-0.21
Calmar ratio: Return relative to maximum drawdown	0.57	3.95	-3.38
Martin ratio: Return relative to average drawdown	1.60	9.88	-8.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MVRL vs. NRGU - Sharpe Ratio Comparison

The current MVRL Sharpe Ratio is 0.44, which is lower than the NRGU Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of MVRL and NRGU, 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

	MVRL	NRGU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.44	2.11	-1.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.24	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	0.45	-0.33

Drawdowns

MVRL vs. NRGU - Drawdown Comparison

The maximum MVRL drawdown since its inception was -60.25%, roughly equal to the maximum NRGU drawdown of -57.50%. Use the drawdown chart below to compare losses from any high point for MVRL and NRGU.

Drawdown Indicators

	MVRL	NRGU	Difference
Max Drawdown Largest peak-to-trough decline	-60.25%	-57.50%	-2.75%
Max Drawdown (1Y) Largest decline over 1 year	-20.93%	-39.95%	+19.02%
Max Drawdown (3Y) Largest decline over 3 years	-32.20%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-60.25%	—	—
Current Drawdown Current decline from peak	-39.93%	-20.91%	-19.02%
Average Drawdown Average peak-to-trough decline	-31.81%	-25.42%	-6.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.51%	15.96%	-8.45%

Volatility

MVRL vs. NRGU - Volatility Comparison

The current volatility for ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN (MVRL) is 5.87%, while MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU) has a volatility of 31.63%. This indicates that MVRL experiences smaller price fluctuations and is considered to be less risky than NRGU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MVRL	NRGU	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.87%	31.63%	-25.76%
Volatility (6M) Calculated over the trailing 6-month period	20.18%	61.27%	-41.09%
Volatility (1Y) Calculated over the trailing 1-year period	27.30%	75.15%	-47.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.55%	89.15%	-52.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.63%	89.15%	-51.52%

MVRL vs. NRGU - Expense Ratio Comparison

Both MVRL and NRGU have an expense ratio of 0.95%.

Dividends

MVRL vs. NRGU - Dividend Comparison

MVRL's dividend yield for the trailing twelve months is around 21.21%, while NRGU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
MVRL ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN	21.21%	19.15%	19.27%	18.69%	25.21%	12.33%	5.63%
NRGU MicroSectors U.S. Big Oil Index 3X Leveraged ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MVRL and NRGU in my portfolio?

MVRL and NRGU have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MVRL or NRGU?

NRGU has higher volatility (31.63%) compared to MVRL (5.87%). In terms of maximum drawdown, MVRL dropped -60.25% vs NRGU's -57.50%.

Which ETF is better, MVRL or NRGU?

On 1-year performance, NRGU leads with 156.99% vs 11.96% 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.

Which ETF has performed better, MVRL or NRGU?

Over the 1-year period, NRGU has performed better with a 156.99% return vs 11.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MVRL or NRGU?

MVRL and NRGU have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, MVRL or NRGU?

MVRL has the higher dividend yield at 21.21%, compared with 0.00% for NRGU.

What is the main difference between MVRL and NRGU?

MVRL is categorized as REIT, while NRGU is Leveraged Equities. MVRL tracks MVIS US Mortgage REITs Index (150%), while NRGU tracks Solactive MicroSectors U.S. Big Oil Index (-300%). They also come from different issuers: UBS and BMO.

Which has better risk-adjusted returns?

NRGU currently has the higher Sharpe Ratio (2.11 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.