MVRL vs. QULL
MVRL (ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN) and QULL (ETRACS 2x Leveraged MSCI US Quality Factor TR ETN) are both exchange-traded funds - MVRL is a REIT fund tracking the MVIS US Mortgage REITs Index (150%), while QULL is a Leveraged Equities fund tracking the MSCI USA Sector Neutral Quality Index. Both are passively managed. Over the past 5 years, MVRL returned -5.74%/yr vs 15.18%/yr for QULL. A 0.56 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
MVRL vs. QULL - Performance Comparison
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Returns By Period
In the year-to-date period, MVRL achieves a 4.73% return, which is significantly lower than QULL's 18.23% return.
MVRL
- 1D
- 4.89%
- 1M
- 7.48%
- 6M
- 0.43%
- YTD
- 4.73%
- 1Y
- 13.16%
- 3Y*
- 6.00%
- 5Y*
- -5.74%
- 10Y*
- —
QULL
- 1D
- 0.53%
- 1M
- 2.04%
- 6M
- 12.88%
- YTD
- 18.23%
- 1Y
- 35.84%
- 3Y*
- 29.26%
- 5Y*
- 15.18%
- 10Y*
- —
MVRL vs. QULL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MVRL ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN | 4.73% | 14.96% | -3.45% | 12.30% | -42.41% | 16.03% |
QULL ETRACS 2x Leveraged MSCI US Quality Factor TR ETN | 18.23% | 17.61% | 38.03% | 57.07% | -42.00% | 51.36% |
Correlation
The correlation between MVRL and QULL is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021 | 0.56 |
The correlation between MVRL and QULL shifts across timeframes, from 0.44 (1 year) to 0.58 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
MVRL vs. QULL — Risk / Return Rank
MVRL
QULL
MVRL vs. QULL - 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 Quality Factor TR ETN (QULL). 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.
| MVRL | QULL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.99 | ||
| Sortino ratioReturn per unit of downside risk | -1.25 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.25 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 0.63 | 1.95 | -1.32 |
| Martin ratioReturn relative to average drawdown | 1.56 | 8.59 | -7.03 |
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Drawdowns
MVRL vs. QULL - Drawdown Comparison
The maximum MVRL drawdown since its inception was -60.25%, which is greater than QULL's maximum drawdown of -51.83%. Use the drawdown chart below to compare losses from any high point for MVRL and QULL.
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Drawdown Indicators
| MVRL | QULL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.25% | -51.83% | -8.42% |
Max Drawdown (1Y)Largest decline over 1 year | -20.93% | -18.43% | -2.50% |
Max Drawdown (3Y)Largest decline over 3 years | -32.20% | -36.82% | +4.62% |
Max Drawdown (5Y)Largest decline over 5 years | -59.63% | -51.83% | -7.80% |
Current DrawdownCurrent decline from peak | -33.63% | -0.80% | -32.83% |
Average DrawdownAverage peak-to-trough decline | -31.88% | -13.81% | -18.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.43% | 4.18% | +4.25% |
Volatility
MVRL vs. QULL - Volatility Comparison
ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN (MVRL) has a higher volatility of 7.99% compared to ETRACS 2x Leveraged MSCI US Quality Factor TR ETN (QULL) at 6.53%. This indicates that MVRL's price experiences larger fluctuations and is considered to be riskier than QULL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MVRL | QULL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.99% | 6.53% | +1.46% |
Volatility (6M)Calculated over the trailing 6-month period | 20.98% | 19.43% | +1.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.98% | 24.71% | +3.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.50% | 35.68% | +0.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.53% | 34.93% | +2.60% |
MVRL vs. QULL - Expense Ratio Comparison
Both MVRL and QULL have an expense ratio of 0.95%.
Dividends
MVRL vs. QULL - Dividend Comparison
MVRL's dividend yield for the trailing twelve months is around 19.49%, while QULL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
MVRL ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN | 19.49% | 19.15% | 19.27% | 18.69% | 25.21% | 12.33% | 5.63% |
QULL ETRACS 2x Leveraged MSCI US Quality Factor TR ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MVRL and QULL have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MVRL has higher volatility (7.99%) compared to QULL (6.53%). In terms of maximum drawdown, MVRL dropped -60.25% vs QULL's -51.83%.
On 5-year performance, QULL leads with 15.18% vs -5.74% for MVRL. Both ETFs have the same 0.95% expense ratio. On volatility, QULL has been the lower-risk option at 6.53%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, QULL has performed better with a 15.18% return vs -5.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MVRL and QULL have the same expense ratio: 0.95% per year.
MVRL has the higher dividend yield at 19.49%, compared with 0.00% for QULL.
MVRL is categorized as REIT, while QULL is Leveraged Equities. MVRL tracks MVIS US Mortgage REITs Index (150%), while QULL tracks MSCI USA Sector Neutral Quality Index.
QULL currently has the higher Sharpe Ratio (1.46 vs 0.47), 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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