MVRL vs. USML
Compare and contrast key facts about ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN (MVRL) and ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML).
MVRL and USML are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MVRL is a passively managed fund by UBS that tracks the performance of the MVIS US Mortgage REITs Index (150%). It was launched on Jun 2, 2020. USML is a passively managed fund by UBS that tracks the performance of the MSCI USA Minimum Volatility Index. It was launched on Feb 4, 2021. Both MVRL and USML are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
MVRL vs. USML - Performance Comparison
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MVRL vs. USML - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MVRL ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN | -5.44% | 14.96% | -3.45% | 12.30% | -42.41% | 14.07% |
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN | -3.90% | 9.33% | 23.97% | 11.37% | -22.87% | 42.12% |
Returns By Period
In the year-to-date period, MVRL achieves a -5.44% return, which is significantly lower than USML's -3.90% return.
MVRL
- 1D
- -0.40%
- 1M
- -8.47%
- YTD
- -5.44%
- 6M
- -1.55%
- 1Y
- 1.95%
- 3Y*
- 8.56%
- 5Y*
- -7.34%
- 10Y*
- —
USML
- 1D
- 0.19%
- 1M
- -10.11%
- YTD
- -3.90%
- 6M
- -5.95%
- 1Y
- -4.80%
- 3Y*
- 13.03%
- 5Y*
- 8.46%
- 10Y*
- —
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MVRL vs. USML - Expense Ratio Comparison
Both MVRL and USML have an expense ratio of 0.95%.
Return for Risk
MVRL vs. USML — Risk / Return Rank
MVRL
USML
MVRL vs. USML - 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 Minimum Volatility Factor TR ETN (USML). 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 | USML | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.06 | -0.20 | +0.25 |
Sortino ratioReturn per unit of downside risk | 0.31 | -0.11 | +0.42 |
Omega ratioGain probability vs. loss probability | 1.04 | 0.98 | +0.06 |
Calmar ratioReturn relative to maximum drawdown | 0.06 | -0.28 | +0.35 |
Martin ratioReturn relative to average drawdown | 0.19 | -1.14 | +1.33 |
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 | USML | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.06 | -0.20 | +0.25 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.20 | 0.35 | -0.55 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.12 | 0.39 | -0.26 |
Correlation
The correlation between MVRL and USML is 0.54, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
MVRL vs. USML - Dividend Comparison
MVRL's dividend yield for the trailing twelve months is around 20.78%, while USML has not paid dividends to shareholders.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
MVRL ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN | 20.78% | 19.15% | 19.27% | 18.69% | 25.21% | 12.33% | 5.63% |
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
MVRL vs. USML - Drawdown Comparison
The maximum MVRL drawdown since its inception was -60.25%, which is greater than USML's maximum drawdown of -35.34%. Use the drawdown chart below to compare losses from any high point for MVRL and USML.
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Drawdown Indicators
| MVRL | USML | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.25% | -35.34% | -24.91% |
Max Drawdown (1Y)Largest decline over 1 year | -22.85% | -17.38% | -5.47% |
Max Drawdown (5Y)Largest decline over 5 years | -60.25% | -35.34% | -24.91% |
Current DrawdownCurrent decline from peak | -40.07% | -10.11% | -29.96% |
Average DrawdownAverage peak-to-trough decline | -31.68% | -10.54% | -21.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.99% | 4.29% | +3.70% |
Volatility
MVRL vs. USML - Volatility Comparison
ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN (MVRL) has a higher volatility of 12.40% compared to ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) at 5.91%. This indicates that MVRL's price experiences larger fluctuations and is considered to be riskier than USML based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MVRL | USML | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.40% | 5.91% | +6.49% |
Volatility (6M)Calculated over the trailing 6-month period | 19.98% | 12.01% | +7.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.61% | 24.40% | +11.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.54% | 24.55% | +11.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.93% | 24.53% | +13.40% |