ONEO vs. MTUL
ONEO (SPDR Russell 1000 Momentum Focus ETF) and MTUL (ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN) are both Momentum funds - ONEO tracks the Russell 1000 Momentum Focused Factor Index while MTUL tracks the MSCI USA Momentum Index. Both are passively managed. Over the past 5 years, ONEO returned 10.52%/yr vs 20.13%/yr for MTUL. A 0.78 correlation means they provide meaningful diversification when combined. ONEO charges 0.20%/yr vs 0.95%/yr for MTUL.
Performance
ONEO vs. MTUL - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ONEO achieves a 17.96% return, which is significantly lower than MTUL's 61.40% return.
ONEO
- 1D
- 0.09%
- 1M
- 5.26%
- YTD
- 17.96%
- 6M
- 18.18%
- 1Y
- 28.01%
- 3Y*
- 19.64%
- 5Y*
- 10.52%
- 10Y*
- 11.86%
MTUL
- 1D
- 0.74%
- 1M
- 23.35%
- YTD
- 61.40%
- 6M
- 63.02%
- 1Y
- 78.14%
- 3Y*
- 60.02%
- 5Y*
- 20.13%
- 10Y*
- —
ONEO vs. MTUL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ONEO SPDR Russell 1000 Momentum Focus ETF | 17.96% | 10.61% | 15.01% | 15.64% | -12.01% | 21.27% |
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN | 61.40% | 27.42% | 58.70% | 10.66% | -37.97% | 7.00% |
Correlation
The correlation between ONEO and MTUL is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.72 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021 | 0.78 |
The correlation between ONEO and MTUL shifts across timeframes, from 0.64 (1 year) to 0.79 (5 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ONEO vs. MTUL — Risk / Return Rank
ONEO
MTUL
ONEO vs. MTUL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Russell 1000 Momentum Focus ETF (ONEO) 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.
| ONEO | MTUL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.41 | ||
| Sortino ratioReturn per unit of downside risk | +0.76 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.32 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.82 | 3.29 | +0.53 |
| Martin ratioReturn relative to average drawdown | 15.14 | 13.17 | +1.96 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| ONEO | MTUL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.20 | 1.79 | +0.41 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.61 | 0.47 | +0.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.64 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.63 | 0.41 | +0.22 |
Drawdowns
ONEO vs. MTUL - Drawdown Comparison
The maximum ONEO drawdown since its inception was -40.86%, smaller than the maximum MTUL drawdown of -56.83%. Use the drawdown chart below to compare losses from any high point for ONEO and MTUL.
Loading charts...
Drawdown Indicators
| ONEO | MTUL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.86% | -56.83% | +15.97% |
Max Drawdown (1Y)Largest decline over 1 year | -7.37% | -23.86% | +16.49% |
Max Drawdown (3Y)Largest decline over 3 years | -19.72% | -39.15% | +19.43% |
Max Drawdown (5Y)Largest decline over 5 years | -22.39% | -56.83% | +34.44% |
Max Drawdown (10Y)Largest decline over 10 years | -40.86% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.01% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -4.99% | -22.66% | +17.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.86% | 5.95% | -4.09% |
Volatility
ONEO vs. MTUL - Volatility Comparison
The current volatility for SPDR Russell 1000 Momentum Focus ETF (ONEO) is 3.67%, while ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) has a volatility of 20.00%. This indicates that ONEO 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.
Loading charts...
Volatility by Period
| ONEO | MTUL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.67% | 20.00% | -16.33% |
Volatility (6M)Calculated over the trailing 6-month period | 9.66% | 37.62% | -27.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.81% | 43.98% | -31.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.21% | 42.80% | -25.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.66% | 43.63% | -24.97% |
ONEO vs. MTUL - Expense Ratio Comparison
ONEO has a 0.20% expense ratio, which is lower than MTUL's 0.95% expense ratio.
Dividends
ONEO vs. MTUL - Dividend Comparison
ONEO's dividend yield for the trailing twelve months is around 1.16%, 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% |
ONEO SPDR Russell 1000 Momentum Focus ETF | 1.16% | 1.29% | 1.30% | 1.56% | 1.73% | 1.19% | 1.28% | 1.64% | 1.72% | 7.69% | 1.82% | 0.17% |
Frequently Asked Questions
ONEO and MTUL have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MTUL has higher volatility (20.00%) compared to ONEO (3.67%). In terms of maximum drawdown, ONEO dropped -40.86% vs MTUL's -56.83%.
On 5-year performance, MTUL leads with 20.13% vs 10.52% for ONEO. On fees, ONEO is cheaper at 0.20% per year. On volatility, ONEO has been the lower-risk option at 3.67%. 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 20.13% return vs 10.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ONEO is cheaper with a 0.20% expense ratio, compared with 0.95% for MTUL.
ONEO has the higher dividend yield at 1.16%, compared with 0.00% for MTUL.
ONEO tracks Russell 1000 Momentum Focused Factor Index, while MTUL tracks MSCI USA Momentum Index. They also come from different issuers: State Street and UBS. Their fees differ too: 0.20% for ONEO and 0.95% for MTUL.
ONEO currently has the higher Sharpe Ratio (2.20 vs 1.79), 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.
Find the right allocation for ONEO and MTUL
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer