PDP vs. MTUL
PDP (Invesco Dorsey Wright Momentum ETF) and MTUL (ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN) are both Momentum funds - PDP tracks the Dorsey Wright Technical Leaders Index while MTUL tracks the MSCI USA Momentum Index. Both are passively managed. Over the past 5 years, PDP returned 11.32%/yr vs 19.95%/yr for MTUL. Their correlation of 0.86 suggests significant overlap in exposure. PDP charges 0.62%/yr vs 0.95%/yr for MTUL.
Performance
PDP vs. MTUL - Performance Comparison
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Returns By Period
In the year-to-date period, PDP achieves a 24.95% return, which is significantly lower than MTUL's 60.22% return.
PDP
- 1D
- 0.57%
- 1M
- 6.22%
- YTD
- 24.95%
- 6M
- 24.18%
- 1Y
- 37.20%
- 3Y*
- 24.44%
- 5Y*
- 11.32%
- 10Y*
- 13.60%
MTUL
- 1D
- -0.74%
- 1M
- 27.97%
- YTD
- 60.22%
- 6M
- 59.66%
- 1Y
- 75.85%
- 3Y*
- 59.49%
- 5Y*
- 19.95%
- 10Y*
- —
PDP vs. MTUL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PDP Invesco Dorsey Wright Momentum ETF | 24.95% | 8.37% | 26.06% | 20.88% | -24.49% | 3.98% |
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 PDP and MTUL is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021 | 0.86 |
The correlation between PDP and MTUL has been stable across timeframes, ranging from 0.83 to 0.86 - a consistent structural relationship.
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Return for Risk
PDP vs. MTUL — Risk / Return Rank
PDP
MTUL
PDP vs. MTUL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Dorsey Wright Momentum ETF (PDP) 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.
| PDP | MTUL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.32 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.15 | 3.20 | -0.05 |
| Martin ratioReturn relative to average drawdown | 11.16 | 12.78 | -1.62 |
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
| PDP | MTUL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.70 | 1.73 | -0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.52 | 0.47 | +0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.63 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 0.41 | +0.05 |
Drawdowns
PDP vs. MTUL - Drawdown Comparison
The maximum PDP drawdown since its inception was -59.34%, roughly equal to the maximum MTUL drawdown of -56.83%. Use the drawdown chart below to compare losses from any high point for PDP and MTUL.
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Drawdown Indicators
| PDP | MTUL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.34% | -56.83% | -2.51% |
Max Drawdown (1Y)Largest decline over 1 year | -11.87% | -23.86% | +11.99% |
Max Drawdown (3Y)Largest decline over 3 years | -23.79% | -39.15% | +15.36% |
Max Drawdown (5Y)Largest decline over 5 years | -33.91% | -56.83% | +22.92% |
Max Drawdown (10Y)Largest decline over 10 years | -34.70% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.74% | +0.74% |
Average DrawdownAverage peak-to-trough decline | -10.61% | -22.68% | +12.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.34% | 5.96% | -2.62% |
Volatility
PDP vs. MTUL - Volatility Comparison
The current volatility for Invesco Dorsey Wright Momentum ETF (PDP) is 6.51%, while ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) has a volatility of 20.29%. This indicates that PDP 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
| PDP | MTUL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.51% | 20.29% | -13.78% |
Volatility (6M)Calculated over the trailing 6-month period | 17.34% | 37.63% | -20.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.94% | 43.98% | -22.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.00% | 42.81% | -20.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.59% | 43.65% | -22.06% |
PDP vs. MTUL - Expense Ratio Comparison
PDP has a 0.62% expense ratio, which is lower than MTUL's 0.95% expense ratio.
Dividends
PDP vs. MTUL - Dividend Comparison
PDP's dividend yield for the trailing twelve months is around 0.11%, 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% |
PDP Invesco Dorsey Wright Momentum ETF | 0.11% | 0.17% | 0.15% | 0.42% | 0.45% | 0.00% | 0.11% | 0.25% | 0.18% | 0.28% | 0.81% | 0.39% |
Frequently Asked Questions
PDP and MTUL have a correlation of 0.83, 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 PDP (6.51%). In terms of maximum drawdown, PDP dropped -59.34% vs MTUL's -56.83%.
On 5-year performance, MTUL leads with 19.95% vs 11.32% for PDP. On fees, PDP is cheaper at 0.62% per year. On volatility, PDP has been the lower-risk option at 6.51%. 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 11.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PDP is cheaper with a 0.62% expense ratio, compared with 0.95% for MTUL.
PDP has the higher dividend yield at 0.11%, compared with 0.00% for MTUL.
PDP tracks Dorsey Wright Technical Leaders Index, while MTUL tracks MSCI USA Momentum Index. They also come from different issuers: Invesco and UBS. Their fees differ too: 0.62% for PDP and 0.95% for MTUL.
MTUL currently has the higher Sharpe Ratio (1.73 vs 1.70), 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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