PFFL vs. MTUL
PFFL (ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN) and MTUL (ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN) are both exchange-traded funds - PFFL is a Leveraged Bonds fund tracking the Solactive Preferred Stock ETF Index, while MTUL is a Momentum fund tracking the MSCI USA Momentum Index. Both are passively managed. Over the past 5 years, PFFL returned -6.94%/yr vs 15.37%/yr for MTUL. Their 0.40 correlation means their historical movements had little consistent relationship. PFFL charges 0.85%/yr vs 0.95%/yr for MTUL.
Performance
PFFL vs. MTUL - Performance Comparison
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Returns By Period
In the year-to-date period, PFFL achieves a -2.41% return, which is significantly lower than MTUL's 39.46% return.
PFFL
- 1D
- 1.44%
- 1M
- 0.14%
- 6M
- -5.93%
- YTD
- -2.41%
- 1Y
- -0.58%
- 3Y*
- 3.20%
- 5Y*
- -6.94%
- 10Y*
- —
- ALL TIME*
- -3.94%
MTUL
- 1D
- 1.04%
- 1M
- -12.41%
- 6M
- 34.68%
- YTD
- 39.46%
- 1Y
- 51.48%
- 3Y*
- 48.16%
- 5Y*
- 15.37%
- 10Y*
- —
- ALL TIME*
- 14.44%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $205.26K | $149.84K | $116.28K | |
| $14.02K | $14.94K | $17.61K |
PFFL vs. MTUL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | -2.41% | 2.18% | 4.77% | 8.65% | -39.15% | 10.93% |
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN | 39.46% | 27.42% | 58.70% | 10.66% | -37.97% | 8.34% |
Correlation
The correlation between PFFL and MTUL is 0.41, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.41 |
Correlation (3Y) Balances recent behavior with more history. | 0.33 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.40 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021 | 0.40 |
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Return for Risk
PFFL vs. MTUL — Risk / Return Rank
PFFL
MTUL
PFFL vs. MTUL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) 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.
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.
| PFFL | MTUL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.96 | ||
| Sortino ratioReturn per unit of downside risk | -1.48 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.20 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 1.60 | -1.65 |
| Martin ratioReturn relative to average drawdown | -0.10 | 6.52 | -6.62 |
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Drawdowns
PFFL vs. MTUL - Drawdown Comparison
The maximum PFFL drawdown since its inception was -80.68%, which is greater than MTUL's maximum drawdown of -56.83%. Use the drawdown chart below to compare losses from any high point for PFFL and MTUL.
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Drawdown Indicators
| PFFL | MTUL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.68% | -56.83% | -23.85% |
Max Drawdown (1Y)Largest decline over 1 year | -11.92% | -32.27% | +20.35% |
Max Drawdown (3Y)Largest decline over 3 years | -23.75% | -39.15% | +15.40% |
Max Drawdown (5Y)Largest decline over 5 years | -48.51% | -56.83% | +8.32% |
Current DrawdownCurrent decline from peak | -39.88% | -21.93% | -17.95% |
Average DrawdownAverage peak-to-trough decline | -28.76% | -22.29% | -6.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.08% | 7.91% | -1.83% |
Volatility
PFFL vs. MTUL - Volatility Comparison
The current volatility for ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) is 4.68%, while ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) has a volatility of 26.68%. This indicates that PFFL 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
| PFFL | MTUL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.68% | 26.68% | -22.00% |
Volatility (6M)Calculated over the trailing 6-month period | 11.38% | 49.98% | -38.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.72% | 56.35% | -40.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.74% | 45.41% | -21.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.80% | 45.64% | +9.16% |
PFFL vs. MTUL - Expense Ratio Comparison
PFFL has a 0.85% expense ratio, which is lower than MTUL's 0.95% expense ratio.
Dividends
PFFL vs. MTUL - Dividend Comparison
PFFL's dividend yield for the trailing twelve months is around 12.61%, while MTUL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | 12.61% | 13.27% | 13.76% | 13.71% | 13.90% | 8.82% | 9.75% | 11.21% | 2.02% |
Frequently Asked Questions
PFFL and MTUL have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MTUL has higher volatility (26.68%) compared to PFFL (4.68%). In terms of maximum drawdown, PFFL dropped -80.68% vs MTUL's -56.83%.
On 5-year performance, MTUL leads with 15.37% vs -6.94% for PFFL. On fees, PFFL is cheaper at 0.85% per year. On volatility, PFFL has been the lower-risk option at 4.68%. 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 15.37% return vs -6.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PFFL is cheaper with a 0.85% expense ratio, compared with 0.95% for MTUL.
PFFL has the higher dividend yield at 12.61%, compared with 0.00% for MTUL.
PFFL is categorized as Leveraged Bonds, while MTUL is Momentum. PFFL tracks Solactive Preferred Stock ETF Index, while MTUL tracks MSCI USA Momentum Index. Their fees differ too: 0.85% for PFFL and 0.95% for MTUL.
MTUL currently has the higher Sharpe Ratio (0.92 vs -0.04), 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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