PIZ vs. MTUL
PIZ (Invesco DWA Developed Markets Momentum ETF) and MTUL (ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN) are both Momentum funds - PIZ tracks the Dorsey Wright Developed Markets Technical Leaders Index while MTUL tracks the MSCI USA Momentum Index. Both are passively managed. Over the past 5 years, PIZ returned 10.38%/yr vs 19.95%/yr for MTUL. A 0.68 correlation means they provide meaningful diversification when combined. PIZ charges 0.80%/yr vs 0.95%/yr for MTUL.
Performance
PIZ vs. MTUL - Performance Comparison
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Returns By Period
In the year-to-date period, PIZ achieves a 16.21% return, which is significantly lower than MTUL's 60.22% return.
PIZ
- 1D
- -0.99%
- 1M
- 1.00%
- YTD
- 16.21%
- 6M
- 18.89%
- 1Y
- 29.33%
- 3Y*
- 25.82%
- 5Y*
- 10.38%
- 10Y*
- 10.75%
MTUL
- 1D
- -0.74%
- 1M
- 27.97%
- YTD
- 60.22%
- 6M
- 59.66%
- 1Y
- 75.85%
- 3Y*
- 59.49%
- 5Y*
- 19.95%
- 10Y*
- —
PIZ vs. MTUL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PIZ Invesco DWA Developed Markets Momentum ETF | 16.21% | 37.22% | 16.30% | 17.96% | -30.48% | 18.42% |
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 PIZ and MTUL is 0.65, 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 | 0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021 | 0.68 |
The correlation between PIZ and MTUL has been stable across timeframes, ranging from 0.65 to 0.68 - a consistent structural relationship.
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Return for Risk
PIZ vs. MTUL — Risk / Return Rank
PIZ
MTUL
PIZ vs. MTUL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Developed Markets Momentum ETF (PIZ) 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.
| PIZ | MTUL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.29 | ||
| Sortino ratioReturn per unit of downside risk | -0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.32 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.05 | 3.20 | -1.14 |
| Martin ratioReturn relative to average drawdown | 8.17 | 12.78 | -4.61 |
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
| PIZ | MTUL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.44 | 1.73 | -0.29 |
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 | 0.55 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.28 | 0.41 | -0.13 |
Drawdowns
PIZ vs. MTUL - Drawdown Comparison
The maximum PIZ drawdown since its inception was -60.61%, which is greater than MTUL's maximum drawdown of -56.83%. Use the drawdown chart below to compare losses from any high point for PIZ and MTUL.
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Drawdown Indicators
| PIZ | MTUL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.61% | -56.83% | -3.78% |
Max Drawdown (1Y)Largest decline over 1 year | -14.35% | -23.86% | +9.51% |
Max Drawdown (3Y)Largest decline over 3 years | -14.67% | -39.15% | +24.48% |
Max Drawdown (5Y)Largest decline over 5 years | -40.93% | -56.83% | +15.90% |
Max Drawdown (10Y)Largest decline over 10 years | -40.93% | — | — |
Current DrawdownCurrent decline from peak | -4.30% | -0.74% | -3.56% |
Average DrawdownAverage peak-to-trough decline | -14.87% | -22.68% | +7.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.60% | 5.96% | -2.36% |
Volatility
PIZ vs. MTUL - Volatility Comparison
The current volatility for Invesco DWA Developed Markets Momentum ETF (PIZ) is 8.23%, while ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) has a volatility of 20.29%. This indicates that PIZ 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
| PIZ | MTUL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.23% | 20.29% | -12.06% |
Volatility (6M)Calculated over the trailing 6-month period | 17.93% | 37.63% | -19.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.45% | 43.98% | -23.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.94% | 42.81% | -22.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.65% | 43.65% | -24.00% |
PIZ vs. MTUL - Expense Ratio Comparison
PIZ has a 0.80% expense ratio, which is lower than MTUL's 0.95% expense ratio.
Dividends
PIZ vs. MTUL - Dividend Comparison
PIZ's dividend yield for the trailing twelve months is around 1.34%, 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% |
PIZ Invesco DWA Developed Markets Momentum ETF | 1.34% | 1.55% | 1.68% | 1.86% | 2.04% | 1.01% | 0.37% | 1.58% | 1.06% | 1.30% | 2.21% | 1.09% |
Frequently Asked Questions
PIZ and MTUL have a correlation of 0.65, 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 PIZ (8.23%). In terms of maximum drawdown, PIZ dropped -60.61% vs MTUL's -56.83%.
On 5-year performance, MTUL leads with 19.95% vs 10.38% for PIZ. On fees, PIZ is cheaper at 0.80% per year. On volatility, PIZ has been the lower-risk option at 8.23%. 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 10.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PIZ is cheaper with a 0.80% expense ratio, compared with 0.95% for MTUL.
PIZ has the higher dividend yield at 1.34%, compared with 0.00% for MTUL.
PIZ tracks Dorsey Wright Developed Markets Technical Leaders Index, while MTUL tracks MSCI USA Momentum Index. They also come from different issuers: Invesco and UBS. Their fees differ too: 0.80% for PIZ and 0.95% for MTUL.
MTUL currently has the higher Sharpe Ratio (1.73 vs 1.44), 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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