PSL vs. MTUL
PSL (Invesco DWA Consumer Staples Momentum ETF) and MTUL (ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN) are both Momentum funds - PSL tracks the DWA Consumer Staples Technical Leaders Index while MTUL tracks the MSCI USA Momentum Index. Both are passively managed. Over the past 5 years, PSL returned 3.68%/yr vs 19.95%/yr for MTUL. A 0.56 correlation means they provide meaningful diversification when combined. PSL charges 0.60%/yr vs 0.95%/yr for MTUL.
Performance
PSL vs. MTUL - Performance Comparison
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Returns By Period
In the year-to-date period, PSL achieves a 9.10% return, which is significantly lower than MTUL's 60.22% return.
PSL
- 1D
- 0.57%
- 1M
- -1.77%
- YTD
- 9.10%
- 6M
- 9.15%
- 1Y
- -1.02%
- 3Y*
- 9.29%
- 5Y*
- 3.68%
- 10Y*
- 7.88%
MTUL
- 1D
- -0.74%
- 1M
- 27.97%
- YTD
- 60.22%
- 6M
- 59.66%
- 1Y
- 75.85%
- 3Y*
- 59.49%
- 5Y*
- 19.95%
- 10Y*
- —
PSL vs. MTUL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PSL Invesco DWA Consumer Staples Momentum ETF | 9.10% | -3.47% | 15.42% | 12.32% | -7.76% | 0.82% |
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 PSL and MTUL is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021 | 0.56 |
Over the past year, the correlation between PSL and MTUL has dropped to 0.20 - well below their long-term average of 0.56, suggesting their price drivers have been diverging.
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Return for Risk
PSL vs. MTUL — Risk / Return Rank
PSL
MTUL
PSL vs. MTUL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Consumer Staples Momentum ETF (PSL) 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.
| PSL | MTUL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.81 | ||
| Sortino ratioReturn per unit of downside risk | -2.36 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.32 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.08 | 3.20 | -3.27 |
| Martin ratioReturn relative to average drawdown | -0.17 | 12.78 | -12.95 |
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
| PSL | MTUL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.08 | 1.73 | -1.81 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.24 | 0.47 | -0.22 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.48 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.55 | 0.41 | +0.14 |
Drawdowns
PSL vs. MTUL - Drawdown Comparison
The maximum PSL drawdown since its inception was -41.58%, smaller than the maximum MTUL drawdown of -56.83%. Use the drawdown chart below to compare losses from any high point for PSL and MTUL.
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Drawdown Indicators
| PSL | MTUL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.58% | -56.83% | +15.25% |
Max Drawdown (1Y)Largest decline over 1 year | -13.64% | -23.86% | +10.22% |
Max Drawdown (3Y)Largest decline over 3 years | -13.64% | -39.15% | +25.51% |
Max Drawdown (5Y)Largest decline over 5 years | -22.35% | -56.83% | +34.48% |
Max Drawdown (10Y)Largest decline over 10 years | -34.67% | — | — |
Current DrawdownCurrent decline from peak | -6.41% | -0.74% | -5.67% |
Average DrawdownAverage peak-to-trough decline | -5.82% | -22.68% | +16.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.09% | 5.96% | +0.13% |
Volatility
PSL vs. MTUL - Volatility Comparison
The current volatility for Invesco DWA Consumer Staples Momentum ETF (PSL) is 3.29%, while ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) has a volatility of 20.29%. This indicates that PSL 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
| PSL | MTUL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.29% | 20.29% | -17.00% |
Volatility (6M)Calculated over the trailing 6-month period | 8.51% | 37.63% | -29.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.80% | 43.98% | -31.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.15% | 42.81% | -27.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.50% | 43.65% | -27.15% |
PSL vs. MTUL - Expense Ratio Comparison
PSL has a 0.60% expense ratio, which is lower than MTUL's 0.95% expense ratio.
Dividends
PSL vs. MTUL - Dividend Comparison
PSL's dividend yield for the trailing twelve months is around 0.84%, 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% |
PSL Invesco DWA Consumer Staples Momentum ETF | 0.84% | 0.93% | 0.60% | 1.37% | 1.98% | 1.24% | 0.80% | 0.47% | 0.75% | 0.34% | 2.08% | 1.18% |
Frequently Asked Questions
PSL and MTUL have a correlation of 0.20, 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 PSL (3.29%). In terms of maximum drawdown, PSL dropped -41.58% vs MTUL's -56.83%.
On 5-year performance, MTUL leads with 19.95% vs 3.68% for PSL. On fees, PSL is cheaper at 0.60% per year. On volatility, PSL has been the lower-risk option at 3.29%. 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 3.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PSL is cheaper with a 0.60% expense ratio, compared with 0.95% for MTUL.
PSL has the higher dividend yield at 0.84%, compared with 0.00% for MTUL.
PSL tracks DWA Consumer Staples Technical Leaders Index, while MTUL tracks MSCI USA Momentum Index. They also come from different issuers: Invesco and UBS. Their fees differ too: 0.60% for PSL and 0.95% for MTUL.
MTUL currently has the higher Sharpe Ratio (1.73 vs -0.08), 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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