PTF vs. MTUL
PTF (Invesco Dorsey Wright Technology Momentum ETF) and MTUL (ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN) are both Momentum funds - PTF tracks the Dorsey Wright Technology Technical Leaders Index while MTUL tracks the MSCI USA Momentum Index. Both are passively managed. Over the past 5 years, PTF returned 21.25%/yr vs 20.69%/yr for MTUL. A 0.78 correlation means they provide meaningful diversification when combined. PTF charges 0.60%/yr vs 0.95%/yr for MTUL.
Performance
PTF vs. MTUL - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with PTF having a 69.43% return and MTUL slightly lower at 66.24%.
PTF
- 1D
- -6.34%
- 1M
- 5.02%
- YTD
- 69.43%
- 6M
- 64.22%
- 1Y
- 96.10%
- 3Y*
- 41.16%
- 5Y*
- 21.25%
- 10Y*
- 26.71%
MTUL
- 1D
- -6.87%
- 1M
- 15.33%
- YTD
- 66.24%
- 6M
- 59.30%
- 1Y
- 84.36%
- 3Y*
- 59.11%
- 5Y*
- 20.69%
- 10Y*
- —
PTF vs. MTUL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PTF Invesco Dorsey Wright Technology Momentum ETF | 69.43% | 5.68% | 43.65% | 33.73% | -31.75% | 6.22% |
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN | 66.24% | 27.42% | 58.70% | 10.66% | -37.97% | 8.34% |
Correlation
The correlation between PTF and MTUL is 0.76, 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 | 0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021 | 0.78 |
The correlation between PTF and MTUL has been stable across timeframes, ranging from 0.76 to 0.79 - a consistent structural relationship.
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Return for Risk
PTF vs. MTUL — Risk / Return Rank
PTF
MTUL
PTF vs. MTUL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Dorsey Wright Technology Momentum ETF (PTF) 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.
| PTF | MTUL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.54 | ||
| Sortino ratioReturn per unit of downside risk | +0.34 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.32 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 5.37 | 3.55 | +1.82 |
| Martin ratioReturn relative to average drawdown | 20.37 | 13.96 | +6.41 |
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Drawdowns
PTF vs. MTUL - Drawdown Comparison
The maximum PTF drawdown since its inception was -55.38%, roughly equal to the maximum MTUL drawdown of -56.83%. Use the drawdown chart below to compare losses from any high point for PTF and MTUL.
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Drawdown Indicators
| PTF | MTUL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.38% | -56.83% | +1.45% |
Max Drawdown (1Y)Largest decline over 1 year | -17.99% | -23.86% | +5.87% |
Max Drawdown (3Y)Largest decline over 3 years | -36.11% | -39.15% | +3.04% |
Max Drawdown (5Y)Largest decline over 5 years | -44.88% | -56.83% | +11.95% |
Max Drawdown (10Y)Largest decline over 10 years | -44.88% | — | — |
Current DrawdownCurrent decline from peak | -6.34% | -6.87% | +0.53% |
Average DrawdownAverage peak-to-trough decline | -13.25% | -22.48% | +9.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.73% | 6.06% | -1.33% |
Volatility
PTF vs. MTUL - Volatility Comparison
The current volatility for Invesco Dorsey Wright Technology Momentum ETF (PTF) is 17.66%, while ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) has a volatility of 21.95%. This indicates that PTF 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
| PTF | MTUL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.66% | 21.95% | -4.29% |
Volatility (6M)Calculated over the trailing 6-month period | 32.05% | 40.49% | -8.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.37% | 47.37% | -6.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.58% | 43.49% | -7.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.29% | 44.11% | -10.82% |
PTF vs. MTUL - Expense Ratio Comparison
PTF has a 0.60% expense ratio, which is lower than MTUL's 0.95% expense ratio.
Dividends
PTF vs. MTUL - Dividend Comparison
PTF's dividend yield for the trailing twelve months is around 0.01%, while MTUL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
PTF Invesco Dorsey Wright Technology Momentum ETF | 0.01% | 0.21% | 0.00% | 0.07% | 0.00% | 0.00% | 0.00% | 0.00% | 0.08% | 0.04% | 0.26% |
Frequently Asked Questions
PTF and MTUL have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MTUL has higher volatility (21.95%) compared to PTF (17.66%). In terms of maximum drawdown, PTF dropped -55.38% vs MTUL's -56.83%.
On 5-year performance, PTF leads with 21.25% vs 20.69% for MTUL. On fees, PTF is cheaper at 0.60% per year. On volatility, PTF has been the lower-risk option at 17.66%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PTF has performed better with a 21.25% return vs 20.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PTF is cheaper with a 0.60% expense ratio, compared with 0.95% for MTUL.
PTF has the higher dividend yield at 0.01%, compared with 0.00% for MTUL.
PTF tracks Dorsey Wright Technology 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 PTF and 0.95% for MTUL.
PTF currently has the higher Sharpe Ratio (2.34 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.
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