QULL vs. AMND

Last updated Jun 4, 2026

QULL (ETRACS 2x Leveraged MSCI US Quality Factor TR ETN) and AMND (ETRACS Alerian Midstream Energy High Dividend Index ETN due July 19, 2050) are both exchange-traded funds - QULL is a Leveraged Equities fund tracking the MSCI USA Sector Neutral Quality Index, while AMND is a Energy Equities fund tracking the Alerian Midstream Energy Dividend Index. Both are passively managed. At a 0.38 correlation, their price movements are largely independent. QULL charges 0.95%/yr vs 0.75%/yr for AMND.

Performance

QULL vs. AMND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS 2x Leveraged MSCI US Quality Factor TR ETN (QULL) and ETRACS Alerian Midstream Energy High Dividend Index ETN due July 19, 2050 (AMND). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

QULL

• 1D: -0.36%
• 1M: 8.71%
• YTD: 14.81%
• 6M: 14.51%
• 1Y: 38.22%
• 3Y*: 32.28%
• 5Y*: 16.15%
• 10Y*: —

AMND

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

QULL vs. AMND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
QULL ETRACS 2x Leveraged MSCI US Quality Factor TR ETN	14.81%	17.61%	38.03%	57.07%	-42.00%	51.36%
AMND ETRACS Alerian Midstream Energy High Dividend Index ETN due July 19, 2050	0.00%	0.00%	40.42%	13.60%	21.27%	23.23%

Correlation

The correlation between QULL and AMND is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021	0.38

The correlation between QULL and AMND shifts across timeframes, from 0.21 (3 years) to 0.38 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

QULL vs. AMND — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

QULL

QULL Risk / Return Rank: 45
QULL Sharpe Ratio Rank: 44
QULL Sortino Ratio Rank: 44
QULL Omega Ratio Rank: 42
QULL Calmar Ratio Rank: 42
QULL Martin Ratio Rank: 54

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

QULL vs. AMND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS 2x Leveraged MSCI US Quality Factor TR ETN (QULL) and ETRACS Alerian Midstream Energy High Dividend Index ETN due July 19, 2050 (AMND). 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.

	QULL	AMND	Difference
Sharpe ratio: Return per unit of total volatility	1.57	—	—
Sortino ratio: Return per unit of downside risk	2.20	—	—
Omega ratio: Gain probability vs. loss probability	1.27	—	—
Calmar ratio: Return relative to maximum drawdown	2.08	—	—
Martin ratio: Return relative to average drawdown	9.22	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	QULL	AMND	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.57	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	—	—

Drawdowns

Drawdown Indicators

	QULL	AMND	Difference
Max Drawdown Largest peak-to-trough decline	-51.83%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-18.43%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-36.82%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-51.83%	—	—
Current Drawdown Current decline from peak	-0.38%	—	—
Average Drawdown Average peak-to-trough decline	-14.06%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	4.15%	—	—

Volatility

Volatility by Period

	QULL	AMND	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.68%	—	—
Volatility (6M) Calculated over the trailing 6-month period	18.79%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	24.46%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.62%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.15%	—	—

QULL vs. AMND - Expense Ratio Comparison

QULL has a 0.95% expense ratio, which is higher than AMND's 0.75% expense ratio.

Dividends

QULL vs. AMND - Dividend Comparison

Neither QULL nor AMND has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
AMND ETRACS Alerian Midstream Energy High Dividend Index ETN due July 19, 2050	0.00%	0.00%	5.14%	6.56%	6.37%	7.10%	2.49%
QULL ETRACS 2x Leveraged MSCI US Quality Factor TR ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QULL and AMND in my portfolio?

QULL and AMND have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QULL or AMND?

On fees, AMND is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QULL or AMND?

AMND is cheaper with a 0.75% expense ratio, compared with 0.95% for QULL.

Which ETF pays a higher dividend yield, QULL or AMND?

QULL and AMND have nearly identical dividend yields, around 0.00%.

What is the main difference between QULL and AMND?

QULL is categorized as Leveraged Equities, while AMND is Energy Equities. QULL tracks MSCI USA Sector Neutral Quality Index, while AMND tracks Alerian Midstream Energy Dividend Index. Their fees differ too: 0.95% for QULL and 0.75% for AMND.