UEVM vs. MTUL
UEVM (VictoryShares Emerging Markets Value Momentum ETF) and MTUL (ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN) are both Momentum funds - UEVM tracks the Nasdaq Victory Emerging Market Value Momentum Index while MTUL tracks the MSCI USA Momentum Index. Both are passively managed. Over the past 5 years, UEVM returned 7.55%/yr vs 19.95%/yr for MTUL. A 0.55 correlation means they provide meaningful diversification when combined. UEVM charges 0.45%/yr vs 0.95%/yr for MTUL.
Performance
UEVM vs. MTUL - Performance Comparison
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Returns By Period
In the year-to-date period, UEVM achieves a 8.99% return, which is significantly lower than MTUL's 60.22% return.
UEVM
- 1D
- -1.86%
- 1M
- 0.77%
- YTD
- 8.99%
- 6M
- 8.31%
- 1Y
- 24.92%
- 3Y*
- 18.34%
- 5Y*
- 7.55%
- 10Y*
- —
MTUL
- 1D
- -0.74%
- 1M
- 27.97%
- YTD
- 60.22%
- 6M
- 59.66%
- 1Y
- 75.85%
- 3Y*
- 59.49%
- 5Y*
- 19.95%
- 10Y*
- —
UEVM vs. MTUL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
UEVM VictoryShares Emerging Markets Value Momentum ETF | 8.99% | 22.74% | 11.92% | 17.41% | -14.60% | 4.96% |
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 UEVM and MTUL is 0.60, 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 | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021 | 0.55 |
The correlation between UEVM and MTUL shifts across timeframes, from 0.48 (3 years) to 0.60 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
UEVM vs. MTUL — Risk / Return Rank
UEVM
MTUL
UEVM vs. MTUL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VictoryShares Emerging Markets Value Momentum ETF (UEVM) 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.
| UEVM | MTUL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.08 | ||
| Sortino ratioReturn per unit of downside risk | -0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.32 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.56 | 3.20 | -0.64 |
| Martin ratioReturn relative to average drawdown | 8.65 | 12.78 | -4.13 |
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
| UEVM | MTUL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.65 | 1.73 | -0.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.48 | 0.47 | +0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.33 | 0.41 | -0.08 |
Drawdowns
UEVM vs. MTUL - Drawdown Comparison
The maximum UEVM drawdown since its inception was -45.44%, smaller than the maximum MTUL drawdown of -56.83%. Use the drawdown chart below to compare losses from any high point for UEVM and MTUL.
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Drawdown Indicators
| UEVM | MTUL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.44% | -56.83% | +11.39% |
Max Drawdown (1Y)Largest decline over 1 year | -9.79% | -23.86% | +14.07% |
Max Drawdown (3Y)Largest decline over 3 years | -18.88% | -39.15% | +20.27% |
Max Drawdown (5Y)Largest decline over 5 years | -26.98% | -56.83% | +29.85% |
Current DrawdownCurrent decline from peak | -2.18% | -0.74% | -1.44% |
Average DrawdownAverage peak-to-trough decline | -11.67% | -22.68% | +11.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.89% | 5.96% | -3.07% |
Volatility
UEVM vs. MTUL - Volatility Comparison
The current volatility for VictoryShares Emerging Markets Value Momentum ETF (UEVM) is 5.15%, while ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) has a volatility of 20.29%. This indicates that UEVM 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
| UEVM | MTUL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.15% | 20.29% | -15.14% |
Volatility (6M)Calculated over the trailing 6-month period | 12.13% | 37.63% | -25.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.18% | 43.98% | -28.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.90% | 42.81% | -26.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.39% | 43.65% | -25.26% |
UEVM vs. MTUL - Expense Ratio Comparison
UEVM has a 0.45% expense ratio, which is lower than MTUL's 0.95% expense ratio.
Dividends
UEVM vs. MTUL - Dividend Comparison
UEVM's dividend yield for the trailing twelve months is around 3.05%, while MTUL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
UEVM VictoryShares Emerging Markets Value Momentum ETF | 3.05% | 4.02% | 5.65% | 4.71% | 3.46% | 4.49% | 2.19% | 2.79% | 2.34% | 0.79% |
Frequently Asked Questions
UEVM and MTUL have a correlation of 0.60, 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 UEVM (5.15%). In terms of maximum drawdown, UEVM dropped -45.44% vs MTUL's -56.83%.
On 5-year performance, MTUL leads with 19.95% vs 7.55% for UEVM. On fees, UEVM is cheaper at 0.45% per year. On volatility, UEVM has been the lower-risk option at 5.15%. 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 7.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UEVM is cheaper with a 0.45% expense ratio, compared with 0.95% for MTUL.
UEVM has the higher dividend yield at 3.05%, compared with 0.00% for MTUL.
UEVM tracks Nasdaq Victory Emerging Market Value Momentum Index, while MTUL tracks MSCI USA Momentum Index. They also come from different issuers: Victory Capital and UBS. Their fees differ too: 0.45% for UEVM and 0.95% for MTUL.
MTUL currently has the higher Sharpe Ratio (1.73 vs 1.65), 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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