USML vs. CEFD
Compare and contrast key facts about ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) and ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD).
USML and CEFD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. USML is a passively managed fund by UBS that tracks the performance of the MSCI USA Minimum Volatility Index. It was launched on Feb 4, 2021. CEFD is a passively managed fund by UBS that tracks the performance of the S-Network Composite Closed-End Fund Index (150%). It was launched on Jun 2, 2020. Both USML and CEFD are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
USML vs. CEFD - Performance Comparison
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USML vs. CEFD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN | -3.90% | 9.33% | 23.97% | 11.37% | -22.87% | 42.12% |
CEFD ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN | -3.73% | 14.15% | 20.06% | 8.36% | -28.93% | 18.47% |
Returns By Period
The year-to-date returns for both investments are quite close, with USML having a -3.90% return and CEFD slightly higher at -3.73%.
USML
- 1D
- 0.19%
- 1M
- -10.11%
- YTD
- -3.90%
- 6M
- -5.95%
- 1Y
- -4.80%
- 3Y*
- 13.03%
- 5Y*
- 8.46%
- 10Y*
- —
CEFD
- 1D
- 1.63%
- 1M
- -6.56%
- YTD
- -3.73%
- 6M
- -3.27%
- 1Y
- 9.83%
- 3Y*
- 11.64%
- 5Y*
- 2.72%
- 10Y*
- —
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USML vs. CEFD - Expense Ratio Comparison
Both USML and CEFD have an expense ratio of 0.95%.
Return for Risk
USML vs. CEFD — Risk / Return Rank
USML
CEFD
USML vs. CEFD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) and ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD). 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.
| USML | CEFD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.20 | 0.48 | -0.67 |
Sortino ratioReturn per unit of downside risk | -0.11 | 0.77 | -0.88 |
Omega ratioGain probability vs. loss probability | 0.98 | 1.14 | -0.16 |
Calmar ratioReturn relative to maximum drawdown | -0.28 | 0.62 | -0.91 |
Martin ratioReturn relative to average drawdown | -1.14 | 2.80 | -3.94 |
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
| USML | CEFD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.20 | 0.48 | -0.67 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.35 | 0.15 | +0.19 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.39 | 0.42 | -0.04 |
Correlation
The correlation between USML and CEFD is 0.63, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
USML vs. CEFD - Dividend Comparison
USML has not paid dividends to shareholders, while CEFD's dividend yield for the trailing twelve months is around 15.83%.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
CEFD ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN | 15.83% | 14.88% | 13.90% | 14.76% | 16.56% | 10.31% | 5.37% |
Drawdowns
USML vs. CEFD - Drawdown Comparison
The maximum USML drawdown since its inception was -35.34%, roughly equal to the maximum CEFD drawdown of -36.95%. Use the drawdown chart below to compare losses from any high point for USML and CEFD.
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Drawdown Indicators
| USML | CEFD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.34% | -36.95% | +1.61% |
Max Drawdown (1Y)Largest decline over 1 year | -17.38% | -16.13% | -1.25% |
Max Drawdown (5Y)Largest decline over 5 years | -35.34% | -36.95% | +1.61% |
Current DrawdownCurrent decline from peak | -10.11% | -7.31% | -2.80% |
Average DrawdownAverage peak-to-trough decline | -10.54% | -12.01% | +1.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.29% | 3.59% | +0.70% |
Volatility
USML vs. CEFD - Volatility Comparison
The current volatility for ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) is 5.91%, while ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD) has a volatility of 8.79%. This indicates that USML experiences smaller price fluctuations and is considered to be less risky than CEFD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USML | CEFD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.91% | 8.79% | -2.88% |
Volatility (6M)Calculated over the trailing 6-month period | 12.01% | 10.94% | +1.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.40% | 20.68% | +3.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.55% | 17.84% | +6.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.53% | 17.41% | +7.12% |