USML vs. CTA
USML (ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN) and CTA (Simplify Managed Futures Strategy ETF) are both exchange-traded funds - USML is a Leveraged Equities fund tracking the MSCI USA Minimum Volatility Index, while CTA is a Systematic Trend fund actively managed by Simplify. USML is passively managed, while CTA is actively managed. Over the past 3 years, USML returned 16.28%/yr vs 10.84%/yr for CTA. At a correlation of -0.11, they often move in opposite directions. USML charges 0.95%/yr vs 0.78%/yr for CTA.
Performance
USML vs. CTA - Performance Comparison
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Returns By Period
In the year-to-date period, USML achieves a 1.71% return, which is significantly lower than CTA's 9.07% return.
USML
- 1D
- -1.73%
- 1M
- 3.16%
- YTD
- 1.71%
- 6M
- 1.67%
- 1Y
- 1.50%
- 3Y*
- 16.28%
- 5Y*
- 7.85%
- 10Y*
- —
CTA
- 1D
- -1.49%
- 1M
- -5.00%
- YTD
- 9.07%
- 6M
- 12.10%
- 1Y
- 9.47%
- 3Y*
- 10.84%
- 5Y*
- —
- 10Y*
- —
USML vs. CTA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN | 1.71% | 9.33% | 23.97% | 11.37% | -4.06% |
CTA Simplify Managed Futures Strategy ETF | 9.07% | 0.88% | 24.15% | -2.23% | 9.55% |
Correlation
The correlation between USML and CTA is 0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.00 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (All Time) Calculated using the full available price history since Mar 9, 2022 | -0.11 |
The correlation between USML and CTA shifts across timeframes, from -0.11 (all time) to 0.00 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
USML vs. CTA — Risk / Return Rank
USML
CTA
USML vs. CTA - 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 Simplify Managed Futures Strategy ETF (CTA). 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 | CTA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.37 | ||
| Sortino ratioReturn per unit of downside risk | -0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.11 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 0.22 | 1.01 | -0.78 |
| Martin ratioReturn relative to average drawdown | 0.67 | 2.58 | -1.90 |
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 | CTA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.18 | 0.55 | -0.37 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.32 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.57 | -0.14 |
Drawdowns
USML vs. CTA - Drawdown Comparison
The maximum USML drawdown since its inception was -35.34%, which is greater than CTA's maximum drawdown of -18.07%. Use the drawdown chart below to compare losses from any high point for USML and CTA.
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Drawdown Indicators
| USML | CTA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.34% | -18.07% | -17.27% |
Max Drawdown (1Y)Largest decline over 1 year | -13.09% | -11.00% | -2.09% |
Max Drawdown (3Y)Largest decline over 3 years | -19.14% | -11.23% | -7.91% |
Max Drawdown (5Y)Largest decline over 5 years | -35.34% | — | — |
Current DrawdownCurrent decline from peak | -4.86% | -10.51% | +5.65% |
Average DrawdownAverage peak-to-trough decline | -10.40% | -5.68% | -4.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.35% | 4.28% | +0.07% |
Volatility
USML vs. CTA - Volatility Comparison
The current volatility for ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) is 4.58%, while Simplify Managed Futures Strategy ETF (CTA) has a volatility of 6.69%. This indicates that USML experiences smaller price fluctuations and is considered to be less risky than CTA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USML | CTA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.58% | 6.69% | -2.11% |
Volatility (6M)Calculated over the trailing 6-month period | 11.57% | 17.42% | -5.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.45% | 20.23% | -3.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.47% | 16.60% | +7.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.29% | 16.60% | +7.69% |
USML vs. CTA - Expense Ratio Comparison
USML has a 0.95% expense ratio, which is higher than CTA's 0.78% expense ratio.
Dividends
USML vs. CTA - Dividend Comparison
USML has not paid dividends to shareholders, while CTA's dividend yield for the trailing twelve months is around 4.99%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CTA Simplify Managed Futures Strategy ETF | 4.99% | 3.19% | 4.80% | 7.78% | 6.58% |
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
USML and CTA have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CTA has higher volatility (6.69%) compared to USML (4.58%). In terms of maximum drawdown, USML dropped -35.34% vs CTA's -18.07%.
On 3-year performance, USML leads with 16.28% vs 10.84% for CTA. On fees, CTA is cheaper at 0.78% per year. On volatility, USML has been the lower-risk option at 4.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, USML has performed better with a 16.28% return vs 10.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CTA is cheaper with a 0.78% expense ratio, compared with 0.95% for USML.
CTA has the higher dividend yield at 4.99%, compared with 0.00% for USML.
USML is categorized as Leveraged Equities, while CTA is Systematic Trend. They also come from different issuers: UBS and Simplify. Their fees differ too: 0.95% for USML and 0.78% for CTA.
CTA currently has the higher Sharpe Ratio (0.55 vs 0.18), 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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