USML vs. SPY
USML (ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - USML is a Leveraged Equities fund tracking the MSCI USA Minimum Volatility Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, USML returned 8.67%/yr vs 14.20%/yr for SPY. A 0.76 correlation means they provide meaningful diversification when combined. USML charges 0.95%/yr vs 0.09%/yr for SPY.
Performance
USML vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, USML achieves a 4.25% return, which is significantly lower than SPY's 11.69% return.
USML
- 1D
- 0.14%
- 1M
- 4.47%
- YTD
- 4.25%
- 6M
- 4.48%
- 1Y
- 4.31%
- 3Y*
- 16.76%
- 5Y*
- 8.67%
- 10Y*
- —
SPY
- 1D
- 0.14%
- 1M
- 5.40%
- YTD
- 11.69%
- 6M
- 12.09%
- 1Y
- 29.62%
- 3Y*
- 22.64%
- 5Y*
- 14.20%
- 10Y*
- 15.57%
USML vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN | 4.25% | 9.33% | 23.97% | 11.37% | -22.87% | 42.12% |
SPY State Street SPDR S&P 500 ETF | 11.69% | 17.72% | 24.89% | 26.18% | -18.18% | 24.14% |
Correlation
The correlation between USML and SPY is 0.52, 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 | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021 | 0.76 |
Over the past year, the correlation between USML and SPY has dropped to 0.52 - well below their long-term average of 0.76, suggesting their price drivers have been diverging.
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Return for Risk
USML vs. SPY — Risk / Return Rank
USML
SPY
USML vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.26 | 2.52 | -2.26 |
Sortino ratioReturn per unit of downside risk | 0.48 | 3.42 | -2.93 |
Omega ratioGain probability vs. loss probability | 1.06 | 1.46 | -0.40 |
Calmar ratioReturn relative to maximum drawdown | 0.34 | 3.42 | -3.07 |
Martin ratioReturn relative to average drawdown | 1.03 | 15.93 | -14.89 |
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 | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.26 | 2.52 | -2.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.36 | 0.84 | -0.48 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.87 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 0.59 | -0.14 |
Drawdowns
USML vs. SPY - Drawdown Comparison
The maximum USML drawdown since its inception was -35.34%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for USML and SPY.
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Drawdown Indicators
| USML | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.34% | -55.19% | +19.85% |
Max Drawdown (1Y)Largest decline over 1 year | -13.09% | -8.88% | -4.21% |
Max Drawdown (3Y)Largest decline over 3 years | -19.14% | -18.76% | -0.38% |
Max Drawdown (5Y)Largest decline over 5 years | -35.34% | -24.50% | -10.84% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -2.48% | 0.00% | -2.48% |
Average DrawdownAverage peak-to-trough decline | -10.42% | -9.05% | -1.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.33% | 1.91% | +2.42% |
Volatility
USML vs. SPY - Volatility Comparison
ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) has a higher volatility of 4.03% compared to State Street SPDR S&P 500 ETF (SPY) at 2.75%. This indicates that USML's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USML | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.03% | 2.75% | +1.28% |
Volatility (6M)Calculated over the trailing 6-month period | 11.54% | 8.89% | +2.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.33% | 11.81% | +4.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.47% | 17.05% | +7.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.29% | 17.94% | +6.35% |
USML vs. SPY - Expense Ratio Comparison
USML has a 0.95% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
USML vs. SPY - Dividend Comparison
USML has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 0.97%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPY State Street SPDR S&P 500 ETF | 0.97% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
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% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
USML and SPY have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USML has higher volatility (4.03%) compared to SPY (2.75%). In terms of maximum drawdown, USML dropped -35.34% vs SPY's -55.19%.
On 5-year performance, SPY leads with 14.20% vs 8.67% for USML. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPY has performed better with a 14.20% return vs 8.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.95% for USML.
SPY has the higher dividend yield at 0.97%, compared with 0.00% for USML.
USML is categorized as Leveraged Equities, while SPY is S&P 500. USML tracks MSCI USA Minimum Volatility Index, while SPY tracks S&P 500 Index. They also come from different issuers: UBS and State Street. Their fees differ too: 0.95% for USML and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (2.52 vs 0.26), 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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