USML vs. UTSL
USML (ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN) and UTSL (Direxion Daily Utilities Bull 3X Shares) are both Leveraged Equities funds - USML tracks the MSCI USA Minimum Volatility Index while UTSL tracks the Utilities Select Sector Index (300%). Both are passively managed. Over the past 5 years, USML returned 7.54%/yr vs 8.66%/yr for UTSL. A 0.59 correlation means they provide meaningful diversification when combined. USML charges 0.95%/yr vs 0.99%/yr for UTSL.
Performance
USML vs. UTSL - Performance Comparison
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Returns By Period
In the year-to-date period, USML achieves a 1.74% return, which is significantly lower than UTSL's 6.35% return.
USML
- 1D
- 0.67%
- 1M
- 2.24%
- YTD
- 1.74%
- 6M
- 1.57%
- 1Y
- 3.61%
- 3Y*
- 15.23%
- 5Y*
- 7.54%
- 10Y*
- —
UTSL
- 1D
- 3.20%
- 1M
- 2.56%
- YTD
- 6.35%
- 6M
- 6.90%
- 1Y
- 20.28%
- 3Y*
- 20.77%
- 5Y*
- 8.66%
- 10Y*
- —
USML vs. UTSL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN | 1.74% | 9.33% | 23.97% | 11.37% | -22.87% | 42.12% |
UTSL Direxion Daily Utilities Bull 3X Shares | 6.35% | 29.03% | 54.24% | -35.55% | -14.06% | 46.49% |
Correlation
The correlation between USML and UTSL is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021 | 0.59 |
Over the past year, the correlation between USML and UTSL has dropped to 0.33 - well below their long-term average of 0.59, suggesting their price drivers have been diverging.
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Return for Risk
USML vs. UTSL — Risk / Return Rank
USML
UTSL
USML vs. UTSL - 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 Direxion Daily Utilities Bull 3X Shares (UTSL). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| USML | UTSL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.29 | ||
| Sortino ratioReturn per unit of downside risk | -0.55 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.10 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 0.15 | 0.64 | -0.48 |
| Martin ratioReturn relative to average drawdown | 0.46 | 1.30 | -0.85 |
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Drawdowns
USML vs. UTSL - Drawdown Comparison
The maximum USML drawdown since its inception was -35.34%, smaller than the maximum UTSL drawdown of -79.55%. Use the drawdown chart below to compare losses from any high point for USML and UTSL.
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Drawdown Indicators
| USML | UTSL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.34% | -79.55% | +44.21% |
Max Drawdown (1Y)Largest decline over 1 year | -13.09% | -28.45% | +15.36% |
Max Drawdown (3Y)Largest decline over 3 years | -19.14% | -46.22% | +27.08% |
Max Drawdown (5Y)Largest decline over 5 years | -35.34% | -68.01% | +32.67% |
Current DrawdownCurrent decline from peak | -4.83% | -21.69% | +16.86% |
Average DrawdownAverage peak-to-trough decline | -10.38% | -33.19% | +22.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.41% | 13.87% | -9.46% |
Volatility
USML vs. UTSL - Volatility Comparison
The current volatility for ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) is 4.74%, while Direxion Daily Utilities Bull 3X Shares (UTSL) has a volatility of 17.03%. This indicates that USML experiences smaller price fluctuations and is considered to be less risky than UTSL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USML | UTSL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.74% | 17.03% | -12.29% |
Volatility (6M)Calculated over the trailing 6-month period | 11.57% | 35.33% | -23.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.41% | 43.73% | -27.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.47% | 52.08% | -27.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.24% | 59.23% | -34.99% |
USML vs. UTSL - Expense Ratio Comparison
USML has a 0.95% expense ratio, which is lower than UTSL's 0.99% expense ratio.
Dividends
USML vs. UTSL - Dividend Comparison
USML has not paid dividends to shareholders, while UTSL's dividend yield for the trailing twelve months is around 1.71%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
UTSL Direxion Daily Utilities Bull 3X Shares | 1.71% | 1.69% | 1.61% | 3.61% | 1.15% | 1.19% | 1.40% | 5.01% | 1.46% | 0.57% |
Frequently Asked Questions
USML and UTSL have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UTSL has higher volatility (17.03%) compared to USML (4.74%). In terms of maximum drawdown, USML dropped -35.34% vs UTSL's -79.55%.
On 5-year performance, UTSL leads with 8.66% vs 7.54% for USML. On fees, USML is cheaper at 0.95% per year. On volatility, USML has been the lower-risk option at 4.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UTSL has performed better with a 8.66% return vs 7.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USML is cheaper with a 0.95% expense ratio, compared with 0.99% for UTSL.
UTSL has the higher dividend yield at 1.71%, compared with 0.00% for USML.
USML tracks MSCI USA Minimum Volatility Index, while UTSL tracks Utilities Select Sector Index (300%). They also come from different issuers: UBS and Direxion. Their fees differ too: 0.95% for USML and 0.99% for UTSL.
UTSL currently has the higher Sharpe Ratio (0.42 vs 0.12), 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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