UTSL vs. USML
UTSL (Direxion Daily Utilities Bull 3X Shares) and USML (ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN) are both Leveraged Equities funds - UTSL tracks the Utilities Select Sector Index (300%) while USML tracks the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 5 years, UTSL returned 8.66%/yr vs 7.54%/yr for USML. A 0.59 correlation means they provide meaningful diversification when combined. UTSL charges 0.99%/yr vs 0.95%/yr for USML.
Performance
UTSL vs. USML - Performance Comparison
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Returns By Period
In the year-to-date period, UTSL achieves a 6.35% return, which is significantly higher than USML's 1.74% return.
UTSL
- 1D
- 3.20%
- 1M
- 2.56%
- YTD
- 6.35%
- 6M
- 6.90%
- 1Y
- 20.28%
- 3Y*
- 20.77%
- 5Y*
- 8.66%
- 10Y*
- —
USML
- 1D
- 0.67%
- 1M
- 2.24%
- YTD
- 1.74%
- 6M
- 1.57%
- 1Y
- 3.61%
- 3Y*
- 15.23%
- 5Y*
- 7.54%
- 10Y*
- —
UTSL vs. USML - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
UTSL Direxion Daily Utilities Bull 3X Shares | 6.35% | 29.03% | 54.24% | -35.55% | -14.06% | 46.49% |
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN | 1.74% | 9.33% | 23.97% | 11.37% | -22.87% | 42.12% |
Correlation
The correlation between UTSL and USML 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 UTSL and USML 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
UTSL vs. USML — Risk / Return Rank
UTSL
USML
UTSL vs. USML - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Utilities Bull 3X Shares (UTSL) and ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML). 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.
| UTSL | USML | 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 | 1.10 | 1.03 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 0.64 | 0.15 | +0.48 |
| Martin ratioReturn relative to average drawdown | 1.30 | 0.46 | +0.85 |
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Drawdowns
UTSL vs. USML - Drawdown Comparison
The maximum UTSL drawdown since its inception was -79.55%, which is greater than USML's maximum drawdown of -35.34%. Use the drawdown chart below to compare losses from any high point for UTSL and USML.
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Drawdown Indicators
| UTSL | USML | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.55% | -35.34% | -44.21% |
Max Drawdown (1Y)Largest decline over 1 year | -28.45% | -13.09% | -15.36% |
Max Drawdown (3Y)Largest decline over 3 years | -46.22% | -19.14% | -27.08% |
Max Drawdown (5Y)Largest decline over 5 years | -68.01% | -35.34% | -32.67% |
Current DrawdownCurrent decline from peak | -21.69% | -4.83% | -16.86% |
Average DrawdownAverage peak-to-trough decline | -33.19% | -10.38% | -22.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.87% | 4.41% | +9.46% |
Volatility
UTSL vs. USML - Volatility Comparison
Direxion Daily Utilities Bull 3X Shares (UTSL) has a higher volatility of 17.03% compared to ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) at 4.74%. This indicates that UTSL's price experiences larger fluctuations and is considered to be riskier than USML based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UTSL | USML | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.03% | 4.74% | +12.29% |
Volatility (6M)Calculated over the trailing 6-month period | 35.33% | 11.57% | +23.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.73% | 16.41% | +27.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.08% | 24.47% | +27.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 59.23% | 24.24% | +34.99% |
UTSL vs. USML - Expense Ratio Comparison
UTSL has a 0.99% expense ratio, which is higher than USML's 0.95% expense ratio.
Dividends
UTSL vs. USML - Dividend Comparison
UTSL's dividend yield for the trailing twelve months is around 1.71%, while USML has not paid dividends to shareholders.
| 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
UTSL and USML 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, UTSL dropped -79.55% vs USML's -35.34%.
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.
UTSL tracks Utilities Select Sector Index (300%), while USML tracks MSCI USA Minimum Volatility Index. They also come from different issuers: Direxion and UBS. Their fees differ too: 0.99% for UTSL and 0.95% for USML.
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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