WTIU vs. USML

Last updated Apr 2, 2026

Compare and contrast key facts about MicroSectors Energy 3X Leveraged ETN (WTIU) and ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML).

WTIU and USML are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. WTIU is a passively managed fund by REX that tracks the performance of the Solactive MicroSectors Energy Index - Benchmark TR Gross (--300%). It was launched on Feb 16, 2023. 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. Both WTIU and USML 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

WTIU vs. USML - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Energy 3X Leveraged ETN (WTIU) and ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML). The values are adjusted to include any dividend payments, if applicable.

WTIU vs. USML - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
WTIU MicroSectors Energy 3X Leveraged ETN	113.23%	-17.13%	-29.63%	-28.42%
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN	-3.90%	9.33%	23.97%	10.44%

Returns By Period

In the year-to-date period, WTIU achieves a 113.23% return, which is significantly higher than USML's -3.90% return.

WTIU

• 1D: -11.84%
• 1M: 17.12%
• YTD: 113.23%
• 6M: 89.84%
• 1Y: 46.84%
• 3Y*: 2.42%
• 5Y*: —
• 10Y*: —

USML

• 1D: 0.19%
• 1M: -10.11%
• YTD: -3.90%
• 6M: -5.95%
• 1Y: -4.80%
• 3Y*: 13.03%
• 5Y*: 8.46%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

WTIU vs. USML - Expense Ratio Comparison

Both WTIU and USML have an expense ratio of 0.95%.

WTIU

MicroSectors Energy 3X Leveraged ETN

USML

ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN

Return for Risk

WTIU vs. USML — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

WTIU

WTIU Risk / Return Rank: 34
WTIU Sharpe Ratio Rank: 29
WTIU Sortino Ratio Rank: 42
WTIU Omega Ratio Rank: 43
WTIU Calmar Ratio Rank: 35
WTIU Martin Ratio Rank: 23

USML

USML Risk / Return Rank: 7
USML Sharpe Ratio Rank: 8
USML Sortino Ratio Rank: 8
USML Omega Ratio Rank: 8
USML Calmar Ratio Rank: 7
USML Martin Ratio Rank: 3

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

WTIU vs. USML - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Energy 3X Leveraged ETN (WTIU) 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.

	WTIU	USML	Difference
Sharpe ratio Return per unit of total volatility	0.58	-0.20	+0.77
Sortino ratio Return per unit of downside risk	1.22	-0.11	+1.33
Omega ratio Gain probability vs. loss probability	1.18	0.98	+0.19
Calmar ratio Return relative to maximum drawdown	0.92	-0.28	+1.20
Martin ratio Return relative to average drawdown	1.71	-1.14	+2.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WTIU vs. USML - Sharpe Ratio Comparison

The current WTIU Sharpe Ratio is 0.58, which is higher than the USML Sharpe Ratio of -0.20. The chart below compares the historical Sharpe Ratios of WTIU and USML, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	WTIU	USML	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.58	-0.20	+0.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.35	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.05	0.39	-0.44

Correlation

The correlation between WTIU and USML is 0.29, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

WTIU vs. USML - Dividend Comparison

Neither WTIU nor USML has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

WTIU vs. USML - Drawdown Comparison

The maximum WTIU drawdown since its inception was -75.73%, which is greater than USML's maximum drawdown of -35.34%. Use the drawdown chart below to compare losses from any high point for WTIU and USML.

Drawdown Indicators

	WTIU	USML	Difference
Max Drawdown Largest peak-to-trough decline	-75.73%	-35.34%	-40.39%
Max Drawdown (1Y) Largest decline over 1 year	-53.11%	-17.38%	-35.73%
Max Drawdown (5Y) Largest decline over 5 years	—	-35.34%	—
Current Drawdown Current decline from peak	-24.42%	-10.11%	-14.31%
Average Drawdown Average peak-to-trough decline	-39.49%	-10.54%	-28.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.53%	4.29%	+24.24%

Volatility

WTIU vs. USML - Volatility Comparison

MicroSectors Energy 3X Leveraged ETN (WTIU) has a higher volatility of 22.50% compared to ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) at 5.91%. This indicates that WTIU'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.

Volatility by Period

	WTIU	USML	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.50%	5.91%	+16.59%
Volatility (6M) Calculated over the trailing 6-month period	46.56%	12.01%	+34.55%
Volatility (1Y) Calculated over the trailing 1-year period	81.69%	24.40%	+57.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	69.54%	24.55%	+44.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.54%	24.53%	+45.01%