XMMO vs. MTUL
XMMO (Invesco S&P MidCap Momentum ETF) and MTUL (ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN) are both Momentum funds - XMMO tracks the S&P MidCap 400 Momentum Index while MTUL tracks the MSCI USA Momentum Index. Both are passively managed. Over the past 5 years, XMMO returned 16.69%/yr vs 19.95%/yr for MTUL. A 0.80 correlation means they provide meaningful diversification when combined. XMMO charges 0.35%/yr vs 0.95%/yr for MTUL.
Performance
XMMO vs. MTUL - Performance Comparison
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Returns By Period
In the year-to-date period, XMMO achieves a 23.73% return, which is significantly lower than MTUL's 60.22% return.
XMMO
- 1D
- 0.62%
- 1M
- 6.87%
- YTD
- 23.73%
- 6M
- 25.73%
- 1Y
- 36.97%
- 3Y*
- 32.10%
- 5Y*
- 16.69%
- 10Y*
- 19.73%
MTUL
- 1D
- -0.74%
- 1M
- 27.97%
- YTD
- 60.22%
- 6M
- 59.66%
- 1Y
- 75.85%
- 3Y*
- 59.49%
- 5Y*
- 19.95%
- 10Y*
- —
XMMO vs. MTUL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
XMMO Invesco S&P MidCap Momentum ETF | 23.73% | 13.04% | 38.03% | 20.39% | -16.02% | 7.07% |
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN | 60.22% | 27.42% | 58.70% | 10.66% | -37.97% | 7.00% |
Correlation
The correlation between XMMO and MTUL is 0.72, 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 | 0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.75 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021 | 0.80 |
The correlation between XMMO and MTUL has been stable across timeframes, ranging from 0.72 to 0.80 - a consistent structural relationship.
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Return for Risk
XMMO vs. MTUL — Risk / Return Rank
XMMO
MTUL
XMMO vs. MTUL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap Momentum ETF (XMMO) and ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL). 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.
| XMMO | MTUL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | +0.44 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.32 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 4.45 | 3.20 | +1.26 |
| Martin ratioReturn relative to average drawdown | 18.21 | 12.78 | +5.43 |
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
| XMMO | MTUL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.99 | 1.73 | +0.25 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.78 | 0.47 | +0.31 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.89 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 0.41 | +0.17 |
Drawdowns
XMMO vs. MTUL - Drawdown Comparison
The maximum XMMO drawdown since its inception was -55.37%, roughly equal to the maximum MTUL drawdown of -56.83%. Use the drawdown chart below to compare losses from any high point for XMMO and MTUL.
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Drawdown Indicators
| XMMO | MTUL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.37% | -56.83% | +1.46% |
Max Drawdown (1Y)Largest decline over 1 year | -8.34% | -23.86% | +15.52% |
Max Drawdown (3Y)Largest decline over 3 years | -24.93% | -39.15% | +14.22% |
Max Drawdown (5Y)Largest decline over 5 years | -27.91% | -56.83% | +28.92% |
Max Drawdown (10Y)Largest decline over 10 years | -36.74% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.74% | +0.74% |
Average DrawdownAverage peak-to-trough decline | -9.45% | -22.68% | +13.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.04% | 5.96% | -3.92% |
Volatility
XMMO vs. MTUL - Volatility Comparison
The current volatility for Invesco S&P MidCap Momentum ETF (XMMO) is 7.82%, while ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) has a volatility of 20.29%. This indicates that XMMO experiences smaller price fluctuations and is considered to be less risky than MTUL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XMMO | MTUL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.82% | 20.29% | -12.47% |
Volatility (6M)Calculated over the trailing 6-month period | 15.54% | 37.63% | -22.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.71% | 43.98% | -25.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.45% | 42.81% | -21.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.27% | 43.65% | -21.38% |
XMMO vs. MTUL - Expense Ratio Comparison
XMMO has a 0.35% expense ratio, which is lower than MTUL's 0.95% expense ratio.
Dividends
XMMO vs. MTUL - Dividend Comparison
XMMO's dividend yield for the trailing twelve months is around 0.60%, while MTUL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MTUL ETRACS 2x Leveraged MSCI US Momentum 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% |
XMMO Invesco S&P MidCap Momentum ETF | 0.60% | 0.78% | 0.34% | 0.80% | 1.43% | 0.41% | 0.61% | 0.60% | 0.19% | 0.21% | 0.22% | 0.64% |
Frequently Asked Questions
XMMO and MTUL have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MTUL has higher volatility (20.29%) compared to XMMO (7.82%). In terms of maximum drawdown, XMMO dropped -55.37% vs MTUL's -56.83%.
On 5-year performance, MTUL leads with 19.95% vs 16.69% for XMMO. On fees, XMMO is cheaper at 0.35% per year. On volatility, XMMO has been the lower-risk option at 7.82%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, MTUL has performed better with a 19.95% return vs 16.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XMMO is cheaper with a 0.35% expense ratio, compared with 0.95% for MTUL.
XMMO has the higher dividend yield at 0.60%, compared with 0.00% for MTUL.
XMMO tracks S&P MidCap 400 Momentum Index, while MTUL tracks MSCI USA Momentum Index. They also come from different issuers: Invesco and UBS. Their fees differ too: 0.35% for XMMO and 0.95% for MTUL.
XMMO currently has the higher Sharpe Ratio (1.99 vs 1.73), 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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