XMVM vs. MTUL
XMVM (Invesco S&P MidCap Value with Momentum ETF) and MTUL (ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN) are both Momentum funds - XMVM tracks the S&P MidCap 400 High Momentum Value Index while MTUL tracks the MSCI USA Momentum Index. Both are passively managed. Over the past 5 years, XMVM returned 9.63%/yr vs 19.95%/yr for MTUL. A 0.62 correlation means they provide meaningful diversification when combined. XMVM charges 0.39%/yr vs 0.95%/yr for MTUL.
Performance
XMVM vs. MTUL - Performance Comparison
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Returns By Period
In the year-to-date period, XMVM achieves a 8.00% return, which is significantly lower than MTUL's 60.22% return.
XMVM
- 1D
- -0.51%
- 1M
- 0.18%
- YTD
- 8.00%
- 6M
- 10.89%
- 1Y
- 29.16%
- 3Y*
- 18.89%
- 5Y*
- 9.63%
- 10Y*
- 11.74%
MTUL
- 1D
- -0.74%
- 1M
- 27.97%
- YTD
- 60.22%
- 6M
- 59.66%
- 1Y
- 75.85%
- 3Y*
- 59.49%
- 5Y*
- 19.95%
- 10Y*
- —
XMVM vs. MTUL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
XMVM Invesco S&P MidCap Value with Momentum ETF | 8.00% | 18.46% | 11.73% | 16.31% | -8.21% | 24.03% |
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 XMVM and MTUL is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021 | 0.62 |
Over the past year, the correlation between XMVM and MTUL has dropped to 0.38 - well below their long-term average of 0.62, suggesting their price drivers have been diverging.
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Return for Risk
XMVM vs. MTUL — Risk / Return Rank
XMVM
MTUL
XMVM vs. MTUL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap Value with Momentum ETF (XMVM) 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.
| XMVM | MTUL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.18 | ||
| Sortino ratioReturn per unit of downside risk | +0.44 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.32 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.19 | 3.20 | 0.00 |
| Martin ratioReturn relative to average drawdown | 9.86 | 12.78 | -2.92 |
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
| XMVM | MTUL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.91 | 1.73 | +0.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.45 | 0.47 | -0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.52 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 0.41 | +0.02 |
Drawdowns
XMVM vs. MTUL - Drawdown Comparison
The maximum XMVM drawdown since its inception was -62.83%, which is greater than MTUL's maximum drawdown of -56.83%. Use the drawdown chart below to compare losses from any high point for XMVM and MTUL.
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Drawdown Indicators
| XMVM | MTUL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.83% | -56.83% | -6.00% |
Max Drawdown (1Y)Largest decline over 1 year | -9.18% | -23.86% | +14.68% |
Max Drawdown (3Y)Largest decline over 3 years | -24.12% | -39.15% | +15.03% |
Max Drawdown (5Y)Largest decline over 5 years | -24.12% | -56.83% | +32.71% |
Max Drawdown (10Y)Largest decline over 10 years | -45.07% | — | — |
Current DrawdownCurrent decline from peak | -1.21% | -0.74% | -0.47% |
Average DrawdownAverage peak-to-trough decline | -10.27% | -22.68% | +12.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.97% | 5.96% | -2.99% |
Volatility
XMVM vs. MTUL - Volatility Comparison
The current volatility for Invesco S&P MidCap Value with Momentum ETF (XMVM) is 3.38%, while ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) has a volatility of 20.29%. This indicates that XMVM 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
| XMVM | MTUL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.38% | 20.29% | -16.91% |
Volatility (6M)Calculated over the trailing 6-month period | 9.77% | 37.63% | -27.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.37% | 43.98% | -28.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.54% | 42.81% | -21.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.80% | 43.65% | -20.85% |
XMVM vs. MTUL - Expense Ratio Comparison
XMVM has a 0.39% expense ratio, which is lower than MTUL's 0.95% expense ratio.
Dividends
XMVM vs. MTUL - Dividend Comparison
XMVM's dividend yield for the trailing twelve months is around 1.96%, 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% |
XMVM Invesco S&P MidCap Value with Momentum ETF | 1.96% | 2.07% | 1.43% | 1.57% | 1.76% | 1.10% | 1.37% | 1.73% | 2.87% | 2.22% | 2.27% | 2.58% |
Frequently Asked Questions
XMVM and MTUL have a correlation of 0.38, 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 XMVM (3.38%). In terms of maximum drawdown, XMVM dropped -62.83% vs MTUL's -56.83%.
On 5-year performance, MTUL leads with 19.95% vs 9.63% for XMVM. On fees, XMVM is cheaper at 0.39% per year. On volatility, XMVM has been the lower-risk option at 3.38%. 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 9.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XMVM is cheaper with a 0.39% expense ratio, compared with 0.95% for MTUL.
XMVM has the higher dividend yield at 1.96%, compared with 0.00% for MTUL.
XMVM tracks S&P MidCap 400 High Momentum Value Index, while MTUL tracks MSCI USA Momentum Index. They also come from different issuers: Invesco and UBS. Their fees differ too: 0.39% for XMVM and 0.95% for MTUL.
XMVM currently has the higher Sharpe Ratio (1.91 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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