XSMO vs. MTUL
XSMO (Invesco S&P SmallCap Momentum ETF) and MTUL (ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN) are both Momentum funds - XSMO tracks the S&P SmallCap 600 Momentum Index while MTUL tracks the MSCI USA Momentum Index. Both are passively managed. Over the past 5 years, XSMO returned 11.94%/yr vs 23.01%/yr for MTUL. A 0.73 correlation means they provide meaningful diversification when combined. XSMO charges 0.36%/yr vs 0.95%/yr for MTUL.
Performance
XSMO vs. MTUL - Performance Comparison
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Returns By Period
In the year-to-date period, XSMO achieves a 25.55% return, which is significantly lower than MTUL's 78.51% return.
XSMO
- 1D
- 0.32%
- 1M
- 4.89%
- YTD
- 25.55%
- 6M
- 21.13%
- 1Y
- 37.28%
- 3Y*
- 25.72%
- 5Y*
- 11.94%
- 10Y*
- 15.36%
MTUL
- 1D
- 2.87%
- 1M
- 23.84%
- YTD
- 78.51%
- 6M
- 72.35%
- 1Y
- 102.76%
- 3Y*
- 62.93%
- 5Y*
- 23.01%
- 10Y*
- —
XSMO vs. MTUL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
XSMO Invesco S&P SmallCap Momentum ETF | 25.55% | 9.80% | 17.45% | 21.55% | -15.44% | 7.41% |
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN | 78.51% | 27.42% | 58.70% | 10.66% | -37.97% | 8.34% |
Correlation
The correlation between XSMO and MTUL is 0.64, 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 | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021 | 0.73 |
The correlation between XSMO and MTUL has been stable across timeframes, ranging from 0.64 to 0.73 - a consistent structural relationship.
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Return for Risk
XSMO vs. MTUL — Risk / Return Rank
XSMO
MTUL
XSMO vs. MTUL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap Momentum ETF (XSMO) 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.
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.
| XSMO | MTUL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.27 | ||
| Sortino ratioReturn per unit of downside risk | +0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.37 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 4.21 | 4.33 | -0.12 |
| Martin ratioReturn relative to average drawdown | 14.23 | 17.06 | -2.83 |
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Drawdowns
XSMO vs. MTUL - Drawdown Comparison
The maximum XSMO drawdown since its inception was -58.06%, roughly equal to the maximum MTUL drawdown of -56.83%. Use the drawdown chart below to compare losses from any high point for XSMO and MTUL.
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Drawdown Indicators
| XSMO | MTUL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.06% | -56.83% | -1.23% |
Max Drawdown (1Y)Largest decline over 1 year | -8.89% | -23.86% | +14.97% |
Max Drawdown (3Y)Largest decline over 3 years | -24.76% | -39.15% | +14.39% |
Max Drawdown (5Y)Largest decline over 5 years | -29.62% | -56.83% | +27.21% |
Max Drawdown (10Y)Largest decline over 10 years | -39.39% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -11.11% | -22.49% | +11.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.63% | 6.05% | -3.42% |
Volatility
XSMO vs. MTUL - Volatility Comparison
The current volatility for Invesco S&P SmallCap Momentum ETF (XSMO) is 7.19%, while ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) has a volatility of 21.91%. This indicates that XSMO 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
| XSMO | MTUL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.19% | 21.91% | -14.72% |
Volatility (6M)Calculated over the trailing 6-month period | 14.89% | 39.92% | -25.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.41% | 46.91% | -27.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.64% | 43.39% | -20.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.15% | 44.02% | -19.87% |
XSMO vs. MTUL - Expense Ratio Comparison
XSMO has a 0.36% expense ratio, which is lower than MTUL's 0.95% expense ratio.
Dividends
XSMO vs. MTUL - Dividend Comparison
XSMO's dividend yield for the trailing twelve months is around 0.66%, 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% |
XSMO Invesco S&P SmallCap Momentum ETF | 0.66% | 0.75% | 0.63% | 0.96% | 1.19% | 0.30% | 0.82% | 0.69% | 0.66% | 0.27% | 0.30% | 0.35% |
Frequently Asked Questions
XSMO and MTUL have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MTUL has higher volatility (21.91%) compared to XSMO (7.19%). In terms of maximum drawdown, XSMO dropped -58.06% vs MTUL's -56.83%.
On 5-year performance, MTUL leads with 23.01% vs 11.94% for XSMO. On fees, XSMO is cheaper at 0.36% per year. On volatility, XSMO has been the lower-risk option at 7.19%. 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 23.01% return vs 11.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XSMO is cheaper with a 0.36% expense ratio, compared with 0.95% for MTUL.
XSMO has the higher dividend yield at 0.66%, compared with 0.00% for MTUL.
XSMO tracks S&P SmallCap 600 Momentum Index, while MTUL tracks MSCI USA Momentum Index. They also come from different issuers: Invesco and UBS. Their fees differ too: 0.36% for XSMO and 0.95% for MTUL.
MTUL currently has the higher Sharpe Ratio (2.21 vs 1.93), 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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