XSVM vs. MTUL
XSVM (Invesco S&P SmallCap Value with Momentum ETF) and MTUL (ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN) are both Momentum funds - XSVM tracks the S&P SmallCap 600 High Momentum Value Index while MTUL tracks the MSCI USA Momentum Index. Both are passively managed. Over the past 5 years, XSVM returned 10.26%/yr vs 15.37%/yr for MTUL. Their 0.56 correlation means they have sometimes moved together and sometimes differently. XSVM charges 0.37%/yr vs 0.95%/yr for MTUL.
Performance
XSVM vs. MTUL - Performance Comparison
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Returns By Period
In the year-to-date period, XSVM achieves a 27.31% return, which is significantly lower than MTUL's 39.46% return.
XSVM
- 1D
- 1.19%
- 1M
- 3.59%
- 6M
- 17.18%
- YTD
- 27.31%
- 1Y
- 43.31%
- 3Y*
- 15.08%
- 5Y*
- 10.26%
- 10Y*
- 13.04%
- ALL TIME*
- 9.38%
MTUL
- 1D
- 1.04%
- 1M
- -12.41%
- 6M
- 34.68%
- YTD
- 39.46%
- 1Y
- 51.48%
- 3Y*
- 48.16%
- 5Y*
- 15.37%
- 10Y*
- —
- ALL TIME*
- 14.44%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $205.26K | $149.84K | $116.28K | |
| $2.64M | $2.37M | $2.08M |
XSVM vs. MTUL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
XSVM Invesco S&P SmallCap Value with Momentum ETF | 27.31% | 7.47% | 2.30% | 20.20% | -13.63% | 36.54% |
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN | 39.46% | 27.42% | 58.70% | 10.66% | -37.97% | 8.34% |
Correlation
The correlation between XSVM and MTUL is 0.37, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.37 |
Correlation (3Y) Balances recent behavior with more history. | 0.48 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.58 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021 | 0.56 |
The correlation between XSVM and MTUL shifts across timeframes, from 0.37 (1 year) to 0.58 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
XSVM vs. MTUL — Risk / Return Rank
XSVM
MTUL
XSVM vs. MTUL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap Value with Momentum ETF (XSVM) 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.
| XSVM | MTUL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.53 | ||
| Sortino ratioReturn per unit of downside risk | +1.99 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.20 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 4.32 | 1.60 | +2.71 |
| Martin ratioReturn relative to average drawdown | 13.79 | 6.52 | +7.27 |
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Drawdowns
XSVM vs. MTUL - Drawdown Comparison
The maximum XSVM drawdown since its inception was -62.57%, which is greater than MTUL's maximum drawdown of -56.83%. Use the drawdown chart below to compare losses from any high point for XSVM and MTUL.
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Drawdown Indicators
| XSVM | MTUL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.57% | -56.83% | -5.74% |
Max Drawdown (1Y)Largest decline over 1 year | -10.08% | -32.27% | +22.19% |
Max Drawdown (3Y)Largest decline over 3 years | -26.21% | -39.15% | +12.94% |
Max Drawdown (5Y)Largest decline over 5 years | -26.21% | -56.83% | +30.62% |
Max Drawdown (10Y)Largest decline over 10 years | -49.02% | — | — |
Current DrawdownCurrent decline from peak | -0.28% | -21.93% | +21.65% |
Average DrawdownAverage peak-to-trough decline | -11.48% | -22.29% | +10.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.15% | 7.91% | -4.76% |
Volatility
XSVM vs. MTUL - Volatility Comparison
The current volatility for Invesco S&P SmallCap Value with Momentum ETF (XSVM) is 4.25%, while ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) has a volatility of 26.68%. This indicates that XSVM 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
| XSVM | MTUL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.25% | 26.68% | -22.43% |
Volatility (6M)Calculated over the trailing 6-month period | 11.78% | 49.98% | -38.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.83% | 56.35% | -38.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.34% | 45.41% | -23.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.01% | 45.64% | -20.63% |
XSVM vs. MTUL - Expense Ratio Comparison
XSVM has a 0.37% expense ratio, which is lower than MTUL's 0.95% expense ratio.
Dividends
XSVM vs. MTUL - Dividend Comparison
XSVM's dividend yield for the trailing twelve months is around 1.73%, 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% |
XSVM Invesco S&P SmallCap Value with Momentum ETF | 1.73% | 2.29% | 1.69% | 1.31% | 1.79% | 1.23% | 1.21% | 1.22% | 2.54% | 1.90% | 2.29% | 2.68% |
Frequently Asked Questions
XSVM and MTUL have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MTUL has higher volatility (26.68%) compared to XSVM (4.25%). In terms of maximum drawdown, XSVM dropped -62.57% vs MTUL's -56.83%.
On 5-year performance, MTUL leads with 15.37% vs 10.26% for XSVM. On fees, XSVM is cheaper at 0.37% per year. On volatility, XSVM has been the lower-risk option at 4.25%. 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 15.37% return vs 10.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XSVM is cheaper with a 0.37% expense ratio, compared with 0.95% for MTUL.
XSVM has the higher dividend yield at 1.73%, compared with 0.00% for MTUL.
XSVM tracks S&P SmallCap 600 High Momentum Value Index, while MTUL tracks MSCI USA Momentum Index. They also come from different issuers: Invesco and UBS. Their fees differ too: 0.37% for XSVM and 0.95% for MTUL.
XSVM currently has the higher Sharpe Ratio (2.45 vs 0.92), 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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