ETRACS Monthly Pay 1.5X Leveraged Mortgage… (MVRL) Performance
MVRL total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −27.0% since Dec 31, 2025
- 1 year
- −23.8% total return
- 5 years
- −13.8% a year
- Since first price
- +0.2% a year since 2020
MVRL trailing returns vs SPY, QQQ, AGG
| Period | MVRL total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −14.1% | −17.6% | −1.0% | −5.0% | +0.9% |
| 3 months | −24.6% | −29.3% | +3.2% | +1.9% | −0.4% |
| 6 months | −29.2% | −38.1% | +7.8% | +8.4% | −1.5% |
| YTD | −27.0% | −39.4% | +12.3% | +15.1% | −1.0% |
| 1 year | −23.8% | −38.0% | +14.4% | +15.9% | −1.1% |
| 3 years | +9.7%+3.1%/yr | −37.8% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | −52.4%−13.8%/yr | −81.2% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionJun 3, 2020 | +1.3%+0.2%/yr | −66.9% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: MVRL vs SPY
From Jun 3, 2020: MVRL grew to $10,129, SPY to $26,617.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
MVRL returns by calendar year
3 of 5 full years positive. Best 2021 (+22.4%), worst 2022 (−42.4%). 2026 is year to date.
MVRL annual returns table
| Year | MVRL | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −27.0% | −39.1% | +12.3% | +15.1% | −1.0% |
| 2025 | +15.0% | −28.7% | +17.7% | +20.8% | +7.2% |
| 2024 | −3.5% | −15.1% | +24.9% | +25.6% | +1.3% |
| 2023 | +12.3% | −39.4% | +26.2% | +54.9% | +5.7% |
| 2022 | −42.4% | −56.5% | −18.2% | −32.6% | −13.0% |
| 2021 | +22.4% | −18.6% | +28.7% | +27.4% | −1.8% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
MVRL largest drawdowns
Now 53.5% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jun 9, 2021 | −60.0% | Oct 25, 2023 | not yet | 2.4 years | 5.4 years so far |
| Jun 8, 2020 | −23.1% | Jul 9, 2020 | Nov 9, 2020 | 31 days | 5 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
MVRL risk statistics
| Statistic | 3 years | 5 years | Since 2020 |
|---|---|---|---|
| Annualized return | −1.2% | −11.4% | +0.4% |
| Volatility (annualized) | 28.3% | 37.6% | 36.4% |
| Sharpe ratio | -0.06 | -0.22 | 0.12 |
| Sortino ratio | -0.08 | -0.30 | 0.17 |
| Best month | +21.3% | +23.4% | +27.3% |
| Worst month | −20.7% | −34.9% | −34.9% |
| Best 12 months | +34.6% | +34.6% | +96.3% |
| Worst 12 months | −17.5% | −52.9% | −52.9% |
| Positive months | 56% | 52% | 55% |
| Beta vs S&P 500 | 1.31 | 1.81 | — |
| Correlation with S&P 500 | 0.57 | 0.75 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
MVRL rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 65 | −52.9% | +2.0% | +96.3% | 55% |
| 3-year (a year) | 41 | −17.8% | −6.3% | +11.9% | 39% |
| 5-year (a year) | 17 | −13.5% | −4.2% | +3.4% | 29% |
Every holding period starting at a month-end since 2020. Returns for 3 years and longer are annualized.
MVRL performance overview
ETRACS Monthly Pay 1.5X Leveraged Mortgage… (MVRL) returned −23.8% over the past year and −13.8% a year over five years, with distributions reinvested. Since its first recorded price in 2020 it has returned +0.2% a year, turning $10,000 into about $10,129. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −60.0%, from Jun 9, 2021 to Oct 25, 2023; the fund has not yet regained that high. MVRL finished 3 of its 5 full calendar years with a gain; the best year was 2021 (+22.4%) and the worst 2022 (−42.4%). Volatility has been 36.4% a year.
Related: MVRL chart, MVRL holdings, MVRL dividends, MVRL valuation. See the MVRL overview for the latest quote and fund facts.
MVRL performance FAQ
What is the MVRL return over the past year?
MVRL returned −23.8% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 38.0%.
What is the average annual return of MVRL?
MVRL has returned −13.8% a year over 5 years, +0.2% a year since June 3, 2020 (total return, distributions reinvested).
How much would $10,000 invested in MVRL be worth?
$10,000 invested in MVRL at its first recorded close on June 3, 2020 would be worth about $10,129 on October 23, 2026 with distributions reinvested.
What was the worst year for MVRL?
The worst calendar year was 2022, with a total return of −42.4%. The best was 2021 at +22.4%.
What is the biggest drawdown of MVRL?
The largest peak-to-trough decline was −60.0% between June 9, 2021 and October 25, 2023. It has not yet recovered to that high; it is 53.5% below its peak.
How volatile is MVRL?
Over the past 3 years MVRL had an annualized volatility of 28.3% and a Sharpe ratio of -0.06 (excess return over 1–3 month T-bills per unit of risk).