ETRACS 2x Leveraged MSCI US Minimum… (USML) Performance
USML total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +93.7% since Dec 31, 2025
- 1 year
- +92.4% total return
- 5 years
- +19.6% a year
- Since first price
- +22.6% a year since 2021
USML trailing returns vs SPY, QQQ, AGG
| Period | USML total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −0.4% | −0.4% | −1.0% | −5.0% | +0.9% |
| 3 months | +89.9% | +89.9% | +3.2% | +1.9% | −0.4% |
| 6 months | +95.5% | +95.5% | +7.8% | +8.4% | −1.5% |
| YTD | +93.7% | +93.7% | +12.3% | +15.1% | −1.0% |
| 1 year | +92.4% | +92.4% | +14.4% | +15.9% | −1.1% |
| 3 years | +209.3%+45.7%/yr | +209.3% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +145.2%+19.6%/yr | +145.2% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionFeb 5, 2021 | +220.5%+22.6%/yr | +220.5% | — | — | — |
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: USML vs SPY
From Feb 5, 2021: USML grew to $32,052, SPY to $21,163.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
USML returns by calendar year
3 of 4 full years positive. Best 2024 (+24.0%), worst 2022 (−22.9%). 2026 is year to date.
USML annual returns table
| Year | USML | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +93.7% | −13.1% | +12.3% | +15.1% | −1.0% |
| 2025 | +9.3% | −18.1% | +17.7% | +20.8% | +7.2% |
| 2024 | +24.0% | −11.8% | +24.9% | +25.6% | +1.3% |
| 2023 | +11.4% | −14.8% | +26.2% | +54.9% | +5.7% |
| 2022 | −22.9% | −34.2% | −18.2% | −32.6% | −13.0% |
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.
USML largest drawdowns
Now 7.6% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Dec 29, 2021 | −35.3% | Oct 14, 2022 | Jul 12, 2024 | 9 months | 2.5 years |
| Nov 29, 2024 | −19.1% | Apr 8, 2025 | Feb 26, 2026 | 4 months | 1.2 years |
| Mar 2, 2026 | −13.1% | Mar 27, 2026 | Jul 7, 2026 | 25 days | 4 months |
| Sep 3, 2021 | −11.9% | Oct 4, 2021 | Nov 15, 2021 | 31 days | 2 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
USML risk statistics
| Statistic | 3 years | 5 years | Since 2021 |
|---|---|---|---|
| Annualized return | +43.5% | +21.8% | +24.2% |
| Volatility (annualized) | 55.7% | 47.5% | 45.5% |
| Sharpe ratio | 0.76 | 0.51 | 0.58 |
| Sortino ratio | 3.52 | 1.50 | 1.64 |
| Best month | +92.6% | +92.6% | +92.6% |
| Worst month | −11.8% | −14.8% | −14.8% |
| Best 12 months | +103.9% | +103.9% | +103.9% |
| Worst 12 months | −5.1% | −22.9% | −22.9% |
| Positive months | 69% | 60% | 63% |
| Beta vs S&P 500 | 1.09 | 1.36 | — |
| Correlation with S&P 500 | 0.24 | 0.45 | — |
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.
USML rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 57 | −22.9% | +8.2% | +103.9% | 70% |
| 3-year (a year) | 33 | +2.1% | +12.8% | +45.1% | 100% |
| 5-year (a year) | 9 | +6.9% | +8.6% | +21.8% | 100% |
Every holding period starting at a month-end since 2021. Returns for 3 years and longer are annualized.
USML performance overview
ETRACS 2x Leveraged MSCI US Minimum… (USML) returned +92.4% over the past year and +19.6% a year over five years, with distributions reinvested. Since its first recorded price in 2021 it has returned +22.6% a year, turning $10,000 into about $32,052. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −35.3%, from Dec 29, 2021 to Oct 14, 2022, and it took 1.7 years to get back to the old high. USML finished 3 of its 4 full calendar years with a gain; the best year was 2024 (+24.0%) and the worst 2022 (−22.9%). Volatility has been 45.5% a year.
Related: USML chart. See the USML overview for the latest quote and fund facts.
USML performance FAQ
What is the USML return over the past year?
USML returned +92.4% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 92.4%.
What is the average annual return of USML?
USML has returned +19.6% a year over 5 years, +22.6% a year since February 5, 2021 (total return, distributions reinvested).
How much would $10,000 invested in USML be worth?
$10,000 invested in USML at its first recorded close on February 5, 2021 would be worth about $32,052 on October 23, 2026 with distributions reinvested.
What was the worst year for USML?
The worst calendar year was 2022, with a total return of −22.9%. The best was 2024 at +24.0%.
What is the biggest drawdown of USML?
The largest peak-to-trough decline was −35.3% between December 29, 2021 and October 14, 2022. It recovered to the old high on July 12, 2024, 1.7 years after the bottom.
How volatile is USML?
Over the past 3 years USML had an annualized volatility of 55.7% and a Sharpe ratio of 0.76 (excess return over 1–3 month T-bills per unit of risk).