- Issuer
- UBS
- Inception Date
- Feb 4, 2021
- Region
- North America (U.S.)
- Category
- Leveraged Equities
- Leveraged
- 2x
- Index Tracked
- Russell 2000 Index
- Distribution Policy
- Accumulating
- Asset Class
- Equity
- Asset Class Size
- Small-Cap
- Assets Under Management
- $6M
Highlights
- Avg. Volume (1M)
- 132
- Avg. Volume Value (1M)
- $4.29K
Share Price Chart
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Performance
IWML Performance Chart
ETRACS 2x Leveraged US Size Factor TR ETN (IWML) is up 34.5% since the beginning of the year. IWML is currently trading at $32 per share. Investors who bought $1,000 worth of IWML shares 5 years ago would now be looking at an investment worth $1,239.
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Returns By Period
ETRACS 2x Leveraged US Size Factor TR ETN (IWML) has returned 34.47% so far this year and 73.81% over the past 12 months.
ETRACS 2x Leveraged US Size Factor TR ETN
- 1D
- -0.99%
- 1M
- -4.29%
- 6M
- 22.16%
- YTD
- 34.47%
- 1Y
- 73.81%
- 3Y*
- 19.08%
- 5Y*
- 4.38%
- 10Y*
- —
- ALL TIME*
- 3.99%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
IWML Monthly Returns History
Based on dividend-adjusted daily data since Feb 5, 2021, IWML's average daily return is +0.06%, while the average monthly return is +0.97%. At this rate, an investment would double in approximately 6.0 years.
Historically, 56% of months were positive and 44% were negative. The best month was Apr 2026 with a return of +25.6%, while the worst month was Apr 2022 at -20.2%. The longest winning streak lasted 7 consecutive months, and the longest losing streak was 4 months.
On a daily basis, IWML closed higher 51% of trading days. The best single day was Apr 9, 2025 with a return of +20.1%, while the worst single day was Apr 4, 2025 at -13.1%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 10.07% | 1.14% | -11.02% | 25.60% | 8.19% | -2.34% | 2.29% | 34.47% | |||||
| 2025 | 5.34% | -13.65% | -12.29% | -9.70% | 10.11% | 9.51% | 1.69% | 14.32% | 5.51% | 3.34% | 1.10% | -1.52% | 9.64% |
| 2024 | -7.35% | 10.33% | 6.42% | -13.81% | 9.55% | -2.63% | 19.77% | -3.19% | 0.94% | -3.04% | 21.21% | -15.91% | 15.70% |
| 2023 | 18.80% | -3.37% | -10.31% | -4.31% | -2.32% | 16.32% | 11.29% | -10.43% | -12.98% | -14.23% | 18.91% | 23.53% | 22.31% |
| 2022 | -19.21% | 2.52% | 2.13% | -20.20% | 0.60% | -19.18% | 22.27% | -4.15% | -18.39% | 21.85% | 3.34% | -11.95% | -41.80% |
| 2021 | -1.30% | 1.88% | 3.59% | 0.04% | 3.75% | -7.46% | 4.41% | -5.83% | 8.05% | -8.00% | 4.39% | 2.08% |
Benchmark Metrics
ETRACS 2x Leveraged US Size Factor TR ETN has an annualized alpha of -14.81%, beta of 2.27, and R2 of 0.67 versus S&P 500 Index. Calculated based on daily prices since February 05, 2021.
- This ETF captured 205.61% of S&P 500 Index gains and 198.85% of its losses - amplifying both gains and losses, but participating more in upside than downside.
- This ETF had an annualized alpha of -14.81% versus S&P 500 Index - delivering less than market exposure alone would predict.
- Beta of 2.27 means this ETF moves significantly more than S&P 500 Index - expect amplified gains in rallies and amplified losses in downturns.
- Alpha
- -14.81%
- Beta
- 2.27
- R²
- 0.67
- Upside Capture
- 205.61%
- Downside Capture
- 198.85%
Expense Ratio
IWML has a high expense ratio of 0.95%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
IWML ranks 74 for risk / return — above 74% of ETFs peers on PortfoliosLab. Its historical combined result is above most peers.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for ETRACS 2x Leveraged US Size Factor TR ETN (IWML) and compare them to S&P 500 Index.
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.
| IWML | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.26 | ||
| Sortino ratioReturn per unit of downside risk | +0.37 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.25 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.95 | 2.00 | +0.95 |
| Martin ratioReturn relative to average drawdown | 10.37 | 8.49 | +1.88 |
Dividends
Dividend History
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the ETRACS 2x Leveraged US Size Factor TR ETN. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the ETRACS 2x Leveraged US Size Factor TR ETN was 60.06%, occurring on Oct 27, 2023. Recovery took 631 trading sessions.
The current ETRACS 2x Leveraged US Size Factor TR ETN drawdown is 5.50%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-60.06%Oct 2023 | 1y 11mo | 2y 6mo | 4y 5moNov 2021 - May 2026 | — |
-18.57%Jul 2021 | 4mo 5d | 3mo 16d | 7mo 21dMar 2021 - Nov 2021 | — |
-12.73%Mar 2021 | 22d | 7d | 29dFeb 2021 - Mar 2021 | — |
-7.18%May 2026 | 11d | 8d | 19dMay 2026 - May 2026 | — |
-7.16%Jul 2026 | 27d | — | 1mo 1dJul 2026 - now | — |
Drawdown Indicators
| IWML | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.06% | -56.78% | -3.28% |
Max Drawdown (1Y)Largest decline over 1 year | -22.75% | -9.10% | -13.65% |
Max Drawdown (3Y)Largest decline over 3 years | -51.82% | -18.90% | -32.92% |
Max Drawdown (5Y)Largest decline over 5 years | -60.06% | -25.43% | -34.63% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -5.50% | -1.58% | -3.92% |
Average DrawdownAverage peak-to-trough decline | -31.04% | -10.70% | -20.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.48% | 2.14% | +4.34% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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