CEFD vs. IWDL
CEFD (ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN) and IWDL (ETRACS 2x Leveraged US Value Factor TR ETN) are both exchange-traded funds - CEFD is a Diversified Portfolio fund tracking the S-Network Composite Closed-End Fund Index, while IWDL is a Leveraged Equities fund tracking the Russell 1000 Value (200%). Both are passively managed. Over the past 5 years, CEFD returned 2.89%/yr vs 15.88%/yr for IWDL. Their 0.72 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.95% expense ratio.
Performance
CEFD vs. IWDL - Performance Comparison
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Returns By Period
In the year-to-date period, CEFD achieves a 6.68% return, which is significantly lower than IWDL's 39.21% return.
CEFD
- 1D
- 0.65%
- 1M
- -1.19%
- 6M
- 3.84%
- YTD
- 6.68%
- 1Y
- 13.16%
- 3Y*
- 13.50%
- 5Y*
- 2.89%
- 10Y*
- —
- ALL TIME*
- 8.91%
IWDL
- 1D
- 0.69%
- 1M
- 4.16%
- 6M
- 28.37%
- YTD
- 39.21%
- 1Y
- 64.77%
- 3Y*
- 28.65%
- 5Y*
- 15.88%
- 10Y*
- —
- ALL TIME*
- 19.33%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $13.81K | $22.66K | $19.94K | |
| $52.17K | $113.62K | $51.97K |
CEFD vs. IWDL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
CEFD ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN | 6.68% | 14.15% | 20.06% | 8.36% | -28.93% | 18.88% |
IWDL ETRACS 2x Leveraged US Value Factor TR ETN | 39.21% | 25.02% | 20.68% | 13.50% | -21.27% | 40.35% |
Correlation
The correlation between CEFD and IWDL is 0.62, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.62 |
Correlation (3Y) Balances recent behavior with more history. | 0.68 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.74 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021 | 0.72 |
The correlation between CEFD and IWDL shifts across timeframes, from 0.62 (1 year) to 0.74 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
CEFD vs. IWDL — Risk / Return Rank
CEFD
IWDL
CEFD vs. IWDL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD) and ETRACS 2x Leveraged US Value Factor TR ETN (IWDL). 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.
| CEFD | IWDL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.70 | ||
| Sortino ratioReturn per unit of downside risk | -2.10 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.44 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | 1.00 | 4.51 | -3.51 |
| Martin ratioReturn relative to average drawdown | 4.48 | 19.08 | -14.59 |
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Drawdowns
CEFD vs. IWDL - Drawdown Comparison
The maximum CEFD drawdown since its inception was -36.95%, roughly equal to the maximum IWDL drawdown of -37.95%. Use the drawdown chart below to compare losses from any high point for CEFD and IWDL.
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Drawdown Indicators
| CEFD | IWDL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.95% | -37.95% | +1.00% |
Max Drawdown (1Y)Largest decline over 1 year | -12.51% | -13.53% | +1.02% |
Max Drawdown (3Y)Largest decline over 3 years | -21.76% | -31.78% | +10.02% |
Max Drawdown (5Y)Largest decline over 5 years | -36.95% | -37.95% | +1.00% |
Current DrawdownCurrent decline from peak | -2.29% | -0.09% | -2.20% |
Average DrawdownAverage peak-to-trough decline | -11.46% | -10.31% | -1.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.79% | 3.20% | -0.41% |
Volatility
CEFD vs. IWDL - Volatility Comparison
The current volatility for ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD) is 3.08%, while ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) has a volatility of 5.45%. This indicates that CEFD experiences smaller price fluctuations and is considered to be less risky than IWDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CEFD | IWDL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.08% | 5.45% | -2.37% |
Volatility (6M)Calculated over the trailing 6-month period | 12.11% | 16.84% | -4.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.68% | 23.44% | -9.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.02% | 30.22% | -12.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.22% | 29.82% | -12.60% |
CEFD vs. IWDL - Expense Ratio Comparison
Both CEFD and IWDL have an expense ratio of 0.95%.
Dividends
CEFD vs. IWDL - Dividend Comparison
CEFD's dividend yield for the trailing twelve months is around 14.87%, while IWDL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
CEFD ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN | 14.87% | 14.88% | 13.90% | 14.76% | 16.56% | 10.31% | 5.37% |
IWDL ETRACS 2x Leveraged US Value Factor TR ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CEFD and IWDL have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IWDL has higher volatility (5.45%) compared to CEFD (3.08%). In terms of maximum drawdown, CEFD dropped -36.95% vs IWDL's -37.95%.
On 5-year performance, IWDL leads with 15.88% vs 2.89% for CEFD. Both ETFs have the same 0.95% expense ratio. On volatility, CEFD has been the lower-risk option at 3.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IWDL has performed better with a 15.88% return vs 2.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CEFD and IWDL have the same expense ratio: 0.95% per year.
CEFD has the higher dividend yield at 14.87%, compared with 0.00% for IWDL.
CEFD is categorized as Diversified Portfolio, while IWDL is Leveraged Equities. CEFD tracks S-Network Composite Closed-End Fund Index, while IWDL tracks Russell 1000 Value (200%).
IWDL currently has the higher Sharpe Ratio (2.61 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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