DDM vs. IWDL

Last updated Jul 14, 2026

DDM (ProShares Ultra Dow30) and IWDL (ETRACS 2x Leveraged US Value Factor TR ETN) are both Leveraged Equities funds - DDM tracks the Dow Jones Industrial Average Index (200%) while IWDL tracks the Russell 1000 Value (200%). Both are passively managed. Over the past 5 years, DDM returned 13.17%/yr vs 15.46%/yr for IWDL. Their correlation of 0.91 suggests significant overlap in exposure. Both charge a 0.95% expense ratio.

Performance

DDM vs. IWDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Dow30 (DDM) and ETRACS 2x Leveraged US Value Factor TR ETN (IWDL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DDM achieves a 16.59% return, which is significantly lower than IWDL's 34.91% return.

DDM

• 1D: -0.51%
• 1M: 4.90%
• 6M: 9.74%
• YTD: 16.59%
• 1Y: 34.52%
• 3Y*: 26.04%
• 5Y*: 13.17%
• 10Y*: 19.35%

IWDL

• 1D: 0.44%
• 1M: 4.70%
• 6M: 26.38%
• YTD: 34.91%
• 1Y: 53.49%
• 3Y*: 29.19%
• 5Y*: 15.46%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

DDM vs. IWDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DDM ProShares Ultra Dow30	16.59%	20.59%	21.60%	24.34%	-19.48%	37.89%
IWDL ETRACS 2x Leveraged US Value Factor TR ETN	34.91%	25.02%	20.68%	13.50%	-21.27%	40.35%

Correlation

The correlation between DDM and IWDL is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021	0.91

The correlation between DDM and IWDL has been stable across timeframes, ranging from 0.83 to 0.91 - a consistent structural relationship.

Return for Risk

DDM vs. IWDL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DDM

DDM Risk / Return Rank: 49
DDM Sharpe Ratio Rank: 51
DDM Sortino Ratio Rank: 52
DDM Omega Ratio Rank: 48
DDM Calmar Ratio Rank: 44
DDM Martin Ratio Rank: 50

IWDL

IWDL Risk / Return Rank: 87
IWDL Sharpe Ratio Rank: 88
IWDL Sortino Ratio Rank: 87
IWDL Omega Ratio Rank: 83
IWDL Calmar Ratio Rank: 87
IWDL Martin Ratio Rank: 90

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DDM vs. IWDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Dow30 (DDM) 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.

	DDM	IWDL	Difference
Sharpe ratio: Return per unit of total volatility	1.41	2.30	-0.89
Sortino ratio: Return per unit of downside risk	2.04	3.12	-1.07
Omega ratio: Gain probability vs. loss probability	1.25	1.39	-0.15
Calmar ratio: Return relative to maximum drawdown	1.80	3.97	-2.18
Martin ratio: Return relative to average drawdown	6.60	16.25	-9.66

DDM vs. IWDL - Sharpe Ratio Comparison

The current DDM Sharpe Ratio is 1.41, which is lower than the IWDL Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of DDM and IWDL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DDM vs. IWDL - Drawdown Comparison

The maximum DDM drawdown since its inception was -81.70%, which is greater than IWDL's maximum drawdown of -37.95%. Use the drawdown chart below to compare losses from any high point for DDM and IWDL.

Drawdown Indicators

	DDM	IWDL	Difference
Max Drawdown Largest peak-to-trough decline	-81.70%	-37.95%	-43.75%
Max Drawdown (1Y) Largest decline over 1 year	-19.31%	-13.53%	-5.78%
Max Drawdown (3Y) Largest decline over 3 years	-31.62%	-31.78%	+0.16%
Max Drawdown (5Y) Largest decline over 5 years	-40.18%	-37.95%	-2.23%
Max Drawdown (10Y) Largest decline over 10 years	-63.13%	—	—
Current Drawdown Current decline from peak	-2.12%	-0.47%	-1.65%
Average Drawdown Average peak-to-trough decline	-17.25%	-10.41%	-6.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.25%	3.30%	+1.95%

Volatility

DDM vs. IWDL - Volatility Comparison

The current volatility for ProShares Ultra Dow30 (DDM) is 6.08%, while ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) has a volatility of 6.55%. This indicates that DDM 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.

Volatility by Period

	DDM	IWDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.08%	6.55%	-0.47%
Volatility (6M) Calculated over the trailing 6-month period	19.43%	16.88%	+2.55%
Volatility (1Y) Calculated over the trailing 1-year period	24.67%	23.41%	+1.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.61%	30.30%	-0.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.71%	29.91%	+4.80%

DDM vs. IWDL - Expense Ratio Comparison

Both DDM and IWDL have an expense ratio of 0.95%.

Dividends

DDM vs. IWDL - Dividend Comparison

DDM's dividend yield for the trailing twelve months is around 0.93%, while IWDL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DDM ProShares Ultra Dow30	0.93%	0.94%	1.00%	0.27%	0.83%	0.18%	0.31%	0.62%	0.89%	0.68%	1.08%	1.23%
IWDL ETRACS 2x Leveraged US Value 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%

Frequently Asked Questions

Can I hold both DDM and IWDL in my portfolio?

DDM and IWDL have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DDM or IWDL?

IWDL has higher volatility (6.55%) compared to DDM (6.08%). In terms of maximum drawdown, DDM dropped -81.70% vs IWDL's -37.95%.

Which ETF is better, DDM or IWDL?

On 5-year performance, IWDL leads with 15.46% vs 13.17% for DDM. Both ETFs have the same 0.95% expense ratio. On volatility, DDM has been the lower-risk option at 6.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DDM or IWDL?

Over the 5-year period, IWDL has performed better with a 15.46% return vs 13.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DDM or IWDL?

DDM and IWDL have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, DDM or IWDL?

DDM has the higher dividend yield at 0.93%, compared with 0.00% for IWDL.

What is the main difference between DDM and IWDL?

DDM tracks Dow Jones Industrial Average Index (200%), while IWDL tracks Russell 1000 Value (200%). They also come from different issuers: ProShares and UBS.

Which has better risk-adjusted returns?

IWDL currently has the higher Sharpe Ratio (2.30 vs 1.41), 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.