HDLB vs. FXAIX

Last updated Jun 24, 2026

HDLB (ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B) and FXAIX (Fidelity 500 Index Fund) are both funds - HDLB is a Leveraged Equities fund tracking the Solactive US High Dividend Low Volatility (USD)(TR) (200%), while FXAIX is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, HDLB returned 12.53%/yr vs 13.60%/yr for FXAIX. At a 0.50 correlation, their price movements are largely independent. HDLB charges 1.65%/yr vs 0.02%/yr for FXAIX.

Performance

HDLB vs. FXAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB) and Fidelity 500 Index Fund (FXAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HDLB achieves a 12.54% return, which is significantly higher than FXAIX's 9.79% return.

HDLB

• 1D: 4.54%
• 1M: -2.98%
• YTD: 12.54%
• 6M: 14.64%
• 1Y: 18.01%
• 3Y*: 28.22%
• 5Y*: 12.53%
• 10Y*: —

FXAIX

• 1D: -0.37%
• 1M: 0.10%
• YTD: 9.79%
• 6M: 8.79%
• 1Y: 25.51%
• 3Y*: 21.39%
• 5Y*: 13.60%
• 10Y*: 15.80%

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

HDLB vs. FXAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
HDLB ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B	12.54%	27.26%	28.21%	-4.12%	-11.46%	62.67%	-50.94%	8.33%
FXAIX Fidelity 500 Index Fund	9.79%	17.84%	25.01%	26.29%	-18.14%	28.71%	18.42%	7.73%

Correlation

The correlation between HDLB and FXAIX is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (All Time) Calculated using the full available price history since Oct 25, 2019	0.50

Over the past year, the correlation between HDLB and FXAIX has dropped to 0.08 - well below their long-term average of 0.50, suggesting their price drivers have been diverging.

Return for Risk

HDLB vs. FXAIX — Risk / Return Rank

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

HDLB

HDLB Risk / Return Rank: 21
HDLB Sharpe Ratio Rank: 20
HDLB Sortino Ratio Rank: 20
HDLB Omega Ratio Rank: 20
HDLB Calmar Ratio Rank: 24
HDLB Martin Ratio Rank: 22

FXAIX

FXAIX Risk / Return Rank: 65
FXAIX Sharpe Ratio Rank: 64
FXAIX Sortino Ratio Rank: 57
FXAIX Omega Ratio Rank: 59
FXAIX Calmar Ratio Rank: 68
FXAIX Martin Ratio Rank: 78

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.

HDLB vs. FXAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB) and Fidelity 500 Index Fund (FXAIX). 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.

	HDLB	FXAIX	Difference
Sharpe ratio: Return per unit of total volatility	0.66	2.15	-1.49
Sortino ratio: Return per unit of downside risk	1.10	2.91	-1.81
Omega ratio: Gain probability vs. loss probability	1.13	1.39	-0.26
Calmar ratio: Return relative to maximum drawdown	1.12	3.02	-1.90
Martin ratio: Return relative to average drawdown	2.52	13.62	-11.10

HDLB vs. FXAIX - Sharpe Ratio Comparison

The current HDLB Sharpe Ratio is 0.66, which is lower than the FXAIX Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of HDLB and FXAIX, 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

HDLB vs. FXAIX - Drawdown Comparison

The maximum HDLB drawdown since its inception was -78.70%, which is greater than FXAIX's maximum drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for HDLB and FXAIX.

Drawdown Indicators

	HDLB	FXAIX	Difference
Max Drawdown Largest peak-to-trough decline	-78.70%	-33.79%	-44.91%
Max Drawdown (1Y) Largest decline over 1 year	-16.17%	-8.89%	-7.28%
Max Drawdown (3Y) Largest decline over 3 years	-22.46%	-18.76%	-3.70%
Max Drawdown (5Y) Largest decline over 5 years	-43.81%	-24.50%	-19.31%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.79%	—
Current Drawdown Current decline from peak	-11.92%	-1.72%	-10.20%
Average Drawdown Average peak-to-trough decline	-27.33%	-3.79%	-23.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.15%	1.97%	+5.18%

Volatility

HDLB vs. FXAIX - Volatility Comparison

ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB) has a higher volatility of 9.49% compared to Fidelity 500 Index Fund (FXAIX) at 4.68%. This indicates that HDLB's price experiences larger fluctuations and is considered to be riskier than FXAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HDLB	FXAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.49%	4.68%	+4.81%
Volatility (6M) Calculated over the trailing 6-month period	19.68%	9.84%	+9.84%
Volatility (1Y) Calculated over the trailing 1-year period	27.28%	12.50%	+14.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.69%	17.00%	+13.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.52%	18.12%	+25.40%

HDLB vs. FXAIX - Expense Ratio Comparison

HDLB has a 1.65% expense ratio, which is higher than FXAIX's 0.02% expense ratio.

Dividends

HDLB vs. FXAIX - Dividend Comparison

HDLB's dividend yield for the trailing twelve months is around 11.27%, more than FXAIX's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXAIX Fidelity 500 Index Fund	1.04%	1.11%	1.25%	1.45%	1.69%	1.22%	1.60%	2.06%	2.72%	1.97%	2.52%	2.83%
HDLB ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B	11.27%	12.20%	10.09%	12.36%	10.86%	8.07%	16.23%	0.97%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HDLB and FXAIX in my portfolio?

HDLB and FXAIX have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HDLB or FXAIX?

HDLB has higher volatility (9.49%) compared to FXAIX (4.68%). In terms of maximum drawdown, HDLB dropped -78.70% vs FXAIX's -33.79%.

Which has better risk-adjusted returns?

FXAIX currently has the higher Sharpe Ratio (2.15 vs 0.66), 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.