HDLB vs. GLDI

Last updated Aug 4, 2026

HDLB (ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B) and GLDI (UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033) are both exchange-traded funds - HDLB is a Leveraged Equities fund tracking the Solactive US High Dividend Low Volatility (USD)(TR) (200%), while GLDI is a Gold fund tracking the Credit Suisse NASDAQ Gold FLOWS 103 Index. Both are passively managed. Over the past 5 years, HDLB returned 14.45%/yr vs 10.32%/yr for GLDI. Their 0.10 correlation means their historical movements had little consistent relationship. HDLB charges 1.65%/yr vs 0.65%/yr for GLDI.

Performance

HDLB vs. GLDI - 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 UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 (GLDI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HDLB achieves a 25.86% return, which is significantly higher than GLDI's -4.83% return.

HDLB

• 1D: 0.59%
• 1M: 6.90%
• 6M: 10.29%
• YTD: 25.86%
• 1Y: 27.43%
• 3Y*: 31.59%
• 5Y*: 14.45%
• 10Y*: —
• ALL TIME*: 6.24%

GLDI

• 1D: -0.09%
• 1M: -0.17%
• 6M: -7.59%
• YTD: -4.83%
• 1Y: 10.98%
• 3Y*: 16.64%
• 5Y*: 10.32%
• 10Y*: 7.72%
• ALL TIME*: 3.84%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GLDI UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033	$9.73M	$8.39M	$7.79M
HDLB ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B	$43.33K	$56.22K	$58.39K

HDLB vs. GLDI - 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	25.86%	27.26%	28.21%	-4.12%	-11.46%	62.67%	-50.94%	8.33%
GLDI UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033	-4.83%	34.25%	17.76%	8.93%	-1.11%	-3.42%	23.50%	0.66%

Correlation

The correlation between HDLB and GLDI is -0.00, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.00
Correlation (3Y) Balances recent behavior with more history.	0.07
Correlation (5Y) Shows whether the relationship held over a longer period.	0.12
Correlation (All Time) Calculated using the full available price history since Oct 25, 2019	0.10

The correlation between HDLB and GLDI shifts across timeframes, from -0.00 (1 year) to 0.12 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

HDLB vs. GLDI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HDLB

HDLB Risk / Return Rank: 39
HDLB Sharpe Ratio Rank: 38
HDLB Sortino Ratio Rank: 39
HDLB Omega Ratio Rank: 37
HDLB Calmar Ratio Rank: 46
HDLB Martin Ratio Rank: 36

GLDI

GLDI Risk / Return Rank: 26
GLDI Sharpe Ratio Rank: 28
GLDI Sortino Ratio Rank: 25
GLDI Omega Ratio Rank: 30
GLDI Calmar Ratio Rank: 24
GLDI Martin Ratio Rank: 24

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HDLB vs. GLDI - 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 UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 (GLDI). 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	GLDI	Difference
Sharpe ratio: Return per unit of total volatility	0.96	0.66	+0.30
Sortino ratio: Return per unit of downside risk	1.48	0.92	+0.56
Omega ratio: Gain probability vs. loss probability	1.18	1.14	+0.04
Calmar ratio: Return relative to maximum drawdown	1.70	0.70	+1.01
Martin ratio: Return relative to average drawdown	3.66	1.74	+1.92

HDLB vs. GLDI - Sharpe Ratio Comparison

The current HDLB Sharpe Ratio is 0.96, which is higher than the GLDI Sharpe Ratio of 0.66. The chart below compares the historical Sharpe Ratios of HDLB and GLDI, 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. GLDI - Drawdown Comparison

The maximum HDLB drawdown since its inception was -78.70%, which is greater than GLDI's maximum drawdown of -32.26%. Use the drawdown chart below to compare losses from any high point for HDLB and GLDI.

Drawdown Indicators

	HDLB	GLDI	Difference
Max Drawdown Largest peak-to-trough decline	-78.70%	-32.26%	-46.44%
Max Drawdown (1Y) Largest decline over 1 year	-16.17%	-15.81%	-0.36%
Max Drawdown (3Y) Largest decline over 3 years	-20.94%	-15.81%	-5.13%
Max Drawdown (5Y) Largest decline over 5 years	-43.81%	-15.81%	-28.00%
Max Drawdown (10Y) Largest decline over 10 years	—	-15.81%	—
Current Drawdown Current decline from peak	-5.07%	-13.62%	+8.55%
Average Drawdown Average peak-to-trough decline	-26.99%	-13.99%	-13.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.52%	6.32%	+1.20%

Volatility

HDLB vs. GLDI - Volatility Comparison

ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB) has a higher volatility of 11.18% compared to UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 (GLDI) at 5.10%. This indicates that HDLB's price experiences larger fluctuations and is considered to be riskier than GLDI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HDLB	GLDI	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.18%	5.10%	+6.08%
Volatility (6M) Calculated over the trailing 6-month period	21.85%	15.54%	+6.31%
Volatility (1Y) Calculated over the trailing 1-year period	28.69%	16.75%	+11.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.07%	11.86%	+19.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.42%	11.65%	+31.77%

HDLB vs. GLDI - Expense Ratio Comparison

HDLB has a 1.65% expense ratio, which is higher than GLDI's 0.65% expense ratio.

Dividends

HDLB vs. GLDI - Dividend Comparison

HDLB's dividend yield for the trailing twelve months is around 10.13%, less than GLDI's 26.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GLDI UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033	26.16%	16.15%	10.45%	10.02%	13.73%	10.65%	14.25%	7.25%	5.33%	7.77%	17.26%	10.07%
HDLB ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B	10.13%	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 GLDI in my portfolio?

HDLB and GLDI have a correlation of -0.00, 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 GLDI?

HDLB has higher volatility (11.18%) compared to GLDI (5.10%). In terms of maximum drawdown, HDLB dropped -78.70% vs GLDI's -32.26%.

Which ETF is better, HDLB or GLDI?

On 5-year performance, HDLB leads with 14.45% vs 10.32% for GLDI. On fees, GLDI is cheaper at 0.65% per year. On volatility, GLDI has been the lower-risk option at 5.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HDLB or GLDI?

Over the 5-year period, HDLB has performed better with a 14.45% return vs 10.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HDLB or GLDI?

GLDI is cheaper with a 0.65% expense ratio, compared with 1.65% for HDLB.

Which ETF pays a higher dividend yield, HDLB or GLDI?

GLDI has the higher dividend yield at 26.16%, compared with 10.13% for HDLB.

What is the main difference between HDLB and GLDI?

HDLB is categorized as Leveraged Equities, while GLDI is Gold. HDLB tracks Solactive US High Dividend Low Volatility (USD)(TR) (200%), while GLDI tracks Credit Suisse NASDAQ Gold FLOWS 103 Index. Their fees differ too: 1.65% for HDLB and 0.65% for GLDI.

Which has better risk-adjusted returns?

HDLB currently has the higher Sharpe Ratio (0.96 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.