HDLB vs. IFED
HDLB (ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B) and IFED (ETRACS IFED Invest with the Fed TR Index ETN) are both Leveraged Equities funds from UBS - HDLB tracks the Solactive US High Dividend Low Volatility (USD)(TR) (200%) while IFED tracks the IFED Large-Cap US Equity Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, HDLB returned 31.59%/yr vs 18.28%/yr for IFED. Their 0.40 correlation means their historical movements had little consistent relationship. HDLB charges 1.65%/yr vs 0.45%/yr for IFED.
Performance
HDLB vs. IFED - Performance Comparison
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Returns By Period
In the year-to-date period, HDLB achieves a 25.86% return, which is significantly higher than IFED's 6.57% 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%
IFED
- 1D
- -3.14%
- 1M
- 10.34%
- 6M
- 10.05%
- YTD
- 6.57%
- 1Y
- 11.16%
- 3Y*
- 18.28%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 14.62%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $43.33K | $56.22K | $58.39K | |
| $137.39K | $84.48K | $45.67K |
HDLB vs. IFED - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
HDLB ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B | 25.86% | 27.26% | 28.21% | -4.12% | -11.46% | 14.31% |
IFED ETRACS IFED Invest with the Fed TR Index ETN | 6.57% | 15.02% | 23.04% | 20.78% | -1.46% | 8.46% |
Correlation
The correlation between HDLB and IFED is 0.03, 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. | 0.03 |
Correlation (3Y) Balances recent behavior with more history. | 0.20 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2021 | 0.40 |
Over the past year, the correlation between HDLB and IFED has dropped to 0.03 - well below their long-term average of 0.40, suggesting their price drivers have been diverging.
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Return for Risk
HDLB vs. IFED — Risk / Return Rank
HDLB
IFED
HDLB vs. IFED - 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 ETRACS IFED Invest with the Fed TR Index ETN (IFED). 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 | IFED | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.58 | ||
| Sortino ratioReturn per unit of downside risk | +0.73 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.13 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.70 | 0.56 | +1.15 |
| Martin ratioReturn relative to average drawdown | 3.66 | 1.73 | +1.93 |
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Drawdowns
HDLB vs. IFED - Drawdown Comparison
The maximum HDLB drawdown since its inception was -78.70%, which is greater than IFED's maximum drawdown of -22.36%. Use the drawdown chart below to compare losses from any high point for HDLB and IFED.
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Drawdown Indicators
| HDLB | IFED | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.70% | -22.36% | -56.34% |
Max Drawdown (1Y)Largest decline over 1 year | -16.17% | -20.18% | +4.01% |
Max Drawdown (3Y)Largest decline over 3 years | -20.94% | -22.36% | +1.42% |
Max Drawdown (5Y)Largest decline over 5 years | -43.81% | — | — |
Current DrawdownCurrent decline from peak | -5.07% | -10.51% | +5.44% |
Average DrawdownAverage peak-to-trough decline | -26.99% | -5.85% | -21.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.52% | 6.47% | +1.05% |
Volatility
HDLB vs. IFED - Volatility Comparison
The current volatility for ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB) is 11.18%, while ETRACS IFED Invest with the Fed TR Index ETN (IFED) has a volatility of 24.37%. This indicates that HDLB experiences smaller price fluctuations and is considered to be less risky than IFED based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HDLB | IFED | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.18% | 24.37% | -13.19% |
Volatility (6M)Calculated over the trailing 6-month period | 21.85% | 28.13% | -6.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.69% | 29.53% | -0.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.07% | 22.60% | +8.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.42% | 22.60% | +20.82% |
HDLB vs. IFED - Expense Ratio Comparison
HDLB has a 1.65% expense ratio, which is higher than IFED's 0.45% expense ratio.
Dividends
HDLB vs. IFED - Dividend Comparison
HDLB's dividend yield for the trailing twelve months is around 10.13%, while IFED has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
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% |
IFED ETRACS IFED Invest with the Fed TR Index ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HDLB and IFED have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IFED has higher volatility (24.37%) compared to HDLB (11.18%). In terms of maximum drawdown, HDLB dropped -78.70% vs IFED's -22.36%.
On 3-year performance, HDLB leads with 31.59% vs 18.28% for IFED. On fees, IFED is cheaper at 0.45% per year. On volatility, HDLB has been the lower-risk option at 11.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, HDLB has performed better with a 31.59% return vs 18.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IFED is cheaper with a 0.45% expense ratio, compared with 1.65% for HDLB.
HDLB has the higher dividend yield at 10.13%, compared with 0.00% for IFED.
HDLB tracks Solactive US High Dividend Low Volatility (USD)(TR) (200%), while IFED tracks IFED Large-Cap US Equity Index - Benchmark TR Gross. Their fees differ too: 1.65% for HDLB and 0.45% for IFED.
HDLB currently has the higher Sharpe Ratio (0.96 vs 0.38), 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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