HDLB vs. SPY
HDLB (ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - HDLB is a Leveraged Equities fund tracking the Solactive US High Dividend Low Volatility (USD)(TR) (200%), while SPY 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 13.05%/yr for SPY. At a 0.50 correlation, their price movements are largely independent. HDLB charges 1.65%/yr vs 0.09%/yr for SPY.
Performance
HDLB vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, HDLB achieves a 12.54% return, which is significantly higher than SPY's 8.15% return.
HDLB
- 1D
- 4.54%
- 1M
- -2.98%
- YTD
- 12.54%
- 6M
- 14.64%
- 1Y
- 18.01%
- 3Y*
- 28.22%
- 5Y*
- 12.53%
- 10Y*
- —
SPY
- 1D
- -1.45%
- 1M
- -1.36%
- YTD
- 8.15%
- 6M
- 7.20%
- 1Y
- 23.59%
- 3Y*
- 20.68%
- 5Y*
- 13.05%
- 10Y*
- 15.53%
HDLB vs. SPY - 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% |
SPY State Street SPDR S&P 500 ETF | 8.15% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 7.68% |
Correlation
The correlation between HDLB and SPY 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 SPY has dropped to 0.08 - well below their long-term average of 0.50, suggesting their price drivers have been diverging.
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Return for Risk
HDLB vs. SPY — Risk / Return Rank
HDLB
SPY
HDLB vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.24 | ||
| Sortino ratioReturn per unit of downside risk | -1.48 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.34 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 1.12 | 2.67 | -1.55 |
| Martin ratioReturn relative to average drawdown | 2.52 | 11.92 | -9.39 |
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Drawdowns
HDLB vs. SPY - Drawdown Comparison
The maximum HDLB drawdown since its inception was -78.70%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for HDLB and SPY.
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Drawdown Indicators
| HDLB | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.70% | -55.19% | -23.51% |
Max Drawdown (1Y)Largest decline over 1 year | -16.17% | -8.88% | -7.29% |
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 | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -11.92% | -3.17% | -8.75% |
Average DrawdownAverage peak-to-trough decline | -27.33% | -9.04% | -18.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.15% | 1.98% | +5.17% |
Volatility
HDLB vs. SPY - Volatility Comparison
ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB) has a higher volatility of 9.49% compared to State Street SPDR S&P 500 ETF (SPY) at 4.87%. This indicates that HDLB's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HDLB | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.49% | 4.87% | +4.62% |
Volatility (6M)Calculated over the trailing 6-month period | 19.68% | 9.85% | +9.83% |
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% | 17.15% | +13.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.52% | 17.95% | +25.57% |
HDLB vs. SPY - Expense Ratio Comparison
HDLB has a 1.65% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
HDLB vs. SPY - Dividend Comparison
HDLB's dividend yield for the trailing twelve months is around 11.27%, more than SPY's 1.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPY State Street SPDR S&P 500 ETF | 1.03% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
HDLB and SPY 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.
HDLB has higher volatility (9.49%) compared to SPY (4.87%). In terms of maximum drawdown, HDLB dropped -78.70% vs SPY's -55.19%.
On 5-year performance, SPY leads with 13.05% vs 12.53% for HDLB. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.87%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPY has performed better with a 13.05% return vs 12.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 1.65% for HDLB.
HDLB has the higher dividend yield at 11.27%, compared with 1.03% for SPY.
HDLB is categorized as Leveraged Equities, while SPY is S&P 500. HDLB tracks Solactive US High Dividend Low Volatility (USD)(TR) (200%), while SPY tracks S&P 500 Index. They also come from different issuers: UBS and State Street. Their fees differ too: 1.65% for HDLB and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (1.90 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.
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