HDLB vs. USML
HDLB (ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B) and USML (ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN) are both Leveraged Equities funds from UBS - HDLB tracks the Solactive US High Dividend Low Volatility (USD)(TR) (200%) while USML tracks the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 5 years, HDLB returned 14.37%/yr vs 6.87%/yr for USML. Their 0.64 correlation means they have sometimes moved together and sometimes differently. HDLB charges 1.65%/yr vs 0.95%/yr for USML.
Performance
HDLB vs. USML - Performance Comparison
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Returns By Period
In the year-to-date period, HDLB achieves a 25.12% return, which is significantly higher than USML's 6.16% return.
HDLB
- 1D
- -0.60%
- 1M
- 6.28%
- 6M
- 12.18%
- YTD
- 25.12%
- 1Y
- 26.69%
- 3Y*
- 29.45%
- 5Y*
- 14.37%
- 10Y*
- —
- ALL TIME*
- 6.16%
USML
- 1D
- 0.34%
- 1M
- 2.09%
- 6M
- 5.03%
- YTD
- 6.16%
- 1Y
- 9.59%
- 3Y*
- 14.75%
- 5Y*
- 6.87%
- 10Y*
- —
- ALL TIME*
- 10.83%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $77.42K | $57.41K | $57.55K | |
| $7.71K | $7.61K | $6.21K |
HDLB vs. USML - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
HDLB ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B | 25.12% | 27.26% | 28.21% | -4.12% | -11.46% | 45.96% |
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN | 6.16% | 9.33% | 23.97% | 11.37% | -22.87% | 42.12% |
Correlation
The correlation between HDLB and USML is 0.43, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.43 |
Correlation (3Y) Balances recent behavior with more history. | 0.57 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.63 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021 | 0.64 |
Over the past year, the correlation between HDLB and USML has dropped to 0.43 - well below their long-term average of 0.64, suggesting their price drivers have been diverging.
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Return for Risk
HDLB vs. USML — Risk / Return Rank
HDLB
USML
HDLB vs. USML - 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 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML). 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 | USML | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.44 | ||
| Sortino ratioReturn per unit of downside risk | +0.63 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.10 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.74 | 0.70 | +1.05 |
| Martin ratioReturn relative to average drawdown | 3.74 | 2.01 | +1.73 |
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Drawdowns
HDLB vs. USML - Drawdown Comparison
The maximum HDLB drawdown since its inception was -78.70%, which is greater than USML's maximum drawdown of -35.34%. Use the drawdown chart below to compare losses from any high point for HDLB and USML.
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Drawdown Indicators
| HDLB | USML | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.70% | -35.34% | -43.36% |
Max Drawdown (1Y)Largest decline over 1 year | -16.17% | -13.09% | -3.08% |
Max Drawdown (3Y)Largest decline over 3 years | -20.94% | -19.14% | -1.80% |
Max Drawdown (5Y)Largest decline over 5 years | -43.81% | -35.34% | -8.47% |
Current DrawdownCurrent decline from peak | -5.63% | -1.05% | -4.58% |
Average DrawdownAverage peak-to-trough decline | -27.01% | -10.21% | -16.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.51% | 4.51% | +3.00% |
Volatility
HDLB vs. USML - Volatility Comparison
ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB) has a higher volatility of 11.39% compared to ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) at 5.78%. This indicates that HDLB's price experiences larger fluctuations and is considered to be riskier than USML based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HDLB | USML | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.39% | 5.78% | +5.61% |
Volatility (6M)Calculated over the trailing 6-month period | 22.35% | 12.48% | +9.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.72% | 16.72% | +12.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.06% | 24.53% | +6.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.43% | 24.13% | +19.30% |
HDLB vs. USML - Expense Ratio Comparison
HDLB has a 1.65% expense ratio, which is higher than USML's 0.95% expense ratio.
Dividends
HDLB vs. USML - Dividend Comparison
HDLB's dividend yield for the trailing twelve months is around 10.19%, while USML 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 | 10.19% | 12.20% | 10.09% | 12.36% | 10.86% | 8.07% | 16.23% | 0.97% |
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HDLB and USML have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HDLB has higher volatility (11.39%) compared to USML (5.78%). In terms of maximum drawdown, HDLB dropped -78.70% vs USML's -35.34%.
On 5-year performance, HDLB leads with 14.37% vs 6.87% for USML. On fees, USML is cheaper at 0.95% per year. On volatility, USML has been the lower-risk option at 5.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, HDLB has performed better with a 14.37% return vs 6.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USML is cheaper with a 0.95% expense ratio, compared with 1.65% for HDLB.
HDLB has the higher dividend yield at 10.19%, compared with 0.00% for USML.
HDLB tracks Solactive US High Dividend Low Volatility (USD)(TR) (200%), while USML tracks MSCI USA Minimum Volatility Index. Their fees differ too: 1.65% for HDLB and 0.95% for USML.
HDLB currently has the higher Sharpe Ratio (0.98 vs 0.55), 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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