IFED vs. HDLB
IFED (ETRACS IFED Invest with the Fed TR Index ETN) and HDLB (ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B) are both Leveraged Equities funds from UBS - IFED tracks the IFED Large-Cap US Equity Index - Benchmark TR Gross while HDLB tracks the Solactive US High Dividend Low Volatility (USD)(TR) (200%). Both are passively managed. Over the past 3 years, IFED returned 18.28%/yr vs 31.43%/yr for HDLB. Their 0.40 correlation means their historical movements had little consistent relationship. IFED charges 0.45%/yr vs 1.65%/yr for HDLB.
Performance
IFED vs. HDLB - Performance Comparison
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Returns By Period
In the year-to-date period, IFED achieves a 6.57% return, which is significantly lower than HDLB's 25.42% return.
IFED
- 1D
- 0.00%
- 1M
- 10.34%
- 6M
- 12.77%
- YTD
- 6.57%
- 1Y
- 9.27%
- 3Y*
- 18.28%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 14.61%
HDLB
- 1D
- -0.35%
- 1M
- 6.53%
- 6M
- 5.50%
- YTD
- 25.42%
- 1Y
- 25.49%
- 3Y*
- 31.43%
- 5Y*
- 14.20%
- 10Y*
- —
- ALL TIME*
- 6.19%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $44.19K | $55.22K | $58.36K | |
| $121.94K | $80.88K | $45.76K |
IFED vs. HDLB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IFED ETRACS IFED Invest with the Fed TR Index ETN | 6.57% | 15.02% | 23.04% | 20.78% | -1.46% | 8.46% |
HDLB ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B | 25.42% | 27.26% | 28.21% | -4.12% | -11.46% | 14.31% |
Correlation
The correlation between IFED and HDLB is 0.02, 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. | 0.02 |
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 IFED and HDLB has dropped to 0.02 - well below their long-term average of 0.40, suggesting their price drivers have been diverging.
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Return for Risk
IFED vs. HDLB — Risk / Return Rank
IFED
HDLB
IFED vs. HDLB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS IFED Invest with the Fed TR Index ETN (IFED) and ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB). 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.
| IFED | HDLB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.58 | ||
| Sortino ratioReturn per unit of downside risk | -0.74 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.17 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.46 | 1.58 | -1.12 |
| Martin ratioReturn relative to average drawdown | 1.43 | 3.39 | -1.96 |
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Drawdowns
IFED vs. HDLB - Drawdown Comparison
The maximum IFED drawdown since its inception was -22.36%, smaller than the maximum HDLB drawdown of -78.70%. Use the drawdown chart below to compare losses from any high point for IFED and HDLB.
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Drawdown Indicators
| IFED | HDLB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.36% | -78.70% | +56.34% |
Max Drawdown (1Y)Largest decline over 1 year | -20.18% | -16.17% | -4.01% |
Max Drawdown (3Y)Largest decline over 3 years | -22.36% | -20.94% | -1.42% |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.81% | — |
Current DrawdownCurrent decline from peak | -10.51% | -5.40% | -5.11% |
Average DrawdownAverage peak-to-trough decline | -5.85% | -26.98% | +21.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.50% | 7.53% | -1.03% |
Volatility
IFED vs. HDLB - Volatility Comparison
ETRACS IFED Invest with the Fed TR Index ETN (IFED) has a higher volatility of 24.37% compared to ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB) at 11.07%. This indicates that IFED's price experiences larger fluctuations and is considered to be riskier than HDLB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IFED | HDLB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.37% | 11.07% | +13.30% |
Volatility (6M)Calculated over the trailing 6-month period | 28.12% | 21.74% | +6.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.47% | 28.64% | +0.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.59% | 31.05% | -8.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.59% | 43.41% | -20.82% |
IFED vs. HDLB - Expense Ratio Comparison
IFED has a 0.45% expense ratio, which is lower than HDLB's 1.65% expense ratio.
Dividends
IFED vs. HDLB - Dividend Comparison
IFED has not paid dividends to shareholders, while HDLB's dividend yield for the trailing twelve months is around 10.17%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
HDLB ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B | 10.17% | 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
IFED and HDLB have a correlation of 0.02, 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 (11.07%). In terms of maximum drawdown, IFED dropped -22.36% vs HDLB's -78.70%.
On 3-year performance, HDLB leads with 31.43% 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 11.07%. 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 31.43% 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 10.17%, compared with 0.00% for IFED.
IFED tracks IFED Large-Cap US Equity Index - Benchmark TR Gross, while HDLB tracks Solactive US High Dividend Low Volatility (USD)(TR) (200%). Their fees differ too: 0.45% for IFED and 1.65% for HDLB.
HDLB currently has the higher Sharpe Ratio (0.89 vs 0.32), 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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