IFED vs. IMTM
IFED (ETRACS IFED Invest with the Fed TR Index ETN) and IMTM (iShares MSCI Intl Momentum Factor ETF) are both exchange-traded funds - IFED is a Leveraged Equities fund tracking the IFED Large-Cap US Equity Index - Benchmark TR Gross, while IMTM is a Momentum fund tracking the MSCI World ex USA Momentum Index. Both are passively managed. Over the past 3 years, IFED returned 19.39%/yr vs 18.97%/yr for IMTM. A 0.64 correlation means they provide meaningful diversification when combined. IFED charges 0.45%/yr vs 0.30%/yr for IMTM.
Performance
IFED vs. IMTM - Performance Comparison
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Returns By Period
In the year-to-date period, IFED achieves a 10.09% return, which is significantly higher than IMTM's 8.01% return.
IFED
- 1D
- 5.00%
- 1M
- 13.65%
- 6M
- 11.27%
- YTD
- 10.09%
- 1Y
- 13.37%
- 3Y*
- 19.39%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 15.52%
IMTM
- 1D
- -0.83%
- 1M
- -4.69%
- 6M
- 3.07%
- YTD
- 8.01%
- 1Y
- 19.33%
- 3Y*
- 18.97%
- 5Y*
- 9.22%
- 10Y*
- 9.54%
- ALL TIME*
- 8.57%
IFED vs. IMTM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IFED ETRACS IFED Invest with the Fed TR Index ETN | 10.09% | 15.02% | 23.04% | 20.78% | -1.46% | 8.46% |
IMTM iShares MSCI Intl Momentum Factor ETF | 8.01% | 34.50% | 12.17% | 13.89% | -16.81% | -3.92% |
Correlation
The correlation between IFED and IMTM is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2021 | 0.64 |
Over the past year, the correlation between IFED and IMTM has dropped to 0.40 - well below their long-term average of 0.64, suggesting their price drivers have been diverging.
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Return for Risk
IFED vs. IMTM — Risk / Return Rank
IFED
IMTM
IFED vs. IMTM - 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 iShares MSCI Intl Momentum Factor ETF (IMTM). 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 | IMTM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.38 | ||
| Sortino ratioReturn per unit of downside risk | -0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.20 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.92 | 1.51 | -0.59 |
| Martin ratioReturn relative to average drawdown | 2.22 | 5.74 | -3.53 |
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Drawdowns
IFED vs. IMTM - Drawdown Comparison
The maximum IFED drawdown since its inception was -22.36%, smaller than the maximum IMTM drawdown of -32.66%. Use the drawdown chart below to compare losses from any high point for IFED and IMTM.
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Drawdown Indicators
| IFED | IMTM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.36% | -32.66% | +10.30% |
Max Drawdown (1Y)Largest decline over 1 year | -14.65% | -12.85% | -1.80% |
Max Drawdown (3Y)Largest decline over 3 years | -22.36% | -12.85% | -9.51% |
Max Drawdown (5Y)Largest decline over 5 years | — | -32.66% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -32.66% | — |
Current DrawdownCurrent decline from peak | 0.00% | -5.74% | +5.74% |
Average DrawdownAverage peak-to-trough decline | -5.82% | -7.39% | +1.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.04% | 3.37% | +2.67% |
Volatility
IFED vs. IMTM - Volatility Comparison
ETRACS IFED Invest with the Fed TR Index ETN (IFED) has a higher volatility of 11.03% compared to iShares MSCI Intl Momentum Factor ETF (IMTM) at 5.91%. This indicates that IFED's price experiences larger fluctuations and is considered to be riskier than IMTM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IFED | IMTM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.03% | 5.91% | +5.12% |
Volatility (6M)Calculated over the trailing 6-month period | 17.63% | 16.79% | +0.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.09% | 18.61% | +1.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.43% | 17.85% | +2.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.43% | 17.64% | +2.79% |
IFED vs. IMTM - Expense Ratio Comparison
IFED has a 0.45% expense ratio, which is higher than IMTM's 0.30% expense ratio.
Dividends
IFED vs. IMTM - Dividend Comparison
IFED has not paid dividends to shareholders, while IMTM's dividend yield for the trailing twelve months is around 4.54%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% | 0.00% | 0.00% |
IMTM iShares MSCI Intl Momentum Factor ETF | 4.54% | 4.70% | 2.93% | 2.29% | 2.68% | 2.51% | 0.97% | 2.13% | 2.36% | 1.92% | 2.75% | 1.56% |
Frequently Asked Questions
IFED and IMTM have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IFED has higher volatility (11.03%) compared to IMTM (5.91%). In terms of maximum drawdown, IFED dropped -22.36% vs IMTM's -32.66%.
On 3-year performance, IFED leads with 19.39% vs 18.97% for IMTM. On fees, IMTM is cheaper at 0.30% per year. On volatility, IMTM has been the lower-risk option at 5.91%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IFED has performed better with a 19.39% return vs 18.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IMTM is cheaper with a 0.30% expense ratio, compared with 0.45% for IFED.
IMTM has the higher dividend yield at 4.54%, compared with 0.00% for IFED.
IFED is categorized as Leveraged Equities, while IMTM is Momentum. IFED tracks IFED Large-Cap US Equity Index - Benchmark TR Gross, while IMTM tracks MSCI World ex USA Momentum Index. They also come from different issuers: UBS and iShares. Their fees differ too: 0.45% for IFED and 0.30% for IMTM.
IMTM currently has the higher Sharpe Ratio (1.05 vs 0.67), 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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