IWDL vs. CEFD
Compare and contrast key facts about ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) and ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD).
IWDL and CEFD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IWDL is a passively managed fund by UBS that tracks the performance of the Russell 1000 Value (200%). It was launched on Feb 5, 2021. CEFD is a passively managed fund by UBS that tracks the performance of the S-Network Composite Closed-End Fund Index (150%). It was launched on Jun 2, 2020. Both IWDL and CEFD are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
IWDL vs. CEFD - Performance Comparison
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IWDL vs. CEFD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IWDL ETRACS 2x Leveraged US Value Factor TR ETN | 2.06% | 25.02% | 20.68% | 13.50% | -21.27% | 40.35% |
CEFD ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN | -5.27% | 14.15% | 20.06% | 8.36% | -28.93% | 18.47% |
Returns By Period
In the year-to-date period, IWDL achieves a 2.06% return, which is significantly higher than CEFD's -5.27% return.
IWDL
- 1D
- 4.14%
- 1M
- -9.86%
- YTD
- 2.06%
- 6M
- 8.41%
- 1Y
- 23.96%
- 3Y*
- 20.71%
- 5Y*
- 10.87%
- 10Y*
- —
CEFD
- 1D
- 4.24%
- 1M
- -8.24%
- YTD
- -5.27%
- 6M
- -4.15%
- 1Y
- 8.28%
- 3Y*
- 11.04%
- 5Y*
- 2.39%
- 10Y*
- —
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IWDL vs. CEFD - Expense Ratio Comparison
Both IWDL and CEFD have an expense ratio of 0.95%.
Return for Risk
IWDL vs. CEFD — Risk / Return Rank
IWDL
CEFD
IWDL vs. CEFD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) and ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD). 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.
| IWDL | CEFD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.71 | 0.40 | +0.31 |
Sortino ratioReturn per unit of downside risk | 1.20 | 0.68 | +0.52 |
Omega ratioGain probability vs. loss probability | 1.18 | 1.12 | +0.06 |
Calmar ratioReturn relative to maximum drawdown | 1.11 | 0.51 | +0.60 |
Martin ratioReturn relative to average drawdown | 5.17 | 2.32 | +2.86 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IWDL | CEFD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.71 | 0.40 | +0.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.36 | 0.13 | +0.23 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 0.41 | +0.05 |
Correlation
The correlation between IWDL and CEFD is 0.73, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
IWDL vs. CEFD - Dividend Comparison
IWDL has not paid dividends to shareholders, while CEFD's dividend yield for the trailing twelve months is around 16.09%.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
IWDL ETRACS 2x Leveraged US Value Factor TR ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
CEFD ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN | 16.09% | 14.88% | 13.90% | 14.76% | 16.56% | 10.31% | 5.37% |
Drawdowns
IWDL vs. CEFD - Drawdown Comparison
The maximum IWDL drawdown since its inception was -37.95%, roughly equal to the maximum CEFD drawdown of -36.95%. Use the drawdown chart below to compare losses from any high point for IWDL and CEFD.
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Drawdown Indicators
| IWDL | CEFD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.95% | -36.95% | -1.00% |
Max Drawdown (1Y)Largest decline over 1 year | -23.92% | -16.13% | -7.79% |
Max Drawdown (5Y)Largest decline over 5 years | -37.95% | -36.95% | -1.00% |
Current DrawdownCurrent decline from peak | -9.95% | -8.80% | -1.15% |
Average DrawdownAverage peak-to-trough decline | -10.91% | -12.02% | +1.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.12% | 3.56% | +1.56% |
Volatility
IWDL vs. CEFD - Volatility Comparison
ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) and ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD) have volatilities of 8.82% and 8.66%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IWDL | CEFD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.82% | 8.66% | +0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 18.05% | 10.82% | +7.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.77% | 20.62% | +13.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.32% | 17.83% | +12.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.24% | 17.40% | +12.84% |