IWDL vs. HDLB
IWDL (ETRACS 2x Leveraged US Value Factor TR ETN) and HDLB (ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B) are both Leveraged Equities funds from UBS - IWDL tracks the Russell 1000 Value (200%) while HDLB tracks the Solactive US High Dividend Low Volatility (USD)(TR) (200%). Both are passively managed. Over the past 5 years, IWDL returned 14.46%/yr vs 12.53%/yr for HDLB. A 0.67 correlation means they provide meaningful diversification when combined. IWDL charges 0.95%/yr vs 1.65%/yr for HDLB.
Performance
IWDL vs. HDLB - Performance Comparison
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Returns By Period
In the year-to-date period, IWDL achieves a 28.58% return, which is significantly higher than HDLB's 12.54% return.
IWDL
- 1D
- -1.65%
- 1M
- 3.97%
- YTD
- 28.58%
- 6M
- 26.90%
- 1Y
- 53.41%
- 3Y*
- 29.95%
- 5Y*
- 14.46%
- 10Y*
- —
HDLB
- 1D
- 4.54%
- 1M
- -2.98%
- YTD
- 12.54%
- 6M
- 14.64%
- 1Y
- 18.01%
- 3Y*
- 28.22%
- 5Y*
- 12.53%
- 10Y*
- —
IWDL vs. HDLB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IWDL ETRACS 2x Leveraged US Value Factor TR ETN | 28.58% | 25.02% | 20.68% | 13.50% | -21.27% | 40.35% |
HDLB ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B | 12.54% | 27.26% | 28.21% | -4.12% | -11.46% | 45.96% |
Correlation
The correlation between IWDL and HDLB is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021 | 0.67 |
Over the past year, the correlation between IWDL and HDLB has dropped to 0.39 - well below their long-term average of 0.67, suggesting their price drivers have been diverging.
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Return for Risk
IWDL vs. HDLB — Risk / Return Rank
IWDL
HDLB
IWDL vs. HDLB - 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 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.
| IWDL | HDLB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.64 | ||
| Sortino ratioReturn per unit of downside risk | +2.01 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.13 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 3.97 | 1.12 | +2.85 |
| Martin ratioReturn relative to average drawdown | 16.20 | 2.52 | +13.67 |
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Drawdowns
IWDL vs. HDLB - Drawdown Comparison
The maximum IWDL drawdown since its inception was -37.95%, smaller than the maximum HDLB drawdown of -78.70%. Use the drawdown chart below to compare losses from any high point for IWDL and HDLB.
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Drawdown Indicators
| IWDL | HDLB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.95% | -78.70% | +40.75% |
Max Drawdown (1Y)Largest decline over 1 year | -13.53% | -16.17% | +2.64% |
Max Drawdown (3Y)Largest decline over 3 years | -31.78% | -22.46% | -9.32% |
Max Drawdown (5Y)Largest decline over 5 years | -37.95% | -43.81% | +5.86% |
Current DrawdownCurrent decline from peak | -2.12% | -11.92% | +9.80% |
Average DrawdownAverage peak-to-trough decline | -10.50% | -27.33% | +16.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.31% | 7.15% | -3.84% |
Volatility
IWDL vs. HDLB - Volatility Comparison
The current volatility for ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) is 7.25%, while ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB) has a volatility of 9.49%. This indicates that IWDL experiences smaller price fluctuations and is considered to be less risky 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
| IWDL | HDLB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.25% | 9.49% | -2.24% |
Volatility (6M)Calculated over the trailing 6-month period | 18.33% | 19.68% | -1.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.35% | 27.28% | -3.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.33% | 30.69% | -0.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.00% | 43.52% | -13.52% |
IWDL vs. HDLB - Expense Ratio Comparison
IWDL has a 0.95% expense ratio, which is lower than HDLB's 1.65% expense ratio.
Dividends
IWDL vs. HDLB - Dividend Comparison
IWDL has not paid dividends to shareholders, while HDLB's dividend yield for the trailing twelve months is around 11.27%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
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% |
IWDL ETRACS 2x Leveraged US Value Factor TR ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IWDL and HDLB have a correlation of 0.39, 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 IWDL (7.25%). In terms of maximum drawdown, IWDL dropped -37.95% vs HDLB's -78.70%.
On 5-year performance, IWDL leads with 14.46% vs 12.53% for HDLB. On fees, IWDL is cheaper at 0.95% per year. On volatility, IWDL has been the lower-risk option at 7.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IWDL has performed better with a 14.46% return vs 12.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IWDL is cheaper with a 0.95% expense ratio, compared with 1.65% for HDLB.
HDLB has the higher dividend yield at 11.27%, compared with 0.00% for IWDL.
IWDL tracks Russell 1000 Value (200%), while HDLB tracks Solactive US High Dividend Low Volatility (USD)(TR) (200%). Their fees differ too: 0.95% for IWDL and 1.65% for HDLB.
IWDL currently has the higher Sharpe Ratio (2.30 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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