IWDL vs. MLPB
IWDL (ETRACS 2x Leveraged US Value Factor TR ETN) and MLPB (ETRACS Alerian MLP Infrastructure Index ETN Series B) are both exchange-traded funds - IWDL is a Leveraged Equities fund tracking the Russell 1000 Value (200%), while MLPB is a MLPs fund tracking the Alerian MLP Infrastructure Index. Both are passively managed. Over the past 5 years, IWDL returned 14.46%/yr vs 18.51%/yr for MLPB. A 0.53 correlation means they provide meaningful diversification when combined. IWDL charges 0.95%/yr vs 0.85%/yr for MLPB.
Performance
IWDL vs. MLPB - 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 MLPB's 17.00% return.
IWDL
- 1D
- -1.65%
- 1M
- 3.97%
- YTD
- 28.58%
- 6M
- 26.90%
- 1Y
- 53.41%
- 3Y*
- 29.95%
- 5Y*
- 14.46%
- 10Y*
- —
MLPB
- 1D
- 2.04%
- 1M
- -6.13%
- YTD
- 17.00%
- 6M
- 16.53%
- 1Y
- 18.65%
- 3Y*
- 21.94%
- 5Y*
- 18.51%
- 10Y*
- 8.03%
IWDL vs. MLPB - 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% |
MLPB ETRACS Alerian MLP Infrastructure Index ETN Series B | 17.00% | 7.40% | 25.53% | 22.01% | 30.22% | 27.83% |
Correlation
The correlation between IWDL and MLPB is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021 | 0.53 |
Over the past year, the correlation between IWDL and MLPB has dropped to 0.14 - well below their long-term average of 0.53, suggesting their price drivers have been diverging.
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Return for Risk
IWDL vs. MLPB — Risk / Return Rank
IWDL
MLPB
IWDL vs. MLPB - 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 Alerian MLP Infrastructure Index ETN Series B (MLPB). 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 | MLPB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.93 | ||
| Sortino ratioReturn per unit of downside risk | +1.16 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.24 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 3.97 | 1.93 | +2.03 |
| Martin ratioReturn relative to average drawdown | 16.20 | 5.43 | +10.76 |
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Drawdowns
IWDL vs. MLPB - Drawdown Comparison
The maximum IWDL drawdown since its inception was -37.95%, smaller than the maximum MLPB drawdown of -71.93%. Use the drawdown chart below to compare losses from any high point for IWDL and MLPB.
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Drawdown Indicators
| IWDL | MLPB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.95% | -71.93% | +33.98% |
Max Drawdown (1Y)Largest decline over 1 year | -13.53% | -9.68% | -3.85% |
Max Drawdown (3Y)Largest decline over 3 years | -31.78% | -16.49% | -15.29% |
Max Drawdown (5Y)Largest decline over 5 years | -37.95% | -20.41% | -17.54% |
Max Drawdown (10Y)Largest decline over 10 years | — | -71.93% | — |
Current DrawdownCurrent decline from peak | -2.12% | -6.86% | +4.74% |
Average DrawdownAverage peak-to-trough decline | -10.50% | -14.78% | +4.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.31% | 3.44% | -0.13% |
Volatility
IWDL vs. MLPB - Volatility Comparison
ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) has a higher volatility of 7.25% compared to ETRACS Alerian MLP Infrastructure Index ETN Series B (MLPB) at 5.33%. This indicates that IWDL's price experiences larger fluctuations and is considered to be riskier than MLPB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IWDL | MLPB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.25% | 5.33% | +1.92% |
Volatility (6M)Calculated over the trailing 6-month period | 18.33% | 10.30% | +8.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.35% | 13.70% | +9.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.33% | 19.90% | +10.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.00% | 27.16% | +2.84% |
IWDL vs. MLPB - Expense Ratio Comparison
IWDL has a 0.95% expense ratio, which is higher than MLPB's 0.85% expense ratio.
Dividends
IWDL vs. MLPB - Dividend Comparison
IWDL has not paid dividends to shareholders, while MLPB's dividend yield for the trailing twelve months is around 5.99%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% | 0.00% |
MLPB ETRACS Alerian MLP Infrastructure Index ETN Series B | 5.99% | 6.51% | 5.95% | 6.37% | 6.00% | 6.98% | 11.93% | 7.98% | 8.11% | 7.23% | 6.85% |
Frequently Asked Questions
IWDL and MLPB have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IWDL has higher volatility (7.25%) compared to MLPB (5.33%). In terms of maximum drawdown, IWDL dropped -37.95% vs MLPB's -71.93%.
On 5-year performance, MLPB leads with 18.51% vs 14.46% for IWDL. On fees, MLPB is cheaper at 0.85% per year. On volatility, MLPB has been the lower-risk option at 5.33%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, MLPB has performed better with a 18.51% return vs 14.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MLPB is cheaper with a 0.85% expense ratio, compared with 0.95% for IWDL.
MLPB has the higher dividend yield at 5.99%, compared with 0.00% for IWDL.
IWDL is categorized as Leveraged Equities, while MLPB is MLPs. IWDL tracks Russell 1000 Value (200%), while MLPB tracks Alerian MLP Infrastructure Index. Their fees differ too: 0.95% for IWDL and 0.85% for MLPB.
IWDL currently has the higher Sharpe Ratio (2.30 vs 1.37), 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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