IWDL vs. MLPR

Last updated Jun 24, 2026

IWDL (ETRACS 2x Leveraged US Value Factor TR ETN) and MLPR (ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN) are both Leveraged Equities funds from UBS - IWDL tracks the Russell 1000 Value (200%) while MLPR tracks the Alerian MLP Index (150%). Both are passively managed. Over the past 5 years, IWDL returned 14.46%/yr vs 25.58%/yr for MLPR. A 0.54 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

IWDL vs. MLPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) and ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN (MLPR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWDL achieves a 28.58% return, which is significantly higher than MLPR's 24.85% return.

IWDL

• 1D: -1.65%
• 1M: 3.97%
• YTD: 28.58%
• 6M: 26.90%
• 1Y: 53.41%
• 3Y*: 29.95%
• 5Y*: 14.46%
• 10Y*: —

MLPR

• 1D: 2.97%
• 1M: -9.79%
• YTD: 24.85%
• 6M: 24.33%
• 1Y: 28.25%
• 3Y*: 31.47%
• 5Y*: 25.58%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

IWDL vs. MLPR - 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%
MLPR ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN	24.85%	9.83%	31.57%	35.87%	41.04%	39.69%

Correlation

The correlation between IWDL and MLPR is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021	0.54

Over the past year, the correlation between IWDL and MLPR has dropped to 0.17 - well below their long-term average of 0.54, suggesting their price drivers have been diverging.

Return for Risk

IWDL vs. MLPR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IWDL

IWDL Risk / Return Rank: 78
IWDL Sharpe Ratio Rank: 78
IWDL Sortino Ratio Rank: 75
IWDL Omega Ratio Rank: 71
IWDL Calmar Ratio Rank: 81
IWDL Martin Ratio Rank: 84

MLPR

MLPR Risk / Return Rank: 39
MLPR Sharpe Ratio Rank: 40
MLPR Sortino Ratio Rank: 37
MLPR Omega Ratio Rank: 37
MLPR Calmar Ratio Rank: 43
MLPR Martin Ratio Rank: 39

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

IWDL vs. MLPR - 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 Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN (MLPR). 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	MLPR	Difference
Sharpe ratio: Return per unit of total volatility	2.30	1.35	+0.96
Sortino ratio: Return per unit of downside risk	3.11	1.84	+1.27
Omega ratio: Gain probability vs. loss probability	1.39	1.24	+0.16
Calmar ratio: Return relative to maximum drawdown	3.97	2.03	+1.93
Martin ratio: Return relative to average drawdown	16.20	5.88	+10.32

IWDL vs. MLPR - Sharpe Ratio Comparison

The current IWDL Sharpe Ratio is 2.30, which is higher than the MLPR Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of IWDL and MLPR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IWDL vs. MLPR - Drawdown Comparison

The maximum IWDL drawdown since its inception was -37.95%, smaller than the maximum MLPR drawdown of -48.98%. Use the drawdown chart below to compare losses from any high point for IWDL and MLPR.

Drawdown Indicators

	IWDL	MLPR	Difference
Max Drawdown Largest peak-to-trough decline	-37.95%	-48.98%	+11.03%
Max Drawdown (1Y) Largest decline over 1 year	-13.53%	-13.97%	+0.44%
Max Drawdown (3Y) Largest decline over 3 years	-31.78%	-24.45%	-7.33%
Max Drawdown (5Y) Largest decline over 5 years	-37.95%	-28.66%	-9.29%
Current Drawdown Current decline from peak	-2.12%	-10.62%	+8.50%
Average Drawdown Average peak-to-trough decline	-10.50%	-8.94%	-1.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.31%	4.82%	-1.51%

Volatility

IWDL vs. MLPR - Volatility Comparison

The current volatility for ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) is 7.25%, while ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN (MLPR) has a volatility of 8.29%. This indicates that IWDL experiences smaller price fluctuations and is considered to be less risky than MLPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWDL	MLPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.25%	8.29%	-1.04%
Volatility (6M) Calculated over the trailing 6-month period	18.33%	15.56%	+2.77%
Volatility (1Y) Calculated over the trailing 1-year period	23.35%	21.11%	+2.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.33%	29.40%	+0.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.00%	33.71%	-3.71%

IWDL vs. MLPR - Expense Ratio Comparison

Both IWDL and MLPR have an expense ratio of 0.95%.

Dividends

IWDL vs. MLPR - Dividend Comparison

IWDL has not paid dividends to shareholders, while MLPR's dividend yield for the trailing twelve months is around 9.36%.

Position	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%
MLPR ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN	9.36%	10.85%	9.57%	10.08%	7.49%	10.69%	4.21%

Frequently Asked Questions

Can I hold both IWDL and MLPR in my portfolio?

IWDL and MLPR have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IWDL or MLPR?

MLPR has higher volatility (8.29%) compared to IWDL (7.25%). In terms of maximum drawdown, IWDL dropped -37.95% vs MLPR's -48.98%.

Which ETF is better, IWDL or MLPR?

On 5-year performance, MLPR leads with 25.58% vs 14.46% for IWDL. Both ETFs have the same 0.95% expense ratio. 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.

Which ETF has performed better, IWDL or MLPR?

Over the 5-year period, MLPR has performed better with a 25.58% return vs 14.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWDL or MLPR?

IWDL and MLPR have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, IWDL or MLPR?

MLPR has the higher dividend yield at 9.36%, compared with 0.00% for IWDL.

What is the main difference between IWDL and MLPR?

IWDL tracks Russell 1000 Value (200%), while MLPR tracks Alerian MLP Index (150%).

Which has better risk-adjusted returns?

IWDL currently has the higher Sharpe Ratio (2.30 vs 1.35), 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.