IWDL vs. MTUL
IWDL (ETRACS 2x Leveraged US Value Factor TR ETN) and MTUL (ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN) are both exchange-traded funds - IWDL is a Leveraged Equities fund tracking the Russell 1000 Value (200%), while MTUL is a Momentum fund tracking the MSCI USA Momentum Index. Both are passively managed. Over the past 5 years, IWDL returned 16.51%/yr vs 15.37%/yr for MTUL. Their 0.68 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.95% expense ratio.
Performance
IWDL vs. MTUL - Performance Comparison
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Returns By Period
In the year-to-date period, IWDL achieves a 42.20% return, which is significantly higher than MTUL's 39.46% return.
IWDL
- 1D
- 2.15%
- 1M
- 6.40%
- 6M
- 29.25%
- YTD
- 42.20%
- 1Y
- 68.31%
- 3Y*
- 30.93%
- 5Y*
- 16.51%
- 10Y*
- —
- ALL TIME*
- 19.76%
MTUL
- 1D
- 1.04%
- 1M
- -12.41%
- 6M
- 34.68%
- YTD
- 39.46%
- 1Y
- 51.48%
- 3Y*
- 48.16%
- 5Y*
- 15.37%
- 10Y*
- —
- ALL TIME*
- 14.44%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $59.68K | $87.17K | $54.40K | |
| $205.26K | $149.84K | $116.28K |
IWDL vs. MTUL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IWDL ETRACS 2x Leveraged US Value Factor TR ETN | 42.20% | 25.02% | 20.68% | 13.50% | -21.27% | 40.35% |
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN | 39.46% | 27.42% | 58.70% | 10.66% | -37.97% | 8.34% |
Correlation
The correlation between IWDL and MTUL is 0.55, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.55 |
Correlation (3Y) Balances recent behavior with more history. | 0.61 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.70 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021 | 0.68 |
The correlation between IWDL and MTUL shifts across timeframes, from 0.55 (1 year) to 0.70 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
IWDL vs. MTUL — Risk / Return Rank
IWDL
MTUL
IWDL vs. MTUL - 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 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL). 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 | MTUL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.03 | ||
| Sortino ratioReturn per unit of downside risk | +2.29 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.20 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 5.07 | 1.60 | +3.47 |
| Martin ratioReturn relative to average drawdown | 21.46 | 6.52 | +14.93 |
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Drawdowns
IWDL vs. MTUL - Drawdown Comparison
The maximum IWDL drawdown since its inception was -37.95%, smaller than the maximum MTUL drawdown of -56.83%. Use the drawdown chart below to compare losses from any high point for IWDL and MTUL.
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Drawdown Indicators
| IWDL | MTUL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.95% | -56.83% | +18.88% |
Max Drawdown (1Y)Largest decline over 1 year | -13.53% | -32.27% | +18.74% |
Max Drawdown (3Y)Largest decline over 3 years | -31.78% | -39.15% | +7.37% |
Max Drawdown (5Y)Largest decline over 5 years | -37.95% | -56.83% | +18.88% |
Current DrawdownCurrent decline from peak | 0.00% | -21.93% | +21.93% |
Average DrawdownAverage peak-to-trough decline | -10.30% | -22.29% | +11.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.19% | 7.91% | -4.72% |
Volatility
IWDL vs. MTUL - Volatility Comparison
The current volatility for ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) is 5.53%, while ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) has a volatility of 26.68%. This indicates that IWDL experiences smaller price fluctuations and is considered to be less risky than MTUL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IWDL | MTUL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.53% | 26.68% | -21.15% |
Volatility (6M)Calculated over the trailing 6-month period | 16.94% | 49.98% | -33.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.34% | 56.35% | -33.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.24% | 45.41% | -15.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.82% | 45.64% | -15.82% |
IWDL vs. MTUL - Expense Ratio Comparison
Both IWDL and MTUL have an expense ratio of 0.95%.
Dividends
IWDL vs. MTUL - Dividend Comparison
Neither IWDL nor MTUL has paid dividends to shareholders.
Frequently Asked Questions
IWDL and MTUL have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MTUL has higher volatility (26.68%) compared to IWDL (5.53%). In terms of maximum drawdown, IWDL dropped -37.95% vs MTUL's -56.83%.
On 5-year performance, IWDL leads with 16.51% vs 15.37% for MTUL. Both ETFs have the same 0.95% expense ratio. On volatility, IWDL has been the lower-risk option at 5.53%. 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 16.51% return vs 15.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IWDL and MTUL have the same expense ratio: 0.95% per year.
IWDL and MTUL have nearly identical dividend yields, around 0.00%.
IWDL is categorized as Leveraged Equities, while MTUL is Momentum. IWDL tracks Russell 1000 Value (200%), while MTUL tracks MSCI USA Momentum Index.
IWDL currently has the higher Sharpe Ratio (2.95 vs 0.92), 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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