IWDL vs. SKRE

Last updated Jul 17, 2026

IWDL (ETRACS 2x Leveraged US Value Factor TR ETN) and SKRE (Tuttle Capital Daily 2X Inverse Regional Banks ETF) are both exchange-traded funds - IWDL is a Leveraged Equities fund tracking the Russell 1000 Value (200%), while SKRE is a Inverse Equities fund tracking the S&P Regional Banks Select Industry. Both are passively managed. Over the past year, IWDL returned 57.42% vs -46.37% for SKRE. At a correlation of -0.68, they often move in opposite directions. IWDL charges 0.95%/yr vs 0.75%/yr for SKRE.

Performance

IWDL vs. SKRE - 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 Tuttle Capital Daily 2X Inverse Regional Banks ETF (SKRE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWDL achieves a 36.24% return, which is significantly higher than SKRE's -36.29% return.

IWDL

• 1D: 1.47%
• 1M: 4.33%
• 6M: 26.33%
• YTD: 36.24%
• 1Y: 57.42%
• 3Y*: 29.51%
• 5Y*: 16.08%
• 10Y*: —

SKRE

• 1D: -5.25%
• 1M: -14.79%
• 6M: -29.24%
• YTD: -36.29%
• 1Y: -46.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IWDL vs. SKRE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IWDL ETRACS 2x Leveraged US Value Factor TR ETN	36.24%	25.02%	21.99%
SKRE Tuttle Capital Daily 2X Inverse Regional Banks ETF	-36.29%	-31.29%	-44.47%

Correlation

The correlation between IWDL and SKRE is -0.64, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.64
Correlation (All Time) Calculated using the full available price history since Jan 4, 2024	-0.68

The correlation between IWDL and SKRE has been stable across timeframes, ranging from -0.68 to -0.64 - a consistent structural relationship.

Return for Risk

IWDL vs. SKRE — Risk / Return Rank

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

IWDL

IWDL Risk / Return Rank: 90
IWDL Sharpe Ratio Rank: 91
IWDL Sortino Ratio Rank: 89
IWDL Omega Ratio Rank: 87
IWDL Calmar Ratio Rank: 89
IWDL Martin Ratio Rank: 92

SKRE

SKRE Risk / Return Rank: 1
SKRE Sharpe Ratio Rank: 2
SKRE Sortino Ratio Rank: 2
SKRE Omega Ratio Rank: 2
SKRE Calmar Ratio Rank: 1
SKRE Martin Ratio Rank: 0

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. SKRE - 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 Tuttle Capital Daily 2X Inverse Regional Banks ETF (SKRE). 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	SKRE	Difference
Sharpe ratio: Return per unit of total volatility	2.48	-1.01	+3.49
Sortino ratio: Return per unit of downside risk	3.32	-1.55	+4.87
Omega ratio: Gain probability vs. loss probability	1.42	0.82	+0.60
Calmar ratio: Return relative to maximum drawdown	4.26	-0.90	+5.17
Martin ratio: Return relative to average drawdown	17.47	-1.61	+19.08

IWDL vs. SKRE - Sharpe Ratio Comparison

The current IWDL Sharpe Ratio is 2.48, which is higher than the SKRE Sharpe Ratio of -1.01. The chart below compares the historical Sharpe Ratios of IWDL and SKRE, 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. SKRE - Drawdown Comparison

The maximum IWDL drawdown since its inception was -37.95%, smaller than the maximum SKRE drawdown of -79.33%. Use the drawdown chart below to compare losses from any high point for IWDL and SKRE.

Drawdown Indicators

	IWDL	SKRE	Difference
Max Drawdown Largest peak-to-trough decline	-37.95%	-79.33%	+41.38%
Max Drawdown (1Y) Largest decline over 1 year	-13.53%	-51.44%	+37.91%
Max Drawdown (3Y) Largest decline over 3 years	-31.78%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-37.95%	—	—
Current Drawdown Current decline from peak	0.00%	-79.33%	+79.33%
Average Drawdown Average peak-to-trough decline	-10.39%	-48.53%	+38.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.30%	28.81%	-25.51%

Volatility

IWDL vs. SKRE - Volatility Comparison

The current volatility for ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) is 5.70%, while Tuttle Capital Daily 2X Inverse Regional Banks ETF (SKRE) has a volatility of 11.56%. This indicates that IWDL experiences smaller price fluctuations and is considered to be less risky than SKRE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWDL	SKRE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.70%	11.56%	-5.86%
Volatility (6M) Calculated over the trailing 6-month period	16.94%	32.58%	-15.64%
Volatility (1Y) Calculated over the trailing 1-year period	23.30%	46.09%	-22.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.30%	55.12%	-24.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.89%	55.12%	-25.23%

IWDL vs. SKRE - Expense Ratio Comparison

IWDL has a 0.95% expense ratio, which is higher than SKRE's 0.75% expense ratio.

Dividends

IWDL vs. SKRE - Dividend Comparison

IWDL has not paid dividends to shareholders, while SKRE's dividend yield for the trailing twelve months is around 0.40%.

Position	TTM	2025	2024
IWDL ETRACS 2x Leveraged US Value Factor TR ETN	0.00%	0.00%	0.00%
SKRE Tuttle Capital Daily 2X Inverse Regional Banks ETF	0.40%	0.26%	3.16%

Frequently Asked Questions

Can I hold both IWDL and SKRE in my portfolio?

IWDL and SKRE have a correlation of -0.64, 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 SKRE?

SKRE has higher volatility (11.56%) compared to IWDL (5.70%). In terms of maximum drawdown, IWDL dropped -37.95% vs SKRE's -79.33%.

Which ETF is better, IWDL or SKRE?

On 1-year performance, IWDL leads with 57.42% vs -46.37% for SKRE. On fees, SKRE is cheaper at 0.75% per year. On volatility, IWDL has been the lower-risk option at 5.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWDL or SKRE?

Over the 1-year period, IWDL has performed better with a 57.42% return vs -46.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWDL or SKRE?

SKRE is cheaper with a 0.75% expense ratio, compared with 0.95% for IWDL.

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

SKRE has the higher dividend yield at 0.40%, compared with 0.00% for IWDL.

What is the main difference between IWDL and SKRE?

IWDL is categorized as Leveraged Equities, while SKRE is Inverse Equities. IWDL tracks Russell 1000 Value (200%), while SKRE tracks S&P Regional Banks Select Industry. They also come from different issuers: UBS and Tuttle. Their fees differ too: 0.95% for IWDL and 0.75% for SKRE.

Which has better risk-adjusted returns?

IWDL currently has the higher Sharpe Ratio (2.48 vs -1.01), 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.