IWDL vs. SMHB
IWDL (ETRACS 2x Leveraged US Value Factor TR ETN) and SMHB (ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B) are both Leveraged Equities funds from UBS - IWDL tracks the Russell 1000 Value (200%) while SMHB tracks the Solactive US Small Cap High Dividend Index (200%). Both are passively managed. Over the past 5 years, IWDL returned 13.39%/yr vs -5.80%/yr for SMHB. A 0.70 correlation means they provide meaningful diversification when combined. IWDL charges 0.95%/yr vs 0.85%/yr for SMHB.
Performance
IWDL vs. SMHB - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IWDL achieves a 28.10% return, which is significantly higher than SMHB's 8.90% return.
IWDL
- 1D
- 1.23%
- 1M
- 6.86%
- YTD
- 28.10%
- 6M
- 29.30%
- 1Y
- 56.29%
- 3Y*
- 30.80%
- 5Y*
- 13.39%
- 10Y*
- —
SMHB
- 1D
- 3.00%
- 1M
- -0.94%
- YTD
- 8.90%
- 6M
- 4.88%
- 1Y
- 10.65%
- 3Y*
- 10.98%
- 5Y*
- -5.80%
- 10Y*
- —
IWDL vs. SMHB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IWDL ETRACS 2x Leveraged US Value Factor TR ETN | 28.10% | 25.02% | 20.68% | 13.50% | -21.27% | 40.35% |
SMHB ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B | 8.90% | -7.75% | -15.85% | 35.96% | -36.03% | 38.68% |
Correlation
The correlation between IWDL and SMHB is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021 | 0.70 |
The correlation between IWDL and SMHB shifts across timeframes, from 0.54 (1 year) to 0.70 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
IWDL vs. SMHB — Risk / Return Rank
IWDL
SMHB
IWDL vs. SMHB - 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 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B (SMHB). 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.
| IWDL | SMHB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.21 | ||
| Sortino ratioReturn per unit of downside risk | +2.67 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.08 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 4.18 | 0.43 | +3.75 |
| Martin ratioReturn relative to average drawdown | 17.20 | 1.03 | +16.17 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| IWDL | SMHB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.49 | 0.28 | +2.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.44 | -0.12 | +0.56 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.61 | -0.10 | +0.70 |
Drawdowns
IWDL vs. SMHB - Drawdown Comparison
The maximum IWDL drawdown since its inception was -37.95%, smaller than the maximum SMHB drawdown of -90.30%. Use the drawdown chart below to compare losses from any high point for IWDL and SMHB.
Loading charts...
Drawdown Indicators
| IWDL | SMHB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.95% | -90.30% | +52.35% |
Max Drawdown (1Y)Largest decline over 1 year | -13.53% | -25.16% | +11.63% |
Max Drawdown (3Y)Largest decline over 3 years | -31.78% | -45.05% | +13.27% |
Max Drawdown (5Y)Largest decline over 5 years | -37.95% | -58.85% | +20.90% |
Current DrawdownCurrent decline from peak | 0.00% | -40.06% | +40.06% |
Average DrawdownAverage peak-to-trough decline | -10.59% | -37.21% | +26.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.28% | 10.39% | -7.11% |
Volatility
IWDL vs. SMHB - Volatility Comparison
The current volatility for ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) is 5.51%, while ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B (SMHB) has a volatility of 7.72%. This indicates that IWDL experiences smaller price fluctuations and is considered to be less risky than SMHB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| IWDL | SMHB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.51% | 7.72% | -2.21% |
Volatility (6M)Calculated over the trailing 6-month period | 17.64% | 25.90% | -8.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.76% | 38.86% | -16.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.29% | 48.95% | -18.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.01% | 66.32% | -36.31% |
IWDL vs. SMHB - Expense Ratio Comparison
IWDL has a 0.95% expense ratio, which is higher than SMHB's 0.85% expense ratio.
Dividends
IWDL vs. SMHB - Dividend Comparison
IWDL has not paid dividends to shareholders, while SMHB's dividend yield for the trailing twelve months is around 20.39%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
SMHB ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B | 20.39% | 22.22% | 21.95% | 15.27% | 24.18% | 12.22% | 16.86% | 19.97% | 0.91% |
Frequently Asked Questions
IWDL and SMHB have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMHB has higher volatility (7.72%) compared to IWDL (5.51%). In terms of maximum drawdown, IWDL dropped -37.95% vs SMHB's -90.30%.
On 5-year performance, IWDL leads with 13.39% vs -5.80% for SMHB. On fees, SMHB is cheaper at 0.85% per year. On volatility, IWDL has been the lower-risk option at 5.51%. 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 13.39% return vs -5.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMHB is cheaper with a 0.85% expense ratio, compared with 0.95% for IWDL.
SMHB has the higher dividend yield at 20.39%, compared with 0.00% for IWDL.
IWDL tracks Russell 1000 Value (200%), while SMHB tracks Solactive US Small Cap High Dividend Index (200%). Their fees differ too: 0.95% for IWDL and 0.85% for SMHB.
IWDL currently has the higher Sharpe Ratio (2.49 vs 0.28), 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.
Find the right allocation for IWDL and SMHB
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer