IWDL vs. SPUU
IWDL (ETRACS 2x Leveraged US Value Factor TR ETN) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) are both Leveraged Equities funds - IWDL tracks the Russell 1000 Value (200%) while SPUU tracks the S&P 500 Index (200% Daily). Both are passively managed. Over the past 5 years, IWDL returned 16.51%/yr vs 18.35%/yr for SPUU. Their correlation of 0.83 means they have usually moved in the same direction. IWDL charges 0.95%/yr vs 0.60%/yr for SPUU.
Performance
IWDL vs. SPUU - 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 SPUU's 20.19% 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%
SPUU
- 1D
- 2.97%
- 1M
- 3.22%
- 6M
- 15.98%
- YTD
- 20.19%
- 1Y
- 42.24%
- 3Y*
- 34.65%
- 5Y*
- 18.35%
- 10Y*
- 23.85%
- ALL TIME*
- 21.65%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $59.68K | $87.17K | $54.40K | |
| $4.50M | $4.98M | $4.51M |
IWDL vs. SPUU - 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% |
SPUU Direxion Daily S&P 500 Bull 2X ETF | 20.19% | 26.55% | 44.25% | 47.28% | -38.72% | 52.18% |
Correlation
The correlation between IWDL and SPUU is 0.74, 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. | 0.74 |
Correlation (3Y) Balances recent behavior with more history. | 0.77 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.84 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021 | 0.83 |
The correlation between IWDL and SPUU shifts across timeframes, from 0.74 (1 year) to 0.84 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
IWDL vs. SPUU — Risk / Return Rank
IWDL
SPUU
IWDL vs. SPUU - 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 Direxion Daily S&P 500 Bull 2X ETF (SPUU). 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 | SPUU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.30 | ||
| Sortino ratioReturn per unit of downside risk | +1.64 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.28 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 5.07 | 2.33 | +2.74 |
| Martin ratioReturn relative to average drawdown | 21.46 | 9.41 | +12.05 |
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Drawdowns
IWDL vs. SPUU - Drawdown Comparison
The maximum IWDL drawdown since its inception was -37.95%, smaller than the maximum SPUU drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for IWDL and SPUU.
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Drawdown Indicators
| IWDL | SPUU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.95% | -59.35% | +21.40% |
Max Drawdown (1Y)Largest decline over 1 year | -13.53% | -18.19% | +4.66% |
Max Drawdown (3Y)Largest decline over 3 years | -31.78% | -35.18% | +3.40% |
Max Drawdown (5Y)Largest decline over 5 years | -37.95% | -46.59% | +8.64% |
Max Drawdown (10Y)Largest decline over 10 years | — | -59.35% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.97% | +0.97% |
Average DrawdownAverage peak-to-trough decline | -10.30% | -9.43% | -0.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.19% | 4.50% | -1.31% |
Volatility
IWDL vs. SPUU - Volatility Comparison
The current volatility for ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) is 5.53%, while Direxion Daily S&P 500 Bull 2X ETF (SPUU) has a volatility of 7.66%. This indicates that IWDL experiences smaller price fluctuations and is considered to be less risky than SPUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IWDL | SPUU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.53% | 7.66% | -2.13% |
Volatility (6M)Calculated over the trailing 6-month period | 16.94% | 20.55% | -3.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.34% | 25.83% | -2.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.24% | 33.73% | -3.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.82% | 35.81% | -5.99% |
IWDL vs. SPUU - Expense Ratio Comparison
IWDL has a 0.95% expense ratio, which is higher than SPUU's 0.60% expense ratio.
Dividends
IWDL vs. SPUU - Dividend Comparison
IWDL has not paid dividends to shareholders, while SPUU's dividend yield for the trailing twelve months is around 1.31%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
SPUU Direxion Daily S&P 500 Bull 2X ETF | 1.31% | 1.63% | 0.55% | 0.83% | 0.88% | 3.04% | 8.03% | 1.80% | 5.50% | 6.96% | 8.08% | 4.42% |
Frequently Asked Questions
IWDL and SPUU have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPUU has higher volatility (7.66%) compared to IWDL (5.53%). In terms of maximum drawdown, IWDL dropped -37.95% vs SPUU's -59.35%.
On 5-year performance, SPUU leads with 18.35% vs 16.51% for IWDL. On fees, SPUU is cheaper at 0.60% per year. 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, SPUU has performed better with a 18.35% return vs 16.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPUU is cheaper with a 0.60% expense ratio, compared with 0.95% for IWDL.
SPUU has the higher dividend yield at 1.31%, compared with 0.00% for IWDL.
IWDL tracks Russell 1000 Value (200%), while SPUU tracks S&P 500 Index (200% Daily). They also come from different issuers: UBS and Direxion. Their fees differ too: 0.95% for IWDL and 0.60% for SPUU.
IWDL currently has the higher Sharpe Ratio (2.95 vs 1.65), 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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