IWDL vs. TERG

Last updated Apr 2, 2026

Compare and contrast key facts about ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) and Leverage Shares 2X Long TER Daily ETF (TERG).

IWDL and TERG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IWDL is a passively managed fund by UBS that tracks the performance of the Russell 1000 Value (200%). It was launched on Feb 5, 2021. TERG is an actively managed fund by Leverage Shares. It was launched on Nov 17, 2025.

Performance

IWDL vs. TERG - 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 Leverage Shares 2X Long TER Daily ETF (TERG). The values are adjusted to include any dividend payments, if applicable.

IWDL vs. TERG - Yearly Performance Comparison

	2026 (YTD)	2025
IWDL ETRACS 2x Leveraged US Value Factor TR ETN	3.56%	8.43%
TERG Leverage Shares 2X Long TER Daily ETF	124.98%	28.17%

Returns By Period

In the year-to-date period, IWDL achieves a 3.56% return, which is significantly lower than TERG's 124.98% return.

IWDL

• 1D: 1.47%
• 1M: -8.63%
• YTD: 3.56%
• 6M: 9.75%
• 1Y: 26.48%
• 3Y*: 21.30%
• 5Y*: 11.19%
• 10Y*: —

TERG

• 1D: 10.94%
• 1M: -13.61%
• YTD: 124.98%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IWDL vs. TERG - Expense Ratio Comparison

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

IWDL

ETRACS 2x Leveraged US Value Factor TR ETN

TERG

Leverage Shares 2X Long TER Daily ETF

Return for Risk

IWDL vs. TERG — Risk / Return Rank

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

IWDL

IWDL Risk / Return Rank: 44
IWDL Sharpe Ratio Rank: 40
IWDL Sortino Ratio Rank: 43
IWDL Omega Ratio Rank: 48
IWDL Calmar Ratio Rank: 38
IWDL Martin Ratio Rank: 49

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. TERG - 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 Leverage Shares 2X Long TER Daily ETF (TERG). 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	TERG	Difference
Sharpe ratio Return per unit of total volatility	0.79	—	—
Sortino ratio Return per unit of downside risk	1.29	—	—
Omega ratio Gain probability vs. loss probability	1.19	—	—
Calmar ratio Return relative to maximum drawdown	1.08	—	—
Martin ratio Return relative to average drawdown	5.01	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	IWDL	TERG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.79	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	13.84	-13.37

Correlation

The correlation between IWDL and TERG is 0.60, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

IWDL vs. TERG - Dividend Comparison

Neither IWDL nor TERG has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

IWDL vs. TERG - Drawdown Comparison

The maximum IWDL drawdown since its inception was -37.95%, roughly equal to the maximum TERG drawdown of -39.32%. Use the drawdown chart below to compare losses from any high point for IWDL and TERG.

Drawdown Indicators

	IWDL	TERG	Difference
Max Drawdown Largest peak-to-trough decline	-37.95%	-39.32%	+1.37%
Max Drawdown (1Y) Largest decline over 1 year	-23.92%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-37.95%	—	—
Current Drawdown Current decline from peak	-8.63%	-22.98%	+14.35%
Average Drawdown Average peak-to-trough decline	-10.90%	-9.92%	-0.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.15%	—	—

Volatility

Volatility by Period

	IWDL	TERG	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.67%	—	—
Volatility (6M) Calculated over the trailing 6-month period	18.10%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	33.75%	124.92%	-91.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.32%	124.92%	-94.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.24%	124.92%	-94.68%