IWDL vs. TSMG

Last updated Jun 26, 2026

IWDL (ETRACS 2x Leveraged US Value Factor TR ETN) and TSMG (Leverage Shares 2X Long TSM Daily ETF) are both Leveraged Equities funds. IWDL is passively managed, while TSMG is actively managed. Over the past year, IWDL returned 56.64% vs 202.63% for TSMG. At a 0.41 correlation, their price movements are largely independent. IWDL charges 0.95%/yr vs 0.75%/yr for TSMG.

Performance

IWDL vs. TSMG - 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 TSM Daily ETF (TSMG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWDL achieves a 31.68% return, which is significantly lower than TSMG's 80.14% return.

IWDL

• 1D: 2.56%
• 1M: 4.69%
• YTD: 31.68%
• 6M: 28.86%
• 1Y: 56.64%
• 3Y*: 30.66%
• 5Y*: 14.71%
• 10Y*: —

TSMG

• 1D: -1.97%
• 1M: 8.42%
• YTD: 80.14%
• 6M: 85.57%
• 1Y: 202.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IWDL vs. TSMG - Yearly Performance Comparison

	2026 (YTD)	2025
IWDL ETRACS 2x Leveraged US Value Factor TR ETN	31.68%	24.94%
TSMG Leverage Shares 2X Long TSM Daily ETF	80.14%	71.03%

Correlation

The correlation between IWDL and TSMG is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (All Time) Calculated using the full available price history since Jan 14, 2025	0.41

Return for Risk

IWDL vs. TSMG — Risk / Return Rank

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

IWDL

IWDL Risk / Return Rank: 85
IWDL Sharpe Ratio Rank: 86
IWDL Sortino Ratio Rank: 84
IWDL Omega Ratio Rank: 80
IWDL Calmar Ratio Rank: 86
IWDL Martin Ratio Rank: 89

TSMG

TSMG Risk / Return Rank: 84
TSMG Sharpe Ratio Rank: 91
TSMG Sortino Ratio Rank: 74
TSMG Omega Ratio Rank: 69
TSMG Calmar Ratio Rank: 93
TSMG Martin Ratio Rank: 91

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. TSMG - 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 TSM Daily ETF (TSMG). 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	TSMG	Difference
Sharpe ratio: Return per unit of total volatility	2.44	2.67	-0.23
Sortino ratio: Return per unit of downside risk	3.27	2.89	+0.38
Omega ratio: Gain probability vs. loss probability	1.41	1.36	+0.06
Calmar ratio: Return relative to maximum drawdown	4.21	5.78	-1.57
Martin ratio: Return relative to average drawdown	17.17	18.37	-1.20

IWDL vs. TSMG - Sharpe Ratio Comparison

The current IWDL Sharpe Ratio is 2.44, which is comparable to the TSMG Sharpe Ratio of 2.67. The chart below compares the historical Sharpe Ratios of IWDL and TSMG, 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. TSMG - Drawdown Comparison

The maximum IWDL drawdown since its inception was -37.95%, smaller than the maximum TSMG drawdown of -63.67%. Use the drawdown chart below to compare losses from any high point for IWDL and TSMG.

Drawdown Indicators

	IWDL	TSMG	Difference
Max Drawdown Largest peak-to-trough decline	-37.95%	-63.67%	+25.72%
Max Drawdown (1Y) Largest decline over 1 year	-13.53%	-35.29%	+21.76%
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%	-13.61%	+13.61%
Average Drawdown Average peak-to-trough decline	-10.49%	-16.62%	+6.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.31%	11.08%	-7.77%

Volatility

IWDL vs. TSMG - Volatility Comparison

The current volatility for ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) is 7.40%, while Leverage Shares 2X Long TSM Daily ETF (TSMG) has a volatility of 32.86%. This indicates that IWDL experiences smaller price fluctuations and is considered to be less risky than TSMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWDL	TSMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.40%	32.86%	-25.46%
Volatility (6M) Calculated over the trailing 6-month period	18.43%	60.75%	-42.32%
Volatility (1Y) Calculated over the trailing 1-year period	23.38%	76.32%	-52.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.34%	83.02%	-52.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.99%	83.02%	-53.03%

IWDL vs. TSMG - Expense Ratio Comparison

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

Dividends

IWDL vs. TSMG - Dividend Comparison

IWDL has not paid dividends to shareholders, while TSMG's dividend yield for the trailing twelve months is around 6.37%.

Position	TTM	2025
IWDL ETRACS 2x Leveraged US Value Factor TR ETN	0.00%	0.00%
TSMG Leverage Shares 2X Long TSM Daily ETF	6.37%	11.48%

Frequently Asked Questions

Can I hold both IWDL and TSMG in my portfolio?

IWDL and TSMG have a correlation of 0.38, 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 TSMG?

TSMG has higher volatility (32.86%) compared to IWDL (7.40%). In terms of maximum drawdown, IWDL dropped -37.95% vs TSMG's -63.67%.

Which ETF is better, IWDL or TSMG?

On 1-year performance, TSMG leads with 202.63% vs 56.64% for IWDL. On fees, TSMG is cheaper at 0.75% per year. On volatility, IWDL has been the lower-risk option at 7.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWDL or TSMG?

Over the 1-year period, TSMG has performed better with a 202.63% return vs 56.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWDL or TSMG?

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

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

TSMG has the higher dividend yield at 6.37%, compared with 0.00% for IWDL.

What is the main difference between IWDL and TSMG?

They also come from different issuers: UBS and Leverage Shares. Their fees differ too: 0.95% for IWDL and 0.75% for TSMG.

Which has better risk-adjusted returns?

TSMG currently has the higher Sharpe Ratio (2.67 vs 2.44), 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.