IWDL vs. UJB
IWDL (ETRACS 2x Leveraged US Value Factor TR ETN) and UJB (ProShares Ultra High Yield) are both exchange-traded funds - IWDL is a Leveraged Equities fund tracking the Russell 1000 Value (200%), while UJB is a Leveraged Bonds fund tracking the Markit iBoxx $ Liquid High Yield Index. Both are passively managed. Over the past 5 years, IWDL returned 16.51%/yr vs 2.79%/yr for UJB. Their 0.67 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.95% expense ratio.
Performance
IWDL vs. UJB - 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 UJB's 1.03% 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%
UJB
- 1D
- 0.58%
- 1M
- -0.40%
- 6M
- 0.07%
- YTD
- 1.03%
- 1Y
- 5.82%
- 3Y*
- 11.10%
- 5Y*
- 2.79%
- 10Y*
- 5.79%
- ALL TIME*
- 6.66%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $59.68K | $87.17K | $54.40K | |
| $319.40K | $2.11M | $1.46M |
IWDL vs. UJB - 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% |
UJB ProShares Ultra High Yield | 1.03% | 12.22% | 9.41% | 17.70% | -23.27% | 5.77% |
Correlation
The correlation between IWDL and UJB is 0.72, 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. | 0.72 |
Correlation (3Y) Balances recent behavior with more history. | 0.67 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.68 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021 | 0.67 |
The correlation between IWDL and UJB has been stable across timeframes, ranging from 0.67 to 0.72 - a consistent structural relationship.
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Return for Risk
IWDL vs. UJB — Risk / Return Rank
IWDL
UJB
IWDL vs. UJB - 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 ProShares Ultra High Yield (UJB). 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 | UJB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.15 | ||
| Sortino ratioReturn per unit of downside risk | +2.62 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.15 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 5.07 | 1.17 | +3.91 |
| Martin ratioReturn relative to average drawdown | 21.46 | 4.79 | +16.67 |
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Drawdowns
IWDL vs. UJB - Drawdown Comparison
The maximum IWDL drawdown since its inception was -37.95%, smaller than the maximum UJB drawdown of -40.14%. Use the drawdown chart below to compare losses from any high point for IWDL and UJB.
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Drawdown Indicators
| IWDL | UJB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.95% | -40.14% | +2.19% |
Max Drawdown (1Y)Largest decline over 1 year | -13.53% | -5.01% | -8.52% |
Max Drawdown (3Y)Largest decline over 3 years | -31.78% | -9.47% | -22.31% |
Max Drawdown (5Y)Largest decline over 5 years | -37.95% | -30.14% | -7.81% |
Max Drawdown (10Y)Largest decline over 10 years | — | -40.14% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.73% | +0.73% |
Average DrawdownAverage peak-to-trough decline | -10.30% | -6.11% | -4.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.19% | 1.22% | +1.97% |
Volatility
IWDL vs. UJB - Volatility Comparison
ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) has a higher volatility of 5.53% compared to ProShares Ultra High Yield (UJB) at 1.67%. This indicates that IWDL's price experiences larger fluctuations and is considered to be riskier than UJB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IWDL | UJB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.53% | 1.67% | +3.86% |
Volatility (6M)Calculated over the trailing 6-month period | 16.94% | 6.03% | +10.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.34% | 7.37% | +15.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.24% | 14.67% | +15.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.82% | 17.58% | +12.24% |
IWDL vs. UJB - Expense Ratio Comparison
Both IWDL and UJB have an expense ratio of 0.95%.
Dividends
IWDL vs. UJB - Dividend Comparison
IWDL has not paid dividends to shareholders, while UJB's dividend yield for the trailing twelve months is around 3.20%.
| 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% |
UJB ProShares Ultra High Yield | 3.20% | 2.61% | 3.02% | 3.92% | 0.05% | 0.63% | 2.88% | 3.95% | 3.22% | 2.67% | 2.35% | 3.62% |
Frequently Asked Questions
IWDL and UJB have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IWDL has higher volatility (5.53%) compared to UJB (1.67%). In terms of maximum drawdown, IWDL dropped -37.95% vs UJB's -40.14%.
On 5-year performance, IWDL leads with 16.51% vs 2.79% for UJB. Both ETFs have the same 0.95% expense ratio. On volatility, UJB has been the lower-risk option at 1.67%. 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 16.51% return vs 2.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IWDL and UJB have the same expense ratio: 0.95% per year.
UJB has the higher dividend yield at 3.20%, compared with 0.00% for IWDL.
IWDL is categorized as Leveraged Equities, while UJB is Leveraged Bonds. IWDL tracks Russell 1000 Value (200%), while UJB tracks Markit iBoxx $ Liquid High Yield Index. They also come from different issuers: UBS and ProShares.
IWDL currently has the higher Sharpe Ratio (2.95 vs 0.80), 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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