IWDL vs. UPRO
IWDL (ETRACS 2x Leveraged US Value Factor TR ETN) and UPRO (ProShares UltraPro S&P 500) are both Leveraged Equities funds - IWDL tracks the Russell 1000 Value (200%) while UPRO tracks the S&P 500. Both are passively managed. Over the past 5 years, IWDL returned 14.46%/yr vs 20.37%/yr for UPRO. Their correlation of 0.84 suggests significant overlap in exposure. IWDL charges 0.95%/yr vs 0.89%/yr for UPRO.
Performance
IWDL vs. UPRO - Performance Comparison
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Returns By Period
In the year-to-date period, IWDL achieves a 28.58% return, which is significantly higher than UPRO's 17.21% return.
IWDL
- 1D
- -1.65%
- 1M
- 3.97%
- YTD
- 28.58%
- 6M
- 26.90%
- 1Y
- 53.41%
- 3Y*
- 29.95%
- 5Y*
- 14.46%
- 10Y*
- —
UPRO
- 1D
- -4.27%
- 1M
- -5.38%
- YTD
- 17.21%
- 6M
- 13.86%
- 1Y
- 62.29%
- 3Y*
- 46.23%
- 5Y*
- 20.37%
- 10Y*
- 30.18%
IWDL vs. UPRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IWDL ETRACS 2x Leveraged US Value Factor TR ETN | 28.58% | 25.02% | 20.68% | 13.50% | -21.27% | 40.35% |
UPRO ProShares UltraPro S&P 500 | 17.21% | 31.88% | 63.57% | 68.53% | -56.84% | 82.12% |
Correlation
The correlation between IWDL and UPRO is 0.79, 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 | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.85 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021 | 0.84 |
The correlation between IWDL and UPRO has been stable across timeframes, ranging from 0.78 to 0.85 - a consistent structural relationship.
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Return for Risk
IWDL vs. UPRO — Risk / Return Rank
IWDL
UPRO
IWDL vs. UPRO - 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 UltraPro S&P 500 (UPRO). 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 | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.62 | ||
| Sortino ratioReturn per unit of downside risk | +0.96 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.28 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 3.97 | 2.34 | +1.63 |
| Martin ratioReturn relative to average drawdown | 16.20 | 9.52 | +6.68 |
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Drawdowns
IWDL vs. UPRO - Drawdown Comparison
The maximum IWDL drawdown since its inception was -37.95%, smaller than the maximum UPRO drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for IWDL and UPRO.
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Drawdown Indicators
| IWDL | UPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.95% | -76.82% | +38.87% |
Max Drawdown (1Y)Largest decline over 1 year | -13.53% | -26.78% | +13.25% |
Max Drawdown (3Y)Largest decline over 3 years | -31.78% | -48.87% | +17.09% |
Max Drawdown (5Y)Largest decline over 5 years | -37.95% | -63.94% | +25.99% |
Max Drawdown (10Y)Largest decline over 10 years | — | -76.82% | — |
Current DrawdownCurrent decline from peak | -2.12% | -10.27% | +8.15% |
Average DrawdownAverage peak-to-trough decline | -10.50% | -14.39% | +3.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.31% | 6.57% | -3.26% |
Volatility
IWDL vs. UPRO - Volatility Comparison
The current volatility for ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) is 7.25%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 14.68%. This indicates that IWDL experiences smaller price fluctuations and is considered to be less risky than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IWDL | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.25% | 14.68% | -7.43% |
Volatility (6M)Calculated over the trailing 6-month period | 18.33% | 29.49% | -11.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.35% | 37.35% | -14.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.33% | 50.62% | -20.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.00% | 53.79% | -23.79% |
IWDL vs. UPRO - Expense Ratio Comparison
IWDL has a 0.95% expense ratio, which is higher than UPRO's 0.89% expense ratio.
Dividends
IWDL vs. UPRO - Dividend Comparison
IWDL has not paid dividends to shareholders, while UPRO's dividend yield for the trailing twelve months is around 0.74%.
| 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% |
UPRO ProShares UltraPro S&P 500 | 0.74% | 0.84% | 0.93% | 0.74% | 0.52% | 0.06% | 0.11% | 0.41% | 0.63% | 0.00% | 0.12% | 0.34% |
Frequently Asked Questions
IWDL and UPRO have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UPRO has higher volatility (14.68%) compared to IWDL (7.25%). In terms of maximum drawdown, IWDL dropped -37.95% vs UPRO's -76.82%.
On 5-year performance, UPRO leads with 20.37% vs 14.46% for IWDL. On fees, UPRO is cheaper at 0.89% per year. On volatility, IWDL has been the lower-risk option at 7.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UPRO has performed better with a 20.37% return vs 14.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UPRO is cheaper with a 0.89% expense ratio, compared with 0.95% for IWDL.
UPRO has the higher dividend yield at 0.74%, compared with 0.00% for IWDL.
IWDL tracks Russell 1000 Value (200%), while UPRO tracks S&P 500. They also come from different issuers: UBS and ProShares. Their fees differ too: 0.95% for IWDL and 0.89% for UPRO.
IWDL currently has the higher Sharpe Ratio (2.30 vs 1.68), 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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