IWDL vs. USFR
IWDL (ETRACS 2x Leveraged US Value Factor TR ETN) and USFR (WisdomTree Floating Rate Treasury Fund) are both exchange-traded funds - IWDL is a Leveraged Equities fund tracking the Russell 1000 Value (200%), while USFR is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Bond Index. Both are passively managed. Over the past 5 years, IWDL returned 15.13%/yr vs 3.70%/yr for USFR. At a correlation of -0.03, they often move in opposite directions. IWDL charges 0.95%/yr vs 0.15%/yr for USFR.
Performance
IWDL vs. USFR - Performance Comparison
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Returns By Period
In the year-to-date period, IWDL achieves a 30.74% return, which is significantly higher than USFR's 1.78% return.
IWDL
- 1D
- 0.51%
- 1M
- 5.72%
- YTD
- 30.74%
- 6M
- 29.25%
- 1Y
- 58.75%
- 3Y*
- 30.67%
- 5Y*
- 15.13%
- 10Y*
- —
USFR
- 1D
- 0.00%
- 1M
- 0.29%
- YTD
- 1.78%
- 6M
- 1.89%
- 1Y
- 3.97%
- 3Y*
- 4.72%
- 5Y*
- 3.70%
- 10Y*
- 2.43%
IWDL vs. USFR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IWDL ETRACS 2x Leveraged US Value Factor TR ETN | 30.74% | 25.02% | 20.68% | 13.50% | -21.27% | 40.35% |
USFR WisdomTree Floating Rate Treasury Fund | 1.78% | 4.23% | 5.47% | 5.18% | 1.98% | -0.03% |
Correlation
The correlation between IWDL and USFR is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021 | -0.03 |
The correlation between IWDL and USFR shifts across timeframes, from -0.14 (1 year) to -0.03 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
IWDL vs. USFR — Risk / Return Rank
IWDL
USFR
IWDL vs. USFR - 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 WisdomTree Floating Rate Treasury Fund (USFR). 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 | USFR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -12.11 | ||
| Sortino ratioReturn per unit of downside risk | -46.51 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 13.24 | -11.82 |
| Calmar ratioReturn relative to maximum drawdown | 4.36 | 200.29 | -195.93 |
| Martin ratioReturn relative to average drawdown | 17.83 | 775.73 | -757.90 |
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Drawdowns
IWDL vs. USFR - Drawdown Comparison
The maximum IWDL drawdown since its inception was -37.95%, which is greater than USFR's maximum drawdown of -1.36%. Use the drawdown chart below to compare losses from any high point for IWDL and USFR.
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Drawdown Indicators
| IWDL | USFR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.95% | -1.36% | -36.59% |
Max Drawdown (1Y)Largest decline over 1 year | -13.53% | -0.02% | -13.51% |
Max Drawdown (3Y)Largest decline over 3 years | -31.78% | -0.06% | -31.72% |
Max Drawdown (5Y)Largest decline over 5 years | -37.95% | -0.18% | -37.77% |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.80% | — |
Current DrawdownCurrent decline from peak | -0.48% | 0.00% | -0.48% |
Average DrawdownAverage peak-to-trough decline | -10.51% | -0.15% | -10.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.30% | 0.01% | +3.29% |
Volatility
IWDL vs. USFR - Volatility Comparison
ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) has a higher volatility of 6.99% compared to WisdomTree Floating Rate Treasury Fund (USFR) at 0.08%. This indicates that IWDL's price experiences larger fluctuations and is considered to be riskier than USFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IWDL | USFR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.99% | 0.08% | +6.91% |
Volatility (6M)Calculated over the trailing 6-month period | 18.24% | 0.19% | +18.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.32% | 0.27% | +23.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.32% | 0.40% | +29.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.00% | 0.78% | +29.22% |
IWDL vs. USFR - Expense Ratio Comparison
IWDL has a 0.95% expense ratio, which is higher than USFR's 0.15% expense ratio.
Dividends
IWDL vs. USFR - Dividend Comparison
IWDL has not paid dividends to shareholders, while USFR's dividend yield for the trailing twelve months is around 3.91%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
USFR WisdomTree Floating Rate Treasury Fund | 3.91% | 4.15% | 5.17% | 5.12% | 1.78% | 0.01% | 0.40% | 2.08% | 1.67% | 1.03% | 0.29% |
Frequently Asked Questions
IWDL and USFR have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IWDL has higher volatility (6.99%) compared to USFR (0.08%). In terms of maximum drawdown, IWDL dropped -37.95% vs USFR's -1.36%.
On 5-year performance, IWDL leads with 15.13% vs 3.70% for USFR. On fees, USFR is cheaper at 0.15% per year. On volatility, USFR has been the lower-risk option at 0.08%. 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 15.13% return vs 3.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USFR is cheaper with a 0.15% expense ratio, compared with 0.95% for IWDL.
USFR has the higher dividend yield at 3.91%, compared with 0.00% for IWDL.
IWDL is categorized as Leveraged Equities, while USFR is Government Bonds. IWDL tracks Russell 1000 Value (200%), while USFR tracks Bloomberg U.S. Treasury Floating Rate Bond Index. They also come from different issuers: UBS and WisdomTree. Their fees differ too: 0.95% for IWDL and 0.15% for USFR.
USFR currently has the higher Sharpe Ratio (14.65 vs 2.54), 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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