IWDL vs. XTJL

Last updated Aug 4, 2026

IWDL (ETRACS 2x Leveraged US Value Factor TR ETN) and XTJL (Innovator U.S. Equity Accelerated Plus ETF - July) are both Leveraged Equities funds. IWDL is passively managed, while XTJL is actively managed. Over the past 5 years, IWDL returned 16.51%/yr vs 9.71%/yr for XTJL. Their correlation of 0.81 means they have usually moved in the same direction. IWDL charges 0.95%/yr vs 0.79%/yr for XTJL.

Performance

IWDL vs. XTJL - 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 Innovator U.S. Equity Accelerated Plus ETF - July (XTJL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWDL achieves a 42.20% return, which is significantly higher than XTJL's 7.13% 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%

XTJL

• 1D: 0.77%
• 1M: 1.73%
• 6M: 5.94%
• YTD: 7.13%
• 1Y: 15.15%
• 3Y*: 14.82%
• 5Y*: 9.71%
• 10Y*: —
• ALL TIME*: 9.91%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IWDL ETRACS 2x Leveraged US Value Factor TR ETN	$59.68K	$87.17K	$54.40K
XTJL Innovator U.S. Equity Accelerated Plus ETF - July	$14.44K	$25.47K	$270.54K

IWDL vs. XTJL - 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%	12.74%
XTJL Innovator U.S. Equity Accelerated Plus ETF - July	7.13%	15.42%	14.43%	25.72%	-15.66%	7.81%

Correlation

The correlation between IWDL and XTJL is 0.70, 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.	0.70
Correlation (3Y) Balances recent behavior with more history.	0.72
Correlation (5Y) Shows whether the relationship held over a longer period.	0.81
Correlation (All Time) Calculated using the full available price history since Jul 1, 2021	0.81

The correlation between IWDL and XTJL shifts across timeframes, from 0.70 (1 year) to 0.81 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IWDL vs. XTJL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IWDL

IWDL Risk / Return Rank: 94
IWDL Sharpe Ratio Rank: 95
IWDL Sortino Ratio Rank: 94
IWDL Omega Ratio Rank: 93
IWDL Calmar Ratio Rank: 94
IWDL Martin Ratio Rank: 95

XTJL

XTJL Risk / Return Rank: 85
XTJL Sharpe Ratio Rank: 81
XTJL Sortino Ratio Rank: 85
XTJL Omega Ratio Rank: 89
XTJL Calmar Ratio Rank: 79
XTJL Martin Ratio Rank: 92

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IWDL vs. XTJL - 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 Innovator U.S. Equity Accelerated Plus ETF - July (XTJL). 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	XTJL	Difference
Sharpe ratio: Return per unit of total volatility	2.95	1.97	+0.98
Sortino ratio: Return per unit of downside risk	3.83	2.93	+0.90
Omega ratio: Gain probability vs. loss probability	1.49	1.43	+0.06
Calmar ratio: Return relative to maximum drawdown	5.07	2.97	+2.10
Martin ratio: Return relative to average drawdown	21.46	16.39	+5.07

IWDL vs. XTJL - Sharpe Ratio Comparison

The current IWDL Sharpe Ratio is 2.95, which is higher than the XTJL Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of IWDL and XTJL, 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. XTJL - Drawdown Comparison

The maximum IWDL drawdown since its inception was -37.95%, which is greater than XTJL's maximum drawdown of -23.24%. Use the drawdown chart below to compare losses from any high point for IWDL and XTJL.

Drawdown Indicators

	IWDL	XTJL	Difference
Max Drawdown Largest peak-to-trough decline	-37.95%	-23.24%	-14.71%
Max Drawdown (1Y) Largest decline over 1 year	-13.53%	-5.12%	-8.41%
Max Drawdown (3Y) Largest decline over 3 years	-31.78%	-16.70%	-15.08%
Max Drawdown (5Y) Largest decline over 5 years	-37.95%	-23.24%	-14.71%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-10.30%	-3.92%	-6.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.19%	0.93%	+2.26%

Volatility

IWDL vs. XTJL - Volatility Comparison

ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) has a higher volatility of 5.53% compared to Innovator U.S. Equity Accelerated Plus ETF - July (XTJL) at 2.98%. This indicates that IWDL's price experiences larger fluctuations and is considered to be riskier than XTJL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWDL	XTJL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.53%	2.98%	+2.55%
Volatility (6M) Calculated over the trailing 6-month period	16.94%	6.16%	+10.78%
Volatility (1Y) Calculated over the trailing 1-year period	23.34%	7.75%	+15.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.24%	15.12%	+15.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.82%	15.03%	+14.79%

IWDL vs. XTJL - Expense Ratio Comparison

IWDL has a 0.95% expense ratio, which is higher than XTJL's 0.79% expense ratio.

Dividends

IWDL vs. XTJL - Dividend Comparison

Neither IWDL nor XTJL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IWDL and XTJL in my portfolio?

IWDL and XTJL have a correlation of 0.70, 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 XTJL?

IWDL has higher volatility (5.53%) compared to XTJL (2.98%). In terms of maximum drawdown, IWDL dropped -37.95% vs XTJL's -23.24%.

Which ETF is better, IWDL or XTJL?

On 5-year performance, IWDL leads with 16.51% vs 9.71% for XTJL. On fees, XTJL is cheaper at 0.79% per year. On volatility, XTJL has been the lower-risk option at 2.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWDL or XTJL?

Over the 5-year period, IWDL has performed better with a 16.51% return vs 9.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWDL or XTJL?

XTJL is cheaper with a 0.79% expense ratio, compared with 0.95% for IWDL.

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

IWDL and XTJL have nearly identical dividend yields, around 0.00%.

What is the main difference between IWDL and XTJL?

They also come from different issuers: UBS and Innovator. Their fees differ too: 0.95% for IWDL and 0.79% for XTJL.

Which has better risk-adjusted returns?

IWDL currently has the higher Sharpe Ratio (2.95 vs 1.97), 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.