IWFL vs. IFED

Last updated Jun 3, 2026

IWFL (ETRACS 2x Leveraged US Growth Factor TR ETN) and IFED (ETRACS IFED Invest with the Fed TR Index ETN) are both Leveraged Equities funds from UBS - IWFL tracks the Russell 1000 Growth (200%) while IFED tracks the IFED Large-Cap US Equity Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, IWFL returned 39.45%/yr vs 17.19%/yr for IFED. A 0.74 correlation means they provide meaningful diversification when combined. IWFL charges 0.95%/yr vs 0.45%/yr for IFED.

Performance

IWFL vs. IFED - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS 2x Leveraged US Growth Factor TR ETN (IWFL) and ETRACS IFED Invest with the Fed TR Index ETN (IFED). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWFL achieves a 12.54% return, which is significantly higher than IFED's -2.31% return.

IWFL

• 1D: -0.80%
• 1M: 12.28%
• YTD: 12.54%
• 6M: 10.59%
• 1Y: 48.76%
• 3Y*: 39.45%
• 5Y*: 20.43%
• 10Y*: —

IFED

• 1D: -1.64%
• 1M: 6.11%
• YTD: -2.31%
• 6M: -1.82%
• 1Y: 4.42%
• 3Y*: 17.19%
• 5Y*: —
• 10Y*: —

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

IWFL vs. IFED - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
IWFL ETRACS 2x Leveraged US Growth Factor TR ETN	12.54%	18.54%	61.94%	84.47%	-55.71%	10.89%
IFED ETRACS IFED Invest with the Fed TR Index ETN	-2.31%	15.02%	23.04%	20.78%	-1.46%	8.46%

Correlation

The correlation between IWFL and IFED is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (All Time) Calculated using the full available price history since Sep 16, 2021	0.74

The correlation between IWFL and IFED shifts across timeframes, from 0.57 (1 year) to 0.74 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IWFL vs. IFED — Risk / Return Rank

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

IWFL

IWFL Risk / Return Rank: 37
IWFL Sharpe Ratio Rank: 43
IWFL Sortino Ratio Rank: 39
IWFL Omega Ratio Rank: 40
IWFL Calmar Ratio Rank: 30
IWFL Martin Ratio Rank: 32

IFED

IFED Risk / Return Rank: 12
IFED Sharpe Ratio Rank: 13
IFED Sortino Ratio Rank: 12
IFED Omega Ratio Rank: 12
IFED Calmar Ratio Rank: 12
IFED Martin Ratio Rank: 12

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.

IWFL vs. IFED - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS 2x Leveraged US Growth Factor TR ETN (IWFL) and ETRACS IFED Invest with the Fed TR Index ETN (IFED). 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.

	IWFL	IFED	Difference
Sharpe ratio Return per unit of total volatility	1.53	0.27	+1.26
Sortino ratio Return per unit of downside risk	2.01	0.51	+1.50
Omega ratio Gain probability vs. loss probability	1.27	1.06	+0.20
Calmar ratio Return relative to maximum drawdown	1.52	0.33	+1.20
Martin ratio Return relative to average drawdown	4.86	0.84	+4.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IWFL vs. IFED - Sharpe Ratio Comparison

The current IWFL Sharpe Ratio is 1.53, which is higher than the IFED Sharpe Ratio of 0.27. The chart below compares the historical Sharpe Ratios of IWFL and IFED, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IWFL	IFED	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.53	0.27	+1.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.66	-0.24

Drawdowns

IWFL vs. IFED - Drawdown Comparison

The maximum IWFL drawdown since its inception was -59.29%, which is greater than IFED's maximum drawdown of -22.36%. Use the drawdown chart below to compare losses from any high point for IWFL and IFED.

Drawdown Indicators

	IWFL	IFED	Difference
Max Drawdown Largest peak-to-trough decline	-59.29%	-22.36%	-36.93%
Max Drawdown (1Y) Largest decline over 1 year	-32.80%	-14.65%	-18.15%
Max Drawdown (3Y) Largest decline over 3 years	-46.84%	-22.36%	-24.48%
Max Drawdown (5Y) Largest decline over 5 years	-59.29%	—	—
Current Drawdown Current decline from peak	-0.80%	-4.31%	+3.51%
Average Drawdown Average peak-to-trough decline	-19.95%	-5.84%	-14.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.28%	5.74%	+4.54%

Volatility

IWFL vs. IFED - Volatility Comparison

ETRACS 2x Leveraged US Growth Factor TR ETN (IWFL) has a higher volatility of 6.11% compared to ETRACS IFED Invest with the Fed TR Index ETN (IFED) at 4.24%. This indicates that IWFL's price experiences larger fluctuations and is considered to be riskier than IFED based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWFL	IFED	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.11%	4.24%	+1.87%
Volatility (6M) Calculated over the trailing 6-month period	25.11%	12.80%	+12.31%
Volatility (1Y) Calculated over the trailing 1-year period	31.98%	16.17%	+15.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.68%	19.88%	+26.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.29%	19.88%	+26.41%

IWFL vs. IFED - Expense Ratio Comparison

IWFL has a 0.95% expense ratio, which is higher than IFED's 0.45% expense ratio.

Dividends

IWFL vs. IFED - Dividend Comparison

Neither IWFL nor IFED has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IWFL and IFED in my portfolio?

IWFL and IFED have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IWFL or IFED?

IWFL has higher volatility (6.11%) compared to IFED (4.24%). In terms of maximum drawdown, IWFL dropped -59.29% vs IFED's -22.36%.

Which ETF is better, IWFL or IFED?

On 3-year performance, IWFL leads with 39.45% vs 17.19% for IFED. On fees, IFED is cheaper at 0.45% per year. On volatility, IFED has been the lower-risk option at 4.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWFL or IFED?

Over the 3-year period, IWFL has performed better with a 39.45% return vs 17.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWFL or IFED?

IFED is cheaper with a 0.45% expense ratio, compared with 0.95% for IWFL.

Which ETF pays a higher dividend yield, IWFL or IFED?

IWFL and IFED have nearly identical dividend yields, around 0.00%.

What is the main difference between IWFL and IFED?

IWFL tracks Russell 1000 Growth (200%), while IFED tracks IFED Large-Cap US Equity Index - Benchmark TR Gross. Their fees differ too: 0.95% for IWFL and 0.45% for IFED.

Which has better risk-adjusted returns?

IWFL currently has the higher Sharpe Ratio (1.53 vs 0.27), 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.