IWFL vs. NRGU

Last updated Jun 3, 2026

IWFL (ETRACS 2x Leveraged US Growth Factor TR ETN) and NRGU (MicroSectors U.S. Big Oil Index 3X Leveraged ETN) are both Leveraged Equities funds - IWFL tracks the Russell 1000 Growth (200%) while NRGU tracks the Solactive MicroSectors U.S. Big Oil Index (-300%). Both are passively managed. Over the past year, IWFL returned 48.76% vs 164.28% for NRGU. At a 0.02 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

IWFL vs. NRGU - 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 MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU). 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 lower than NRGU's 123.66% return.

IWFL

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

NRGU

• 1D: 3.44%
• 1M: -3.38%
• YTD: 123.66%
• 6M: 98.58%
• 1Y: 164.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IWFL vs. NRGU - Yearly Performance Comparison

	2026 (YTD)	2025
IWFL ETRACS 2x Leveraged US Growth Factor TR ETN	12.54%	12.50%
NRGU MicroSectors U.S. Big Oil Index 3X Leveraged ETN	123.66%	-33.00%

Correlation

The correlation between IWFL and NRGU is -0.19, 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	-0.19
Correlation (All Time) Calculated using the full available price history since Feb 21, 2025	0.02

The correlation between IWFL and NRGU shifts across timeframes, from -0.19 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IWFL vs. NRGU — 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

NRGU

NRGU Risk / Return Rank: 62
NRGU Sharpe Ratio Rank: 65
NRGU Sortino Ratio Rank: 51
NRGU Omega Ratio Rank: 50
NRGU Calmar Ratio Rank: 82
NRGU Martin Ratio Rank: 60

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. NRGU - 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 MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU). 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	NRGU	Difference
Sharpe ratio Return per unit of total volatility	1.53	2.20	-0.67
Sortino ratio Return per unit of downside risk	2.01	2.49	-0.47
Omega ratio Gain probability vs. loss probability	1.27	1.31	-0.05
Calmar ratio Return relative to maximum drawdown	1.52	4.31	-2.79
Martin ratio Return relative to average drawdown	4.86	10.83	-5.97
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. NRGU - Sharpe Ratio Comparison

The current IWFL Sharpe Ratio is 1.53, which is lower than the NRGU Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of IWFL and NRGU, 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	NRGU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.53	2.20	-0.67
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	0.42	0.00

Drawdowns

IWFL vs. NRGU - Drawdown Comparison

The maximum IWFL drawdown since its inception was -59.29%, roughly equal to the maximum NRGU drawdown of -57.50%. Use the drawdown chart below to compare losses from any high point for IWFL and NRGU.

Drawdown Indicators

	IWFL	NRGU	Difference
Max Drawdown Largest peak-to-trough decline	-59.29%	-57.50%	-1.79%
Max Drawdown (1Y) Largest decline over 1 year	-32.80%	-39.95%	+7.15%
Max Drawdown (3Y) Largest decline over 3 years	-46.84%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-59.29%	—	—
Current Drawdown Current decline from peak	-0.80%	-22.86%	+22.06%
Average Drawdown Average peak-to-trough decline	-19.95%	-25.43%	+5.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.28%	15.91%	-5.63%

Volatility

IWFL vs. NRGU - Volatility Comparison

The current volatility for ETRACS 2x Leveraged US Growth Factor TR ETN (IWFL) is 6.11%, while MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU) has a volatility of 32.14%. This indicates that IWFL experiences smaller price fluctuations and is considered to be less risky than NRGU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWFL	NRGU	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.11%	32.14%	-26.03%
Volatility (6M) Calculated over the trailing 6-month period	25.11%	61.37%	-36.26%
Volatility (1Y) Calculated over the trailing 1-year period	31.98%	75.17%	-43.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.68%	89.27%	-42.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.29%	89.27%	-42.98%

IWFL vs. NRGU - Expense Ratio Comparison

Both IWFL and NRGU have an expense ratio of 0.95%.

Dividends

IWFL vs. NRGU - Dividend Comparison

Neither IWFL nor NRGU has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IWFL and NRGU in my portfolio?

IWFL and NRGU have a correlation of -0.19, 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 NRGU?

NRGU has higher volatility (32.14%) compared to IWFL (6.11%). In terms of maximum drawdown, IWFL dropped -59.29% vs NRGU's -57.50%.

Which ETF is better, IWFL or NRGU?

On 1-year performance, NRGU leads with 164.28% vs 48.76% for IWFL. Both ETFs have the same 0.95% expense ratio. On volatility, IWFL has been the lower-risk option at 6.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWFL or NRGU?

Over the 1-year period, NRGU has performed better with a 164.28% return vs 48.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWFL or NRGU?

IWFL and NRGU have the same expense ratio: 0.95% per year.

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

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

What is the main difference between IWFL and NRGU?

IWFL tracks Russell 1000 Growth (200%), while NRGU tracks Solactive MicroSectors U.S. Big Oil Index (-300%). They also come from different issuers: UBS and BMO.

Which has better risk-adjusted returns?

NRGU currently has the higher Sharpe Ratio (2.20 vs 1.53), 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.