IWFL vs. SMH
IWFL (ETRACS 2x Leveraged US Growth Factor TR ETN) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - IWFL is a Leveraged Equities fund tracking the Russell 1000 Growth (200%), while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 5 years, IWFL returned 20.43%/yr vs 39.58%/yr for SMH. Their correlation of 0.82 suggests significant overlap in exposure. IWFL charges 0.95%/yr vs 0.35%/yr for SMH.
Performance
IWFL vs. SMH - Performance Comparison
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Returns By Period
In the year-to-date period, IWFL achieves a 12.54% return, which is significantly lower than SMH's 75.55% return.
IWFL
- 1D
- -0.80%
- 1M
- 12.28%
- YTD
- 12.54%
- 6M
- 10.59%
- 1Y
- 48.76%
- 3Y*
- 39.45%
- 5Y*
- 20.43%
- 10Y*
- —
SMH
- 1D
- 4.01%
- 1M
- 24.01%
- YTD
- 75.55%
- 6M
- 76.44%
- 1Y
- 160.66%
- 3Y*
- 63.68%
- 5Y*
- 39.58%
- 10Y*
- 37.55%
IWFL vs. SMH - 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% | 46.03% |
SMH VanEck Semiconductor ETF | 75.55% | 49.17% | 39.10% | 73.38% | -33.53% | 31.99% |
Correlation
The correlation between IWFL and SMH is 0.73, 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 | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021 | 0.82 |
The correlation between IWFL and SMH has been stable across timeframes, ranging from 0.73 to 0.82 - a consistent structural relationship.
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Return for Risk
IWFL vs. SMH — Risk / Return Rank
IWFL
SMH
IWFL vs. SMH - 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 VanEck Semiconductor ETF (SMH). 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 | SMH | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.53 | 5.29 | -3.76 |
Sortino ratioReturn per unit of downside risk | 2.01 | 5.29 | -3.27 |
Omega ratioGain probability vs. loss probability | 1.27 | 1.73 | -0.47 |
Calmar ratioReturn relative to maximum drawdown | 1.52 | 11.02 | -9.49 |
Martin ratioReturn relative to average drawdown | 4.86 | 42.34 | -37.48 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IWFL | SMH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.53 | 5.29 | -3.76 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.44 | 1.14 | -0.70 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 1.16 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.34 | +0.08 |
Drawdowns
IWFL vs. SMH - Drawdown Comparison
The maximum IWFL drawdown since its inception was -59.29%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for IWFL and SMH.
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Drawdown Indicators
| IWFL | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.29% | -84.96% | +25.67% |
Max Drawdown (1Y)Largest decline over 1 year | -32.80% | -14.93% | -17.87% |
Max Drawdown (3Y)Largest decline over 3 years | -46.84% | -35.74% | -11.10% |
Max Drawdown (5Y)Largest decline over 5 years | -59.29% | -45.30% | -13.99% |
Max Drawdown (10Y)Largest decline over 10 years | — | -45.30% | — |
Current DrawdownCurrent decline from peak | -0.80% | 0.00% | -0.80% |
Average DrawdownAverage peak-to-trough decline | -19.95% | -41.09% | +21.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.28% | 3.89% | +6.39% |
Volatility
IWFL vs. SMH - Volatility Comparison
The current volatility for ETRACS 2x Leveraged US Growth Factor TR ETN (IWFL) is 6.11%, while VanEck Semiconductor ETF (SMH) has a volatility of 11.59%. This indicates that IWFL experiences smaller price fluctuations and is considered to be less risky than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IWFL | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.11% | 11.59% | -5.48% |
Volatility (6M)Calculated over the trailing 6-month period | 25.11% | 24.29% | +0.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.98% | 30.57% | +1.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.68% | 35.02% | +11.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.29% | 32.58% | +13.71% |
IWFL vs. SMH - Expense Ratio Comparison
IWFL has a 0.95% expense ratio, which is higher than SMH's 0.35% expense ratio.
Dividends
IWFL vs. SMH - Dividend Comparison
IWFL has not paid dividends to shareholders, while SMH's dividend yield for the trailing twelve months is around 0.17%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWFL ETRACS 2x Leveraged US Growth 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% |
SMH VanEck Semiconductor ETF | 0.17% | 0.31% | 0.44% | 0.60% | 1.18% | 0.51% | 0.69% | 1.50% | 1.88% | 1.43% | 0.80% | 2.14% |
Frequently Asked Questions
IWFL and SMH have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMH has higher volatility (11.59%) compared to IWFL (6.11%). In terms of maximum drawdown, IWFL dropped -59.29% vs SMH's -84.96%.
On 5-year performance, SMH leads with 39.58% vs 20.43% for IWFL. On fees, SMH is cheaper at 0.35% per year. 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.
Over the 5-year period, SMH has performed better with a 39.58% return vs 20.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMH is cheaper with a 0.35% expense ratio, compared with 0.95% for IWFL.
SMH has the higher dividend yield at 0.17%, compared with 0.00% for IWFL.
IWFL is categorized as Leveraged Equities, while SMH is Semiconductors. IWFL tracks Russell 1000 Growth (200%), while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: UBS and VanEck. Their fees differ too: 0.95% for IWFL and 0.35% for SMH.
SMH currently has the higher Sharpe Ratio (5.29 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.
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