IWFL vs. SMHB
IWFL (ETRACS 2x Leveraged US Growth Factor TR ETN) and SMHB (ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B) are both Leveraged Equities funds from UBS - IWFL tracks the Russell 1000 Growth (200%) while SMHB tracks the Solactive US Small Cap High Dividend Index (200%). Both are passively managed. Over the past 5 years, IWFL returned 14.74%/yr vs -6.82%/yr for SMHB. At a 0.46 correlation, their price movements are largely independent. IWFL charges 0.95%/yr vs 0.85%/yr for SMHB.
Performance
IWFL vs. SMHB - Performance Comparison
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Returns By Period
In the year-to-date period, IWFL achieves a -0.55% return, which is significantly lower than SMHB's 7.31% return.
IWFL
- 1D
- -2.52%
- 1M
- -7.42%
- YTD
- -0.55%
- 6M
- -3.20%
- 1Y
- 27.71%
- 3Y*
- 32.31%
- 5Y*
- 14.74%
- 10Y*
- —
SMHB
- 1D
- 1.24%
- 1M
- 0.69%
- YTD
- 7.31%
- 6M
- 8.42%
- 1Y
- 5.50%
- 3Y*
- 9.13%
- 5Y*
- -6.82%
- 10Y*
- —
IWFL vs. SMHB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IWFL ETRACS 2x Leveraged US Growth Factor TR ETN | -0.55% | 18.54% | 61.94% | 84.47% | -55.71% | 46.03% |
SMHB ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B | 7.31% | -7.75% | -15.85% | 35.96% | -36.03% | 41.12% |
Correlation
The correlation between IWFL and SMHB is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021 | 0.46 |
The correlation between IWFL and SMHB shifts across timeframes, from 0.32 (1 year) to 0.47 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
IWFL vs. SMHB — Risk / Return Rank
IWFL
SMHB
IWFL vs. SMHB - 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 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B (SMHB). 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.
| IWFL | SMHB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.69 | ||
| Sortino ratioReturn per unit of downside risk | +0.79 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.06 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.85 | 0.22 | +0.63 |
| Martin ratioReturn relative to average drawdown | 2.65 | 0.53 | +2.12 |
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Drawdowns
IWFL vs. SMHB - Drawdown Comparison
The maximum IWFL drawdown since its inception was -59.29%, smaller than the maximum SMHB drawdown of -90.30%. Use the drawdown chart below to compare losses from any high point for IWFL and SMHB.
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Drawdown Indicators
| IWFL | SMHB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.29% | -90.30% | +31.01% |
Max Drawdown (1Y)Largest decline over 1 year | -32.80% | -25.16% | -7.64% |
Max Drawdown (3Y)Largest decline over 3 years | -46.84% | -45.05% | -1.79% |
Max Drawdown (5Y)Largest decline over 5 years | -59.29% | -58.11% | -1.18% |
Current DrawdownCurrent decline from peak | -12.34% | -40.93% | +28.59% |
Average DrawdownAverage peak-to-trough decline | -19.82% | -37.21% | +17.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.49% | 10.47% | +0.02% |
Volatility
IWFL vs. SMHB - Volatility Comparison
ETRACS 2x Leveraged US Growth Factor TR ETN (IWFL) has a higher volatility of 10.92% compared to ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B (SMHB) at 8.17%. This indicates that IWFL's price experiences larger fluctuations and is considered to be riskier than SMHB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IWFL | SMHB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.92% | 8.17% | +2.75% |
Volatility (6M)Calculated over the trailing 6-month period | 26.51% | 24.75% | +1.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.32% | 38.33% | -5.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.86% | 48.92% | -2.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.25% | 66.13% | -19.88% |
IWFL vs. SMHB - Expense Ratio Comparison
IWFL has a 0.95% expense ratio, which is higher than SMHB's 0.85% expense ratio.
Dividends
IWFL vs. SMHB - Dividend Comparison
IWFL has not paid dividends to shareholders, while SMHB's dividend yield for the trailing twelve months is around 21.04%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
SMHB ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B | 21.04% | 22.22% | 21.95% | 15.27% | 24.18% | 12.22% | 16.86% | 19.97% | 0.91% |
Frequently Asked Questions
IWFL and SMHB have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IWFL has higher volatility (10.92%) compared to SMHB (8.17%). In terms of maximum drawdown, IWFL dropped -59.29% vs SMHB's -90.30%.
On 5-year performance, IWFL leads with 14.74% vs -6.82% for SMHB. On fees, SMHB is cheaper at 0.85% per year. On volatility, SMHB has been the lower-risk option at 8.17%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IWFL has performed better with a 14.74% return vs -6.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMHB is cheaper with a 0.85% expense ratio, compared with 0.95% for IWFL.
SMHB has the higher dividend yield at 21.04%, compared with 0.00% for IWFL.
IWFL tracks Russell 1000 Growth (200%), while SMHB tracks Solactive US Small Cap High Dividend Index (200%). Their fees differ too: 0.95% for IWFL and 0.85% for SMHB.
IWFL currently has the higher Sharpe Ratio (0.84 vs 0.14), 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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