IWFL vs. SPY
IWFL (ETRACS 2x Leveraged US Growth Factor TR ETN) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - IWFL is a Leveraged Equities fund tracking the Russell 1000 Growth (200%), while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, IWFL returned 20.43%/yr vs 14.20%/yr for SPY. Their correlation of 0.93 suggests significant overlap in exposure. IWFL charges 0.95%/yr vs 0.09%/yr for SPY.
Performance
IWFL vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, IWFL achieves a 12.54% return, which is significantly higher than SPY's 11.69% return.
IWFL
- 1D
- -0.80%
- 1M
- 12.28%
- YTD
- 12.54%
- 6M
- 10.59%
- 1Y
- 48.76%
- 3Y*
- 39.45%
- 5Y*
- 20.43%
- 10Y*
- —
SPY
- 1D
- 0.14%
- 1M
- 5.40%
- YTD
- 11.69%
- 6M
- 12.09%
- 1Y
- 29.62%
- 3Y*
- 22.64%
- 5Y*
- 14.20%
- 10Y*
- 15.57%
IWFL vs. SPY - 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% |
SPY State Street SPDR S&P 500 ETF | 11.69% | 17.72% | 24.89% | 26.18% | -18.18% | 24.14% |
Correlation
The correlation between IWFL and SPY is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021 | 0.93 |
The correlation between IWFL and SPY has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.
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Return for Risk
IWFL vs. SPY — Risk / Return Rank
IWFL
SPY
IWFL vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.53 | 2.52 | -0.99 |
Sortino ratioReturn per unit of downside risk | 2.01 | 3.42 | -1.40 |
Omega ratioGain probability vs. loss probability | 1.27 | 1.46 | -0.19 |
Calmar ratioReturn relative to maximum drawdown | 1.52 | 3.42 | -1.89 |
Martin ratioReturn relative to average drawdown | 4.86 | 15.93 | -11.06 |
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 | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.53 | 2.52 | -0.99 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.44 | 0.84 | -0.40 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.87 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.59 | -0.16 |
Drawdowns
IWFL vs. SPY - Drawdown Comparison
The maximum IWFL drawdown since its inception was -59.29%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for IWFL and SPY.
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Drawdown Indicators
| IWFL | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.29% | -55.19% | -4.10% |
Max Drawdown (1Y)Largest decline over 1 year | -32.80% | -8.88% | -23.92% |
Max Drawdown (3Y)Largest decline over 3 years | -46.84% | -18.76% | -28.08% |
Max Drawdown (5Y)Largest decline over 5 years | -59.29% | -24.50% | -34.79% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -0.80% | 0.00% | -0.80% |
Average DrawdownAverage peak-to-trough decline | -19.95% | -9.05% | -10.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.28% | 1.91% | +8.37% |
Volatility
IWFL vs. SPY - Volatility Comparison
ETRACS 2x Leveraged US Growth Factor TR ETN (IWFL) has a higher volatility of 6.11% compared to State Street SPDR S&P 500 ETF (SPY) at 2.75%. This indicates that IWFL's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IWFL | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.11% | 2.75% | +3.36% |
Volatility (6M)Calculated over the trailing 6-month period | 25.11% | 8.89% | +16.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.98% | 11.81% | +20.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.68% | 17.05% | +29.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.29% | 17.94% | +28.35% |
IWFL vs. SPY - Expense Ratio Comparison
IWFL has a 0.95% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
IWFL vs. SPY - Dividend Comparison
IWFL has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 0.97%.
| 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% |
SPY State Street SPDR S&P 500 ETF | 0.97% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
With a correlation of 0.91, IWFL and SPY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
IWFL has higher volatility (6.11%) compared to SPY (2.75%). In terms of maximum drawdown, IWFL dropped -59.29% vs SPY's -55.19%.
On 5-year performance, IWFL leads with 20.43% vs 14.20% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.75%. 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 20.43% return vs 14.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.95% for IWFL.
SPY has the higher dividend yield at 0.97%, compared with 0.00% for IWFL.
IWFL is categorized as Leveraged Equities, while SPY is S&P 500. IWFL tracks Russell 1000 Growth (200%), while SPY tracks S&P 500 Index. They also come from different issuers: UBS and State Street. Their fees differ too: 0.95% for IWFL and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (2.52 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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