IWML vs. BEG

Last updated Jun 24, 2026

IWML (ETRACS 2x Leveraged US Size Factor TR ETN) and BEG (Leverage Shares 2X Long BE Daily ETF) are both Leveraged Equities funds. IWML is passively managed, while BEG is actively managed. At a 0.43 correlation, their price movements are largely independent. IWML charges 0.95%/yr vs 0.75%/yr for BEG.

Performance

IWML vs. BEG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS 2x Leveraged US Size Factor TR ETN (IWML) and Leverage Shares 2X Long BE Daily ETF (BEG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWML achieves a 39.21% return, which is significantly lower than BEG's 658.88% return.

IWML

• 1D: 3.76%
• 1M: 6.64%
• YTD: 39.21%
• 6M: 32.71%
• 1Y: 83.07%
• 3Y*: 27.63%
• 5Y*: 3.12%
• 10Y*: —

BEG

• 1D: -13.66%
• 1M: 4.00%
• YTD: 658.88%
• 6M: 577.94%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IWML vs. BEG - Yearly Performance Comparison

	2026 (YTD)	2025
IWML ETRACS 2x Leveraged US Size Factor TR ETN	39.21%	-3.80%
BEG Leverage Shares 2X Long BE Daily ETF	658.88%	1.77%

Correlation

The correlation between IWML and BEG is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 16, 2025	0.43

Return for Risk

IWML vs. BEG — Risk / Return Rank

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

IWML

IWML Risk / Return Rank: 69
IWML Sharpe Ratio Rank: 72
IWML Sortino Ratio Rank: 65
IWML Omega Ratio Rank: 59
IWML Calmar Ratio Rank: 76
IWML Martin Ratio Rank: 74

BEG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

IWML vs. BEG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS 2x Leveraged US Size Factor TR ETN (IWML) and Leverage Shares 2X Long BE Daily ETF (BEG). 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.

	IWML	BEG	Difference
Sharpe ratio: Return per unit of total volatility	2.13	—	—
Sortino ratio: Return per unit of downside risk	2.77	—	—
Omega ratio: Gain probability vs. loss probability	1.33	—	—
Calmar ratio: Return relative to maximum drawdown	3.67	—	—
Martin ratio: Return relative to average drawdown	12.81	—	—

Drawdowns

IWML vs. BEG - Drawdown Comparison

The maximum IWML drawdown since its inception was -60.06%, roughly equal to the maximum BEG drawdown of -59.85%. Use the drawdown chart below to compare losses from any high point for IWML and BEG.

Drawdown Indicators

	IWML	BEG	Difference
Max Drawdown Largest peak-to-trough decline	-60.06%	-59.85%	-0.21%
Max Drawdown (1Y) Largest decline over 1 year	-22.75%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-51.82%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-60.06%	—	—
Current Drawdown Current decline from peak	0.00%	-13.66%	+13.66%
Average Drawdown Average peak-to-trough decline	-31.60%	-16.74%	-14.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.51%	—	—

Volatility

Volatility by Period

	IWML	BEG	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.41%	—	—
Volatility (6M) Calculated over the trailing 6-month period	28.43%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	39.15%	212.91%	-173.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.19%	212.91%	-166.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.14%	212.91%	-166.77%

IWML vs. BEG - Expense Ratio Comparison

IWML has a 0.95% expense ratio, which is higher than BEG's 0.75% expense ratio.

Dividends

IWML vs. BEG - Dividend Comparison

Neither IWML nor BEG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IWML and BEG in my portfolio?

IWML and BEG have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IWML or BEG?

On fees, BEG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IWML or BEG?

BEG is cheaper with a 0.75% expense ratio, compared with 0.95% for IWML.

Which ETF pays a higher dividend yield, IWML or BEG?

IWML and BEG have nearly identical dividend yields, around 0.00%.

What is the main difference between IWML and BEG?

They also come from different issuers: UBS and Leverage Shares. Their fees differ too: 0.95% for IWML and 0.75% for BEG.