IWML vs. BRK-B

Last updated Jun 5, 2026

IWML (ETRACS 2x Leveraged US Size Factor TR ETN) is Leveraged Equities fund tracking the Russell 2000 Index, while BRK-B (Berkshire Hathaway Inc.) is a stock. Over the past 5 years, IWML returned 3.43%/yr vs 10.35%/yr for BRK-B. At a 0.47 correlation, their price movements are largely independent.

Performance

IWML vs. BRK-B - 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 Berkshire Hathaway Inc. (BRK-B). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWML achieves a 36.05% return, which is significantly higher than BRK-B's -4.78% return.

IWML

• 1D: 2.56%
• 1M: 5.76%
• YTD: 36.05%
• 6M: 34.20%
• 1Y: 83.01%
• 3Y*: 27.16%
• 5Y*: 3.43%
• 10Y*: —

BRK-B

• 1D: 0.69%
• 1M: 2.82%
• YTD: -4.78%
• 6M: -4.89%
• 1Y: -2.52%
• 3Y*: 13.36%
• 5Y*: 10.35%
• 10Y*: 12.93%

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

IWML vs. BRK-B - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
IWML ETRACS 2x Leveraged US Size Factor TR ETN	36.05%	9.64%	15.70%	22.31%	-41.80%	2.08%
BRK-B Berkshire Hathaway Inc.	-4.78%	10.89%	27.09%	15.46%	3.31%	27.15%

Correlation

The correlation between IWML and BRK-B is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021	0.47

Over the past year, the correlation between IWML and BRK-B has dropped to 0.16 - well below their long-term average of 0.47, suggesting their price drivers have been diverging.

Return for Risk

IWML vs. BRK-B — Risk / Return Rank

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

IWML

IWML Risk / Return Rank: 66
IWML Sharpe Ratio Rank: 67
IWML Sortino Ratio Rank: 62
IWML Omega Ratio Rank: 56
IWML Calmar Ratio Rank: 74
IWML Martin Ratio Rank: 70

BRK-B

BRK-B Risk / Return Rank: 31
BRK-B Sharpe Ratio Rank: 34
BRK-B Sortino Ratio Rank: 28
BRK-B Omega Ratio Rank: 27
BRK-B Calmar Ratio Rank: 33
BRK-B Martin Ratio Rank: 32

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. BRK-B - 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 Berkshire Hathaway Inc. (BRK-B). 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.

	IWML	BRK-B	Difference
Sharpe ratio: Return per unit of total volatility	2.18	-0.18	+2.35
Sortino ratio: Return per unit of downside risk	2.83	-0.15	+2.98
Omega ratio: Gain probability vs. loss probability	1.34	0.98	+0.36
Calmar ratio: Return relative to maximum drawdown	3.67	-0.27	+3.94
Martin ratio: Return relative to average drawdown	12.85	-0.57	+13.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IWML vs. BRK-B - Sharpe Ratio Comparison

The current IWML Sharpe Ratio is 2.18, which is higher than the BRK-B Sharpe Ratio of -0.18. The chart below compares the historical Sharpe Ratios of IWML and BRK-B, 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

	IWML	BRK-B	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.18	-0.18	+2.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.07	0.61	-0.53
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.67	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.09	0.48	-0.38

Drawdowns

IWML vs. BRK-B - Drawdown Comparison

The maximum IWML drawdown since its inception was -60.06%, which is greater than BRK-B's maximum drawdown of -53.86%. Use the drawdown chart below to compare losses from any high point for IWML and BRK-B.

Drawdown Indicators

	IWML	BRK-B	Difference
Max Drawdown Largest peak-to-trough decline	-60.06%	-53.86%	-6.20%
Max Drawdown (1Y) Largest decline over 1 year	-22.75%	-9.42%	-13.33%
Max Drawdown (3Y) Largest decline over 3 years	-51.82%	-14.95%	-36.87%
Max Drawdown (5Y) Largest decline over 5 years	-60.06%	-26.58%	-33.48%
Max Drawdown (10Y) Largest decline over 10 years	—	-29.57%	—
Current Drawdown Current decline from peak	-0.17%	-11.33%	+11.16%
Average Drawdown Average peak-to-trough decline	-31.88%	-11.07%	-20.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.48%	4.46%	+2.02%

Volatility

IWML vs. BRK-B - Volatility Comparison

ETRACS 2x Leveraged US Size Factor TR ETN (IWML) has a higher volatility of 9.58% compared to Berkshire Hathaway Inc. (BRK-B) at 3.72%. This indicates that IWML's price experiences larger fluctuations and is considered to be riskier than BRK-B based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWML	BRK-B	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.58%	3.72%	+5.86%
Volatility (6M) Calculated over the trailing 6-month period	27.58%	10.70%	+16.88%
Volatility (1Y) Calculated over the trailing 1-year period	38.33%	14.32%	+24.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.10%	17.11%	+28.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.17%	19.43%	+26.74%

Dividends

IWML vs. BRK-B - Dividend Comparison

Neither IWML nor BRK-B has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IWML and BRK-B in my portfolio?

IWML and BRK-B have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IWML or BRK-B?

IWML has higher volatility (9.58%) compared to BRK-B (3.72%). In terms of maximum drawdown, IWML dropped -60.06% vs BRK-B's -53.86%.

Which has better risk-adjusted returns?

IWML currently has the higher Sharpe Ratio (2.18 vs -0.18), 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.