IWML vs. BRK-B

Last updated Apr 2, 2026

Compare and contrast key facts about ETRACS 2x Leveraged US Size Factor TR ETN (IWML) and Berkshire Hathaway Inc. (BRK-B).

IWML is a passively managed fund by UBS that tracks the performance of the Russell 2000 Index. It was launched on Feb 4, 2021.

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.

IWML vs. BRK-B - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
IWML ETRACS 2x Leveraged US Size Factor TR ETN	0.97%	9.64%	15.70%	22.31%	-41.80%	2.08%
BRK-B Berkshire Hathaway Inc.	-4.80%	10.89%	27.09%	15.46%	3.31%	27.15%

Returns By Period

In the year-to-date period, IWML achieves a 0.97% return, which is significantly higher than BRK-B's -4.80% return.

IWML

• 1D: 1.93%
• 1M: -10.49%
• YTD: 0.97%
• 6M: 3.02%
• 1Y: 37.84%
• 3Y*: 15.02%
• 5Y*: -1.97%
• 10Y*: —

BRK-B

• 1D: -0.15%
• 1M: -0.35%
• YTD: -4.80%
• 6M: -3.95%
• 1Y: -10.22%
• 3Y*: 15.72%
• 5Y*: 13.13%
• 10Y*: 12.78%

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

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: 43
IWML Sharpe Ratio Rank: 38
IWML Sortino Ratio Rank: 47
IWML Omega Ratio Rank: 44
IWML Calmar Ratio Rank: 44
IWML Martin Ratio Rank: 44

BRK-B

BRK-B Risk / Return Rank: 17
BRK-B Sharpe Ratio Rank: 16
BRK-B Sortino Ratio Rank: 16
BRK-B Omega Ratio Rank: 16
BRK-B Calmar Ratio Rank: 17
BRK-B Martin Ratio Rank: 19

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	0.77	-0.56	+1.33
Sortino ratio Return per unit of downside risk	1.35	-0.65	+2.00
Omega ratio Gain probability vs. loss probability	1.18	0.91	+0.27
Calmar ratio Return relative to maximum drawdown	1.26	-0.68	+1.94
Martin ratio Return relative to average drawdown	4.52	-1.16	+5.68
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 0.77, which is higher than the BRK-B Sharpe Ratio of -0.56. The chart below compares the historical Sharpe Ratios of IWML and BRK-B, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	IWML	BRK-B	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.77	-0.56	+1.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.04	0.77	-0.81
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.03	0.48	-0.51

Correlation

The correlation between IWML and BRK-B is 0.49, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

IWML vs. BRK-B - Dividend Comparison

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

Tickers have no history of dividend payments

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	-30.86%	-14.95%	-15.91%
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	-22.20%	-11.36%	-10.84%
Average Drawdown Average peak-to-trough decline	-32.77%	-11.07%	-21.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.58%	8.72%	-0.14%

Volatility

IWML vs. BRK-B - Volatility Comparison

ETRACS 2x Leveraged US Size Factor TR ETN (IWML) has a higher volatility of 16.29% compared to Berkshire Hathaway Inc. (BRK-B) at 4.33%. 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	16.29%	4.33%	+11.96%
Volatility (6M) Calculated over the trailing 6-month period	30.01%	11.14%	+18.87%
Volatility (1Y) Calculated over the trailing 1-year period	49.43%	18.30%	+31.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.20%	17.20%	+29.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.53%	19.45%	+27.08%