IWML vs. CEFD
Compare and contrast key facts about ETRACS 2x Leveraged US Size Factor TR ETN (IWML) and ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD).
IWML and CEFD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IWML is a passively managed fund by UBS that tracks the performance of the Russell 2000 Index. It was launched on Feb 4, 2021. CEFD is a passively managed fund by UBS that tracks the performance of the S-Network Composite Closed-End Fund Index (150%). It was launched on Jun 2, 2020. Both IWML and CEFD are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
IWML vs. CEFD - Performance Comparison
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IWML vs. CEFD - 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% |
CEFD ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN | -3.73% | 14.15% | 20.06% | 8.36% | -28.93% | 18.47% |
Returns By Period
In the year-to-date period, IWML achieves a 0.97% return, which is significantly higher than CEFD's -3.73% return.
IWML
- 1D
- 1.93%
- 1M
- -10.49%
- YTD
- 0.97%
- 6M
- 3.02%
- 1Y
- 37.84%
- 3Y*
- 15.02%
- 5Y*
- -1.97%
- 10Y*
- —
CEFD
- 1D
- 1.63%
- 1M
- -6.56%
- YTD
- -3.73%
- 6M
- -3.27%
- 1Y
- 9.83%
- 3Y*
- 11.64%
- 5Y*
- 2.72%
- 10Y*
- —
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IWML vs. CEFD - Expense Ratio Comparison
Both IWML and CEFD have an expense ratio of 0.95%.
Return for Risk
IWML vs. CEFD — Risk / Return Rank
IWML
CEFD
IWML vs. CEFD - 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 ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD). 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 | CEFD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.77 | 0.48 | +0.29 |
Sortino ratioReturn per unit of downside risk | 1.35 | 0.77 | +0.58 |
Omega ratioGain probability vs. loss probability | 1.18 | 1.14 | +0.04 |
Calmar ratioReturn relative to maximum drawdown | 1.26 | 0.62 | +0.63 |
Martin ratioReturn relative to average drawdown | 4.52 | 2.80 | +1.72 |
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
| IWML | CEFD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.77 | 0.48 | +0.29 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.04 | 0.15 | -0.20 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.03 | 0.42 | -0.45 |
Correlation
The correlation between IWML and CEFD is 0.72, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
IWML vs. CEFD - Dividend Comparison
IWML has not paid dividends to shareholders, while CEFD's dividend yield for the trailing twelve months is around 15.83%.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
IWML ETRACS 2x Leveraged US Size Factor TR ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
CEFD ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN | 15.83% | 14.88% | 13.90% | 14.76% | 16.56% | 10.31% | 5.37% |
Drawdowns
IWML vs. CEFD - Drawdown Comparison
The maximum IWML drawdown since its inception was -60.06%, which is greater than CEFD's maximum drawdown of -36.95%. Use the drawdown chart below to compare losses from any high point for IWML and CEFD.
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Drawdown Indicators
| IWML | CEFD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.06% | -36.95% | -23.11% |
Max Drawdown (1Y)Largest decline over 1 year | -30.86% | -16.13% | -14.73% |
Max Drawdown (5Y)Largest decline over 5 years | -60.06% | -36.95% | -23.11% |
Current DrawdownCurrent decline from peak | -22.20% | -7.31% | -14.89% |
Average DrawdownAverage peak-to-trough decline | -32.77% | -12.01% | -20.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.58% | 3.59% | +4.99% |
Volatility
IWML vs. CEFD - Volatility Comparison
ETRACS 2x Leveraged US Size Factor TR ETN (IWML) has a higher volatility of 16.29% compared to ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD) at 8.79%. This indicates that IWML's price experiences larger fluctuations and is considered to be riskier than CEFD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IWML | CEFD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.29% | 8.79% | +7.50% |
Volatility (6M)Calculated over the trailing 6-month period | 30.01% | 10.94% | +19.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.43% | 20.68% | +28.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.20% | 17.84% | +28.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.53% | 17.41% | +29.12% |