IWML vs. HDLB

Last updated Jun 4, 2026

IWML (ETRACS 2x Leveraged US Size Factor TR ETN) and HDLB (ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B) are both Leveraged Equities funds from UBS - IWML tracks the Russell 2000 Index while HDLB tracks the Solactive US High Dividend Low Volatility (USD)(TR) (200%). Both are passively managed. Over the past 5 years, IWML returned 2.91%/yr vs 11.24%/yr for HDLB. At a 0.48 correlation, their price movements are largely independent. IWML charges 0.95%/yr vs 1.65%/yr for HDLB.

Performance

IWML vs. HDLB - 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 ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWML achieves a 32.65% return, which is significantly higher than HDLB's 9.69% return.

IWML

• 1D: -2.04%
• 1M: 6.57%
• YTD: 32.65%
• 6M: 29.46%
• 1Y: 78.21%
• 3Y*: 25.01%
• 5Y*: 2.91%
• 10Y*: —

HDLB

• 1D: -1.72%
• 1M: -4.18%
• YTD: 9.69%
• 6M: 8.78%
• 1Y: 17.78%
• 3Y*: 26.82%
• 5Y*: 11.24%
• 10Y*: —

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

IWML vs. HDLB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
IWML ETRACS 2x Leveraged US Size Factor TR ETN	32.65%	9.64%	15.70%	22.31%	-41.80%	2.08%
HDLB ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B	9.69%	27.26%	28.21%	-4.12%	-11.46%	42.92%

Correlation

The correlation between IWML and HDLB is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021	0.48

The correlation between IWML and HDLB shifts across timeframes, from 0.32 (1 year) to 0.49 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

IWML vs. HDLB — Risk / Return Rank

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

IWML

IWML Risk / Return Rank: 62
IWML Sharpe Ratio Rank: 61
IWML Sortino Ratio Rank: 57
IWML Omega Ratio Rank: 53
IWML Calmar Ratio Rank: 70
IWML Martin Ratio Rank: 67

HDLB

HDLB Risk / Return Rank: 21
HDLB Sharpe Ratio Rank: 20
HDLB Sortino Ratio Rank: 20
HDLB Omega Ratio Rank: 20
HDLB Calmar Ratio Rank: 25
HDLB Martin Ratio Rank: 22

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. HDLB - 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 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB). 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	HDLB	Difference
Sharpe ratio: Return per unit of total volatility	2.05	0.68	+1.38
Sortino ratio: Return per unit of downside risk	2.72	1.11	+1.61
Omega ratio: Gain probability vs. loss probability	1.33	1.13	+0.19
Calmar ratio: Return relative to maximum drawdown	3.46	1.23	+2.22
Martin ratio: Return relative to average drawdown	12.11	2.69	+9.41
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. HDLB - Sharpe Ratio Comparison

The current IWML Sharpe Ratio is 2.05, which is higher than the HDLB Sharpe Ratio of 0.68. The chart below compares the historical Sharpe Ratios of IWML and HDLB, 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	HDLB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.05	0.68	+1.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.06	0.37	-0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	0.10	-0.01

Drawdowns

IWML vs. HDLB - Drawdown Comparison

The maximum IWML drawdown since its inception was -60.06%, smaller than the maximum HDLB drawdown of -78.70%. Use the drawdown chart below to compare losses from any high point for IWML and HDLB.

Drawdown Indicators

	IWML	HDLB	Difference
Max Drawdown Largest peak-to-trough decline	-60.06%	-78.70%	+18.64%
Max Drawdown (1Y) Largest decline over 1 year	-22.75%	-14.50%	-8.25%
Max Drawdown (3Y) Largest decline over 3 years	-51.82%	-22.46%	-29.36%
Max Drawdown (5Y) Largest decline over 5 years	-60.06%	-43.81%	-16.25%
Current Drawdown Current decline from peak	-2.67%	-14.15%	+11.48%
Average Drawdown Average peak-to-trough decline	-31.91%	-27.47%	-4.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.48%	6.62%	-0.14%

Volatility

IWML vs. HDLB - Volatility Comparison

ETRACS 2x Leveraged US Size Factor TR ETN (IWML) has a higher volatility of 9.79% compared to ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB) at 6.21%. This indicates that IWML's price experiences larger fluctuations and is considered to be riskier than HDLB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWML	HDLB	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.79%	6.21%	+3.58%
Volatility (6M) Calculated over the trailing 6-month period	27.49%	18.14%	+9.35%
Volatility (1Y) Calculated over the trailing 1-year period	38.36%	26.46%	+11.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.08%	30.55%	+15.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.17%	43.58%	+2.59%

IWML vs. HDLB - Expense Ratio Comparison

IWML has a 0.95% expense ratio, which is lower than HDLB's 1.65% expense ratio.

Dividends

IWML vs. HDLB - Dividend Comparison

IWML has not paid dividends to shareholders, while HDLB's dividend yield for the trailing twelve months is around 12.13%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
HDLB ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B	12.13%	12.20%	10.09%	12.36%	10.86%	8.07%	16.23%	0.97%
IWML ETRACS 2x Leveraged US Size Factor TR ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IWML and HDLB in my portfolio?

IWML and HDLB have a correlation of 0.32, 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 HDLB?

IWML has higher volatility (9.79%) compared to HDLB (6.21%). In terms of maximum drawdown, IWML dropped -60.06% vs HDLB's -78.70%.

Which ETF is better, IWML or HDLB?

On 5-year performance, HDLB leads with 11.24% vs 2.91% for IWML. On fees, IWML is cheaper at 0.95% per year. On volatility, HDLB has been the lower-risk option at 6.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWML or HDLB?

Over the 5-year period, HDLB has performed better with a 11.24% return vs 2.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWML or HDLB?

IWML is cheaper with a 0.95% expense ratio, compared with 1.65% for HDLB.

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

HDLB has the higher dividend yield at 12.13%, compared with 0.00% for IWML.

What is the main difference between IWML and HDLB?

IWML tracks Russell 2000 Index, while HDLB tracks Solactive US High Dividend Low Volatility (USD)(TR) (200%). Their fees differ too: 0.95% for IWML and 1.65% for HDLB.

Which has better risk-adjusted returns?

IWML currently has the higher Sharpe Ratio (2.05 vs 0.68), 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.