IWML vs. MVRL
IWML (ETRACS 2x Leveraged US Size Factor TR ETN) and MVRL (ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN) are both exchange-traded funds - IWML is a Leveraged Equities fund tracking the Russell 2000 Index, while MVRL is a REIT fund tracking the MVIS US Mortgage REITs Index (150%). Both are passively managed. Over the past 5 years, IWML returned 2.91%/yr vs -8.72%/yr for MVRL. A 0.71 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
IWML vs. MVRL - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IWML achieves a 32.65% return, which is significantly higher than MVRL's -5.20% return.
IWML
- 1D
- -2.04%
- 1M
- 6.57%
- YTD
- 32.65%
- 6M
- 29.46%
- 1Y
- 78.21%
- 3Y*
- 25.01%
- 5Y*
- 2.91%
- 10Y*
- —
MVRL
- 1D
- -2.09%
- 1M
- -7.86%
- YTD
- -5.20%
- 6M
- -5.45%
- 1Y
- 11.96%
- 3Y*
- 7.15%
- 5Y*
- -8.72%
- 10Y*
- —
IWML vs. MVRL - 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% |
MVRL ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN | -5.20% | 14.96% | -3.45% | 12.30% | -42.41% | 14.07% |
Correlation
The correlation between IWML and MVRL is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021 | 0.71 |
Over the past year, the correlation between IWML and MVRL has dropped to 0.49 - well below their long-term average of 0.71, suggesting their price drivers have been diverging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
IWML vs. MVRL — Risk / Return Rank
IWML
MVRL
IWML vs. MVRL - 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 Mortgage REIT ETN (MVRL). 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 | MVRL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.61 | ||
| Sortino ratioReturn per unit of downside risk | +1.94 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.10 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 3.46 | 0.57 | +2.88 |
| Martin ratioReturn relative to average drawdown | 12.11 | 1.60 | +10.51 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| IWML | MVRL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.05 | 0.44 | +1.61 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.06 | -0.24 | +0.30 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.08 | 0.12 | -0.04 |
Drawdowns
IWML vs. MVRL - Drawdown Comparison
The maximum IWML drawdown since its inception was -60.06%, roughly equal to the maximum MVRL drawdown of -60.25%. Use the drawdown chart below to compare losses from any high point for IWML and MVRL.
Loading charts...
Drawdown Indicators
| IWML | MVRL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.06% | -60.25% | +0.19% |
Max Drawdown (1Y)Largest decline over 1 year | -22.75% | -20.93% | -1.82% |
Max Drawdown (3Y)Largest decline over 3 years | -51.82% | -32.20% | -19.62% |
Max Drawdown (5Y)Largest decline over 5 years | -60.06% | -60.25% | +0.19% |
Current DrawdownCurrent decline from peak | -2.67% | -39.93% | +37.26% |
Average DrawdownAverage peak-to-trough decline | -31.91% | -31.81% | -0.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.48% | 7.51% | -1.03% |
Volatility
IWML vs. MVRL - Volatility Comparison
ETRACS 2x Leveraged US Size Factor TR ETN (IWML) has a higher volatility of 9.79% compared to ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN (MVRL) at 5.87%. This indicates that IWML's price experiences larger fluctuations and is considered to be riskier than MVRL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| IWML | MVRL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.79% | 5.87% | +3.92% |
Volatility (6M)Calculated over the trailing 6-month period | 27.49% | 20.18% | +7.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.36% | 27.30% | +11.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.08% | 36.55% | +9.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.17% | 37.63% | +8.54% |
IWML vs. MVRL - Expense Ratio Comparison
Both IWML and MVRL have an expense ratio of 0.95%.
Dividends
IWML vs. MVRL - Dividend Comparison
IWML has not paid dividends to shareholders, while MVRL's dividend yield for the trailing twelve months is around 21.21%.
| Position | 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% |
MVRL ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN | 21.21% | 19.15% | 19.27% | 18.69% | 25.21% | 12.33% | 5.63% |
Frequently Asked Questions
IWML and MVRL have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IWML has higher volatility (9.79%) compared to MVRL (5.87%). In terms of maximum drawdown, IWML dropped -60.06% vs MVRL's -60.25%.
On 5-year performance, IWML leads with 2.91% vs -8.72% for MVRL. Both ETFs have the same 0.95% expense ratio. On volatility, MVRL has been the lower-risk option at 5.87%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IWML has performed better with a 2.91% return vs -8.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IWML and MVRL have the same expense ratio: 0.95% per year.
MVRL has the higher dividend yield at 21.21%, compared with 0.00% for IWML.
IWML is categorized as Leveraged Equities, while MVRL is REIT. IWML tracks Russell 2000 Index, while MVRL tracks MVIS US Mortgage REITs Index (150%).
IWML currently has the higher Sharpe Ratio (2.05 vs 0.44), 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.
Find the right allocation for IWML and MVRL
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer