IWML vs. NVDY

Last updated Jun 24, 2026

IWML (ETRACS 2x Leveraged US Size Factor TR ETN) and NVDY (YieldMax NVDA Option Income Strategy ETF) are both exchange-traded funds - IWML is a Leveraged Equities fund tracking the Russell 2000 Index, while NVDY is a Derivative Income fund actively managed by YieldMax. IWML is passively managed, while NVDY is actively managed. Over the past 3 years, IWML returned 27.63%/yr vs 50.59%/yr for NVDY. At a 0.32 correlation, their price movements are largely independent. IWML charges 0.95%/yr vs 0.99%/yr for NVDY.

Performance

IWML vs. NVDY - 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 YieldMax NVDA Option Income Strategy ETF (NVDY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWML achieves a 39.21% return, which is significantly higher than NVDY's 7.04% return.

IWML

• 1D: 3.76%
• 1M: 6.64%
• YTD: 39.21%
• 6M: 32.71%
• 1Y: 83.07%
• 3Y*: 27.63%
• 5Y*: 3.12%
• 10Y*: —

NVDY

• 1D: -3.24%
• 1M: -5.21%
• YTD: 7.04%
• 6M: 6.21%
• 1Y: 33.90%
• 3Y*: 50.59%
• 5Y*: —
• 10Y*: —

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

IWML vs. NVDY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IWML ETRACS 2x Leveraged US Size Factor TR ETN	39.21%	9.64%	15.70%	25.40%
NVDY YieldMax NVDA Option Income Strategy ETF	7.04%	27.38%	114.23%	41.31%

Correlation

The correlation between IWML and NVDY is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (All Time) Calculated using the full available price history since May 11, 2023	0.32

Return for Risk

IWML vs. NVDY — Risk / Return Rank

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

IWML

IWML Risk / Return Rank: 69
IWML Sharpe Ratio Rank: 72
IWML Sortino Ratio Rank: 65
IWML Omega Ratio Rank: 59
IWML Calmar Ratio Rank: 76
IWML Martin Ratio Rank: 74

NVDY

NVDY Risk / Return Rank: 39
NVDY Sharpe Ratio Rank: 35
NVDY Sortino Ratio Rank: 33
NVDY Omega Ratio Rank: 32
NVDY Calmar Ratio Rank: 56
NVDY Martin Ratio Rank: 40

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. NVDY - 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 YieldMax NVDA Option Income Strategy ETF (NVDY). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	IWML	NVDY	Difference
Sharpe ratio: Return per unit of total volatility	2.13	1.20	+0.93
Sortino ratio: Return per unit of downside risk	2.77	1.70	+1.07
Omega ratio: Gain probability vs. loss probability	1.33	1.21	+0.12
Calmar ratio: Return relative to maximum drawdown	3.67	2.66	+1.01
Martin ratio: Return relative to average drawdown	12.81	6.05	+6.76

IWML vs. NVDY - Sharpe Ratio Comparison

The current IWML Sharpe Ratio is 2.13, which is higher than the NVDY Sharpe Ratio of 1.20. The chart below compares the historical Sharpe Ratios of IWML and NVDY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IWML vs. NVDY - Drawdown Comparison

The maximum IWML drawdown since its inception was -60.06%, which is greater than NVDY's maximum drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for IWML and NVDY.

Drawdown Indicators

	IWML	NVDY	Difference
Max Drawdown Largest peak-to-trough decline	-60.06%	-34.08%	-25.98%
Max Drawdown (1Y) Largest decline over 1 year	-22.75%	-12.81%	-9.94%
Max Drawdown (3Y) Largest decline over 3 years	-51.82%	-34.08%	-17.74%
Max Drawdown (5Y) Largest decline over 5 years	-60.06%	—	—
Current Drawdown Current decline from peak	0.00%	-11.62%	+11.62%
Average Drawdown Average peak-to-trough decline	-31.60%	-6.20%	-25.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.51%	5.62%	+0.89%

Volatility

IWML vs. NVDY - Volatility Comparison

ETRACS 2x Leveraged US Size Factor TR ETN (IWML) has a higher volatility of 11.41% compared to YieldMax NVDA Option Income Strategy ETF (NVDY) at 10.10%. This indicates that IWML's price experiences larger fluctuations and is considered to be riskier than NVDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWML	NVDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.41%	10.10%	+1.31%
Volatility (6M) Calculated over the trailing 6-month period	28.43%	21.63%	+6.80%
Volatility (1Y) Calculated over the trailing 1-year period	39.15%	28.32%	+10.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.19%	38.19%	+8.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.14%	38.19%	+7.95%

IWML vs. NVDY - Expense Ratio Comparison

IWML has a 0.95% expense ratio, which is lower than NVDY's 0.99% expense ratio.

Dividends

IWML vs. NVDY - Dividend Comparison

IWML has not paid dividends to shareholders, while NVDY's dividend yield for the trailing twelve months is around 64.30%.

Position	TTM	2025	2024	2023
IWML ETRACS 2x Leveraged US Size Factor TR ETN	0.00%	0.00%	0.00%	0.00%
NVDY YieldMax NVDA Option Income Strategy ETF	64.30%	83.10%	83.65%	22.32%

Frequently Asked Questions

Can I hold both IWML and NVDY in my portfolio?

IWML and NVDY have a correlation of 0.30, 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 NVDY?

IWML has higher volatility (11.41%) compared to NVDY (10.10%). In terms of maximum drawdown, IWML dropped -60.06% vs NVDY's -34.08%.

Which ETF is better, IWML or NVDY?

On 3-year performance, NVDY leads with 50.59% vs 27.63% for IWML. On fees, IWML is cheaper at 0.95% per year. On volatility, NVDY has been the lower-risk option at 10.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWML or NVDY?

Over the 3-year period, NVDY has performed better with a 50.59% return vs 27.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWML or NVDY?

IWML is cheaper with a 0.95% expense ratio, compared with 0.99% for NVDY.

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

NVDY has the higher dividend yield at 64.30%, compared with 0.00% for IWML.

What is the main difference between IWML and NVDY?

IWML is categorized as Leveraged Equities, while NVDY is Derivative Income. They also come from different issuers: UBS and YieldMax. Their fees differ too: 0.95% for IWML and 0.99% for NVDY.

Which has better risk-adjusted returns?

IWML currently has the higher Sharpe Ratio (2.13 vs 1.20), 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.