IWML vs. QTUM

Last updated Jun 3, 2026

IWML (ETRACS 2x Leveraged US Size Factor TR ETN) and QTUM (Defiance Quantum ETF) are both exchange-traded funds - IWML is a Leveraged Equities fund tracking the Russell 2000 Index, while QTUM is a Technology Equities fund tracking the BlueStar Machine Learning and Quantum Computing Index. Both are passively managed. Over the past 5 years, IWML returned 3.48%/yr vs 29.15%/yr for QTUM. A 0.76 correlation means they provide meaningful diversification when combined. IWML charges 0.95%/yr vs 0.40%/yr for QTUM.

Performance

IWML vs. QTUM - 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 Defiance Quantum ETF (QTUM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWML achieves a 35.41% return, which is significantly lower than QTUM's 53.29% return.

IWML

• 1D: 1.24%
• 1M: 7.44%
• YTD: 35.41%
• 6M: 37.12%
• 1Y: 87.35%
• 3Y*: 25.87%
• 5Y*: 3.48%
• 10Y*: —

QTUM

• 1D: -0.59%
• 1M: 23.63%
• YTD: 53.29%
• 6M: 50.69%
• 1Y: 95.36%
• 3Y*: 52.22%
• 5Y*: 29.15%
• 10Y*: —

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

IWML vs. QTUM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
IWML ETRACS 2x Leveraged US Size Factor TR ETN	35.41%	9.64%	15.70%	22.31%	-41.80%	2.08%
QTUM Defiance Quantum ETF	53.29%	36.65%	50.54%	39.86%	-28.80%	19.68%

Correlation

The correlation between IWML and QTUM is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021	0.76

The correlation between IWML and QTUM has been stable across timeframes, ranging from 0.71 to 0.76 - a consistent structural relationship.

Return for Risk

IWML vs. QTUM — Risk / Return Rank

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

IWML

IWML Risk / Return Rank: 66
IWML Sharpe Ratio Rank: 68
IWML Sortino Ratio Rank: 62
IWML Omega Ratio Rank: 57
IWML Calmar Ratio Rank: 74
IWML Martin Ratio Rank: 70

QTUM

QTUM Risk / Return Rank: 91
QTUM Sharpe Ratio Rank: 94
QTUM Sortino Ratio Rank: 90
QTUM Omega Ratio Rank: 87
QTUM Calmar Ratio Rank: 92
QTUM Martin Ratio Rank: 92

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. QTUM - 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 Defiance Quantum ETF (QTUM). 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	QTUM	Difference
Sharpe ratio Return per unit of total volatility	2.29	3.65	-1.36
Sortino ratio Return per unit of downside risk	2.94	4.26	-1.32
Omega ratio Gain probability vs. loss probability	1.35	1.55	-0.20
Calmar ratio Return relative to maximum drawdown	3.83	6.28	-2.45
Martin ratio Return relative to average drawdown	13.45	23.69	-10.24
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. QTUM - Sharpe Ratio Comparison

The current IWML Sharpe Ratio is 2.29, which is lower than the QTUM Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of IWML and QTUM, 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	QTUM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.29	3.65	-1.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.08	1.10	-1.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.09	1.08	-0.98

Drawdowns

IWML vs. QTUM - Drawdown Comparison

The maximum IWML drawdown since its inception was -60.06%, which is greater than QTUM's maximum drawdown of -38.45%. Use the drawdown chart below to compare losses from any high point for IWML and QTUM.

Drawdown Indicators

	IWML	QTUM	Difference
Max Drawdown Largest peak-to-trough decline	-60.06%	-38.45%	-21.61%
Max Drawdown (1Y) Largest decline over 1 year	-22.75%	-15.26%	-7.49%
Max Drawdown (3Y) Largest decline over 3 years	-51.82%	-25.39%	-26.43%
Max Drawdown (5Y) Largest decline over 5 years	-60.06%	-38.45%	-21.61%
Current Drawdown Current decline from peak	-0.64%	-0.59%	-0.05%
Average Drawdown Average peak-to-trough decline	-31.93%	-8.25%	-23.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.48%	4.04%	+2.44%

Volatility

IWML vs. QTUM - Volatility Comparison

ETRACS 2x Leveraged US Size Factor TR ETN (IWML) and Defiance Quantum ETF (QTUM) have volatilities of 9.62% and 9.76%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWML	QTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.62%	9.76%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	27.55%	20.35%	+7.20%
Volatility (1Y) Calculated over the trailing 1-year period	38.29%	26.26%	+12.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.08%	26.56%	+19.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.18%	27.17%	+19.01%

IWML vs. QTUM - Expense Ratio Comparison

IWML has a 0.95% expense ratio, which is higher than QTUM's 0.40% expense ratio.

Dividends

IWML vs. QTUM - Dividend Comparison

IWML has not paid dividends to shareholders, while QTUM's dividend yield for the trailing twelve months is around 0.70%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%	0.00%
QTUM Defiance Quantum ETF	0.70%	1.01%	0.61%	0.81%	1.46%	0.48%	0.42%	0.61%	0.21%

Frequently Asked Questions

Can I hold both IWML and QTUM in my portfolio?

IWML and QTUM have a correlation of 0.74, 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 QTUM?

QTUM has higher volatility (9.76%) compared to IWML (9.62%). In terms of maximum drawdown, IWML dropped -60.06% vs QTUM's -38.45%.

Which ETF is better, IWML or QTUM?

On 5-year performance, QTUM leads with 29.15% vs 3.48% for IWML. On fees, QTUM is cheaper at 0.40% per year. On volatility, IWML has been the lower-risk option at 9.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWML or QTUM?

Over the 5-year period, QTUM has performed better with a 29.15% return vs 3.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWML or QTUM?

QTUM is cheaper with a 0.40% expense ratio, compared with 0.95% for IWML.

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

QTUM has the higher dividend yield at 0.70%, compared with 0.00% for IWML.

What is the main difference between IWML and QTUM?

IWML is categorized as Leveraged Equities, while QTUM is Technology Equities. IWML tracks Russell 2000 Index, while QTUM tracks BlueStar Machine Learning and Quantum Computing Index. They also come from different issuers: UBS and Defiance. Their fees differ too: 0.95% for IWML and 0.40% for QTUM.

Which has better risk-adjusted returns?

QTUM currently has the higher Sharpe Ratio (3.65 vs 2.29), 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.