IWML vs. SLVO

Last updated Jun 24, 2026

IWML (ETRACS 2x Leveraged US Size Factor TR ETN) and SLVO (UBS ETRACS Silver Shares Covered Call ETN) are both exchange-traded funds - IWML is a Leveraged Equities fund tracking the Russell 2000 Index, while SLVO is a Silver fund tracking the Credit Suisse NASDAQ Silver FLOWS 106 Index. Both are passively managed. Over the past year, IWML returned 83.07% vs 38.83% for SLVO. At a 0.26 correlation, their price movements are largely independent. IWML charges 0.95%/yr vs 0.65%/yr for SLVO.

Performance

IWML vs. SLVO - 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 UBS ETRACS Silver Shares Covered Call ETN (SLVO). 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 SLVO's -0.85% return.

IWML

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

SLVO

• 1D: -5.10%
• 1M: -12.72%
• YTD: -0.85%
• 6M: -1.19%
• 1Y: 38.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IWML vs. SLVO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IWML ETRACS 2x Leveraged US Size Factor TR ETN	39.21%	9.64%	12.63%
SLVO UBS ETRACS Silver Shares Covered Call ETN	-0.85%	71.20%	0.94%

Correlation

The correlation between IWML and SLVO is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (All Time) Calculated using the full available price history since Jun 3, 2024	0.26

Return for Risk

IWML vs. SLVO — 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

SLVO

SLVO Risk / Return Rank: 41
SLVO Sharpe Ratio Rank: 36
SLVO Sortino Ratio Rank: 30
SLVO Omega Ratio Rank: 43
SLVO Calmar Ratio Rank: 47
SLVO Martin Ratio Rank: 50

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. SLVO - 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 UBS ETRACS Silver Shares Covered Call ETN (SLVO). 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	SLVO	Difference
Sharpe ratio: Return per unit of total volatility	2.13	1.24	+0.89
Sortino ratio: Return per unit of downside risk	2.77	1.57	+1.20
Omega ratio: Gain probability vs. loss probability	1.33	1.27	+0.07
Calmar ratio: Return relative to maximum drawdown	3.67	2.26	+1.41
Martin ratio: Return relative to average drawdown	12.81	8.21	+4.60

IWML vs. SLVO - Sharpe Ratio Comparison

The current IWML Sharpe Ratio is 2.13, which is higher than the SLVO Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of IWML and SLVO, 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. SLVO - Drawdown Comparison

The maximum IWML drawdown since its inception was -60.06%, which is greater than SLVO's maximum drawdown of -17.23%. Use the drawdown chart below to compare losses from any high point for IWML and SLVO.

Drawdown Indicators

	IWML	SLVO	Difference
Max Drawdown Largest peak-to-trough decline	-60.06%	-17.23%	-42.83%
Max Drawdown (1Y) Largest decline over 1 year	-22.75%	-17.23%	-5.52%
Max Drawdown (3Y) Largest decline over 3 years	-51.82%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-60.06%	—	—
Current Drawdown Current decline from peak	0.00%	-15.44%	+15.44%
Average Drawdown Average peak-to-trough decline	-31.60%	-3.29%	-28.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.51%	4.74%	+1.77%

Volatility

IWML vs. SLVO - Volatility Comparison

ETRACS 2x Leveraged US Size Factor TR ETN (IWML) has a higher volatility of 11.41% compared to UBS ETRACS Silver Shares Covered Call ETN (SLVO) at 10.77%. This indicates that IWML's price experiences larger fluctuations and is considered to be riskier than SLVO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWML	SLVO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.41%	10.77%	+0.64%
Volatility (6M) Calculated over the trailing 6-month period	28.43%	29.34%	-0.91%
Volatility (1Y) Calculated over the trailing 1-year period	39.15%	31.36%	+7.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.19%	26.00%	+20.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.14%	26.00%	+20.14%

IWML vs. SLVO - Expense Ratio Comparison

IWML has a 0.95% expense ratio, which is higher than SLVO's 0.65% expense ratio.

Dividends

IWML vs. SLVO - Dividend Comparison

IWML has not paid dividends to shareholders, while SLVO's dividend yield for the trailing twelve months is around 66.91%.

Position	TTM	2025	2024
IWML ETRACS 2x Leveraged US Size Factor TR ETN	0.00%	0.00%	0.00%
SLVO UBS ETRACS Silver Shares Covered Call ETN	66.91%	19.35%	14.45%

Frequently Asked Questions

Can I hold both IWML and SLVO in my portfolio?

IWML and SLVO have a correlation of 0.31, 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 SLVO?

IWML has higher volatility (11.41%) compared to SLVO (10.77%). In terms of maximum drawdown, IWML dropped -60.06% vs SLVO's -17.23%.

Which ETF is better, IWML or SLVO?

On 1-year performance, IWML leads with 83.07% vs 38.83% for SLVO. On fees, SLVO is cheaper at 0.65% per year. On volatility, SLVO has been the lower-risk option at 10.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWML or SLVO?

Over the 1-year period, IWML has performed better with a 83.07% return vs 38.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWML or SLVO?

SLVO is cheaper with a 0.65% expense ratio, compared with 0.95% for IWML.

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

SLVO has the higher dividend yield at 66.91%, compared with 0.00% for IWML.

What is the main difference between IWML and SLVO?

IWML is categorized as Leveraged Equities, while SLVO is Silver. IWML tracks Russell 2000 Index, while SLVO tracks Credit Suisse NASDAQ Silver FLOWS 106 Index. Their fees differ too: 0.95% for IWML and 0.65% for SLVO.

Which has better risk-adjusted returns?

IWML currently has the higher Sharpe Ratio (2.13 vs 1.24), 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.