IWML vs. SMHB
Compare and contrast key facts about ETRACS 2x Leveraged US Size Factor TR ETN (IWML) and ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B (SMHB).
IWML and SMHB are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IWML is a passively managed fund by UBS that tracks the performance of the Russell 2000 Index. It was launched on Feb 4, 2021. SMHB is a passively managed fund by UBS that tracks the performance of the Solactive US Small Cap High Dividend Index (200%). It was launched on Nov 8, 2018. Both IWML and SMHB are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
IWML vs. SMHB - Performance Comparison
Loading graphics...
IWML vs. SMHB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IWML ETRACS 2x Leveraged US Size Factor TR ETN | -0.93% | 9.64% | 15.70% | 22.31% | -41.80% | 2.08% |
SMHB ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B | -2.38% | -7.75% | -15.85% | 35.96% | -36.03% | 38.68% |
Returns By Period
In the year-to-date period, IWML achieves a -0.93% return, which is significantly higher than SMHB's -2.38% return.
IWML
- 1D
- 7.18%
- 1M
- -11.02%
- YTD
- -0.93%
- 6M
- 1.93%
- 1Y
- 36.13%
- 3Y*
- 14.29%
- 5Y*
- -2.35%
- 10Y*
- —
SMHB
- 1D
- 2.54%
- 1M
- -7.17%
- YTD
- -2.38%
- 6M
- -10.57%
- 1Y
- -6.07%
- 3Y*
- 4.53%
- 5Y*
- -5.55%
- 10Y*
- —
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
IWML vs. SMHB - Expense Ratio Comparison
IWML has a 0.95% expense ratio, which is higher than SMHB's 0.85% expense ratio.
Return for Risk
IWML vs. SMHB — Risk / Return Rank
IWML
SMHB
IWML vs. SMHB - 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 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B (SMHB). 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 | SMHB | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.73 | -0.12 | +0.86 |
Sortino ratioReturn per unit of downside risk | 1.31 | 0.18 | +1.13 |
Omega ratioGain probability vs. loss probability | 1.18 | 1.02 | +0.15 |
Calmar ratioReturn relative to maximum drawdown | 1.12 | -0.23 | +1.35 |
Martin ratioReturn relative to average drawdown | 4.05 | -0.61 | +4.65 |
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 graphics...
Sharpe Ratios by Period
| IWML | SMHB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.73 | -0.12 | +0.86 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.05 | -0.11 | +0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.04 | -0.12 | +0.08 |
Correlation
The correlation between IWML and SMHB is 0.73, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
IWML vs. SMHB - Dividend Comparison
IWML has not paid dividends to shareholders, while SMHB's dividend yield for the trailing twelve months is around 22.87%.
| 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% |
SMHB ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B | 22.87% | 22.22% | 21.95% | 15.27% | 24.18% | 12.22% | 16.86% | 19.97% | 0.91% |
Drawdowns
IWML vs. SMHB - Drawdown Comparison
The maximum IWML drawdown since its inception was -60.06%, smaller than the maximum SMHB drawdown of -90.30%. Use the drawdown chart below to compare losses from any high point for IWML and SMHB.
Loading graphics...
Drawdown Indicators
| IWML | SMHB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.06% | -90.30% | +30.24% |
Max Drawdown (1Y)Largest decline over 1 year | -30.86% | -29.54% | -1.32% |
Max Drawdown (5Y)Largest decline over 5 years | -60.06% | -58.85% | -1.21% |
Current DrawdownCurrent decline from peak | -23.68% | -46.27% | +22.59% |
Average DrawdownAverage peak-to-trough decline | -32.78% | -37.10% | +4.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.53% | 11.19% | -2.66% |
Volatility
IWML vs. SMHB - Volatility Comparison
ETRACS 2x Leveraged US Size Factor TR ETN (IWML) has a higher volatility of 16.38% compared to ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B (SMHB) at 14.24%. This indicates that IWML's price experiences larger fluctuations and is considered to be riskier than SMHB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading graphics...
Volatility by Period
| IWML | SMHB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.38% | 14.24% | +2.14% |
Volatility (6M)Calculated over the trailing 6-month period | 29.95% | 29.84% | +0.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.42% | 50.14% | -0.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.20% | 49.02% | -2.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.54% | 66.99% | -20.45% |