IWML vs. SMHB
IWML (ETRACS 2x Leveraged US Size Factor TR ETN) and SMHB (ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B) are both Leveraged Equities funds from UBS - IWML tracks the Russell 2000 Index while SMHB tracks the Solactive US Small Cap High Dividend Index (200%). Both are passively managed. Over the past 5 years, IWML returned 2.91%/yr vs -6.36%/yr for SMHB. A 0.73 correlation means they provide meaningful diversification when combined. IWML charges 0.95%/yr vs 0.85%/yr for SMHB.
Performance
IWML vs. SMHB - Performance Comparison
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Returns By Period
In the year-to-date period, IWML achieves a 32.65% return, which is significantly higher than SMHB's 5.72% return.
IWML
- 1D
- -2.04%
- 1M
- 6.57%
- YTD
- 32.65%
- 6M
- 29.46%
- 1Y
- 78.21%
- 3Y*
- 25.01%
- 5Y*
- 2.91%
- 10Y*
- —
SMHB
- 1D
- -1.45%
- 1M
- -1.99%
- YTD
- 5.72%
- 6M
- 0.84%
- 1Y
- 11.36%
- 3Y*
- 9.31%
- 5Y*
- -6.36%
- 10Y*
- —
IWML vs. SMHB - 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% |
SMHB ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B | 5.72% | -7.75% | -15.85% | 35.96% | -36.03% | 38.68% |
Correlation
The correlation between IWML and SMHB is 0.60, 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 | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021 | 0.73 |
The correlation between IWML and SMHB shifts across timeframes, from 0.60 (1 year) to 0.73 (5 years), reflecting how their relationship changes across market environments.
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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 | +1.76 | ||
| Sortino ratioReturn per unit of downside risk | +2.02 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.08 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 3.46 | 0.45 | +3.00 |
| Martin ratioReturn relative to average drawdown | 12.11 | 1.10 | +11.01 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IWML | SMHB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.05 | 0.29 | +1.76 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.06 | -0.13 | +0.19 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.08 | -0.10 | +0.19 |
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.
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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 | -22.75% | -25.16% | +2.41% |
Max Drawdown (3Y)Largest decline over 3 years | -51.82% | -45.05% | -6.77% |
Max Drawdown (5Y)Largest decline over 5 years | -60.06% | -58.85% | -1.21% |
Current DrawdownCurrent decline from peak | -2.67% | -41.81% | +39.14% |
Average DrawdownAverage peak-to-trough decline | -31.91% | -37.21% | +5.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.48% | 10.38% | -3.90% |
Volatility
IWML vs. SMHB - Volatility Comparison
ETRACS 2x Leveraged US Size Factor TR ETN (IWML) has a higher volatility of 9.79% compared to ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B (SMHB) at 7.35%. 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.
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Volatility by Period
| IWML | SMHB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.79% | 7.35% | +2.44% |
Volatility (6M)Calculated over the trailing 6-month period | 27.49% | 25.74% | +1.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.36% | 38.92% | -0.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.08% | 48.93% | -2.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.17% | 66.33% | -20.16% |
IWML vs. SMHB - Expense Ratio Comparison
IWML has a 0.95% expense ratio, which is higher than SMHB's 0.85% expense ratio.
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 21.00%.
| 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% |
SMHB ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B | 21.00% | 22.22% | 21.95% | 15.27% | 24.18% | 12.22% | 16.86% | 19.97% | 0.91% |
Frequently Asked Questions
IWML and SMHB have a correlation of 0.60, 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 SMHB (7.35%). In terms of maximum drawdown, IWML dropped -60.06% vs SMHB's -90.30%.
On 5-year performance, IWML leads with 2.91% vs -6.36% for SMHB. On fees, SMHB is cheaper at 0.85% per year. On volatility, SMHB has been the lower-risk option at 7.35%. 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 -6.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMHB is cheaper with a 0.85% expense ratio, compared with 0.95% for IWML.
SMHB has the higher dividend yield at 21.00%, compared with 0.00% for IWML.
IWML tracks Russell 2000 Index, while SMHB tracks Solactive US Small Cap High Dividend Index (200%). Their fees differ too: 0.95% for IWML and 0.85% for SMHB.
IWML currently has the higher Sharpe Ratio (2.05 vs 0.29), 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.
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