IWML vs. TERG

Last updated Jun 4, 2026

IWML (ETRACS 2x Leveraged US Size Factor TR ETN) and TERG (Leverage Shares 2X Long TER Daily ETF) are both Leveraged Equities funds. IWML is passively managed, while TERG is actively managed. A 0.61 correlation means they provide meaningful diversification when combined. IWML charges 0.95%/yr vs 0.75%/yr for TERG.

Performance

IWML vs. TERG - 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 Leverage Shares 2X Long TER Daily ETF (TERG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWML achieves a 32.65% return, which is significantly lower than TERG's 229.64% return.

IWML

• 1D: -2.04%
• 1M: 6.57%
• YTD: 32.65%
• 6M: 29.46%
• 1Y: 78.21%
• 3Y*: 25.01%
• 5Y*: 2.91%
• 10Y*: —

TERG

• 1D: 8.49%
• 1M: 39.95%
• YTD: 229.64%
• 6M: 218.92%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IWML vs. TERG - Yearly Performance Comparison

	2026 (YTD)	2025
IWML ETRACS 2x Leveraged US Size Factor TR ETN	32.65%	12.75%
TERG Leverage Shares 2X Long TER Daily ETF	229.64%	28.17%

Correlation

The correlation between IWML and TERG is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 18, 2025	0.61

Return for Risk

IWML vs. TERG — Risk / Return Rank

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

IWML

IWML Risk / Return Rank: 62
IWML Sharpe Ratio Rank: 61
IWML Sortino Ratio Rank: 57
IWML Omega Ratio Rank: 53
IWML Calmar Ratio Rank: 70
IWML Martin Ratio Rank: 67

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. TERG - 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 Leverage Shares 2X Long TER Daily ETF (TERG). 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	TERG	Difference
Sharpe ratio: Return per unit of total volatility	2.05	—	—
Sortino ratio: Return per unit of downside risk	2.72	—	—
Omega ratio: Gain probability vs. loss probability	1.33	—	—
Calmar ratio: Return relative to maximum drawdown	3.46	—	—
Martin ratio: Return relative to average drawdown	12.11	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	IWML	TERG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.05	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.06	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	9.90	-9.81

Drawdowns

IWML vs. TERG - Drawdown Comparison

The maximum IWML drawdown since its inception was -60.06%, which is greater than TERG's maximum drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for IWML and TERG.

Drawdown Indicators

	IWML	TERG	Difference
Max Drawdown Largest peak-to-trough decline	-60.06%	-49.52%	-10.54%
Max Drawdown (1Y) Largest decline over 1 year	-22.75%	—	—
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	-2.67%	-15.98%	+13.31%
Average Drawdown Average peak-to-trough decline	-31.91%	-13.73%	-18.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.48%	—	—

Volatility

Volatility by Period

	IWML	TERG	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.79%	—	—
Volatility (6M) Calculated over the trailing 6-month period	27.49%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	38.36%	139.25%	-100.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.08%	139.25%	-93.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.17%	139.25%	-93.08%

IWML vs. TERG - Expense Ratio Comparison

IWML has a 0.95% expense ratio, which is higher than TERG's 0.75% expense ratio.

Dividends

IWML vs. TERG - Dividend Comparison

Neither IWML nor TERG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IWML and TERG in my portfolio?

IWML and TERG have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IWML or TERG?

On fees, TERG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IWML or TERG?

TERG is cheaper with a 0.75% expense ratio, compared with 0.95% for IWML.

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

IWML and TERG have nearly identical dividend yields, around 0.00%.

What is the main difference between IWML and TERG?

They also come from different issuers: UBS and Leverage Shares. Their fees differ too: 0.95% for IWML and 0.75% for TERG.