IWML vs. XDSQ

Last updated Apr 2, 2026

Compare and contrast key facts about ETRACS 2x Leveraged US Size Factor TR ETN (IWML) and Innovator US Equity Accelerated ETF (XDSQ).

IWML and XDSQ 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. XDSQ is an actively managed fund by Innovator. It was launched on Apr 1, 2021.

Performance

IWML vs. XDSQ - 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 Innovator US Equity Accelerated ETF (XDSQ). The values are adjusted to include any dividend payments, if applicable.

IWML vs. XDSQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
IWML ETRACS 2x Leveraged US Size Factor TR ETN	0.97%	9.64%	15.70%	22.31%	-41.80%	-0.73%
XDSQ Innovator US Equity Accelerated ETF	-4.22%	14.22%	23.12%	23.00%	-16.78%	12.75%

Returns By Period

In the year-to-date period, IWML achieves a 0.97% return, which is significantly higher than XDSQ's -4.22% return.

IWML

• 1D: 1.93%
• 1M: -10.49%
• YTD: 0.97%
• 6M: 3.02%
• 1Y: 37.84%
• 3Y*: 15.02%
• 5Y*: -1.97%
• 10Y*: —

XDSQ

• 1D: 0.71%
• 1M: -5.75%
• YTD: -4.22%
• 6M: -0.33%
• 1Y: 14.44%
• 3Y*: 14.44%
• 5Y*: —
• 10Y*: —

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

IWML vs. XDSQ - Expense Ratio Comparison

IWML has a 0.95% expense ratio, which is higher than XDSQ's 0.79% expense ratio.

IWML

ETRACS 2x Leveraged US Size Factor TR ETN

XDSQ

Innovator US Equity Accelerated ETF

Return for Risk

IWML vs. XDSQ — Risk / Return Rank

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

IWML

IWML Risk / Return Rank: 43
IWML Sharpe Ratio Rank: 38
IWML Sortino Ratio Rank: 47
IWML Omega Ratio Rank: 44
IWML Calmar Ratio Rank: 44
IWML Martin Ratio Rank: 44

XDSQ

XDSQ Risk / Return Rank: 47
XDSQ Sharpe Ratio Rank: 40
XDSQ Sortino Ratio Rank: 43
XDSQ Omega Ratio Rank: 53
XDSQ Calmar Ratio Rank: 42
XDSQ Martin Ratio Rank: 55

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. XDSQ - 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 Innovator US Equity Accelerated ETF (XDSQ). 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	XDSQ	Difference
Sharpe ratio Return per unit of total volatility	0.77	0.81	-0.04
Sortino ratio Return per unit of downside risk	1.35	1.27	+0.09
Omega ratio Gain probability vs. loss probability	1.18	1.21	-0.03
Calmar ratio Return relative to maximum drawdown	1.26	1.21	+0.05
Martin ratio Return relative to average drawdown	4.52	5.87	-1.35
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. XDSQ - Sharpe Ratio Comparison

The current IWML Sharpe Ratio is 0.77, which is comparable to the XDSQ Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of IWML and XDSQ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	IWML	XDSQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.77	0.81	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.04	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.03	0.61	-0.64

Correlation

The correlation between IWML and XDSQ is 0.76, 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. XDSQ - Dividend Comparison

Neither IWML nor XDSQ has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

IWML vs. XDSQ - Drawdown Comparison

The maximum IWML drawdown since its inception was -60.06%, which is greater than XDSQ's maximum drawdown of -26.06%. Use the drawdown chart below to compare losses from any high point for IWML and XDSQ.

Drawdown Indicators

	IWML	XDSQ	Difference
Max Drawdown Largest peak-to-trough decline	-60.06%	-26.06%	-34.00%
Max Drawdown (1Y) Largest decline over 1 year	-30.86%	-12.18%	-18.68%
Max Drawdown (5Y) Largest decline over 5 years	-60.06%	—	—
Current Drawdown Current decline from peak	-22.20%	-6.46%	-15.74%
Average Drawdown Average peak-to-trough decline	-32.77%	-5.08%	-27.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.58%	2.50%	+6.08%

Volatility

IWML vs. XDSQ - Volatility Comparison

ETRACS 2x Leveraged US Size Factor TR ETN (IWML) has a higher volatility of 16.29% compared to Innovator US Equity Accelerated ETF (XDSQ) at 5.68%. This indicates that IWML's price experiences larger fluctuations and is considered to be riskier than XDSQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWML	XDSQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.29%	5.68%	+10.61%
Volatility (6M) Calculated over the trailing 6-month period	30.01%	9.63%	+20.38%
Volatility (1Y) Calculated over the trailing 1-year period	49.43%	17.99%	+31.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.20%	15.32%	+30.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.53%	15.32%	+31.21%