MVRL vs. IWDL
MVRL (ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN) and IWDL (ETRACS 2x Leveraged US Value Factor TR ETN) are both exchange-traded funds - MVRL is a REIT fund tracking the MVIS US Mortgage REITs Index (150%), while IWDL is a Leveraged Equities fund tracking the Russell 1000 Value (200%). Both are passively managed. Over the past 5 years, MVRL returned -8.72%/yr vs 13.11%/yr for IWDL. A 0.69 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
MVRL vs. IWDL - Performance Comparison
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Returns By Period
In the year-to-date period, MVRL achieves a -5.20% return, which is significantly lower than IWDL's 26.54% return.
MVRL
- 1D
- -2.09%
- 1M
- -7.86%
- YTD
- -5.20%
- 6M
- -5.45%
- 1Y
- 11.96%
- 3Y*
- 7.15%
- 5Y*
- -8.72%
- 10Y*
- —
IWDL
- 1D
- -0.06%
- 1M
- 7.80%
- YTD
- 26.54%
- 6M
- 27.46%
- 1Y
- 53.26%
- 3Y*
- 29.96%
- 5Y*
- 13.11%
- 10Y*
- —
MVRL vs. IWDL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MVRL ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN | -5.20% | 14.96% | -3.45% | 12.30% | -42.41% | 14.07% |
IWDL ETRACS 2x Leveraged US Value Factor TR ETN | 26.54% | 25.02% | 20.68% | 13.50% | -21.27% | 40.35% |
Correlation
The correlation between MVRL and IWDL is 0.53, 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 | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021 | 0.69 |
The correlation between MVRL and IWDL shifts across timeframes, from 0.53 (1 year) to 0.69 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
MVRL vs. IWDL — Risk / Return Rank
MVRL
IWDL
MVRL vs. IWDL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN (MVRL) and ETRACS 2x Leveraged US Value Factor TR ETN (IWDL). 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.
| MVRL | IWDL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.91 | ||
| Sortino ratioReturn per unit of downside risk | -2.42 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.40 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | 0.57 | 3.95 | -3.38 |
| Martin ratioReturn relative to average drawdown | 1.60 | 16.27 | -14.67 |
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
| MVRL | IWDL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.44 | 2.35 | -1.91 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.24 | 0.44 | -0.67 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.12 | 0.60 | -0.47 |
Drawdowns
MVRL vs. IWDL - Drawdown Comparison
The maximum MVRL drawdown since its inception was -60.25%, which is greater than IWDL's maximum drawdown of -37.95%. Use the drawdown chart below to compare losses from any high point for MVRL and IWDL.
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Drawdown Indicators
| MVRL | IWDL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.25% | -37.95% | -22.30% |
Max Drawdown (1Y)Largest decline over 1 year | -20.93% | -13.53% | -7.40% |
Max Drawdown (3Y)Largest decline over 3 years | -32.20% | -31.78% | -0.42% |
Max Drawdown (5Y)Largest decline over 5 years | -60.25% | -37.95% | -22.30% |
Current DrawdownCurrent decline from peak | -39.93% | -0.06% | -39.87% |
Average DrawdownAverage peak-to-trough decline | -31.81% | -10.59% | -21.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.51% | 3.28% | +4.23% |
Volatility
MVRL vs. IWDL - Volatility Comparison
ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN (MVRL) and ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) have volatilities of 5.87% and 5.72%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MVRL | IWDL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.87% | 5.72% | +0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 20.18% | 17.62% | +2.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.30% | 22.76% | +4.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.55% | 30.29% | +6.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.63% | 30.02% | +7.61% |
MVRL vs. IWDL - Expense Ratio Comparison
Both MVRL and IWDL have an expense ratio of 0.95%.
Dividends
MVRL vs. IWDL - Dividend Comparison
MVRL's dividend yield for the trailing twelve months is around 21.21%, while IWDL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
IWDL ETRACS 2x Leveraged US Value Factor TR ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
MVRL ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN | 21.21% | 19.15% | 19.27% | 18.69% | 25.21% | 12.33% | 5.63% |
Frequently Asked Questions
MVRL and IWDL have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MVRL has higher volatility (5.87%) compared to IWDL (5.72%). In terms of maximum drawdown, MVRL dropped -60.25% vs IWDL's -37.95%.
On 5-year performance, IWDL leads with 13.11% vs -8.72% for MVRL. Both ETFs have the same 0.95% expense ratio. On volatility, IWDL has been the lower-risk option at 5.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IWDL has performed better with a 13.11% return vs -8.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MVRL and IWDL have the same expense ratio: 0.95% per year.
MVRL has the higher dividend yield at 21.21%, compared with 0.00% for IWDL.
MVRL is categorized as REIT, while IWDL is Leveraged Equities. MVRL tracks MVIS US Mortgage REITs Index (150%), while IWDL tracks Russell 1000 Value (200%).
IWDL currently has the higher Sharpe Ratio (2.35 vs 0.44), 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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