MVV vs. IWDL

Last updated Jun 24, 2026

MVV (ProShares Ultra Midcap 400) and IWDL (ETRACS 2x Leveraged US Value Factor TR ETN) are both Leveraged Equities funds - MVV tracks the S&P MidCap 400 Index (200%) while IWDL tracks the Russell 1000 Value (200%). Both are passively managed. Over the past 5 years, MVV returned 7.15%/yr vs 14.46%/yr for IWDL. Their correlation of 0.91 suggests significant overlap in exposure. Both charge a 0.95% expense ratio.

Performance

MVV vs. IWDL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Midcap 400 (MVV) and ETRACS 2x Leveraged US Value Factor TR ETN (IWDL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MVV achieves a 26.73% return, which is significantly lower than IWDL's 28.58% return.

MVV

• 1D: -1.88%
• 1M: 5.08%
• YTD: 26.73%
• 6M: 22.00%
• 1Y: 44.27%
• 3Y*: 22.25%
• 5Y*: 7.15%
• 10Y*: 14.42%

IWDL

• 1D: -1.65%
• 1M: 3.97%
• YTD: 28.58%
• 6M: 26.90%
• 1Y: 53.41%
• 3Y*: 29.95%
• 5Y*: 14.46%
• 10Y*: —

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

MVV vs. IWDL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MVV ProShares Ultra Midcap 400	26.73%	3.48%	17.75%	22.51%	-31.96%	32.08%
IWDL ETRACS 2x Leveraged US Value Factor TR ETN	28.58%	25.02%	20.68%	13.50%	-21.27%	40.35%

Correlation

The correlation between MVV and IWDL is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021	0.91

The correlation between MVV and IWDL has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.

Return for Risk

MVV vs. IWDL — Risk / Return Rank

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

MVV

MVV Risk / Return Rank: 46
MVV Sharpe Ratio Rank: 42
MVV Sortino Ratio Rank: 42
MVV Omega Ratio Rank: 39
MVV Calmar Ratio Rank: 54
MVV Martin Ratio Rank: 53

IWDL

IWDL Risk / Return Rank: 78
IWDL Sharpe Ratio Rank: 78
IWDL Sortino Ratio Rank: 75
IWDL Omega Ratio Rank: 71
IWDL Calmar Ratio Rank: 81
IWDL Martin Ratio Rank: 84

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.

MVV vs. IWDL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Midcap 400 (MVV) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	MVV	IWDL	Difference
Sharpe ratio: Return per unit of total volatility	1.40	2.30	-0.91
Sortino ratio: Return per unit of downside risk	2.03	3.11	-1.09
Omega ratio: Gain probability vs. loss probability	1.24	1.39	-0.15
Calmar ratio: Return relative to maximum drawdown	2.52	3.97	-1.45
Martin ratio: Return relative to average drawdown	8.62	16.20	-7.58

MVV vs. IWDL - Sharpe Ratio Comparison

The current MVV Sharpe Ratio is 1.40, which is lower than the IWDL Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of MVV and IWDL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MVV vs. IWDL - Drawdown Comparison

The maximum MVV drawdown since its inception was -85.54%, which is greater than IWDL's maximum drawdown of -37.95%. Use the drawdown chart below to compare losses from any high point for MVV and IWDL.

Drawdown Indicators

	MVV	IWDL	Difference
Max Drawdown Largest peak-to-trough decline	-85.54%	-37.95%	-47.59%
Max Drawdown (1Y) Largest decline over 1 year	-17.68%	-13.53%	-4.15%
Max Drawdown (3Y) Largest decline over 3 years	-44.80%	-31.78%	-13.02%
Max Drawdown (5Y) Largest decline over 5 years	-45.53%	-37.95%	-7.58%
Max Drawdown (10Y) Largest decline over 10 years	-69.19%	—	—
Current Drawdown Current decline from peak	-2.08%	-2.12%	+0.04%
Average Drawdown Average peak-to-trough decline	-20.50%	-10.50%	-10.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.15%	3.31%	+1.84%

Volatility

MVV vs. IWDL - Volatility Comparison

ProShares Ultra Midcap 400 (MVV) has a higher volatility of 9.48% compared to ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) at 7.25%. This indicates that MVV's price experiences larger fluctuations and is considered to be riskier than IWDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MVV	IWDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.48%	7.25%	+2.23%
Volatility (6M) Calculated over the trailing 6-month period	23.52%	18.33%	+5.19%
Volatility (1Y) Calculated over the trailing 1-year period	31.88%	23.35%	+8.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.67%	30.33%	+9.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.34%	30.00%	+12.34%

MVV vs. IWDL - Expense Ratio Comparison

Both MVV and IWDL have an expense ratio of 0.95%.

Dividends

MVV vs. IWDL - Dividend Comparison

MVV's dividend yield for the trailing twelve months is around 0.67%, while IWDL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWDL ETRACS 2x Leveraged US Value Factor TR ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MVV ProShares Ultra Midcap 400	0.67%	0.77%	0.39%	0.77%	0.93%	0.16%	0.29%	0.62%	0.62%	0.21%	0.43%	0.17%

Frequently Asked Questions

Can I hold both MVV and IWDL in my portfolio?

MVV and IWDL have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MVV or IWDL?

MVV has higher volatility (9.48%) compared to IWDL (7.25%). In terms of maximum drawdown, MVV dropped -85.54% vs IWDL's -37.95%.

Which ETF is better, MVV or IWDL?

On 5-year performance, IWDL leads with 14.46% vs 7.15% for MVV. Both ETFs have the same 0.95% expense ratio. On volatility, IWDL has been the lower-risk option at 7.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MVV or IWDL?

Over the 5-year period, IWDL has performed better with a 14.46% return vs 7.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MVV or IWDL?

MVV and IWDL have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, MVV or IWDL?

MVV has the higher dividend yield at 0.67%, compared with 0.00% for IWDL.

What is the main difference between MVV and IWDL?

MVV tracks S&P MidCap 400 Index (200%), while IWDL tracks Russell 1000 Value (200%). They also come from different issuers: ProShares and UBS.

Which has better risk-adjusted returns?

IWDL currently has the higher Sharpe Ratio (2.30 vs 1.40), 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.