QULL vs. IFED

Last updated Jun 24, 2026

QULL (ETRACS 2x Leveraged MSCI US Quality Factor TR ETN) and IFED (ETRACS IFED Invest with the Fed TR Index ETN) are both Leveraged Equities funds from UBS - QULL tracks the MSCI USA Sector Neutral Quality Index while IFED tracks the IFED Large-Cap US Equity Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, QULL returned 30.07%/yr vs 16.54%/yr for IFED. Their correlation of 0.81 suggests significant overlap in exposure. QULL charges 0.95%/yr vs 0.45%/yr for IFED.

Performance

QULL vs. IFED - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS 2x Leveraged MSCI US Quality Factor TR ETN (QULL) and ETRACS IFED Invest with the Fed TR Index ETN (IFED). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QULL achieves a 12.45% return, which is significantly higher than IFED's -3.07% return.

QULL

• 1D: -2.24%
• 1M: -1.05%
• YTD: 12.45%
• 6M: 10.61%
• 1Y: 37.24%
• 3Y*: 30.07%
• 5Y*: 15.31%
• 10Y*: —

IFED

• 1D: -0.05%
• 1M: 2.47%
• YTD: -3.07%
• 6M: -3.90%
• 1Y: 2.52%
• 3Y*: 16.54%
• 5Y*: —
• 10Y*: —

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

QULL vs. IFED - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
QULL ETRACS 2x Leveraged MSCI US Quality Factor TR ETN	12.45%	17.61%	38.03%	57.07%	-42.00%	11.27%
IFED ETRACS IFED Invest with the Fed TR Index ETN	-3.07%	15.02%	23.04%	20.78%	-1.46%	8.46%

Correlation

The correlation between QULL and IFED is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (All Time) Calculated using the full available price history since Sep 15, 2021	0.81

The correlation between QULL and IFED shifts across timeframes, from 0.66 (1 year) to 0.81 (all time), reflecting how their relationship changes across market environments.

Return for Risk

QULL vs. IFED — Risk / Return Rank

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

QULL

QULL Risk / Return Rank: 47
QULL Sharpe Ratio Rank: 47
QULL Sortino Ratio Rank: 46
QULL Omega Ratio Rank: 43
QULL Calmar Ratio Rank: 44
QULL Martin Ratio Rank: 55

IFED

IFED Risk / Return Rank: 10
IFED Sharpe Ratio Rank: 11
IFED Sortino Ratio Rank: 10
IFED Omega Ratio Rank: 10
IFED Calmar Ratio Rank: 10
IFED Martin Ratio Rank: 10

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.

QULL vs. IFED - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS 2x Leveraged MSCI US Quality Factor TR ETN (QULL) and ETRACS IFED Invest with the Fed TR Index ETN (IFED). 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.

	QULL	IFED	Difference
Sharpe ratio: Return per unit of total volatility	1.52	0.15	+1.37
Sortino ratio: Return per unit of downside risk	2.14	0.34	+1.80
Omega ratio: Gain probability vs. loss probability	1.26	1.04	+0.22
Calmar ratio: Return relative to maximum drawdown	2.03	0.17	+1.86
Martin ratio: Return relative to average drawdown	9.00	0.43	+8.57

QULL vs. IFED - Sharpe Ratio Comparison

The current QULL Sharpe Ratio is 1.52, which is higher than the IFED Sharpe Ratio of 0.15. The chart below compares the historical Sharpe Ratios of QULL and IFED, 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

QULL vs. IFED - Drawdown Comparison

The maximum QULL drawdown since its inception was -51.83%, which is greater than IFED's maximum drawdown of -22.36%. Use the drawdown chart below to compare losses from any high point for QULL and IFED.

Drawdown Indicators

	QULL	IFED	Difference
Max Drawdown Largest peak-to-trough decline	-51.83%	-22.36%	-29.47%
Max Drawdown (1Y) Largest decline over 1 year	-18.43%	-14.65%	-3.78%
Max Drawdown (3Y) Largest decline over 3 years	-36.82%	-22.36%	-14.46%
Max Drawdown (5Y) Largest decline over 5 years	-51.83%	—	—
Current Drawdown Current decline from peak	-5.03%	-5.05%	+0.02%
Average Drawdown Average peak-to-trough decline	-13.93%	-5.83%	-8.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.15%	5.88%	-1.73%

Volatility

QULL vs. IFED - Volatility Comparison

ETRACS 2x Leveraged MSCI US Quality Factor TR ETN (QULL) and ETRACS IFED Invest with the Fed TR Index ETN (IFED) have volatilities of 6.62% and 6.74%, 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.

Volatility by Period

	QULL	IFED	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.62%	6.74%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	19.37%	13.81%	+5.56%
Volatility (1Y) Calculated over the trailing 1-year period	24.70%	16.84%	+7.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.68%	19.92%	+15.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.06%	19.92%	+15.14%

QULL vs. IFED - Expense Ratio Comparison

QULL has a 0.95% expense ratio, which is higher than IFED's 0.45% expense ratio.

Dividends

QULL vs. IFED - Dividend Comparison

Neither QULL nor IFED has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both QULL and IFED in my portfolio?

QULL and IFED have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QULL or IFED?

IFED has higher volatility (6.74%) compared to QULL (6.62%). In terms of maximum drawdown, QULL dropped -51.83% vs IFED's -22.36%.

Which ETF is better, QULL or IFED?

On 3-year performance, QULL leads with 30.07% vs 16.54% for IFED. On fees, IFED is cheaper at 0.45% per year. On volatility, QULL has been the lower-risk option at 6.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QULL or IFED?

Over the 3-year period, QULL has performed better with a 30.07% return vs 16.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QULL or IFED?

IFED is cheaper with a 0.45% expense ratio, compared with 0.95% for QULL.

Which ETF pays a higher dividend yield, QULL or IFED?

QULL and IFED have nearly identical dividend yields, around 0.00%.

What is the main difference between QULL and IFED?

QULL tracks MSCI USA Sector Neutral Quality Index, while IFED tracks IFED Large-Cap US Equity Index - Benchmark TR Gross. Their fees differ too: 0.95% for QULL and 0.45% for IFED.

Which has better risk-adjusted returns?

QULL currently has the higher Sharpe Ratio (1.52 vs 0.15), 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.