SCDL vs. USML
SCDL (ETRACS 2x Leveraged U.S. Dividend Factor TR ETN) and USML (ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN) are both Leveraged Equities funds from UBS - SCDL tracks the Dow Jones U.S. Dividend 100 (200%) while USML tracks the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 5 years, SCDL returned 11.80%/yr vs 6.90%/yr for USML. Their 0.79 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.95% expense ratio.
Performance
SCDL vs. USML - Performance Comparison
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Returns By Period
In the year-to-date period, SCDL achieves a 47.89% return, which is significantly higher than USML's 6.72% return.
SCDL
- 1D
- 0.40%
- 1M
- 6.94%
- 6M
- 24.76%
- YTD
- 47.89%
- 1Y
- 62.63%
- 3Y*
- 22.41%
- 5Y*
- 11.80%
- 10Y*
- —
- ALL TIME*
- 16.43%
USML
- 1D
- 0.52%
- 1M
- 2.63%
- 6M
- 4.82%
- YTD
- 6.72%
- 1Y
- 10.17%
- 3Y*
- 15.99%
- 5Y*
- 6.90%
- 10Y*
- —
- ALL TIME*
- 10.91%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $13.83K | $30.61K | $22.30K | |
| $7.89K | $7.05K | $6.33K |
SCDL vs. USML - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SCDL ETRACS 2x Leveraged U.S. Dividend Factor TR ETN | 47.89% | 2.05% | 14.99% | 0.18% | -13.06% | 52.47% |
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN | 6.72% | 9.33% | 23.97% | 11.37% | -22.87% | 42.12% |
Correlation
The correlation between SCDL and USML is 0.63, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.63 |
Correlation (3Y) Balances recent behavior with more history. | 0.75 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.80 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021 | 0.79 |
The correlation between SCDL and USML shifts across timeframes, from 0.63 (1 year) to 0.80 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SCDL vs. USML — Risk / Return Rank
SCDL
USML
SCDL vs. USML - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS 2x Leveraged U.S. Dividend Factor TR ETN (SCDL) and ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML). 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.
| SCDL | USML | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.29 | ||
| Sortino ratioReturn per unit of downside risk | +3.10 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.12 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 6.18 | 0.78 | +5.40 |
| Martin ratioReturn relative to average drawdown | 15.87 | 2.26 | +13.61 |
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Drawdowns
SCDL vs. USML - Drawdown Comparison
The maximum SCDL drawdown since its inception was -34.87%, roughly equal to the maximum USML drawdown of -35.34%. Use the drawdown chart below to compare losses from any high point for SCDL and USML.
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Drawdown Indicators
| SCDL | USML | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.87% | -35.34% | +0.47% |
Max Drawdown (1Y)Largest decline over 1 year | -10.19% | -13.09% | +2.90% |
Max Drawdown (3Y)Largest decline over 3 years | -32.79% | -19.14% | -13.65% |
Max Drawdown (5Y)Largest decline over 5 years | -34.87% | -35.34% | +0.47% |
Current DrawdownCurrent decline from peak | -2.03% | -0.53% | -1.50% |
Average DrawdownAverage peak-to-trough decline | -11.67% | -10.20% | -1.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.96% | 4.51% | -0.55% |
Volatility
SCDL vs. USML - Volatility Comparison
ETRACS 2x Leveraged U.S. Dividend Factor TR ETN (SCDL) has a higher volatility of 7.76% compared to ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) at 5.79%. This indicates that SCDL's price experiences larger fluctuations and is considered to be riskier than USML based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SCDL | USML | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.76% | 5.79% | +1.97% |
Volatility (6M)Calculated over the trailing 6-month period | 15.48% | 12.47% | +3.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.75% | 16.67% | +5.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.02% | 24.53% | +4.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.75% | 24.12% | +4.63% |
SCDL vs. USML - Expense Ratio Comparison
Both SCDL and USML have an expense ratio of 0.95%.
Dividends
SCDL vs. USML - Dividend Comparison
Neither SCDL nor USML has paid dividends to shareholders.
Frequently Asked Questions
SCDL and USML have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SCDL has higher volatility (7.76%) compared to USML (5.79%). In terms of maximum drawdown, SCDL dropped -34.87% vs USML's -35.34%.
On 5-year performance, SCDL leads with 11.80% vs 6.90% for USML. Both ETFs have the same 0.95% expense ratio. On volatility, USML has been the lower-risk option at 5.79%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SCDL has performed better with a 11.80% return vs 6.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCDL and USML have the same expense ratio: 0.95% per year.
SCDL and USML have nearly identical dividend yields, around 0.00%.
SCDL tracks Dow Jones U.S. Dividend 100 (200%), while USML tracks MSCI USA Minimum Volatility Index.
SCDL currently has the higher Sharpe Ratio (2.90 vs 0.61), 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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