SPYV vs. IWDL
SPYV (SPDR Portfolio S&P 500 Value ETF) and IWDL (ETRACS 2x Leveraged US Value Factor TR ETN) are both exchange-traded funds - SPYV is a S&P 500 fund tracking the S&P 500 Value, while IWDL is a Leveraged Equities fund tracking the Russell 1000 Value (200%). Both are passively managed. Over the past 5 years, SPYV returned 10.68%/yr vs 13.11%/yr for IWDL. With a 0.96 correlation, they move nearly in lockstep. SPYV charges 0.04%/yr vs 0.95%/yr for IWDL.
Performance
SPYV vs. IWDL - Performance Comparison
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Returns By Period
In the year-to-date period, SPYV achieves a 7.46% return, which is significantly lower than IWDL's 26.54% return.
SPYV
- 1D
- -0.36%
- 1M
- 2.22%
- YTD
- 7.46%
- 6M
- 7.77%
- 1Y
- 21.26%
- 3Y*
- 15.72%
- 5Y*
- 10.68%
- 10Y*
- 11.90%
IWDL
- 1D
- -0.06%
- 1M
- 7.80%
- YTD
- 26.54%
- 6M
- 27.46%
- 1Y
- 53.26%
- 3Y*
- 29.96%
- 5Y*
- 13.11%
- 10Y*
- —
SPYV vs. IWDL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SPYV SPDR Portfolio S&P 500 Value ETF | 7.46% | 13.18% | 12.24% | 22.20% | -5.28% | 21.35% |
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 SPYV and IWDL is 0.92, 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 | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021 | 0.96 |
The correlation between SPYV and IWDL has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.
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Return for Risk
SPYV vs. IWDL — Risk / Return Rank
SPYV
IWDL
SPYV vs. IWDL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio S&P 500 Value ETF (SPYV) 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.
| SPYV | IWDL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.40 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.43 | 3.95 | -0.52 |
| Martin ratioReturn relative to average drawdown | 13.16 | 16.27 | -3.11 |
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
| SPYV | IWDL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.17 | 2.35 | -0.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.75 | 0.44 | +0.31 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.70 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.60 | -0.17 |
Drawdowns
SPYV vs. IWDL - Drawdown Comparison
The maximum SPYV drawdown since its inception was -58.45%, which is greater than IWDL's maximum drawdown of -37.95%. Use the drawdown chart below to compare losses from any high point for SPYV and IWDL.
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Drawdown Indicators
| SPYV | IWDL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.45% | -37.95% | -20.50% |
Max Drawdown (1Y)Largest decline over 1 year | -6.22% | -13.53% | +7.31% |
Max Drawdown (3Y)Largest decline over 3 years | -17.54% | -31.78% | +14.24% |
Max Drawdown (5Y)Largest decline over 5 years | -17.89% | -37.95% | +20.06% |
Max Drawdown (10Y)Largest decline over 10 years | -36.89% | — | — |
Current DrawdownCurrent decline from peak | -0.57% | -0.06% | -0.51% |
Average DrawdownAverage peak-to-trough decline | -8.72% | -10.59% | +1.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.62% | 3.28% | -1.66% |
Volatility
SPYV vs. IWDL - Volatility Comparison
The current volatility for SPDR Portfolio S&P 500 Value ETF (SPYV) is 1.98%, while ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) has a volatility of 5.72%. This indicates that SPYV experiences smaller price fluctuations and is considered to be less risky than IWDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPYV | IWDL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.98% | 5.72% | -3.74% |
Volatility (6M)Calculated over the trailing 6-month period | 7.04% | 17.62% | -10.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.84% | 22.76% | -12.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.40% | 30.29% | -15.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.94% | 30.02% | -13.08% |
SPYV vs. IWDL - Expense Ratio Comparison
SPYV has a 0.04% expense ratio, which is lower than IWDL's 0.95% expense ratio.
Dividends
SPYV vs. IWDL - Dividend Comparison
SPYV's dividend yield for the trailing twelve months is around 1.70%, 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% |
SPYV SPDR Portfolio S&P 500 Value ETF | 1.70% | 1.77% | 2.29% | 1.75% | 2.22% | 2.10% | 2.38% | 2.25% | 2.97% | 2.77% | 2.39% | 2.53% |
Frequently Asked Questions
With a correlation of 0.92, SPYV and IWDL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
IWDL has higher volatility (5.72%) compared to SPYV (1.98%). In terms of maximum drawdown, SPYV dropped -58.45% vs IWDL's -37.95%.
On 5-year performance, IWDL leads with 13.11% vs 10.68% for SPYV. On fees, SPYV is cheaper at 0.04% per year. On volatility, SPYV has been the lower-risk option at 1.98%. 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 10.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPYV is cheaper with a 0.04% expense ratio, compared with 0.95% for IWDL.
SPYV has the higher dividend yield at 1.70%, compared with 0.00% for IWDL.
SPYV is categorized as S&P 500, while IWDL is Leveraged Equities. SPYV tracks S&P 500 Value, while IWDL tracks Russell 1000 Value (200%). They also come from different issuers: State Street and UBS. Their fees differ too: 0.04% for SPYV and 0.95% for IWDL.
IWDL currently has the higher Sharpe Ratio (2.35 vs 2.17), 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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