TLDR vs. IWML

Last updated Jul 14, 2026

TLDR (The Laddered T-Bill ETF) and IWML (ETRACS 2x Leveraged US Size Factor TR ETN) are both exchange-traded funds - TLDR is a Ultrashort Bond fund actively managed by REX Shares, while IWML is a Leveraged Equities fund tracking the Russell 2000 Index. TLDR is actively managed, while IWML is passively managed. At a correlation of -0.20, they often move in opposite directions. TLDR charges 0.20%/yr vs 0.95%/yr for IWML.

Performance

TLDR vs. IWML - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The Laddered T-Bill ETF (TLDR) and ETRACS 2x Leveraged US Size Factor TR ETN (IWML). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

TLDR

• 1D: -0.02%
• 1M: 0.31%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

IWML

• 1D: -1.97%
• 1M: 0.11%
• 6M: 21.58%
• YTD: 36.77%
• 1Y: 65.38%
• 3Y*: 22.25%
• 5Y*: 5.13%
• 10Y*: —

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

TLDR vs. IWML - Yearly Performance Comparison

	2026 (YTD)
TLDR The Laddered T-Bill ETF	1.63%
IWML ETRACS 2x Leveraged US Size Factor TR ETN	20.83%

Correlation

The correlation between TLDR and IWML is -0.20, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 21, 2026	-0.20

Return for Risk

TLDR vs. IWML — Risk / Return Rank

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

TLDR

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

IWML

IWML Risk / Return Rank: 64
IWML Sharpe Ratio Rank: 62
IWML Sortino Ratio Rank: 61
IWML Omega Ratio Rank: 56
IWML Calmar Ratio Rank: 72
IWML Martin Ratio Rank: 70

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.

TLDR vs. IWML - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Laddered T-Bill ETF (TLDR) and ETRACS 2x Leveraged US Size Factor TR ETN (IWML). 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.

	TLDR	IWML	Difference
Sharpe ratio: Return per unit of total volatility	—	1.64	—
Sortino ratio: Return per unit of downside risk	—	2.30	—
Omega ratio: Gain probability vs. loss probability	—	1.28	—
Calmar ratio: Return relative to maximum drawdown	—	2.89	—
Martin ratio: Return relative to average drawdown	—	10.07	—

Drawdowns

TLDR vs. IWML - Drawdown Comparison

The maximum TLDR drawdown since its inception was -0.05%, smaller than the maximum IWML drawdown of -60.06%. Use the drawdown chart below to compare losses from any high point for TLDR and IWML.

Drawdown Indicators

	TLDR	IWML	Difference
Max Drawdown Largest peak-to-trough decline	-0.05%	-60.06%	+60.01%
Max Drawdown (1Y) Largest decline over 1 year	—	-22.75%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-51.82%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-60.06%	—
Current Drawdown Current decline from peak	-0.02%	-3.88%	+3.86%
Average Drawdown Average peak-to-trough decline	-0.01%	-31.32%	+31.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	6.51%	—

Volatility

Volatility by Period

	TLDR	IWML	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	13.80%	—
Volatility (6M) Calculated over the trailing 6-month period	—	30.09%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.41%	40.23%	-39.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.41%	46.35%	-45.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.41%	46.19%	-45.78%

TLDR vs. IWML - Expense Ratio Comparison

TLDR has a 0.20% expense ratio, which is lower than IWML's 0.95% expense ratio.

Dividends

TLDR vs. IWML - Dividend Comparison

TLDR's dividend yield for the trailing twelve months is around 1.56%, while IWML has not paid dividends to shareholders.

Position	TTM
IWML ETRACS 2x Leveraged US Size Factor TR ETN	0.00%
TLDR The Laddered T-Bill ETF	1.56%

Frequently Asked Questions

Can I hold both TLDR and IWML in my portfolio?

TLDR and IWML have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TLDR or IWML?

On fees, TLDR is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TLDR or IWML?

TLDR is cheaper with a 0.20% expense ratio, compared with 0.95% for IWML.

Which ETF pays a higher dividend yield, TLDR or IWML?

TLDR has the higher dividend yield at 1.56%, compared with 0.00% for IWML.

What is the main difference between TLDR and IWML?

TLDR is categorized as Ultrashort Bond, while IWML is Leveraged Equities. They also come from different issuers: REX Shares and UBS. Their fees differ too: 0.20% for TLDR and 0.95% for IWML.