USMV vs. HDLB
USMV (iShares MSCI USA Min Vol Factor ETF) and HDLB (ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B) are both exchange-traded funds - USMV is a Low Volatility fund tracking the MSCI USA Minimum Volatility Index, while HDLB is a Leveraged Equities fund tracking the Solactive US High Dividend Low Volatility (USD)(TR) (200%). Both are passively managed. Over the past 5 years, USMV returned 6.93%/yr vs 14.45%/yr for HDLB. Their 0.65 correlation means they have sometimes moved together and sometimes differently. USMV charges 0.15%/yr vs 1.65%/yr for HDLB.
Performance
USMV vs. HDLB - Performance Comparison
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Returns By Period
In the year-to-date period, USMV achieves a 5.12% return, which is significantly lower than HDLB's 25.86% return.
USMV
- 1D
- 0.35%
- 1M
- 0.39%
- 6M
- 3.78%
- YTD
- 5.12%
- 1Y
- 8.05%
- 3Y*
- 11.61%
- 5Y*
- 6.93%
- 10Y*
- 9.69%
- ALL TIME*
- 11.67%
HDLB
- 1D
- 0.59%
- 1M
- 6.90%
- 6M
- 10.29%
- YTD
- 25.86%
- 1Y
- 27.43%
- 3Y*
- 31.59%
- 5Y*
- 14.45%
- 10Y*
- —
- ALL TIME*
- 6.24%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $43.33K | $56.22K | $58.39K | |
| $238.33M | $228.63M | $219.79M |
USMV vs. HDLB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
USMV iShares MSCI USA Min Vol Factor ETF | 5.12% | 7.65% | 15.74% | 10.33% | -9.43% | 20.85% | 5.64% | 3.48% |
HDLB ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B | 25.86% | 27.26% | 28.21% | -4.12% | -11.46% | 62.67% | -50.94% | 8.33% |
Correlation
The correlation between USMV and HDLB is 0.46, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.46 |
Correlation (3Y) Balances recent behavior with more history. | 0.58 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.64 |
Correlation (All Time) Calculated using the full available price history since Oct 25, 2019 | 0.65 |
The correlation between USMV and HDLB shifts across timeframes, from 0.46 (1 year) to 0.65 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
USMV vs. HDLB — Risk / Return Rank
USMV
HDLB
USMV vs. HDLB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Min Vol Factor ETF (USMV) and ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB). 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.
| USMV | HDLB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.18 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.25 | 1.70 | -0.45 |
| Martin ratioReturn relative to average drawdown | 4.09 | 3.66 | +0.43 |
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Drawdowns
USMV vs. HDLB - Drawdown Comparison
The maximum USMV drawdown since its inception was -33.10%, smaller than the maximum HDLB drawdown of -78.70%. Use the drawdown chart below to compare losses from any high point for USMV and HDLB.
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Drawdown Indicators
| USMV | HDLB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.10% | -78.70% | +45.60% |
Max Drawdown (1Y)Largest decline over 1 year | -6.46% | -16.17% | +9.71% |
Max Drawdown (3Y)Largest decline over 3 years | -9.36% | -20.94% | +11.58% |
Max Drawdown (5Y)Largest decline over 5 years | -17.93% | -43.81% | +25.88% |
Max Drawdown (10Y)Largest decline over 10 years | -33.10% | — | — |
Current DrawdownCurrent decline from peak | -0.29% | -5.07% | +4.78% |
Average DrawdownAverage peak-to-trough decline | -2.86% | -26.99% | +24.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.98% | 7.52% | -5.54% |
Volatility
USMV vs. HDLB - Volatility Comparison
The current volatility for iShares MSCI USA Min Vol Factor ETF (USMV) is 2.63%, while ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB) has a volatility of 11.18%. This indicates that USMV experiences smaller price fluctuations and is considered to be less risky than HDLB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USMV | HDLB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.63% | 11.18% | -8.55% |
Volatility (6M)Calculated over the trailing 6-month period | 6.44% | 21.85% | -15.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.54% | 28.69% | -20.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.38% | 31.07% | -18.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.51% | 43.42% | -28.91% |
USMV vs. HDLB - Expense Ratio Comparison
USMV has a 0.15% expense ratio, which is lower than HDLB's 1.65% expense ratio.
Dividends
USMV vs. HDLB - Dividend Comparison
USMV's dividend yield for the trailing twelve months is around 1.47%, less than HDLB's 10.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HDLB ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B | 10.13% | 12.20% | 10.09% | 12.36% | 10.86% | 8.07% | 16.23% | 0.97% | 0.00% | 0.00% | 0.00% | 0.00% |
USMV iShares MSCI USA Min Vol Factor ETF | 1.47% | 1.49% | 1.67% | 1.82% | 1.62% | 1.26% | 1.81% | 1.88% | 2.12% | 1.77% | 2.22% | 2.02% |
Frequently Asked Questions
USMV and HDLB have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HDLB has higher volatility (11.18%) compared to USMV (2.63%). In terms of maximum drawdown, USMV dropped -33.10% vs HDLB's -78.70%.
On 5-year performance, HDLB leads with 14.45% vs 6.93% for USMV. On fees, USMV is cheaper at 0.15% per year. On volatility, USMV has been the lower-risk option at 2.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, HDLB has performed better with a 14.45% return vs 6.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USMV is cheaper with a 0.15% expense ratio, compared with 1.65% for HDLB.
HDLB has the higher dividend yield at 10.13%, compared with 1.47% for USMV.
USMV is categorized as Low Volatility, while HDLB is Leveraged Equities. USMV tracks MSCI USA Minimum Volatility Index, while HDLB tracks Solactive US High Dividend Low Volatility (USD)(TR) (200%). They also come from different issuers: iShares and UBS. Their fees differ too: 0.15% for USMV and 1.65% for HDLB.
HDLB currently has the higher Sharpe Ratio (0.96 vs 0.95), 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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