ETRACS Monthly Pay 2xLeveraged US High… (HDLB) Performance
HDLB total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +16.6% since Dec 31, 2025
- 1 year
- +13.5% total return
- 5 years
- +13.6% a year
- Since first price
- +5.0% a year since 2019
HDLB trailing returns vs SPY, QQQ, AGG
| Period | HDLB total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +1.1% | −0.3% | −1.0% | −5.0% | +0.9% |
| 3 months | −4.5% | −7.2% | +3.2% | +1.9% | −0.4% |
| 6 months | −0.5% | −6.2% | +7.8% | +8.4% | −1.5% |
| YTD | +16.6% | +6.4% | +12.3% | +15.1% | −1.0% |
| 1 year | +13.5% | +1.6% | +14.4% | +15.9% | −1.1% |
| 3 years | +146.9%+35.2%/yr | +75.4% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +89.4%+13.6%/yr | +7.4% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionOct 25, 2019 | +40.9%+5.0%/yr | −35.9% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: HDLB vs SPY
From Oct 25, 2019: HDLB grew to $14,085, SPY to $27,849.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
HDLB returns by calendar year
3 of 6 full years positive. Best 2021 (+62.7%), worst 2020 (−50.9%). 2026 is year to date.
HDLB annual returns table
| Year | HDLB | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +16.6% | −19.2% | +12.3% | +15.1% | −1.0% |
| 2025 | +27.3% | −20.9% | +17.7% | +20.8% | +7.2% |
| 2024 | +28.2% | −16.3% | +24.9% | +25.6% | +1.3% |
| 2023 | −4.1% | −35.5% | +26.2% | +54.9% | +5.7% |
| 2022 | −10.3% | −37.3% | −18.2% | −32.6% | −13.0% |
| 2021 | +62.7% | −12.2% | +28.7% | +27.4% | −1.8% |
| 2020 | −50.9% | −78.7% | +18.3% | +48.6% | +7.5% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
HDLB largest drawdowns
Now 12.1% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Feb 20, 2020 | −78.7% | Mar 23, 2020 | Feb 24, 2025 | 32 days | 5.0 years |
| Apr 3, 2025 | −20.9% | Apr 8, 2025 | May 19, 2025 | 5 days | 46 days |
| Jul 28, 2026 | −19.2% | Oct 9, 2026 | not yet | 2 months | 3 months so far |
| Mar 2, 2026 | −16.2% | Jun 4, 2026 | Jul 27, 2026 | 3 months | 5 months |
| Oct 1, 2025 | −12.0% | Nov 3, 2025 | Jan 30, 2026 | 33 days | 4 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
HDLB risk statistics
| Statistic | 3 years | 5 years | Since 2019 |
|---|---|---|---|
| Annualized return | +31.7% | +14.2% | +5.2% |
| Volatility (annualized) | 26.1% | 31.4% | 40.7% |
| Sharpe ratio | 1.03 | 0.47 | 0.30 |
| Sortino ratio | 1.84 | 0.73 | 0.41 |
| Best month | +17.5% | +21.7% | +31.1% |
| Worst month | −14.3% | −22.7% | −59.1% |
| Best 12 months | +73.1% | +73.1% | +102.6% |
| Worst 12 months | +8.5% | −35.2% | −61.6% |
| Positive months | 67% | 57% | 60% |
| Beta vs S&P 500 | 0.65 | 1.18 | — |
| Correlation with S&P 500 | 0.31 | 0.59 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
HDLB rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 73 | −61.6% | +21.1% | +102.6% | 71% |
| 3-year (a year) | 49 | −10.6% | +11.8% | +33.7% | 90% |
| 5-year (a year) | 25 | −2.5% | +15.7% | +28.3% | 92% |
Every holding period starting at a month-end since 2019. Returns for 3 years and longer are annualized.
HDLB performance overview
ETRACS Monthly Pay 2xLeveraged US High… (HDLB) returned +13.5% over the past year and +13.6% a year over five years, with distributions reinvested. Since its first recorded price in 2019 it has returned +5.0% a year, turning $10,000 into about $14,085. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −78.7%, from Feb 20, 2020 to Mar 23, 2020, and it took 4.9 years to get back to the old high. HDLB finished 3 of its 6 full calendar years with a gain; the best year was 2021 (+62.7%) and the worst 2020 (−50.9%). Volatility has been 40.7% a year.
Related: HDLB chart, HDLB holdings, HDLB dividends, HDLB valuation. See the HDLB overview for the latest quote and fund facts.
HDLB performance FAQ
What is the HDLB return over the past year?
HDLB returned +13.5% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 1.6%.
What is the average annual return of HDLB?
HDLB has returned +13.6% a year over 5 years, +5.0% a year since October 25, 2019 (total return, distributions reinvested).
How much would $10,000 invested in HDLB be worth?
$10,000 invested in HDLB at its first recorded close on October 25, 2019 would be worth about $14,085 on October 23, 2026 with distributions reinvested.
What was the worst year for HDLB?
The worst calendar year was 2020, with a total return of −50.9%. The best was 2021 at +62.7%.
What is the biggest drawdown of HDLB?
The largest peak-to-trough decline was −78.7% between February 20, 2020 and March 23, 2020. It recovered to the old high on February 24, 2025, 4.9 years after the bottom.
How volatile is HDLB?
Over the past 3 years HDLB had an annualized volatility of 26.1% and a Sharpe ratio of 1.03 (excess return over 1–3 month T-bills per unit of risk).