BDCX vs. BKLN
BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) and BKLN (Invesco Senior Loan ETF) are both exchange-traded funds - BDCX is a Leveraged Equities fund tracking the MVIS US Business Development Companies (150%), while BKLN is a Bank Loan fund tracking the Morningstar LSTA US Leveraged Loan 100 Index. Both are passively managed. Over the past 5 years, BDCX returned 1.22%/yr vs 5.09%/yr for BKLN. At a 0.48 correlation, their price movements are largely independent. BDCX charges 0.95%/yr vs 0.65%/yr for BKLN.
Performance
BDCX vs. BKLN - Performance Comparison
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Returns By Period
In the year-to-date period, BDCX achieves a -11.90% return, which is significantly lower than BKLN's -0.04% return.
BDCX
- 1D
- -0.44%
- 1M
- -5.50%
- YTD
- -11.90%
- 6M
- -14.62%
- 1Y
- -18.01%
- 3Y*
- 2.98%
- 5Y*
- 1.22%
- 10Y*
- —
BKLN
- 1D
- 0.00%
- 1M
- -0.43%
- YTD
- -0.04%
- 6M
- 0.55%
- 1Y
- 4.39%
- 3Y*
- 7.44%
- 5Y*
- 5.09%
- 10Y*
- 4.25%
BDCX vs. BKLN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | -11.90% | -10.42% | 15.32% | 35.33% | -17.67% | 52.70% | 24.50% |
BKLN Invesco Senior Loan ETF | -0.04% | 6.88% | 8.21% | 12.53% | -2.51% | 2.32% | 4.91% |
Correlation
The correlation between BDCX and BKLN is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.42 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2020 | 0.48 |
The correlation between BDCX and BKLN shifts across timeframes, from 0.39 (1 year) to 0.50 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BDCX vs. BKLN — Risk / Return Rank
BDCX
BKLN
BDCX vs. BKLN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) and Invesco Senior Loan ETF (BKLN). 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.
| BDCX | BKLN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.26 | ||
| Sortino ratioReturn per unit of downside risk | -3.20 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.37 | -0.46 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | 1.44 | -2.03 |
| Martin ratioReturn relative to average drawdown | -1.04 | 5.65 | -6.69 |
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
| BDCX | BKLN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.66 | 1.61 | -2.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.05 | 1.14 | -1.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.66 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 0.64 | -0.21 |
Drawdowns
BDCX vs. BKLN - Drawdown Comparison
The maximum BDCX drawdown since its inception was -34.96%, which is greater than BKLN's maximum drawdown of -24.17%. Use the drawdown chart below to compare losses from any high point for BDCX and BKLN.
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Drawdown Indicators
| BDCX | BKLN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.96% | -24.17% | -10.79% |
Max Drawdown (1Y)Largest decline over 1 year | -30.46% | -3.07% | -27.39% |
Max Drawdown (3Y)Largest decline over 3 years | -33.39% | -3.55% | -29.84% |
Max Drawdown (5Y)Largest decline over 5 years | -34.96% | -7.31% | -27.65% |
Max Drawdown (10Y)Largest decline over 10 years | — | -24.17% | — |
Current DrawdownCurrent decline from peak | -28.40% | -0.48% | -27.92% |
Average DrawdownAverage peak-to-trough decline | -10.10% | -1.09% | -9.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.35% | 0.78% | +16.57% |
Volatility
BDCX vs. BKLN - Volatility Comparison
ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) has a higher volatility of 8.65% compared to Invesco Senior Loan ETF (BKLN) at 0.44%. This indicates that BDCX's price experiences larger fluctuations and is considered to be riskier than BKLN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCX | BKLN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.65% | 0.44% | +8.21% |
Volatility (6M)Calculated over the trailing 6-month period | 22.81% | 2.52% | +20.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.60% | 2.75% | +24.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.59% | 4.48% | +22.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.94% | 6.43% | +20.51% |
BDCX vs. BKLN - Expense Ratio Comparison
BDCX has a 0.95% expense ratio, which is higher than BKLN's 0.65% expense ratio.
Dividends
BDCX vs. BKLN - Dividend Comparison
BDCX's dividend yield for the trailing twelve months is around 20.31%, more than BKLN's 6.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | 20.31% | 19.17% | 15.28% | 14.71% | 17.47% | 11.52% | 6.32% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
BKLN Invesco Senior Loan ETF | 6.63% | 6.95% | 8.41% | 8.59% | 4.93% | 3.11% | 3.56% | 4.86% | 4.52% | 3.50% | 4.54% | 4.12% |
Frequently Asked Questions
BDCX and BKLN have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BDCX has higher volatility (8.65%) compared to BKLN (0.44%). In terms of maximum drawdown, BDCX dropped -34.96% vs BKLN's -24.17%.
On 5-year performance, BKLN leads with 5.09% vs 1.22% for BDCX. On fees, BKLN is cheaper at 0.65% per year. On volatility, BKLN has been the lower-risk option at 0.44%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BKLN has performed better with a 5.09% return vs 1.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BKLN is cheaper with a 0.65% expense ratio, compared with 0.95% for BDCX.
BDCX has the higher dividend yield at 20.31%, compared with 6.63% for BKLN.
BDCX is categorized as Leveraged Equities, while BKLN is Bank Loan. BDCX tracks MVIS US Business Development Companies (150%), while BKLN tracks Morningstar LSTA US Leveraged Loan 100 Index. They also come from different issuers: UBS and Invesco. Their fees differ too: 0.95% for BDCX and 0.65% for BKLN.
BKLN currently has the higher Sharpe Ratio (1.61 vs -0.66), 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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