BDCX vs. BRLN
BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) and BRLN (BlackRock Floating Rate Loan ETF) are both exchange-traded funds - BDCX is a Leveraged Equities fund tracking the MVIS US Business Development Companies (150%), while BRLN is a Bank Loan fund actively managed by BlackRock. BDCX is passively managed, while BRLN is actively managed. Over the past 3 years, BDCX returned 2.98%/yr vs 7.18%/yr for BRLN. At a 0.16 correlation, their price movements are largely independent. BDCX charges 0.95%/yr vs 0.55%/yr for BRLN.
Performance
BDCX vs. BRLN - 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 BRLN's 1.14% return.
BDCX
- 1D
- -0.44%
- 1M
- -5.50%
- YTD
- -11.90%
- 6M
- -14.62%
- 1Y
- -18.01%
- 3Y*
- 2.98%
- 5Y*
- 1.22%
- 10Y*
- —
BRLN
- 1D
- 0.35%
- 1M
- 0.60%
- YTD
- 1.14%
- 6M
- 1.72%
- 1Y
- 4.81%
- 3Y*
- 7.18%
- 5Y*
- —
- 10Y*
- —
BDCX vs. BRLN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | -11.90% | -10.42% | 15.32% | 35.33% | 8.01% |
BRLN BlackRock Floating Rate Loan ETF | 1.14% | 5.38% | 7.49% | 13.42% | 2.13% |
Correlation
The correlation between BDCX and BRLN is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Oct 7, 2022 | 0.16 |
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Return for Risk
BDCX vs. BRLN — Risk / Return Rank
BDCX
BRLN
BDCX vs. BRLN - 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 BlackRock Floating Rate Loan ETF (BRLN). 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 | BRLN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.20 | ||
| Sortino ratioReturn per unit of downside risk | -3.17 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.29 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | 2.41 | -3.00 |
| Martin ratioReturn relative to average drawdown | -1.04 | 9.32 | -10.36 |
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 | BRLN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.66 | 1.54 | -2.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.05 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 2.16 | -1.73 |
Drawdowns
BDCX vs. BRLN - Drawdown Comparison
The maximum BDCX drawdown since its inception was -34.96%, which is greater than BRLN's maximum drawdown of -3.85%. Use the drawdown chart below to compare losses from any high point for BDCX and BRLN.
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Drawdown Indicators
| BDCX | BRLN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.96% | -3.85% | -31.11% |
Max Drawdown (1Y)Largest decline over 1 year | -30.46% | -2.00% | -28.46% |
Max Drawdown (3Y)Largest decline over 3 years | -33.39% | -3.85% | -29.54% |
Max Drawdown (5Y)Largest decline over 5 years | -34.96% | — | — |
Current DrawdownCurrent decline from peak | -28.40% | -0.42% | -27.98% |
Average DrawdownAverage peak-to-trough decline | -10.10% | -0.31% | -9.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.35% | 0.52% | +16.83% |
Volatility
BDCX vs. BRLN - Volatility Comparison
ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) has a higher volatility of 8.65% compared to BlackRock Floating Rate Loan ETF (BRLN) at 1.11%. This indicates that BDCX's price experiences larger fluctuations and is considered to be riskier than BRLN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCX | BRLN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.65% | 1.11% | +7.54% |
Volatility (6M)Calculated over the trailing 6-month period | 22.81% | 2.34% | +20.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.60% | 3.14% | +24.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.59% | 3.74% | +22.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.94% | 3.74% | +23.20% |
BDCX vs. BRLN - Expense Ratio Comparison
BDCX has a 0.95% expense ratio, which is higher than BRLN's 0.55% expense ratio.
Dividends
BDCX vs. BRLN - Dividend Comparison
BDCX's dividend yield for the trailing twelve months is around 20.31%, more than BRLN's 6.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
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% |
BRLN BlackRock Floating Rate Loan ETF | 6.37% | 6.50% | 7.87% | 9.06% | 1.48% | 0.00% | 0.00% |
Frequently Asked Questions
BDCX and BRLN have a correlation of 0.09, 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 BRLN (1.11%). In terms of maximum drawdown, BDCX dropped -34.96% vs BRLN's -3.85%.
On 3-year performance, BRLN leads with 7.18% vs 2.98% for BDCX. On fees, BRLN is cheaper at 0.55% per year. On volatility, BRLN has been the lower-risk option at 1.11%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BRLN has performed better with a 7.18% return vs 2.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BRLN is cheaper with a 0.55% expense ratio, compared with 0.95% for BDCX.
BDCX has the higher dividend yield at 20.31%, compared with 6.37% for BRLN.
BDCX is categorized as Leveraged Equities, while BRLN is Bank Loan. They also come from different issuers: UBS and BlackRock. Their fees differ too: 0.95% for BDCX and 0.55% for BRLN.
BRLN currently has the higher Sharpe Ratio (1.54 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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