BDCX vs. BWET
BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) and BWET (Breakwave Tanker Shipping ETF) are both exchange-traded funds - BDCX is a Leveraged Equities fund tracking the MVIS US Business Development Companies (150%), while BWET is a Commodities fund tracking the Breakwave Wet Freight Futures Index. Both are passively managed. Over the past 3 years, BDCX returned 4.52%/yr vs 145.24%/yr for BWET. At a correlation of -0.01, they often move in opposite directions. BDCX charges 0.95%/yr vs 3.50%/yr for BWET.
Performance
BDCX vs. BWET - Performance Comparison
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Returns By Period
In the year-to-date period, BDCX achieves a -9.12% return, which is significantly lower than BWET's 990.13% return.
BDCX
- 1D
- 3.87%
- 1M
- -7.74%
- YTD
- -9.12%
- 6M
- -11.17%
- 1Y
- -14.37%
- 3Y*
- 4.52%
- 5Y*
- 2.16%
- 10Y*
- —
BWET
- 1D
- 11.71%
- 1M
- -0.90%
- YTD
- 990.13%
- 6M
- 857.64%
- 1Y
- 2,014.90%
- 3Y*
- 145.24%
- 5Y*
- —
- 10Y*
- —
BDCX vs. BWET - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | -9.12% | -10.42% | 15.32% | 31.85% |
BWET Breakwave Tanker Shipping ETF | 990.13% | 96.22% | -39.21% | 15.94% |
Correlation
The correlation between BDCX and BWET is -0.11, 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 (1Y) Calculated over the trailing 1-year period | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since May 4, 2023 | -0.01 |
The correlation between BDCX and BWET shifts across timeframes, from -0.11 (1 year) to -0.01 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
BDCX vs. BWET — Risk / Return Rank
BDCX
BWET
BDCX vs. BWET - 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 Breakwave Tanker Shipping ETF (BWET). 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 | BWET | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -21.20 | ||
| Sortino ratioReturn per unit of downside risk | -7.38 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.99 | -1.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.47 | 66.60 | -67.08 |
| Martin ratioReturn relative to average drawdown | -0.84 | 176.91 | -177.75 |
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 | BWET | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.53 | 20.67 | -21.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.08 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 2.01 | -1.56 |
Drawdowns
BDCX vs. BWET - Drawdown Comparison
The maximum BDCX drawdown since its inception was -34.96%, smaller than the maximum BWET drawdown of -56.90%. Use the drawdown chart below to compare losses from any high point for BDCX and BWET.
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Drawdown Indicators
| BDCX | BWET | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.96% | -56.90% | +21.94% |
Max Drawdown (1Y)Largest decline over 1 year | -30.46% | -30.64% | +0.18% |
Max Drawdown (3Y)Largest decline over 3 years | -33.39% | -56.90% | +23.51% |
Max Drawdown (5Y)Largest decline over 5 years | -34.96% | — | — |
Current DrawdownCurrent decline from peak | -26.14% | -0.90% | -25.24% |
Average DrawdownAverage peak-to-trough decline | -10.08% | -24.06% | +13.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.20% | 11.51% | +5.69% |
Volatility
BDCX vs. BWET - Volatility Comparison
The current volatility for ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) is 8.67%, while Breakwave Tanker Shipping ETF (BWET) has a volatility of 28.88%. This indicates that BDCX experiences smaller price fluctuations and is considered to be less risky than BWET based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCX | BWET | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.67% | 28.88% | -20.21% |
Volatility (6M)Calculated over the trailing 6-month period | 22.74% | 88.79% | -66.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.47% | 98.73% | -71.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.56% | 70.70% | -44.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.94% | 70.70% | -43.76% |
BDCX vs. BWET - Expense Ratio Comparison
BDCX has a 0.95% expense ratio, which is lower than BWET's 3.50% expense ratio.
Dividends
BDCX vs. BWET - Dividend Comparison
BDCX's dividend yield for the trailing twelve months is around 19.69%, while BWET has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | 19.69% | 19.17% | 15.28% | 14.71% | 17.47% | 11.52% | 6.32% |
BWET Breakwave Tanker Shipping ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BDCX and BWET have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BWET has higher volatility (28.88%) compared to BDCX (8.67%). In terms of maximum drawdown, BDCX dropped -34.96% vs BWET's -56.90%.
On 3-year performance, BWET leads with 145.24% vs 4.52% for BDCX. On fees, BDCX is cheaper at 0.95% per year. On volatility, BDCX has been the lower-risk option at 8.67%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BWET has performed better with a 145.24% return vs 4.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BDCX is cheaper with a 0.95% expense ratio, compared with 3.50% for BWET.
BDCX has the higher dividend yield at 19.69%, compared with 0.00% for BWET.
BDCX is categorized as Leveraged Equities, while BWET is Commodities. BDCX tracks MVIS US Business Development Companies (150%), while BWET tracks Breakwave Wet Freight Futures Index. They also come from different issuers: UBS and Amplify. Their fees differ too: 0.95% for BDCX and 3.50% for BWET.
BWET currently has the higher Sharpe Ratio (20.67 vs -0.53), 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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