BDCX vs. CEFD
BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) and CEFD (ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN) are both exchange-traded funds - BDCX is a Leveraged Equities fund tracking the MVIS US Business Development Companies (150%), while CEFD is a fund fund tracking the S-Network Composite Closed-End Fund Index (150%). Both are passively managed. Over the past 5 years, BDCX returned 1.22%/yr vs 2.85%/yr for CEFD. A 0.58 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
BDCX vs. CEFD - Performance Comparison
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Returns By Period
In the year-to-date period, BDCX achieves a -13.68% return, which is significantly lower than CEFD's 5.55% return.
BDCX
- 1D
- 0.57%
- 1M
- -1.31%
- YTD
- -13.68%
- 6M
- -10.71%
- 1Y
- -17.92%
- 3Y*
- 3.31%
- 5Y*
- 1.22%
- 10Y*
- —
CEFD
- 1D
- -0.83%
- 1M
- 0.88%
- YTD
- 5.55%
- 6M
- 5.82%
- 1Y
- 16.51%
- 3Y*
- 14.99%
- 5Y*
- 2.85%
- 10Y*
- —
BDCX vs. CEFD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | -13.68% | -10.42% | 15.32% | 35.33% | -17.67% | 52.70% | 25.40% |
CEFD ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN | 5.55% | 14.15% | 20.06% | 8.36% | -28.93% | 22.09% | 23.01% |
Correlation
The correlation between BDCX and CEFD is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2020 | 0.58 |
The correlation between BDCX and CEFD shifts across timeframes, from 0.44 (1 year) to 0.58 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BDCX vs. CEFD — Risk / Return Rank
BDCX
CEFD
BDCX vs. CEFD - 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 ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD). 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.
| BDCX | CEFD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.90 | ||
| Sortino ratioReturn per unit of downside risk | -2.59 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.25 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | 1.33 | -1.92 |
| Martin ratioReturn relative to average drawdown | -0.99 | 6.09 | -7.08 |
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Drawdowns
BDCX vs. CEFD - Drawdown Comparison
The maximum BDCX drawdown since its inception was -34.96%, smaller than the maximum CEFD drawdown of -36.95%. Use the drawdown chart below to compare losses from any high point for BDCX and CEFD.
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Drawdown Indicators
| BDCX | CEFD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.96% | -36.95% | +1.99% |
Max Drawdown (1Y)Largest decline over 1 year | -30.46% | -12.51% | -17.95% |
Max Drawdown (3Y)Largest decline over 3 years | -33.39% | -21.76% | -11.63% |
Max Drawdown (5Y)Largest decline over 5 years | -34.96% | -36.95% | +1.99% |
Current DrawdownCurrent decline from peak | -29.85% | -1.80% | -28.05% |
Average DrawdownAverage peak-to-trough decline | -10.21% | -11.63% | +1.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.05% | 2.72% | +15.33% |
Volatility
BDCX vs. CEFD - Volatility Comparison
ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) has a higher volatility of 8.40% compared to ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD) at 4.13%. This indicates that BDCX's price experiences larger fluctuations and is considered to be riskier than CEFD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCX | CEFD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.40% | 4.13% | +4.27% |
Volatility (6M)Calculated over the trailing 6-month period | 23.09% | 11.71% | +11.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.74% | 13.28% | +14.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.58% | 17.99% | +8.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.90% | 17.30% | +9.60% |
BDCX vs. CEFD - Expense Ratio Comparison
Both BDCX and CEFD have an expense ratio of 0.95%.
Dividends
BDCX vs. CEFD - Dividend Comparison
BDCX's dividend yield for the trailing twelve months is around 20.73%, more than CEFD's 14.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | 20.73% | 19.17% | 15.28% | 14.71% | 17.47% | 11.52% | 6.32% |
CEFD ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN | 14.84% | 14.88% | 13.90% | 14.76% | 16.56% | 10.31% | 5.37% |
Frequently Asked Questions
BDCX and CEFD have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BDCX has higher volatility (8.40%) compared to CEFD (4.13%). In terms of maximum drawdown, BDCX dropped -34.96% vs CEFD's -36.95%.
On 5-year performance, CEFD leads with 2.85% vs 1.22% for BDCX. Both ETFs have the same 0.95% expense ratio. On volatility, CEFD has been the lower-risk option at 4.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, CEFD has performed better with a 2.85% return vs 1.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BDCX and CEFD have the same expense ratio: 0.95% per year.
BDCX has the higher dividend yield at 20.73%, compared with 14.84% for CEFD.
BDCX tracks MVIS US Business Development Companies (150%), while CEFD tracks S-Network Composite Closed-End Fund Index (150%).
CEFD currently has the higher Sharpe Ratio (1.25 vs -0.65), 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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