BDCX vs. DBE
BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - BDCX is a Leveraged Equities fund tracking the MVIS US Business Development Companies (150%), while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 5 years, BDCX returned 2.33%/yr vs 19.20%/yr for DBE. At a 0.16 correlation, their price movements are largely independent. BDCX charges 0.95%/yr vs 0.78%/yr for DBE.
Performance
BDCX vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, BDCX achieves a -8.64% return, which is significantly lower than DBE's 79.50% return.
BDCX
- 1D
- -0.27%
- 1M
- -7.16%
- YTD
- -8.64%
- 6M
- -8.85%
- 1Y
- -13.87%
- 3Y*
- 4.83%
- 5Y*
- 2.33%
- 10Y*
- —
DBE
- 1D
- 0.80%
- 1M
- -3.65%
- YTD
- 79.50%
- 6M
- 72.59%
- 1Y
- 82.31%
- 3Y*
- 22.48%
- 5Y*
- 19.20%
- 10Y*
- 11.78%
BDCX vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | -8.64% | -10.42% | 15.32% | 35.33% | -17.67% | 52.70% | 24.50% |
DBE Invesco DB Energy Fund | 79.50% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | 20.44% |
Correlation
The correlation between BDCX and DBE is -0.12, 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 | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2020 | 0.16 |
The correlation between BDCX and DBE shifts across timeframes, from -0.12 (1 year) to 0.16 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BDCX vs. DBE — Risk / Return Rank
BDCX
DBE
BDCX vs. DBE - 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 DB Energy Fund (DBE). 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 | DBE | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.52 | 2.37 | -2.89 |
Sortino ratioReturn per unit of downside risk | -0.60 | 2.91 | -3.51 |
Omega ratioGain probability vs. loss probability | 0.93 | 1.39 | -0.46 |
Calmar ratioReturn relative to maximum drawdown | -0.50 | 6.10 | -6.60 |
Martin ratioReturn relative to average drawdown | -0.88 | 11.98 | -12.87 |
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 | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.52 | 2.37 | -2.89 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.09 | 0.66 | -0.57 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.42 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.46 | 0.09 | +0.37 |
Drawdowns
BDCX vs. DBE - Drawdown Comparison
The maximum BDCX drawdown since its inception was -34.96%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for BDCX and DBE.
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Drawdown Indicators
| BDCX | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.96% | -86.69% | +51.73% |
Max Drawdown (1Y)Largest decline over 1 year | -30.46% | -14.41% | -16.05% |
Max Drawdown (3Y)Largest decline over 3 years | -33.39% | -23.89% | -9.50% |
Max Drawdown (5Y)Largest decline over 5 years | -34.96% | -38.74% | +3.78% |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.84% | — |
Current DrawdownCurrent decline from peak | -25.75% | -31.85% | +6.10% |
Average DrawdownAverage peak-to-trough decline | -10.05% | -57.31% | +47.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.06% | 7.34% | +9.72% |
Volatility
BDCX vs. DBE - Volatility Comparison
The current volatility for ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) is 6.41%, while Invesco DB Energy Fund (DBE) has a volatility of 13.47%. This indicates that BDCX experiences smaller price fluctuations and is considered to be less risky than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCX | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.41% | 13.47% | -7.06% |
Volatility (6M)Calculated over the trailing 6-month period | 22.02% | 30.80% | -8.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.90% | 35.02% | -8.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.44% | 29.37% | -2.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.85% | 28.33% | -1.48% |
BDCX vs. DBE - Expense Ratio Comparison
BDCX has a 0.95% expense ratio, which is higher than DBE's 0.78% expense ratio.
Dividends
BDCX vs. DBE - Dividend Comparison
BDCX's dividend yield for the trailing twelve months is around 19.59%, more than DBE's 2.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | 19.59% | 19.17% | 15.28% | 14.71% | 17.47% | 11.52% | 6.32% | 0.00% | 0.00% |
DBE Invesco DB Energy Fund | 2.15% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
Frequently Asked Questions
BDCX and DBE have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (13.47%) compared to BDCX (6.41%). In terms of maximum drawdown, BDCX dropped -34.96% vs DBE's -86.69%.
On 5-year performance, DBE leads with 19.20% vs 2.33% for BDCX. On fees, DBE is cheaper at 0.78% per year. On volatility, BDCX has been the lower-risk option at 6.41%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DBE has performed better with a 19.20% return vs 2.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBE is cheaper with a 0.78% expense ratio, compared with 0.95% for BDCX.
BDCX has the higher dividend yield at 19.59%, compared with 2.15% for DBE.
BDCX is categorized as Leveraged Equities, while DBE is Oil & Gas. BDCX tracks MVIS US Business Development Companies (150%), while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: UBS and Invesco. Their fees differ too: 0.95% for BDCX and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (2.37 vs -0.52), 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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