BDCX vs. DLLL

Last updated Jun 3, 2026

BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) and DLLL (GraniteShares 2x Long DELL Daily ETF) are both Leveraged Equities funds - BDCX tracks the MVIS US Business Development Companies (150%) while DLLL tracks the Dell Technologies Inc. (DELL). Both are passively managed. Over the past year, BDCX returned -13.87% vs 986.47% for DLLL. At a 0.26 correlation, their price movements are largely independent. BDCX charges 0.95%/yr vs 1.50%/yr for DLLL.

Performance

BDCX vs. DLLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) and GraniteShares 2x Long DELL Daily ETF (DLLL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BDCX achieves a -8.64% return, which is significantly lower than DLLL's 816.87% return.

BDCX

• 1D: -0.27%
• 1M: -7.16%
• YTD: -8.64%
• 6M: -8.85%
• 1Y: -13.87%
• 3Y*: 4.83%
• 5Y*: 2.33%
• 10Y*: —

DLLL

• 1D: -13.27%
• 1M: 274.22%
• YTD: 816.87%
• 6M: 673.02%
• 1Y: 986.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BDCX vs. DLLL - Yearly Performance Comparison

	2026 (YTD)	2025
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN	-8.64%	-16.11%
DLLL GraniteShares 2x Long DELL Daily ETF	816.87%	-3.72%

Correlation

The correlation between BDCX and DLLL is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (All Time) Calculated using the full available price history since Feb 14, 2025	0.26

Return for Risk

BDCX vs. DLLL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BDCX

BDCX Risk / Return Rank: 4
BDCX Sharpe Ratio Rank: 4
BDCX Sortino Ratio Rank: 4
BDCX Omega Ratio Rank: 4
BDCX Calmar Ratio Rank: 4
BDCX Martin Ratio Rank: 4

DLLL

DLLL Risk / Return Rank: 96
DLLL Sharpe Ratio Rank: 99
DLLL Sortino Ratio Rank: 94
DLLL Omega Ratio Rank: 92
DLLL Calmar Ratio Rank: 98
DLLL Martin Ratio Rank: 95

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BDCX vs. DLLL - 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 GraniteShares 2x Long DELL Daily ETF (DLLL). 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	DLLL	Difference
Sharpe ratio Return per unit of total volatility	-0.52	7.72	-8.24
Sortino ratio Return per unit of downside risk	-0.60	5.05	-5.66
Omega ratio Gain probability vs. loss probability	0.93	1.63	-0.70
Calmar ratio Return relative to maximum drawdown	-0.50	16.14	-16.64
Martin ratio Return relative to average drawdown	-0.88	33.77	-34.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BDCX vs. DLLL - Sharpe Ratio Comparison

The current BDCX Sharpe Ratio is -0.52, which is lower than the DLLL Sharpe Ratio of 7.72. The chart below compares the historical Sharpe Ratios of BDCX and DLLL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BDCX	DLLL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.52	7.72	-8.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.09	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	3.38	-2.93

Drawdowns

BDCX vs. DLLL - Drawdown Comparison

The maximum BDCX drawdown since its inception was -34.96%, smaller than the maximum DLLL drawdown of -68.58%. Use the drawdown chart below to compare losses from any high point for BDCX and DLLL.

Drawdown Indicators

	BDCX	DLLL	Difference
Max Drawdown Largest peak-to-trough decline	-34.96%	-68.58%	+33.62%
Max Drawdown (1Y) Largest decline over 1 year	-30.46%	-57.19%	+26.73%
Max Drawdown (3Y) Largest decline over 3 years	-33.39%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-34.96%	—	—
Current Drawdown Current decline from peak	-25.75%	-13.27%	-12.48%
Average Drawdown Average peak-to-trough decline	-10.05%	-25.93%	+15.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.06%	27.33%	-10.27%

Volatility

BDCX vs. DLLL - Volatility Comparison

The current volatility for ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) is 6.41%, while GraniteShares 2x Long DELL Daily ETF (DLLL) has a volatility of 68.33%. This indicates that BDCX experiences smaller price fluctuations and is considered to be less risky than DLLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BDCX	DLLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.41%	68.33%	-61.92%
Volatility (6M) Calculated over the trailing 6-month period	22.02%	101.80%	-79.78%
Volatility (1Y) Calculated over the trailing 1-year period	26.90%	129.25%	-102.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.44%	130.59%	-104.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.85%	130.59%	-103.74%

BDCX vs. DLLL - Expense Ratio Comparison

BDCX has a 0.95% expense ratio, which is lower than DLLL's 1.50% expense ratio.

Dividends

BDCX vs. DLLL - Dividend Comparison

BDCX's dividend yield for the trailing twelve months is around 19.59%, while DLLL 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	19.59%	19.17%	15.28%	14.71%	17.47%	11.52%	6.32%
DLLL GraniteShares 2x Long DELL Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BDCX and DLLL in my portfolio?

BDCX and DLLL have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BDCX or DLLL?

DLLL has higher volatility (68.33%) compared to BDCX (6.41%). In terms of maximum drawdown, BDCX dropped -34.96% vs DLLL's -68.58%.

Which ETF is better, BDCX or DLLL?

On 1-year performance, DLLL leads with 986.47% vs -13.87% for BDCX. On fees, BDCX is cheaper at 0.95% 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.

Which ETF has performed better, BDCX or DLLL?

Over the 1-year period, DLLL has performed better with a 986.47% return vs -13.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BDCX or DLLL?

BDCX is cheaper with a 0.95% expense ratio, compared with 1.50% for DLLL.

Which ETF pays a higher dividend yield, BDCX or DLLL?

BDCX has the higher dividend yield at 19.59%, compared with 0.00% for DLLL.

What is the main difference between BDCX and DLLL?

BDCX tracks MVIS US Business Development Companies (150%), while DLLL tracks Dell Technologies Inc. (DELL). They also come from different issuers: UBS and GraniteShares. Their fees differ too: 0.95% for BDCX and 1.50% for DLLL.

Which has better risk-adjusted returns?

DLLL currently has the higher Sharpe Ratio (7.72 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.