BDCX vs. FLSP
BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) and FLSP (Franklin Liberty Systematic Style Premia ETF) are both exchange-traded funds - BDCX is a Leveraged Equities fund tracking the MVIS US Business Development Companies (150%), while FLSP is a Long-Short fund actively managed by Franklin Templeton. BDCX is passively managed, while FLSP is actively managed. Over the past 5 years, BDCX returned 1.22%/yr vs 8.35%/yr for FLSP. At a 0.05 correlation, their price movements are largely independent. BDCX charges 0.95%/yr vs 0.65%/yr for FLSP.
Performance
BDCX vs. FLSP - 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 FLSP's 1.97% return.
BDCX
- 1D
- 0.57%
- 1M
- -1.31%
- YTD
- -13.68%
- 6M
- -10.71%
- 1Y
- -17.92%
- 3Y*
- 3.31%
- 5Y*
- 1.22%
- 10Y*
- —
FLSP
- 1D
- -0.36%
- 1M
- 0.59%
- YTD
- 1.97%
- 6M
- 2.01%
- 1Y
- 14.58%
- 3Y*
- 10.33%
- 5Y*
- 8.35%
- 10Y*
- —
BDCX vs. FLSP - 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% |
FLSP Franklin Liberty Systematic Style Premia ETF | 1.97% | 15.56% | 11.75% | 3.14% | 0.44% | 11.44% | -7.41% |
Correlation
The correlation between BDCX and FLSP 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 | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2020 | 0.05 |
The correlation between BDCX and FLSP shifts across timeframes, from -0.09 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BDCX vs. FLSP — Risk / Return Rank
BDCX
FLSP
BDCX vs. FLSP - 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 Franklin Liberty Systematic Style Premia ETF (FLSP). 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 | FLSP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.27 | ||
| Sortino ratioReturn per unit of downside risk | -3.12 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.28 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | 3.63 | -4.22 |
| Martin ratioReturn relative to average drawdown | -0.99 | 10.82 | -11.82 |
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Drawdowns
BDCX vs. FLSP - Drawdown Comparison
The maximum BDCX drawdown since its inception was -34.96%, which is greater than FLSP's maximum drawdown of -22.75%. Use the drawdown chart below to compare losses from any high point for BDCX and FLSP.
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Drawdown Indicators
| BDCX | FLSP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.96% | -22.75% | -12.21% |
Max Drawdown (1Y)Largest decline over 1 year | -30.46% | -4.03% | -26.43% |
Max Drawdown (3Y)Largest decline over 3 years | -33.39% | -6.69% | -26.70% |
Max Drawdown (5Y)Largest decline over 5 years | -34.96% | -9.52% | -25.44% |
Current DrawdownCurrent decline from peak | -29.85% | -1.26% | -28.59% |
Average DrawdownAverage peak-to-trough decline | -10.21% | -6.26% | -3.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.05% | 1.39% | +16.66% |
Volatility
BDCX vs. FLSP - Volatility Comparison
ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) has a higher volatility of 8.40% compared to Franklin Liberty Systematic Style Premia ETF (FLSP) at 1.79%. This indicates that BDCX's price experiences larger fluctuations and is considered to be riskier than FLSP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCX | FLSP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.40% | 1.79% | +6.61% |
Volatility (6M)Calculated over the trailing 6-month period | 23.09% | 6.78% | +16.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.74% | 9.07% | +18.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.58% | 13.35% | +13.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.90% | 13.48% | +13.42% |
BDCX vs. FLSP - Expense Ratio Comparison
BDCX has a 0.95% expense ratio, which is higher than FLSP's 0.65% expense ratio.
Dividends
BDCX vs. FLSP - Dividend Comparison
BDCX's dividend yield for the trailing twelve months is around 20.73%, more than FLSP's 2.60% 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% |
FLSP Franklin Liberty Systematic Style Premia ETF | 2.60% | 2.65% | 1.18% | 1.19% | 2.18% | 1.19% | 8.08% |
Frequently Asked Questions
BDCX and FLSP 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 (8.40%) compared to FLSP (1.79%). In terms of maximum drawdown, BDCX dropped -34.96% vs FLSP's -22.75%.
On 5-year performance, FLSP leads with 8.35% vs 1.22% for BDCX. On fees, FLSP is cheaper at 0.65% per year. On volatility, FLSP has been the lower-risk option at 1.79%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FLSP has performed better with a 8.35% return vs 1.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLSP is cheaper with a 0.65% expense ratio, compared with 0.95% for BDCX.
BDCX has the higher dividend yield at 20.73%, compared with 2.60% for FLSP.
BDCX is categorized as Leveraged Equities, while FLSP is Long-Short. They also come from different issuers: UBS and Franklin Templeton. Their fees differ too: 0.95% for BDCX and 0.65% for FLSP.
FLSP currently has the higher Sharpe Ratio (1.62 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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