BDCX vs. GAIN

Last updated Apr 1, 2026

Compare and contrast key facts about ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) and Gladstone Investment Corporation (GAIN).

BDCX is a passively managed fund by UBS that tracks the performance of the MVIS US Business Development Companies (150%). It was launched on Jun 2, 2020.

Performance

BDCX vs. GAIN - 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 Gladstone Investment Corporation (GAIN). The values are adjusted to include any dividend payments, if applicable.

BDCX vs. GAIN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN	-13.54%	-10.42%	15.32%	35.33%	-17.67%	52.70%	24.50%
GAIN Gladstone Investment Corporation	3.42%	17.11%	5.33%	31.01%	-17.55%	82.14%	-6.30%

Returns By Period

In the year-to-date period, BDCX achieves a -13.54% return, which is significantly lower than GAIN's 3.42% return.

BDCX

• 1D: 3.32%
• 1M: 1.87%
• YTD: -13.54%
• 6M: -13.47%
• 1Y: -23.11%
• 3Y*: 4.64%
• 5Y*: 3.38%
• 10Y*: —

GAIN

• 1D: 0.35%
• 1M: 4.32%
• YTD: 3.42%
• 6M: 6.37%
• 1Y: 18.02%
• 3Y*: 16.28%
• 5Y*: 14.72%
• 10Y*: 18.49%

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

Return for Risk

BDCX vs. GAIN — Risk / Return Rank

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

BDCX

BDCX Risk / Return Rank: 2
BDCX Sharpe Ratio Rank: 2
BDCX Sortino Ratio Rank: 2
BDCX Omega Ratio Rank: 2
BDCX Calmar Ratio Rank: 1
BDCX Martin Ratio Rank: 1

GAIN

GAIN Risk / Return Rank: 70
GAIN Sharpe Ratio Rank: 72
GAIN Sortino Ratio Rank: 68
GAIN Omega Ratio Rank: 67
GAIN Calmar Ratio Rank: 68
GAIN Martin Ratio Rank: 78

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. GAIN - 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 Gladstone Investment Corporation (GAIN). 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	GAIN	Difference
Sharpe ratio Return per unit of total volatility	-0.72	0.84	-1.56
Sortino ratio Return per unit of downside risk	-0.91	1.44	-2.34
Omega ratio Gain probability vs. loss probability	0.89	1.19	-0.30
Calmar ratio Return relative to maximum drawdown	-0.77	1.23	-2.00
Martin ratio Return relative to average drawdown	-1.55	5.23	-6.78
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. GAIN - Sharpe Ratio Comparison

The current BDCX Sharpe Ratio is -0.72, which is lower than the GAIN Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of BDCX and GAIN, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BDCX	GAIN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.72	0.84	-1.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.13	0.68	-0.54
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.73	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.24	+0.20

Correlation

The correlation between BDCX and GAIN is 0.66, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

BDCX vs. GAIN - Dividend Comparison

BDCX's dividend yield for the trailing twelve months is around 22.24%, more than GAIN's 10.56% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN	22.24%	19.17%	15.28%	14.71%	17.47%	11.52%	6.32%	0.00%	0.00%	0.00%	0.00%	0.00%
GAIN Gladstone Investment Corporation	10.56%	10.74%	12.53%	17.24%	9.88%	6.06%	9.22%	7.06%	9.24%	7.94%	8.87%	9.68%

Drawdowns

BDCX vs. GAIN - Drawdown Comparison

The maximum BDCX drawdown since its inception was -34.96%, smaller than the maximum GAIN drawdown of -80.87%. Use the drawdown chart below to compare losses from any high point for BDCX and GAIN.

Drawdown Indicators

	BDCX	GAIN	Difference
Max Drawdown Largest peak-to-trough decline	-34.96%	-80.87%	+45.91%
Max Drawdown (1Y) Largest decline over 1 year	-30.46%	-13.01%	-17.45%
Max Drawdown (5Y) Largest decline over 5 years	-34.96%	-26.26%	-8.70%
Max Drawdown (10Y) Largest decline over 10 years	—	-56.28%	—
Current Drawdown Current decline from peak	-29.73%	-1.24%	-28.49%
Average Drawdown Average peak-to-trough decline	-9.60%	-16.03%	+6.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.20%	3.05%	+12.15%

Volatility

BDCX vs. GAIN - Volatility Comparison

ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) has a higher volatility of 9.44% compared to Gladstone Investment Corporation (GAIN) at 7.41%. This indicates that BDCX's price experiences larger fluctuations and is considered to be riskier than GAIN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BDCX	GAIN	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.44%	7.41%	+2.03%
Volatility (6M) Calculated over the trailing 6-month period	20.78%	12.15%	+8.63%
Volatility (1Y) Calculated over the trailing 1-year period	32.13%	21.66%	+10.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.00%	21.94%	+4.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.63%	25.41%	+1.22%