BDCX vs. GII
BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) and GII (SPDR S&P Global Infrastructure ETF) are both exchange-traded funds - BDCX is a Leveraged Equities fund tracking the MVIS US Business Development Companies (150%), while GII is a Utilities Equities fund tracking the S&P Global Infrastructure. Both are passively managed. Over the past 5 years, BDCX returned 1.22%/yr vs 9.70%/yr for GII. A 0.51 correlation means they provide meaningful diversification when combined. BDCX charges 0.95%/yr vs 0.40%/yr for GII.
Performance
BDCX vs. GII - Performance Comparison
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Returns By Period
In the year-to-date period, BDCX achieves a -11.90% return, which is significantly lower than GII's 6.75% return.
BDCX
- 1D
- -0.44%
- 1M
- -5.50%
- YTD
- -11.90%
- 6M
- -14.62%
- 1Y
- -18.01%
- 3Y*
- 2.98%
- 5Y*
- 1.22%
- 10Y*
- —
GII
- 1D
- -0.87%
- 1M
- -2.02%
- YTD
- 6.75%
- 6M
- 7.80%
- 1Y
- 13.78%
- 3Y*
- 15.30%
- 5Y*
- 9.70%
- 10Y*
- 8.22%
BDCX vs. GII - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | -11.90% | -10.42% | 15.32% | 35.33% | -17.67% | 52.70% | 24.50% |
GII SPDR S&P Global Infrastructure ETF | 6.75% | 21.79% | 14.30% | 5.90% | -0.54% | 11.39% | 7.59% |
Correlation
The correlation between BDCX and GII is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2020 | 0.51 |
Over the past year, the correlation between BDCX and GII has dropped to 0.16 - well below their long-term average of 0.51, suggesting their price drivers have been diverging.
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Return for Risk
BDCX vs. GII — Risk / Return Rank
BDCX
GII
BDCX vs. GII - 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 SPDR S&P Global Infrastructure ETF (GII). 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 | GII | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.94 | ||
| Sortino ratioReturn per unit of downside risk | -2.66 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.23 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | 2.33 | -2.92 |
| Martin ratioReturn relative to average drawdown | -1.04 | 7.00 | -8.04 |
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 | GII | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.66 | 1.28 | -1.94 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.05 | 0.69 | -0.64 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.48 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 0.28 | +0.15 |
Drawdowns
BDCX vs. GII - Drawdown Comparison
The maximum BDCX drawdown since its inception was -34.96%, smaller than the maximum GII drawdown of -50.98%. Use the drawdown chart below to compare losses from any high point for BDCX and GII.
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Drawdown Indicators
| BDCX | GII | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.96% | -50.98% | +16.02% |
Max Drawdown (1Y)Largest decline over 1 year | -30.46% | -5.94% | -24.52% |
Max Drawdown (3Y)Largest decline over 3 years | -33.39% | -14.31% | -19.08% |
Max Drawdown (5Y)Largest decline over 5 years | -34.96% | -20.67% | -14.29% |
Max Drawdown (10Y)Largest decline over 10 years | — | -42.84% | — |
Current DrawdownCurrent decline from peak | -28.40% | -5.42% | -22.98% |
Average DrawdownAverage peak-to-trough decline | -10.10% | -11.51% | +1.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.35% | 1.97% | +15.38% |
Volatility
BDCX vs. GII - Volatility Comparison
ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) has a higher volatility of 8.65% compared to SPDR S&P Global Infrastructure ETF (GII) at 3.74%. This indicates that BDCX's price experiences larger fluctuations and is considered to be riskier than GII based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCX | GII | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.65% | 3.74% | +4.91% |
Volatility (6M)Calculated over the trailing 6-month period | 22.81% | 8.87% | +13.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.60% | 10.81% | +16.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.59% | 14.11% | +12.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.94% | 17.15% | +9.79% |
BDCX vs. GII - Expense Ratio Comparison
BDCX has a 0.95% expense ratio, which is higher than GII's 0.40% expense ratio.
Dividends
BDCX vs. GII - Dividend Comparison
BDCX's dividend yield for the trailing twelve months is around 20.31%, more than GII's 2.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | 20.31% | 19.17% | 15.28% | 14.71% | 17.47% | 11.52% | 6.32% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GII SPDR S&P Global Infrastructure ETF | 2.74% | 3.17% | 3.23% | 3.70% | 3.07% | 2.37% | 2.66% | 3.39% | 3.31% | 3.38% | 3.11% | 3.54% |
Frequently Asked Questions
BDCX and GII have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BDCX has higher volatility (8.65%) compared to GII (3.74%). In terms of maximum drawdown, BDCX dropped -34.96% vs GII's -50.98%.
On 5-year performance, GII leads with 9.70% vs 1.22% for BDCX. On fees, GII is cheaper at 0.40% per year. On volatility, GII has been the lower-risk option at 3.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GII has performed better with a 9.70% return vs 1.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GII is cheaper with a 0.40% expense ratio, compared with 0.95% for BDCX.
BDCX has the higher dividend yield at 20.31%, compared with 2.74% for GII.
BDCX is categorized as Leveraged Equities, while GII is Utilities Equities. BDCX tracks MVIS US Business Development Companies (150%), while GII tracks S&P Global Infrastructure. They also come from different issuers: UBS and State Street. Their fees differ too: 0.95% for BDCX and 0.40% for GII.
GII currently has the higher Sharpe Ratio (1.28 vs -0.66), 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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