BDCX vs. IAGG
BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) and IAGG (iShares Core International Aggregate Bond ETF) are both exchange-traded funds - BDCX is a Leveraged Equities fund tracking the MVIS US Business Development Companies (150%), while IAGG is a Global Bonds fund tracking the Bloomberg Global Aggregate ex USD 10% Issuer Capped (Hedged) Index. Both are passively managed. Over the past 5 years, BDCX returned 1.22%/yr vs 1.05%/yr for IAGG. At a 0.08 correlation, their price movements are largely independent. BDCX charges 0.95%/yr vs 0.07%/yr for IAGG.
Performance
BDCX vs. IAGG - 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 IAGG's 0.72% return.
BDCX
- 1D
- -0.44%
- 1M
- -5.50%
- YTD
- -11.90%
- 6M
- -14.62%
- 1Y
- -18.01%
- 3Y*
- 2.98%
- 5Y*
- 1.22%
- 10Y*
- —
IAGG
- 1D
- -0.14%
- 1M
- -0.18%
- YTD
- 0.72%
- 6M
- 0.87%
- 1Y
- 2.26%
- 3Y*
- 4.55%
- 5Y*
- 1.05%
- 10Y*
- 2.12%
BDCX vs. IAGG - 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% |
IAGG iShares Core International Aggregate Bond ETF | 0.72% | 3.26% | 4.51% | 8.49% | -10.86% | -1.87% | 2.88% |
Correlation
The correlation between BDCX and IAGG is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2020 | 0.08 |
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Return for Risk
BDCX vs. IAGG — Risk / Return Rank
BDCX
IAGG
BDCX vs. IAGG - 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 iShares Core International Aggregate Bond ETF (IAGG). 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 | IAGG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.46 | ||
| Sortino ratioReturn per unit of downside risk | -2.00 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.14 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | 0.98 | -1.57 |
| Martin ratioReturn relative to average drawdown | -1.04 | 2.91 | -3.95 |
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 | IAGG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.66 | 0.80 | -1.46 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.05 | 0.23 | -0.19 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.53 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 0.61 | -0.18 |
Drawdowns
BDCX vs. IAGG - Drawdown Comparison
The maximum BDCX drawdown since its inception was -34.96%, which is greater than IAGG's maximum drawdown of -13.88%. Use the drawdown chart below to compare losses from any high point for BDCX and IAGG.
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Drawdown Indicators
| BDCX | IAGG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.96% | -13.88% | -21.08% |
Max Drawdown (1Y)Largest decline over 1 year | -30.46% | -2.32% | -28.14% |
Max Drawdown (3Y)Largest decline over 3 years | -33.39% | -2.32% | -31.07% |
Max Drawdown (5Y)Largest decline over 5 years | -34.96% | -13.57% | -21.39% |
Max Drawdown (10Y)Largest decline over 10 years | — | -13.88% | — |
Current DrawdownCurrent decline from peak | -28.40% | -1.18% | -27.22% |
Average DrawdownAverage peak-to-trough decline | -10.10% | -2.84% | -7.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.35% | 0.78% | +16.57% |
Volatility
BDCX vs. IAGG - Volatility Comparison
ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) has a higher volatility of 8.65% compared to iShares Core International Aggregate Bond ETF (IAGG) at 1.09%. This indicates that BDCX's price experiences larger fluctuations and is considered to be riskier than IAGG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCX | IAGG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.65% | 1.09% | +7.56% |
Volatility (6M)Calculated over the trailing 6-month period | 22.81% | 2.41% | +20.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.60% | 2.84% | +24.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.59% | 4.51% | +22.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.94% | 4.05% | +22.89% |
BDCX vs. IAGG - Expense Ratio Comparison
BDCX has a 0.95% expense ratio, which is higher than IAGG's 0.07% expense ratio.
Dividends
BDCX vs. IAGG - Dividend Comparison
BDCX's dividend yield for the trailing twelve months is around 20.31%, more than IAGG's 3.67% 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% |
IAGG iShares Core International Aggregate Bond ETF | 3.67% | 3.08% | 4.28% | 3.55% | 2.27% | 1.16% | 1.95% | 2.82% | 3.02% | 1.74% | 1.56% | 0.13% |
Frequently Asked Questions
BDCX and IAGG have a correlation of 0.14, 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 IAGG (1.09%). In terms of maximum drawdown, BDCX dropped -34.96% vs IAGG's -13.88%.
On 5-year performance, BDCX leads with 1.22% vs 1.05% for IAGG. On fees, IAGG is cheaper at 0.07% per year. On volatility, IAGG has been the lower-risk option at 1.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BDCX has performed better with a 1.22% return vs 1.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAGG is cheaper with a 0.07% expense ratio, compared with 0.95% for BDCX.
BDCX has the higher dividend yield at 20.31%, compared with 3.67% for IAGG.
BDCX is categorized as Leveraged Equities, while IAGG is Global Bonds. BDCX tracks MVIS US Business Development Companies (150%), while IAGG tracks Bloomberg Global Aggregate ex USD 10% Issuer Capped (Hedged) Index. They also come from different issuers: UBS and iShares. Their fees differ too: 0.95% for BDCX and 0.07% for IAGG.
IAGG currently has the higher Sharpe Ratio (0.80 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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