BDCX vs. IEMG
BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) and IEMG (iShares Core MSCI Emerging Markets ETF) are both exchange-traded funds - BDCX is a Leveraged Equities fund tracking the MVIS US Business Development Companies (150%), while IEMG is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Investable Market Index (USD) (Net). Both are passively managed. Over the past 5 years, BDCX returned 1.22%/yr vs 6.57%/yr for IEMG. At a 0.41 correlation, their price movements are largely independent. BDCX charges 0.95%/yr vs 0.09%/yr for IEMG.
Performance
BDCX vs. IEMG - 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 IEMG's 18.97% return.
BDCX
- 1D
- -0.44%
- 1M
- -5.50%
- YTD
- -11.90%
- 6M
- -14.62%
- 1Y
- -18.01%
- 3Y*
- 2.98%
- 5Y*
- 1.22%
- 10Y*
- —
IEMG
- 1D
- 1.70%
- 1M
- -3.66%
- YTD
- 18.97%
- 6M
- 20.80%
- 1Y
- 40.80%
- 3Y*
- 20.51%
- 5Y*
- 6.57%
- 10Y*
- 9.88%
BDCX vs. IEMG - 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% |
IEMG iShares Core MSCI Emerging Markets ETF | 18.97% | 32.56% | 6.50% | 11.52% | -19.98% | -0.64% | 31.33% |
Correlation
The correlation between BDCX and IEMG is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2020 | 0.41 |
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Return for Risk
BDCX vs. IEMG — Risk / Return Rank
BDCX
IEMG
BDCX vs. IEMG - 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 MSCI Emerging Markets ETF (IEMG). 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 | IEMG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.65 | ||
| Sortino ratioReturn per unit of downside risk | -3.41 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.38 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | 3.10 | -3.70 |
| Martin ratioReturn relative to average drawdown | -1.04 | 11.68 | -12.72 |
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 | IEMG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.66 | 1.99 | -2.65 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.05 | 0.35 | -0.31 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.49 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 0.33 | +0.10 |
Drawdowns
BDCX vs. IEMG - Drawdown Comparison
The maximum BDCX drawdown since its inception was -34.96%, smaller than the maximum IEMG drawdown of -38.71%. Use the drawdown chart below to compare losses from any high point for BDCX and IEMG.
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Drawdown Indicators
| BDCX | IEMG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.96% | -38.71% | +3.75% |
Max Drawdown (1Y)Largest decline over 1 year | -30.46% | -13.21% | -17.25% |
Max Drawdown (3Y)Largest decline over 3 years | -33.39% | -17.21% | -16.18% |
Max Drawdown (5Y)Largest decline over 5 years | -34.96% | -35.75% | +0.79% |
Max Drawdown (10Y)Largest decline over 10 years | — | -38.71% | — |
Current DrawdownCurrent decline from peak | -28.40% | -7.00% | -21.40% |
Average DrawdownAverage peak-to-trough decline | -10.10% | -12.97% | +2.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.35% | 3.50% | +13.85% |
Volatility
BDCX vs. IEMG - Volatility Comparison
The current volatility for ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) is 8.65%, while iShares Core MSCI Emerging Markets ETF (IEMG) has a volatility of 10.33%. This indicates that BDCX experiences smaller price fluctuations and is considered to be less risky than IEMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCX | IEMG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.65% | 10.33% | -1.68% |
Volatility (6M)Calculated over the trailing 6-month period | 22.81% | 18.35% | +4.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.60% | 20.62% | +6.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.59% | 18.62% | +7.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.94% | 20.14% | +6.80% |
BDCX vs. IEMG - Expense Ratio Comparison
BDCX has a 0.95% expense ratio, which is higher than IEMG's 0.09% expense ratio.
Dividends
BDCX vs. IEMG - Dividend Comparison
BDCX's dividend yield for the trailing twelve months is around 20.31%, more than IEMG's 2.31% 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% |
IEMG iShares Core MSCI Emerging Markets ETF | 2.31% | 2.75% | 3.20% | 2.89% | 2.71% | 3.06% | 1.87% | 3.15% | 2.76% | 2.35% | 2.28% | 2.53% |
Frequently Asked Questions
BDCX and IEMG have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IEMG has higher volatility (10.33%) compared to BDCX (8.65%). In terms of maximum drawdown, BDCX dropped -34.96% vs IEMG's -38.71%.
On 5-year performance, IEMG leads with 6.57% vs 1.22% for BDCX. On fees, IEMG is cheaper at 0.09% per year. On volatility, BDCX has been the lower-risk option at 8.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IEMG has performed better with a 6.57% return vs 1.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEMG is cheaper with a 0.09% expense ratio, compared with 0.95% for BDCX.
BDCX has the higher dividend yield at 20.31%, compared with 2.31% for IEMG.
BDCX is categorized as Leveraged Equities, while IEMG is Emerging Markets Diversified. BDCX tracks MVIS US Business Development Companies (150%), while IEMG tracks MSCI Emerging Markets Investable Market Index (USD) (Net). They also come from different issuers: UBS and iShares. Their fees differ too: 0.95% for BDCX and 0.09% for IEMG.
IEMG currently has the higher Sharpe Ratio (1.99 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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