BDCX vs. IVLU
BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) and IVLU (iShares MSCI Intl Value Factor ETF) are both exchange-traded funds - BDCX is a Leveraged Equities fund tracking the MVIS US Business Development Companies (150%), while IVLU is a Foreign Large Cap Equities fund tracking the MSCI World ex USA Enhanced Value. Both are passively managed. Over the past 5 years, BDCX returned 1.22%/yr vs 13.74%/yr for IVLU. A 0.55 correlation means they provide meaningful diversification when combined. BDCX charges 0.95%/yr vs 0.30%/yr for IVLU.
Performance
BDCX vs. IVLU - 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 IVLU's 10.99% return.
BDCX
- 1D
- -0.44%
- 1M
- -5.50%
- YTD
- -11.90%
- 6M
- -14.62%
- 1Y
- -18.01%
- 3Y*
- 2.98%
- 5Y*
- 1.22%
- 10Y*
- —
IVLU
- 1D
- 0.45%
- 1M
- 0.05%
- YTD
- 10.99%
- 6M
- 14.55%
- 1Y
- 32.63%
- 3Y*
- 23.34%
- 5Y*
- 13.74%
- 10Y*
- 11.09%
BDCX vs. IVLU - 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% |
IVLU iShares MSCI Intl Value Factor ETF | 10.99% | 46.09% | 6.76% | 20.07% | -5.73% | 15.60% | 13.81% |
Correlation
The correlation between BDCX and IVLU is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.46 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2020 | 0.55 |
Over the past year, the correlation between BDCX and IVLU has dropped to 0.35 - well below their long-term average of 0.55, suggesting their price drivers have been diverging.
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Return for Risk
BDCX vs. IVLU — Risk / Return Rank
BDCX
IVLU
BDCX vs. IVLU - 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 MSCI Intl Value Factor ETF (IVLU). 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 | IVLU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.80 | ||
| Sortino ratioReturn per unit of downside risk | -3.75 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.38 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | 2.80 | -3.40 |
| Martin ratioReturn relative to average drawdown | -1.04 | 10.66 | -11.70 |
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 | IVLU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.66 | 2.14 | -2.80 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.05 | 0.84 | -0.79 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.63 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 0.47 | -0.04 |
Drawdowns
BDCX vs. IVLU - Drawdown Comparison
The maximum BDCX drawdown since its inception was -34.96%, smaller than the maximum IVLU drawdown of -41.85%. Use the drawdown chart below to compare losses from any high point for BDCX and IVLU.
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Drawdown Indicators
| BDCX | IVLU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.96% | -41.85% | +6.89% |
Max Drawdown (1Y)Largest decline over 1 year | -30.46% | -11.69% | -18.77% |
Max Drawdown (3Y)Largest decline over 3 years | -33.39% | -15.48% | -17.91% |
Max Drawdown (5Y)Largest decline over 5 years | -34.96% | -26.04% | -8.92% |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.85% | — |
Current DrawdownCurrent decline from peak | -28.40% | -2.27% | -26.13% |
Average DrawdownAverage peak-to-trough decline | -10.10% | -8.59% | -1.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.35% | 3.07% | +14.28% |
Volatility
BDCX vs. IVLU - Volatility Comparison
ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) has a higher volatility of 8.65% compared to iShares MSCI Intl Value Factor ETF (IVLU) at 4.47%. This indicates that BDCX's price experiences larger fluctuations and is considered to be riskier than IVLU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCX | IVLU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.65% | 4.47% | +4.18% |
Volatility (6M)Calculated over the trailing 6-month period | 22.81% | 12.48% | +10.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.60% | 15.33% | +12.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.59% | 16.52% | +10.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.94% | 17.67% | +9.27% |
BDCX vs. IVLU - Expense Ratio Comparison
BDCX has a 0.95% expense ratio, which is higher than IVLU's 0.30% expense ratio.
Dividends
BDCX vs. IVLU - Dividend Comparison
BDCX's dividend yield for the trailing twelve months is around 20.31%, more than IVLU's 3.34% 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% |
IVLU iShares MSCI Intl Value Factor ETF | 3.34% | 3.71% | 4.46% | 4.69% | 3.59% | 3.47% | 2.05% | 3.53% | 2.82% | 2.87% | 2.53% | 0.93% |
Frequently Asked Questions
BDCX and IVLU have a correlation of 0.35, 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 IVLU (4.47%). In terms of maximum drawdown, BDCX dropped -34.96% vs IVLU's -41.85%.
On 5-year performance, IVLU leads with 13.74% vs 1.22% for BDCX. On fees, IVLU is cheaper at 0.30% per year. On volatility, IVLU has been the lower-risk option at 4.47%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IVLU has performed better with a 13.74% return vs 1.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IVLU is cheaper with a 0.30% expense ratio, compared with 0.95% for BDCX.
BDCX has the higher dividend yield at 20.31%, compared with 3.34% for IVLU.
BDCX is categorized as Leveraged Equities, while IVLU is Foreign Large Cap Equities. BDCX tracks MVIS US Business Development Companies (150%), while IVLU tracks MSCI World ex USA Enhanced Value. They also come from different issuers: UBS and iShares. Their fees differ too: 0.95% for BDCX and 0.30% for IVLU.
IVLU currently has the higher Sharpe Ratio (2.14 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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