BDCX vs. JEPI
BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) and JEPI (JPMorgan Equity Premium Income ETF) are both exchange-traded funds - BDCX is a Leveraged Equities fund tracking the MVIS US Business Development Companies (150%), while JEPI is a Dividend fund actively managed by JPMorgan. BDCX is passively managed, while JEPI is actively managed. Over the past 5 years, BDCX returned 1.22%/yr vs 7.31%/yr for JEPI. A 0.51 correlation means they provide meaningful diversification when combined. BDCX charges 0.95%/yr vs 0.35%/yr for JEPI.
Performance
BDCX vs. JEPI - Performance Comparison
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Returns By Period
In the year-to-date period, BDCX achieves a -13.68% return, which is significantly lower than JEPI's 0.91% return.
BDCX
- 1D
- 0.57%
- 1M
- -1.31%
- YTD
- -13.68%
- 6M
- -10.71%
- 1Y
- -17.92%
- 3Y*
- 3.31%
- 5Y*
- 1.22%
- 10Y*
- —
JEPI
- 1D
- -0.43%
- 1M
- -0.19%
- YTD
- 0.91%
- 6M
- 0.64%
- 1Y
- 7.76%
- 3Y*
- 8.98%
- 5Y*
- 7.31%
- 10Y*
- —
BDCX vs. JEPI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | -13.68% | -10.42% | 15.32% | 35.33% | -17.67% | 52.70% | 25.40% |
JEPI JPMorgan Equity Premium Income ETF | 0.91% | 8.09% | 12.57% | 9.83% | -3.49% | 21.52% | 15.62% |
Correlation
The correlation between BDCX and JEPI is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2020 | 0.51 |
The correlation between BDCX and JEPI has been stable across timeframes, ranging from 0.42 to 0.52 - a consistent structural relationship.
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Return for Risk
BDCX vs. JEPI — Risk / Return Rank
BDCX
JEPI
BDCX vs. JEPI - 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 JPMorgan Equity Premium Income ETF (JEPI). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BDCX | JEPI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.62 | ||
| Sortino ratioReturn per unit of downside risk | -2.26 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.18 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | 1.17 | -1.76 |
| Martin ratioReturn relative to average drawdown | -0.99 | 3.44 | -4.44 |
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Drawdowns
BDCX vs. JEPI - Drawdown Comparison
The maximum BDCX drawdown since its inception was -34.96%, which is greater than JEPI's maximum drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for BDCX and JEPI.
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Drawdown Indicators
| BDCX | JEPI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.96% | -13.71% | -21.25% |
Max Drawdown (1Y)Largest decline over 1 year | -30.46% | -6.68% | -23.78% |
Max Drawdown (3Y)Largest decline over 3 years | -33.39% | -13.26% | -20.13% |
Max Drawdown (5Y)Largest decline over 5 years | -34.96% | -13.71% | -21.25% |
Current DrawdownCurrent decline from peak | -29.85% | -4.11% | -25.74% |
Average DrawdownAverage peak-to-trough decline | -10.21% | -2.13% | -8.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.05% | 2.26% | +15.79% |
Volatility
BDCX vs. JEPI - Volatility Comparison
ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) has a higher volatility of 8.40% compared to JPMorgan Equity Premium Income ETF (JEPI) at 2.38%. This indicates that BDCX's price experiences larger fluctuations and is considered to be riskier than JEPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCX | JEPI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.40% | 2.38% | +6.02% |
Volatility (6M)Calculated over the trailing 6-month period | 23.09% | 6.29% | +16.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.74% | 8.03% | +19.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.58% | 11.08% | +15.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.90% | 10.78% | +16.12% |
BDCX vs. JEPI - Expense Ratio Comparison
BDCX has a 0.95% expense ratio, which is higher than JEPI's 0.35% expense ratio.
Dividends
BDCX vs. JEPI - Dividend Comparison
BDCX's dividend yield for the trailing twelve months is around 20.73%, more than JEPI's 8.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | 20.73% | 19.17% | 15.28% | 14.71% | 17.47% | 11.52% | 6.32% |
JEPI JPMorgan Equity Premium Income ETF | 8.21% | 8.25% | 7.33% | 8.40% | 11.68% | 6.59% | 5.79% |
Frequently Asked Questions
BDCX and JEPI have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BDCX has higher volatility (8.40%) compared to JEPI (2.38%). In terms of maximum drawdown, BDCX dropped -34.96% vs JEPI's -13.71%.
On 5-year performance, JEPI leads with 7.31% vs 1.22% for BDCX. On fees, JEPI is cheaper at 0.35% per year. On volatility, JEPI has been the lower-risk option at 2.38%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, JEPI has performed better with a 7.31% return vs 1.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JEPI is cheaper with a 0.35% expense ratio, compared with 0.95% for BDCX.
BDCX has the higher dividend yield at 20.73%, compared with 8.21% for JEPI.
BDCX is categorized as Leveraged Equities, while JEPI is Dividend. They also come from different issuers: UBS and JPMorgan. Their fees differ too: 0.95% for BDCX and 0.35% for JEPI.
JEPI currently has the higher Sharpe Ratio (0.97 vs -0.65), 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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