BDCX vs. MLPB
BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) and MLPB (ETRACS Alerian MLP Infrastructure Index ETN Series B) are both exchange-traded funds - BDCX is a Leveraged Equities fund tracking the MVIS US Business Development Companies (150%), while MLPB is a MLPs fund tracking the Alerian MLP Infrastructure Index. Both are passively managed. Over the past 5 years, BDCX returned 2.36%/yr vs 20.88%/yr for MLPB. At a 0.47 correlation, their price movements are largely independent. BDCX charges 0.95%/yr vs 0.85%/yr for MLPB.
Performance
BDCX vs. MLPB - Performance Comparison
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Returns By Period
In the year-to-date period, BDCX achieves a -9.11% return, which is significantly lower than MLPB's 22.48% return.
BDCX
- 1D
- -0.94%
- 1M
- 0.56%
- 6M
- -10.21%
- YTD
- -9.11%
- 1Y
- -20.58%
- 3Y*
- 2.02%
- 5Y*
- 2.36%
- 10Y*
- —
MLPB
- 1D
- 2.08%
- 1M
- 3.31%
- 6M
- 18.88%
- YTD
- 22.48%
- 1Y
- 23.15%
- 3Y*
- 21.85%
- 5Y*
- 20.88%
- 10Y*
- 8.35%
BDCX vs. MLPB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | -9.11% | -10.42% | 15.32% | 35.33% | -17.67% | 52.70% | 25.40% |
MLPB ETRACS Alerian MLP Infrastructure Index ETN Series B | 22.48% | 7.40% | 25.53% | 22.01% | 30.22% | 39.42% | -0.22% |
Correlation
The correlation between BDCX and MLPB is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2020 | 0.47 |
Over the past year, the correlation between BDCX and MLPB has dropped to 0.10 - well below their long-term average of 0.47, suggesting their price drivers have been diverging.
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Return for Risk
BDCX vs. MLPB — Risk / Return Rank
BDCX
MLPB
BDCX vs. MLPB - 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 ETRACS Alerian MLP Infrastructure Index ETN Series B (MLPB). 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 | MLPB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.38 | ||
| Sortino ratioReturn per unit of downside risk | -3.28 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.28 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.68 | 2.40 | -3.08 |
| Martin ratioReturn relative to average drawdown | -1.09 | 6.26 | -7.35 |
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Drawdowns
BDCX vs. MLPB - Drawdown Comparison
The maximum BDCX drawdown since its inception was -34.96%, smaller than the maximum MLPB drawdown of -71.93%. Use the drawdown chart below to compare losses from any high point for BDCX and MLPB.
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Drawdown Indicators
| BDCX | MLPB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.96% | -71.93% | +36.97% |
Max Drawdown (1Y)Largest decline over 1 year | -30.46% | -9.68% | -20.78% |
Max Drawdown (3Y)Largest decline over 3 years | -33.39% | -16.49% | -16.90% |
Max Drawdown (5Y)Largest decline over 5 years | -34.96% | -20.41% | -14.55% |
Max Drawdown (10Y)Largest decline over 10 years | — | -71.93% | — |
Current DrawdownCurrent decline from peak | -26.13% | -2.49% | -23.64% |
Average DrawdownAverage peak-to-trough decline | -10.36% | -14.74% | +4.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.86% | 3.71% | +15.15% |
Volatility
BDCX vs. MLPB - Volatility Comparison
ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) has a higher volatility of 7.10% compared to ETRACS Alerian MLP Infrastructure Index ETN Series B (MLPB) at 5.83%. This indicates that BDCX's price experiences larger fluctuations and is considered to be riskier than MLPB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCX | MLPB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.10% | 5.83% | +1.27% |
Volatility (6M)Calculated over the trailing 6-month period | 22.63% | 10.97% | +11.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.13% | 14.19% | +13.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.65% | 19.87% | +6.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.89% | 27.19% | -0.30% |
BDCX vs. MLPB - Expense Ratio Comparison
BDCX has a 0.95% expense ratio, which is higher than MLPB's 0.85% expense ratio.
Dividends
BDCX vs. MLPB - Dividend Comparison
BDCX's dividend yield for the trailing twelve months is around 19.69%, more than MLPB's 5.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | 19.69% | 19.17% | 15.28% | 14.71% | 17.47% | 11.52% | 6.32% | 0.00% | 0.00% | 0.00% | 0.00% |
MLPB ETRACS Alerian MLP Infrastructure Index ETN Series B | 5.72% | 6.51% | 5.95% | 6.37% | 6.00% | 6.98% | 11.93% | 7.98% | 8.11% | 7.23% | 6.85% |
Frequently Asked Questions
BDCX and MLPB have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BDCX has higher volatility (7.10%) compared to MLPB (5.83%). In terms of maximum drawdown, BDCX dropped -34.96% vs MLPB's -71.93%.
On 5-year performance, MLPB leads with 20.88% vs 2.36% for BDCX. On fees, MLPB is cheaper at 0.85% per year. On volatility, MLPB has been the lower-risk option at 5.83%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, MLPB has performed better with a 20.88% return vs 2.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MLPB is cheaper with a 0.85% expense ratio, compared with 0.95% for BDCX.
BDCX has the higher dividend yield at 19.69%, compared with 5.72% for MLPB.
BDCX is categorized as Leveraged Equities, while MLPB is MLPs. BDCX tracks MVIS US Business Development Companies (150%), while MLPB tracks Alerian MLP Infrastructure Index. Their fees differ too: 0.95% for BDCX and 0.85% for MLPB.
MLPB currently has the higher Sharpe Ratio (1.64 vs -0.74), 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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