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 1.22%/yr vs 18.51%/yr for MLPB. At a 0.48 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 -13.68% return, which is significantly lower than MLPB's 17.00% return.
BDCX
- 1D
- 0.57%
- 1M
- -1.31%
- YTD
- -13.68%
- 6M
- -10.71%
- 1Y
- -17.92%
- 3Y*
- 3.31%
- 5Y*
- 1.22%
- 10Y*
- —
MLPB
- 1D
- 2.04%
- 1M
- -6.13%
- YTD
- 17.00%
- 6M
- 16.53%
- 1Y
- 18.65%
- 3Y*
- 21.94%
- 5Y*
- 18.51%
- 10Y*
- 8.03%
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 | -13.68% | -10.42% | 15.32% | 35.33% | -17.67% | 52.70% | 25.40% |
MLPB ETRACS Alerian MLP Infrastructure Index ETN Series B | 17.00% | 7.40% | 25.53% | 22.01% | 30.22% | 39.42% | -0.22% |
Correlation
The correlation between BDCX and MLPB is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
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 | 0.48 |
Over the past year, the correlation between BDCX and MLPB has dropped to 0.12 - well below their long-term average of 0.48, 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 | -2.02 | ||
| Sortino ratioReturn per unit of downside risk | -2.77 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.24 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | 1.93 | -2.52 |
| Martin ratioReturn relative to average drawdown | -0.99 | 5.43 | -6.43 |
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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 | -29.85% | -6.86% | -22.99% |
Average DrawdownAverage peak-to-trough decline | -10.21% | -14.78% | +4.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.05% | 3.44% | +14.61% |
Volatility
BDCX vs. MLPB - Volatility Comparison
ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) has a higher volatility of 8.40% compared to ETRACS Alerian MLP Infrastructure Index ETN Series B (MLPB) at 5.33%. 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 | 8.40% | 5.33% | +3.07% |
Volatility (6M)Calculated over the trailing 6-month period | 23.09% | 10.30% | +12.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.74% | 13.70% | +14.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.58% | 19.90% | +6.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.90% | 27.16% | -0.26% |
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 20.73%, more than MLPB's 5.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% | 0.00% | 0.00% |
MLPB ETRACS Alerian MLP Infrastructure Index ETN Series B | 5.99% | 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 0.12, 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 MLPB (5.33%). In terms of maximum drawdown, BDCX dropped -34.96% vs MLPB's -71.93%.
On 5-year performance, MLPB leads with 18.51% vs 1.22% for BDCX. On fees, MLPB is cheaper at 0.85% per year. On volatility, MLPB has been the lower-risk option at 5.33%. 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 18.51% return vs 1.22%. 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 20.73%, compared with 5.99% 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 (1.37 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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