BDCX vs. MNA
BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) and MNA (IQ Merger Arbitrage ETF) are both exchange-traded funds - BDCX is a Leveraged Equities fund tracking the MVIS US Business Development Companies (150%), while MNA is a Hedge Fund fund tracking the IQ Merger Arbitrage Index. Both are passively managed. Over the past 5 years, BDCX returned 1.22%/yr vs 1.83%/yr for MNA. At a 0.31 correlation, their price movements are largely independent. BDCX charges 0.95%/yr vs 0.77%/yr for MNA.
Performance
BDCX vs. MNA - 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 MNA's 1.79% return.
BDCX
- 1D
- -0.44%
- 1M
- -5.50%
- YTD
- -11.90%
- 6M
- -14.62%
- 1Y
- -18.01%
- 3Y*
- 2.98%
- 5Y*
- 1.22%
- 10Y*
- —
MNA
- 1D
- -0.08%
- 1M
- -0.14%
- YTD
- 1.79%
- 6M
- 1.97%
- 1Y
- 4.47%
- 3Y*
- 5.95%
- 5Y*
- 1.83%
- 10Y*
- 2.74%
BDCX vs. MNA - 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% |
MNA IQ Merger Arbitrage ETF | 1.79% | 8.59% | 4.93% | 0.18% | -1.61% | -3.24% | 9.02% |
Correlation
The correlation between BDCX and MNA is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2020 | 0.31 |
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Return for Risk
BDCX vs. MNA — Risk / Return Rank
BDCX
MNA
BDCX vs. MNA - 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 IQ Merger Arbitrage ETF (MNA). 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 | MNA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.60 | ||
| Sortino ratioReturn per unit of downside risk | -2.24 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.17 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | 3.22 | -3.81 |
| Martin ratioReturn relative to average drawdown | -1.04 | 7.99 | -9.03 |
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 | MNA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.66 | 0.95 | -1.60 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.05 | 0.37 | -0.32 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.42 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 0.36 | +0.07 |
Drawdowns
BDCX vs. MNA - Drawdown Comparison
The maximum BDCX drawdown since its inception was -34.96%, which is greater than MNA's maximum drawdown of -16.68%. Use the drawdown chart below to compare losses from any high point for BDCX and MNA.
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Drawdown Indicators
| BDCX | MNA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.96% | -16.68% | -18.28% |
Max Drawdown (1Y)Largest decline over 1 year | -30.46% | -1.40% | -29.06% |
Max Drawdown (3Y)Largest decline over 3 years | -33.39% | -3.01% | -30.38% |
Max Drawdown (5Y)Largest decline over 5 years | -34.96% | -10.45% | -24.51% |
Max Drawdown (10Y)Largest decline over 10 years | — | -16.68% | — |
Current DrawdownCurrent decline from peak | -28.40% | -0.55% | -27.85% |
Average DrawdownAverage peak-to-trough decline | -10.10% | -2.83% | -7.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.35% | 0.56% | +16.79% |
Volatility
BDCX vs. MNA - Volatility Comparison
ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) has a higher volatility of 8.65% compared to IQ Merger Arbitrage ETF (MNA) at 1.66%. This indicates that BDCX's price experiences larger fluctuations and is considered to be riskier than MNA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCX | MNA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.65% | 1.66% | +6.99% |
Volatility (6M)Calculated over the trailing 6-month period | 22.81% | 3.59% | +19.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.60% | 4.75% | +22.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.59% | 4.98% | +21.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.94% | 6.55% | +20.39% |
BDCX vs. MNA - Expense Ratio Comparison
BDCX has a 0.95% expense ratio, which is higher than MNA's 0.77% expense ratio.
Dividends
BDCX vs. MNA - Dividend Comparison
BDCX's dividend yield for the trailing twelve months is around 20.31%, while MNA has not paid dividends to shareholders.
| 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% |
MNA IQ Merger Arbitrage ETF | 0.00% | 0.00% | 0.00% | 1.20% | 0.00% | 0.00% | 2.30% | 0.00% | 0.00% | 0.00% | 0.21% | 0.87% |
Frequently Asked Questions
BDCX and MNA have a correlation of 0.28, 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 MNA (1.66%). In terms of maximum drawdown, BDCX dropped -34.96% vs MNA's -16.68%.
On 5-year performance, MNA leads with 1.83% vs 1.22% for BDCX. On fees, MNA is cheaper at 0.77% per year. On volatility, MNA has been the lower-risk option at 1.66%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, MNA has performed better with a 1.83% return vs 1.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MNA is cheaper with a 0.77% expense ratio, compared with 0.95% for BDCX.
BDCX has the higher dividend yield at 20.31%, compared with 0.00% for MNA.
BDCX is categorized as Leveraged Equities, while MNA is Hedge Fund. BDCX tracks MVIS US Business Development Companies (150%), while MNA tracks IQ Merger Arbitrage Index. They also come from different issuers: UBS and New York Life. Their fees differ too: 0.95% for BDCX and 0.77% for MNA.
MNA currently has the higher Sharpe Ratio (0.95 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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