BDCX vs. MUB
BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) and MUB (iShares National AMT-Free Muni Bond ETF) are both exchange-traded funds - BDCX is a Leveraged Equities fund tracking the MVIS US Business Development Companies (150%), while MUB is a Municipal Bonds fund tracking the S&P National AMT-Free Municipal Bond Index. Both are passively managed. Over the past 5 years, BDCX returned 1.22%/yr vs 0.77%/yr for MUB. At a 0.12 correlation, their price movements are largely independent. BDCX charges 0.95%/yr vs 0.07%/yr for MUB.
Performance
BDCX vs. MUB - 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 MUB's 1.17% return.
BDCX
- 1D
- -0.44%
- 1M
- -5.50%
- YTD
- -11.90%
- 6M
- -14.62%
- 1Y
- -18.01%
- 3Y*
- 2.98%
- 5Y*
- 1.22%
- 10Y*
- —
MUB
- 1D
- -0.03%
- 1M
- 0.21%
- YTD
- 1.17%
- 6M
- 1.69%
- 1Y
- 6.99%
- 3Y*
- 3.29%
- 5Y*
- 0.77%
- 10Y*
- 1.94%
BDCX vs. MUB - 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% |
MUB iShares National AMT-Free Muni Bond ETF | 1.17% | 3.78% | 1.26% | 5.56% | -7.34% | 1.02% | 3.44% |
Correlation
The correlation between BDCX and MUB is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2020 | 0.12 |
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Return for Risk
BDCX vs. MUB — Risk / Return Rank
BDCX
MUB
BDCX vs. MUB - 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 National AMT-Free Muni Bond ETF (MUB). 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 | MUB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.08 | ||
| Sortino ratioReturn per unit of downside risk | -4.37 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.51 | -0.60 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | 2.52 | -3.11 |
| Martin ratioReturn relative to average drawdown | -1.04 | 8.85 | -9.89 |
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 | MUB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.66 | 2.42 | -3.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.05 | 0.19 | -0.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.39 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 0.58 | -0.15 |
Drawdowns
BDCX vs. MUB - Drawdown Comparison
The maximum BDCX drawdown since its inception was -34.96%, which is greater than MUB's maximum drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for BDCX and MUB.
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Drawdown Indicators
| BDCX | MUB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.96% | -13.68% | -21.28% |
Max Drawdown (1Y)Largest decline over 1 year | -30.46% | -2.79% | -27.67% |
Max Drawdown (3Y)Largest decline over 3 years | -33.39% | -5.34% | -28.05% |
Max Drawdown (5Y)Largest decline over 5 years | -34.96% | -11.88% | -23.08% |
Max Drawdown (10Y)Largest decline over 10 years | — | -13.68% | — |
Current DrawdownCurrent decline from peak | -28.40% | -0.77% | -27.63% |
Average DrawdownAverage peak-to-trough decline | -10.10% | -2.23% | -7.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.35% | 0.79% | +16.56% |
Volatility
BDCX vs. MUB - Volatility Comparison
ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) has a higher volatility of 8.65% compared to iShares National AMT-Free Muni Bond ETF (MUB) at 0.99%. This indicates that BDCX's price experiences larger fluctuations and is considered to be riskier than MUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCX | MUB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.65% | 0.99% | +7.66% |
Volatility (6M)Calculated over the trailing 6-month period | 22.81% | 2.23% | +20.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.60% | 2.90% | +24.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.59% | 4.06% | +22.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.94% | 4.92% | +22.02% |
BDCX vs. MUB - Expense Ratio Comparison
BDCX has a 0.95% expense ratio, which is higher than MUB's 0.07% expense ratio.
Dividends
BDCX vs. MUB - Dividend Comparison
BDCX's dividend yield for the trailing twelve months is around 20.31%, more than MUB's 3.18% 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% |
MUB iShares National AMT-Free Muni Bond ETF | 3.18% | 3.14% | 3.01% | 2.65% | 2.11% | 1.81% | 2.11% | 2.42% | 2.46% | 2.26% | 2.21% | 2.51% |
Frequently Asked Questions
BDCX and MUB have a correlation of 0.07, 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 MUB (0.99%). In terms of maximum drawdown, BDCX dropped -34.96% vs MUB's -13.68%.
On 5-year performance, BDCX leads with 1.22% vs 0.77% for MUB. On fees, MUB is cheaper at 0.07% per year. On volatility, MUB has been the lower-risk option at 0.99%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BDCX has performed better with a 1.22% return vs 0.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MUB is cheaper with a 0.07% expense ratio, compared with 0.95% for BDCX.
BDCX has the higher dividend yield at 20.31%, compared with 3.18% for MUB.
BDCX is categorized as Leveraged Equities, while MUB is Municipal Bonds. BDCX tracks MVIS US Business Development Companies (150%), while MUB tracks S&P National AMT-Free Municipal Bond Index. They also come from different issuers: UBS and iShares. Their fees differ too: 0.95% for BDCX and 0.07% for MUB.
MUB currently has the higher Sharpe Ratio (2.42 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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