BDCX vs. MULL

Last updated Jun 3, 2026

BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) and MULL (GraniteShares 2x Long MU Daily ETF) are both Leveraged Equities funds. BDCX is passively managed, while MULL is actively managed. Over the past year, BDCX returned -13.87% vs 6388.53% for MULL. At a 0.18 correlation, their price movements are largely independent. BDCX charges 0.95%/yr vs 1.50%/yr for MULL.

Performance

BDCX vs. MULL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) and GraniteShares 2x Long MU Daily ETF (MULL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BDCX achieves a -8.64% return, which is significantly lower than MULL's 907.48% return.

BDCX

• 1D: -0.27%
• 1M: -7.16%
• YTD: -8.64%
• 6M: -8.85%
• 1Y: -13.87%
• 3Y*: 4.83%
• 5Y*: 2.33%
• 10Y*: —

MULL

• 1D: 5.57%
• 1M: 246.94%
• YTD: 907.48%
• 6M: 1,268.17%
• 1Y: 6,388.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BDCX vs. MULL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN	-8.64%	-10.42%	6.23%
MULL GraniteShares 2x Long MU Daily ETF	907.48%	558.51%	-40.10%

Correlation

The correlation between BDCX and MULL is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (All Time) Calculated using the full available price history since Nov 13, 2024	0.18

Return for Risk

BDCX vs. MULL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BDCX

BDCX Risk / Return Rank: 4
BDCX Sharpe Ratio Rank: 4
BDCX Sortino Ratio Rank: 4
BDCX Omega Ratio Rank: 4
BDCX Calmar Ratio Rank: 4
BDCX Martin Ratio Rank: 4

MULL

MULL Risk / Return Rank: 99
MULL Sharpe Ratio Rank: 100
MULL Sortino Ratio Rank: 98
MULL Omega Ratio Rank: 97
MULL Calmar Ratio Rank: 100
MULL Martin Ratio Rank: 100

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BDCX vs. MULL - 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 GraniteShares 2x Long MU Daily ETF (MULL). 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	MULL	Difference
Sharpe ratio Return per unit of total volatility	-0.52	49.08	-49.60
Sortino ratio Return per unit of downside risk	-0.60	7.09	-7.70
Omega ratio Gain probability vs. loss probability	0.93	1.90	-0.96
Calmar ratio Return relative to maximum drawdown	-0.50	130.56	-131.06
Martin ratio Return relative to average drawdown	-0.88	439.01	-439.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BDCX vs. MULL - Sharpe Ratio Comparison

The current BDCX Sharpe Ratio is -0.52, which is lower than the MULL Sharpe Ratio of 49.08. The chart below compares the historical Sharpe Ratios of BDCX and MULL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BDCX	MULL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.52	49.08	-49.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.09	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	7.34	-6.88

Drawdowns

BDCX vs. MULL - Drawdown Comparison

The maximum BDCX drawdown since its inception was -34.96%, smaller than the maximum MULL drawdown of -72.29%. Use the drawdown chart below to compare losses from any high point for BDCX and MULL.

Drawdown Indicators

	BDCX	MULL	Difference
Max Drawdown Largest peak-to-trough decline	-34.96%	-72.29%	+37.33%
Max Drawdown (1Y) Largest decline over 1 year	-30.46%	-53.09%	+22.63%
Max Drawdown (3Y) Largest decline over 3 years	-33.39%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-34.96%	—	—
Current Drawdown Current decline from peak	-25.75%	0.00%	-25.75%
Average Drawdown Average peak-to-trough decline	-10.05%	-20.67%	+10.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.06%	15.79%	+1.27%

Volatility

BDCX vs. MULL - Volatility Comparison

The current volatility for ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) is 6.41%, while GraniteShares 2x Long MU Daily ETF (MULL) has a volatility of 55.71%. This indicates that BDCX experiences smaller price fluctuations and is considered to be less risky than MULL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BDCX	MULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.41%	55.71%	-49.30%
Volatility (6M) Calculated over the trailing 6-month period	22.02%	105.59%	-83.57%
Volatility (1Y) Calculated over the trailing 1-year period	26.90%	132.53%	-105.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.44%	136.39%	-109.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.85%	136.39%	-109.54%

BDCX vs. MULL - Expense Ratio Comparison

BDCX has a 0.95% expense ratio, which is lower than MULL's 1.50% expense ratio.

Dividends

BDCX vs. MULL - Dividend Comparison

BDCX's dividend yield for the trailing twelve months is around 19.59%, more than MULL's 0.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN	19.59%	19.17%	15.28%	14.71%	17.47%	11.52%	6.32%
MULL GraniteShares 2x Long MU Daily ETF	0.04%	0.39%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BDCX and MULL in my portfolio?

BDCX and MULL have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BDCX or MULL?

MULL has higher volatility (55.71%) compared to BDCX (6.41%). In terms of maximum drawdown, BDCX dropped -34.96% vs MULL's -72.29%.

Which ETF is better, BDCX or MULL?

On 1-year performance, MULL leads with 6388.53% vs -13.87% for BDCX. On fees, BDCX is cheaper at 0.95% per year. On volatility, BDCX has been the lower-risk option at 6.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BDCX or MULL?

Over the 1-year period, MULL has performed better with a 6388.53% return vs -13.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BDCX or MULL?

BDCX is cheaper with a 0.95% expense ratio, compared with 1.50% for MULL.

Which ETF pays a higher dividend yield, BDCX or MULL?

BDCX has the higher dividend yield at 19.59%, compared with 0.04% for MULL.

What is the main difference between BDCX and MULL?

They also come from different issuers: UBS and GraniteShares. Their fees differ too: 0.95% for BDCX and 1.50% for MULL.

Which has better risk-adjusted returns?

MULL currently has the higher Sharpe Ratio (49.08 vs -0.52), 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.