BDCX vs. MUU

Last updated Aug 4, 2026

BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) and MUU (Direxion Daily MU Bull 2X Shares) are both Leveraged Equities funds - BDCX tracks the MVIS US Business Development Companies (150%) while MUU tracks the Micron Technology, Inc. (200% Daily). Both are passively managed. Over the past year, BDCX returned -15.16% vs 2844.73% for MUU. Their 0.15 correlation means their historical movements had little consistent relationship. BDCX charges 0.95%/yr vs 1.01%/yr for MUU.

Performance

BDCX vs. MUU - 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 Direxion Daily MU Bull 2X Shares (MUU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BDCX achieves a -7.39% return, which is significantly lower than MUU's 378.90% return.

BDCX

• 1D: 3.77%
• 1M: 1.49%
• 6M: -4.08%
• YTD: -7.39%
• 1Y: -15.16%
• 3Y*: 1.00%
• 5Y*: 3.28%
• 10Y*: —
• ALL TIME*: 12.27%

MUU

• 1D: 1.35%
• 1M: -35.62%
• 6M: 114.51%
• YTD: 378.90%
• 1Y: 2,844.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 419.02%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN	$49.64K	$41.20K	$42.20K
MUU Direxion Daily MU Bull 2X Shares	$1.54B	$1.50B	$2.29B

BDCX vs. MUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN	-7.39%	-10.42%	5.94%
MUU Direxion Daily MU Bull 2X Shares	378.90%	599.03%	-40.91%

Correlation

The correlation between BDCX and MUU is 0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.07
Correlation (All Time) Calculated using the full available price history since Oct 10, 2024	0.15

Return for Risk

BDCX vs. MUU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BDCX

BDCX Risk / Return Rank: 5
BDCX Sharpe Ratio Rank: 5
BDCX Sortino Ratio Rank: 5
BDCX Omega Ratio Rank: 5
BDCX Calmar Ratio Rank: 5
BDCX Martin Ratio Rank: 5

MUU

MUU Risk / Return Rank: 98
MUU Sharpe Ratio Rank: 100
MUU Sortino Ratio Rank: 97
MUU Omega Ratio Rank: 96
MUU Calmar Ratio Rank: 99
MUU Martin Ratio Rank: 99

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BDCX vs. MUU - 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 Direxion Daily MU Bull 2X Shares (MUU). 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	MUU	Difference
Sharpe ratio: Return per unit of total volatility	-0.53	17.89	-18.43
Sortino ratio: Return per unit of downside risk	-0.62	4.98	-5.61
Omega ratio: Gain probability vs. loss probability	0.93	1.63	-0.69
Calmar ratio: Return relative to maximum drawdown	-0.58	42.38	-42.96
Martin ratio: Return relative to average drawdown	-0.99	138.45	-139.45

BDCX vs. MUU - Sharpe Ratio Comparison

The current BDCX Sharpe Ratio is -0.53, which is lower than the MUU Sharpe Ratio of 17.89. The chart below compares the historical Sharpe Ratios of BDCX and MUU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BDCX vs. MUU - Drawdown Comparison

The maximum BDCX drawdown since its inception was -34.96%, smaller than the maximum MUU drawdown of -75.07%. Use the drawdown chart below to compare losses from any high point for BDCX and MUU.

Drawdown Indicators

	BDCX	MUU	Difference
Max Drawdown Largest peak-to-trough decline	-34.96%	-75.07%	+40.11%
Max Drawdown (1Y) Largest decline over 1 year	-26.35%	-68.07%	+41.72%
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	-24.73%	-60.98%	+36.25%
Average Drawdown Average peak-to-trough decline	-10.51%	-24.42%	+13.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.32%	20.79%	-5.47%

Volatility

BDCX vs. MUU - Volatility Comparison

The current volatility for ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) is 8.10%, while Direxion Daily MU Bull 2X Shares (MUU) has a volatility of 61.31%. This indicates that BDCX experiences smaller price fluctuations and is considered to be less risky than MUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BDCX	MUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.10%	61.31%	-53.21%
Volatility (6M) Calculated over the trailing 6-month period	22.96%	133.76%	-110.80%
Volatility (1Y) Calculated over the trailing 1-year period	28.63%	161.53%	-132.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.76%	146.55%	-119.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.90%	146.55%	-119.65%

BDCX vs. MUU - Expense Ratio Comparison

BDCX has a 0.95% expense ratio, which is lower than MUU's 1.01% expense ratio.

Dividends

BDCX vs. MUU - Dividend Comparison

BDCX's dividend yield for the trailing twelve months is around 20.86%, more than MUU's 1.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN	20.86%	19.17%	15.28%	14.71%	17.47%	11.52%	6.32%
MUU Direxion Daily MU Bull 2X Shares	1.42%	4.27%	0.31%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BDCX and MUU in my portfolio?

BDCX and MUU 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.

Which is riskier, BDCX or MUU?

MUU has higher volatility (61.31%) compared to BDCX (8.10%). In terms of maximum drawdown, BDCX dropped -34.96% vs MUU's -75.07%.

Which ETF is better, BDCX or MUU?

On 1-year performance, MUU leads with 2844.73% vs -15.16% for BDCX. On fees, BDCX is cheaper at 0.95% per year. On volatility, BDCX has been the lower-risk option at 8.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BDCX or MUU?

Over the 1-year period, MUU has performed better with a 2844.73% return vs -15.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BDCX or MUU?

BDCX is cheaper with a 0.95% expense ratio, compared with 1.01% for MUU.

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

BDCX has the higher dividend yield at 20.86%, compared with 1.42% for MUU.

What is the main difference between BDCX and MUU?

BDCX tracks MVIS US Business Development Companies (150%), while MUU tracks Micron Technology, Inc. (200% Daily). They also come from different issuers: UBS and Direxion. Their fees differ too: 0.95% for BDCX and 1.01% for MUU.

Which has better risk-adjusted returns?

MUU currently has the higher Sharpe Ratio (17.89 vs -0.53), 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.