BDCX vs. MVRL
BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) and MVRL (ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN) are both exchange-traded funds - BDCX is a Leveraged Equities fund tracking the MVIS US Business Development Companies (150%), while MVRL is a REIT fund tracking the MVIS US Mortgage REITs Index (150%). Both are passively managed. Over the past 5 years, BDCX returned 2.22%/yr vs -7.33%/yr for MVRL. Their 0.64 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.95% expense ratio.
Performance
BDCX vs. MVRL - Performance Comparison
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Returns By Period
In the year-to-date period, BDCX achieves a -10.75% return, which is significantly lower than MVRL's -2.72% return.
BDCX
- 1D
- -0.19%
- 1M
- -2.20%
- 6M
- -9.86%
- YTD
- -10.75%
- 1Y
- -18.23%
- 3Y*
- 0.23%
- 5Y*
- 2.22%
- 10Y*
- —
- ALL TIME*
- 11.61%
MVRL
- 1D
- -1.36%
- 1M
- -3.40%
- 6M
- -6.16%
- YTD
- -2.72%
- 1Y
- 6.50%
- 3Y*
- 3.21%
- 5Y*
- -7.33%
- 10Y*
- —
- ALL TIME*
- 5.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $38.67K | $35.86K | $42.25K | |
| $65.57K | $56.06K | $78.88K |
BDCX vs. MVRL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | -10.75% | -10.42% | 15.32% | 35.33% | -17.67% | 52.70% | 25.40% |
MVRL ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN | -2.72% | 14.96% | -3.45% | 12.30% | -42.41% | 21.71% | 66.40% |
Correlation
The correlation between BDCX and MVRL is 0.43, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.43 |
Correlation (3Y) Balances recent behavior with more history. | 0.53 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.62 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2020 | 0.64 |
Over the past year, the correlation between BDCX and MVRL has dropped to 0.43 - well below their long-term average of 0.64, suggesting their price drivers have been diverging.
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Return for Risk
BDCX vs. MVRL — Risk / Return Rank
BDCX
MVRL
BDCX vs. MVRL - 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 Monthly Pay 1.5x Leveraged Mortgage REIT ETN (MVRL). 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 | MVRL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.95 | ||
| Sortino ratioReturn per unit of downside risk | -1.45 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.07 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | -0.74 | 0.35 | -1.10 |
| Martin ratioReturn relative to average drawdown | -1.28 | 0.84 | -2.12 |
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Drawdowns
BDCX vs. MVRL - Drawdown Comparison
The maximum BDCX drawdown since its inception was -34.96%, smaller than the maximum MVRL drawdown of -60.25%. Use the drawdown chart below to compare losses from any high point for BDCX and MVRL.
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Drawdown Indicators
| BDCX | MVRL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.96% | -60.25% | +25.29% |
Max Drawdown (1Y)Largest decline over 1 year | -26.35% | -20.93% | -5.42% |
Max Drawdown (3Y)Largest decline over 3 years | -33.39% | -29.34% | -4.05% |
Max Drawdown (5Y)Largest decline over 5 years | -34.96% | -59.63% | +24.67% |
Current DrawdownCurrent decline from peak | -27.46% | -38.35% | +10.89% |
Average DrawdownAverage peak-to-trough decline | -10.50% | -31.92% | +21.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.28% | 8.74% | +6.54% |
Volatility
BDCX vs. MVRL - Volatility Comparison
The current volatility for ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) is 7.16%, while ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN (MVRL) has a volatility of 10.11%. This indicates that BDCX experiences smaller price fluctuations and is considered to be less risky than MVRL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCX | MVRL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.16% | 10.11% | -2.95% |
Volatility (6M)Calculated over the trailing 6-month period | 22.67% | 21.92% | +0.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.36% | 28.70% | -0.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.69% | 36.52% | -9.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.87% | 37.51% | -10.64% |
BDCX vs. MVRL - Expense Ratio Comparison
Both BDCX and MVRL have an expense ratio of 0.95%.
Dividends
BDCX vs. MVRL - Dividend Comparison
BDCX's dividend yield for the trailing twelve months is around 21.64%, more than MVRL's 20.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | 21.64% | 19.17% | 15.28% | 14.71% | 17.47% | 11.52% | 6.32% |
MVRL ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN | 20.98% | 19.15% | 19.27% | 18.69% | 25.21% | 12.33% | 5.63% |
Frequently Asked Questions
BDCX and MVRL have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MVRL has higher volatility (10.11%) compared to BDCX (7.16%). In terms of maximum drawdown, BDCX dropped -34.96% vs MVRL's -60.25%.
On 5-year performance, BDCX leads with 2.22% vs -7.33% for MVRL. Both ETFs have the same 0.95% expense ratio. On volatility, BDCX has been the lower-risk option at 7.16%. 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 2.22% return vs -7.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BDCX and MVRL have the same expense ratio: 0.95% per year.
BDCX has the higher dividend yield at 21.64%, compared with 20.98% for MVRL.
BDCX is categorized as Leveraged Equities, while MVRL is REIT. BDCX tracks MVIS US Business Development Companies (150%), while MVRL tracks MVIS US Mortgage REITs Index (150%).
MVRL currently has the higher Sharpe Ratio (0.26 vs -0.69), 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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