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 2.36%/yr vs -6.49%/yr for MVRL. A 0.65 correlation means they provide meaningful diversification when combined. 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 -9.11% return, which is significantly lower than MVRL's -0.15% return.
BDCX
- 1D
- -0.94%
- 1M
- 0.56%
- 6M
- -10.21%
- YTD
- -9.11%
- 1Y
- -20.58%
- 3Y*
- 2.02%
- 5Y*
- 2.36%
- 10Y*
- —
MVRL
- 1D
- -1.83%
- 1M
- 2.47%
- 6M
- -5.22%
- YTD
- -0.15%
- 1Y
- 7.22%
- 3Y*
- 4.32%
- 5Y*
- -6.49%
- 10Y*
- —
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 | -9.11% | -10.42% | 15.32% | 35.33% | -17.67% | 52.70% | 25.40% |
MVRL ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN | -0.15% | 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 price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2020 | 0.65 |
Over the past year, the correlation between BDCX and MVRL has dropped to 0.43 - well below their long-term average of 0.65, 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 | -1.00 | ||
| Sortino ratioReturn per unit of downside risk | -1.53 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.07 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.68 | 0.35 | -1.02 |
| Martin ratioReturn relative to average drawdown | -1.09 | 0.86 | -1.95 |
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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 | -30.46% | -20.93% | -9.53% |
Max Drawdown (3Y)Largest decline over 3 years | -33.39% | -32.20% | -1.19% |
Max Drawdown (5Y)Largest decline over 5 years | -34.96% | -59.63% | +24.67% |
Current DrawdownCurrent decline from peak | -26.13% | -36.73% | +10.60% |
Average DrawdownAverage peak-to-trough decline | -10.36% | -31.88% | +21.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.86% | 8.42% | +10.44% |
Volatility
BDCX vs. MVRL - Volatility Comparison
ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) has a higher volatility of 7.10% compared to ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN (MVRL) at 6.55%. This indicates that BDCX's price experiences larger fluctuations and is considered to be riskier 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 | 7.10% | 6.55% | +0.55% |
Volatility (6M)Calculated over the trailing 6-month period | 22.63% | 20.49% | +2.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.13% | 27.61% | +0.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.65% | 36.45% | -9.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.89% | 37.49% | -10.60% |
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 19.69%, less than MVRL's 20.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | 19.69% | 19.17% | 15.28% | 14.71% | 17.47% | 11.52% | 6.32% |
MVRL ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN | 20.34% | 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.
BDCX has higher volatility (7.10%) compared to MVRL (6.55%). In terms of maximum drawdown, BDCX dropped -34.96% vs MVRL's -60.25%.
On 5-year performance, BDCX leads with 2.36% vs -6.49% for MVRL. Both ETFs have the same 0.95% expense ratio. On volatility, MVRL has been the lower-risk option at 6.55%. 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 2.36% return vs -6.49%. 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.
MVRL has the higher dividend yield at 20.34%, compared with 19.69% for BDCX.
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 -0.74), 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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