BDCX vs. PBDC

Last updated Jun 3, 2026

BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) and PBDC (Putnam BDC Income ETF) are both exchange-traded funds - BDCX is a Leveraged Equities fund tracking the MVIS US Business Development Companies (150%), while PBDC is a Financials Equities fund actively managed by Putnam. BDCX is passively managed, while PBDC is actively managed. Over the past 3 years, BDCX returned 4.83%/yr vs 8.54%/yr for PBDC. Their correlation of 0.92 suggests significant overlap in exposure. BDCX charges 0.95%/yr vs 0.75%/yr for PBDC.

Performance

BDCX vs. PBDC - 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 Putnam BDC Income ETF (PBDC). 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 PBDC's -7.76% return.

BDCX

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

PBDC

• 1D: -0.94%
• 1M: -4.38%
• YTD: -7.76%
• 6M: -7.02%
• 1Y: -8.11%
• 3Y*: 8.54%
• 5Y*: —
• 10Y*: —

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

BDCX vs. PBDC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN	-8.64%	-10.42%	15.32%	35.33%	14.99%
PBDC Putnam BDC Income ETF	-7.76%	-1.77%	19.43%	30.52%	10.86%

Correlation

The correlation between BDCX and PBDC is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (All Time) Calculated using the full available price history since Oct 3, 2022	0.92

The correlation between BDCX and PBDC has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

Return for Risk

BDCX vs. PBDC — 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

PBDC

PBDC Risk / Return Rank: 5
PBDC Sharpe Ratio Rank: 5
PBDC Sortino Ratio Rank: 4
PBDC Omega Ratio Rank: 4
PBDC Calmar Ratio Rank: 5
PBDC Martin Ratio Rank: 5

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. PBDC - 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 Putnam BDC Income ETF (PBDC). 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	PBDC	Difference
Sharpe ratio Return per unit of total volatility	-0.52	-0.45	-0.07
Sortino ratio Return per unit of downside risk	-0.60	-0.52	-0.09
Omega ratio Gain probability vs. loss probability	0.93	0.94	-0.01
Calmar ratio Return relative to maximum drawdown	-0.50	-0.44	-0.05
Martin ratio Return relative to average drawdown	-0.88	-0.82	-0.07
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. PBDC - Sharpe Ratio Comparison

The current BDCX Sharpe Ratio is -0.52, which is comparable to the PBDC Sharpe Ratio of -0.45. The chart below compares the historical Sharpe Ratios of BDCX and PBDC, 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	PBDC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.52	-0.45	-0.07
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	0.77	-0.31

Drawdowns

BDCX vs. PBDC - Drawdown Comparison

The maximum BDCX drawdown since its inception was -34.96%, which is greater than PBDC's maximum drawdown of -20.47%. Use the drawdown chart below to compare losses from any high point for BDCX and PBDC.

Drawdown Indicators

	BDCX	PBDC	Difference
Max Drawdown Largest peak-to-trough decline	-34.96%	-20.47%	-14.49%
Max Drawdown (1Y) Largest decline over 1 year	-30.46%	-20.15%	-10.31%
Max Drawdown (3Y) Largest decline over 3 years	-33.39%	-20.47%	-12.92%
Max Drawdown (5Y) Largest decline over 5 years	-34.96%	—	—
Current Drawdown Current decline from peak	-25.75%	-15.39%	-10.36%
Average Drawdown Average peak-to-trough decline	-10.05%	-4.65%	-5.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.06%	10.89%	+6.17%

Volatility

BDCX vs. PBDC - Volatility Comparison

ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) has a higher volatility of 6.41% compared to Putnam BDC Income ETF (PBDC) at 4.76%. This indicates that BDCX's price experiences larger fluctuations and is considered to be riskier than PBDC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BDCX	PBDC	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.41%	4.76%	+1.65%
Volatility (6M) Calculated over the trailing 6-month period	22.02%	14.89%	+7.13%
Volatility (1Y) Calculated over the trailing 1-year period	26.90%	18.21%	+8.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.44%	17.01%	+9.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.85%	17.01%	+9.84%

BDCX vs. PBDC - Expense Ratio Comparison

BDCX has a 0.95% expense ratio, which is higher than PBDC's 0.75% expense ratio.

Dividends

BDCX vs. PBDC - Dividend Comparison

BDCX's dividend yield for the trailing twelve months is around 19.59%, more than PBDC's 11.44% 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%
PBDC Putnam BDC Income ETF	11.44%	10.53%	9.29%	9.86%	3.40%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BDCX and PBDC in my portfolio?

With a correlation of 0.91, BDCX and PBDC move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BDCX or PBDC?

BDCX has higher volatility (6.41%) compared to PBDC (4.76%). In terms of maximum drawdown, BDCX dropped -34.96% vs PBDC's -20.47%.

Which ETF is better, BDCX or PBDC?

On 3-year performance, PBDC leads with 8.54% vs 4.83% for BDCX. On fees, PBDC is cheaper at 0.75% per year. On volatility, PBDC has been the lower-risk option at 4.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BDCX or PBDC?

Over the 3-year period, PBDC has performed better with a 8.54% return vs 4.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BDCX or PBDC?

PBDC is cheaper with a 0.75% expense ratio, compared with 0.95% for BDCX.

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

BDCX has the higher dividend yield at 19.59%, compared with 11.44% for PBDC.

What is the main difference between BDCX and PBDC?

BDCX is categorized as Leveraged Equities, while PBDC is Financials Equities. They also come from different issuers: UBS and Putnam. Their fees differ too: 0.95% for BDCX and 0.75% for PBDC.

Which has better risk-adjusted returns?

PBDC currently has the higher Sharpe Ratio (-0.45 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.