BDCX vs. PBDC
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 Franklin Templeton. BDCX is passively managed, while PBDC is actively managed. Over the past 3 years, BDCX returned 3.31%/yr vs 7.11%/yr for PBDC. Their correlation of 0.92 suggests significant overlap in exposure. BDCX charges 0.95%/yr vs 13.49%/yr for PBDC.
Performance
BDCX vs. PBDC - Performance Comparison
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Returns By Period
In the year-to-date period, BDCX achieves a -13.68% return, which is significantly lower than PBDC's -11.42% return.
BDCX
- 1D
- 0.57%
- 1M
- -1.31%
- YTD
- -13.68%
- 6M
- -10.71%
- 1Y
- -17.92%
- 3Y*
- 3.31%
- 5Y*
- 1.22%
- 10Y*
- —
PBDC
- 1D
- 0.30%
- 1M
- -1.31%
- YTD
- -11.42%
- 6M
- -9.25%
- 1Y
- -11.33%
- 3Y*
- 7.11%
- 5Y*
- —
- 10Y*
- —
BDCX vs. PBDC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | -13.68% | -10.42% | 15.32% | 35.33% | 15.71% |
PBDC Putnam BDC Income ETF | -11.42% | -1.77% | 19.43% | 30.52% | 10.38% |
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 Sep 30, 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.
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Return for Risk
BDCX vs. PBDC — Risk / Return Rank
BDCX
PBDC
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.
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 | PBDC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.05 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 0.91 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | -0.56 | -0.03 |
| Martin ratioReturn relative to average drawdown | -0.99 | -0.98 | -0.01 |
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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.
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Drawdown Indicators
| BDCX | PBDC | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -29.85% | -18.74% | -11.11% |
Average DrawdownAverage peak-to-trough decline | -10.21% | -4.83% | -5.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.05% | 11.58% | +6.47% |
Volatility
BDCX vs. PBDC - Volatility Comparison
ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) has a higher volatility of 8.40% compared to Putnam BDC Income ETF (PBDC) at 5.50%. 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.
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Volatility by Period
| BDCX | PBDC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.40% | 5.50% | +2.90% |
Volatility (6M)Calculated over the trailing 6-month period | 23.09% | 15.43% | +7.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.74% | 18.66% | +9.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.58% | 17.05% | +9.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.90% | 17.05% | +9.85% |
BDCX vs. PBDC - Expense Ratio Comparison
BDCX has a 0.95% expense ratio, which is lower than PBDC's 13.49% expense ratio.
Dividends
BDCX vs. PBDC - Dividend Comparison
BDCX's dividend yield for the trailing twelve months is around 20.73%, more than PBDC's 11.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | 20.73% | 19.17% | 15.28% | 14.71% | 17.47% | 11.52% | 6.32% |
PBDC Putnam BDC Income ETF | 11.91% | 10.53% | 9.29% | 9.86% | 3.40% | 0.00% | 0.00% |
Frequently Asked Questions
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.
BDCX has higher volatility (8.40%) compared to PBDC (5.50%). In terms of maximum drawdown, BDCX dropped -34.96% vs PBDC's -20.47%.
On 3-year performance, PBDC leads with 7.11% vs 3.31% for BDCX. On fees, BDCX is cheaper at 0.95% per year. On volatility, PBDC has been the lower-risk option at 5.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PBDC has performed better with a 7.11% return vs 3.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BDCX is cheaper with a 0.95% expense ratio, compared with 13.49% for PBDC.
BDCX has the higher dividend yield at 20.73%, compared with 11.91% for PBDC.
BDCX is categorized as Leveraged Equities, while PBDC is Financials Equities. They also come from different issuers: UBS and Franklin Templeton. Their fees differ too: 0.95% for BDCX and 13.49% for PBDC.
PBDC currently has the higher Sharpe Ratio (-0.61 vs -0.65), 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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