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 0.23%/yr vs 4.71%/yr for PBDC. Their correlation of 0.92 means they have usually moved in the same direction. BDCX charges 0.95%/yr vs 13.49%/yr for PBDC.
Performance
BDCX vs. PBDC - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, BDCX achieves a -10.75% return, which is significantly lower than PBDC's -9.20% 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%
PBDC
- 1D
- 0.11%
- 1M
- -1.02%
- 6M
- -8.00%
- YTD
- -9.20%
- 1Y
- -12.27%
- 3Y*
- 4.71%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 11.83%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $38.67K | $35.86K | $42.25K | |
| $3.46M | $3.16M | $3.71M |
BDCX vs. PBDC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | -10.75% | -10.42% | 15.32% | 35.33% | 15.71% |
PBDC Putnam BDC Income ETF | -9.20% | -1.77% | 19.43% | 30.52% | 10.38% |
Correlation
The correlation between BDCX and PBDC is 0.90, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.90 |
Correlation (3Y) Balances recent behavior with more history. | 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.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 0.90 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.74 | -0.75 | 0.00 |
| Martin ratioReturn relative to average drawdown | -1.28 | -1.28 | 0.00 |
Loading charts...
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.
Loading charts...
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 | -26.35% | -17.71% | -8.64% |
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 | -27.46% | -16.71% | -10.75% |
Average DrawdownAverage peak-to-trough decline | -10.50% | -5.16% | -5.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.28% | 10.32% | +4.96% |
Volatility
BDCX vs. PBDC - Volatility Comparison
ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) has a higher volatility of 7.16% compared to Putnam BDC Income ETF (PBDC) at 4.35%. 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.
Loading charts...
Volatility by Period
| BDCX | PBDC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.16% | 4.35% | +2.81% |
Volatility (6M)Calculated over the trailing 6-month period | 22.67% | 15.20% | +7.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.36% | 18.87% | +9.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.69% | 17.00% | +9.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.87% | 17.00% | +9.87% |
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 21.64%, more than PBDC's 11.58% 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% |
PBDC Putnam BDC Income ETF | 11.58% | 10.53% | 9.29% | 9.86% | 3.40% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.90, 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 (7.16%) compared to PBDC (4.35%). In terms of maximum drawdown, BDCX dropped -34.96% vs PBDC's -20.47%.
On 3-year performance, PBDC leads with 4.71% vs 0.23% for BDCX. On fees, BDCX is cheaper at 0.95% per year. On volatility, PBDC has been the lower-risk option at 4.35%. 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 4.71% return vs 0.23%. 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 21.64%, compared with 11.58% 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.
BDCX currently has the higher Sharpe Ratio (-0.69 vs -0.70), 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.
Find the right allocation for BDCX and PBDC
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer