BDCX vs. PFFL
BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) and PFFL (ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN) are both exchange-traded funds - BDCX is a Leveraged Equities fund tracking the MVIS US Business Development Companies (150%), while PFFL is a Preferred Stock/Convertible Bonds fund tracking the Solactive Preferred Stock ETF Index. Both are passively managed. Over the past 5 years, BDCX returned 1.22%/yr vs -6.57%/yr for PFFL. At a 0.42 correlation, their price movements are largely independent. BDCX charges 0.95%/yr vs 0.85%/yr for PFFL.
Performance
BDCX vs. PFFL - 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 PFFL's -1.90% return.
BDCX
- 1D
- 0.57%
- 1M
- -1.31%
- YTD
- -13.68%
- 6M
- -10.71%
- 1Y
- -17.92%
- 3Y*
- 3.31%
- 5Y*
- 1.22%
- 10Y*
- —
PFFL
- 1D
- -0.19%
- 1M
- -1.40%
- YTD
- -1.90%
- 6M
- -2.44%
- 1Y
- 4.83%
- 3Y*
- 4.18%
- 5Y*
- -6.57%
- 10Y*
- —
BDCX vs. PFFL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | -13.68% | -10.42% | 15.32% | 35.33% | -17.67% | 52.70% | 25.40% |
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | -1.90% | 2.18% | 4.77% | 8.65% | -39.15% | 7.52% | 20.80% |
Correlation
The correlation between BDCX and PFFL is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2020 | 0.42 |
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Return for Risk
BDCX vs. PFFL — Risk / Return Rank
BDCX
PFFL
BDCX vs. PFFL - 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 2xLeveraged Preferred Stock ETN (PFFL). 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 | PFFL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.93 | ||
| Sortino ratioReturn per unit of downside risk | -1.33 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.07 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | 0.41 | -1.00 |
| Martin ratioReturn relative to average drawdown | -0.99 | 0.94 | -1.94 |
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Drawdowns
BDCX vs. PFFL - Drawdown Comparison
The maximum BDCX drawdown since its inception was -34.96%, smaller than the maximum PFFL drawdown of -80.68%. Use the drawdown chart below to compare losses from any high point for BDCX and PFFL.
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Drawdown Indicators
| BDCX | PFFL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.96% | -80.68% | +45.72% |
Max Drawdown (1Y)Largest decline over 1 year | -30.46% | -11.92% | -18.54% |
Max Drawdown (3Y)Largest decline over 3 years | -33.39% | -23.75% | -9.64% |
Max Drawdown (5Y)Largest decline over 5 years | -34.96% | -48.51% | +13.55% |
Current DrawdownCurrent decline from peak | -29.85% | -39.57% | +9.72% |
Average DrawdownAverage peak-to-trough decline | -10.21% | -28.59% | +18.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.05% | 5.14% | +12.91% |
Volatility
BDCX vs. PFFL - Volatility Comparison
ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) has a higher volatility of 8.40% compared to ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) at 4.10%. This indicates that BDCX's price experiences larger fluctuations and is considered to be riskier than PFFL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCX | PFFL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.40% | 4.10% | +4.30% |
Volatility (6M)Calculated over the trailing 6-month period | 23.09% | 10.67% | +12.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.74% | 17.12% | +10.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.58% | 23.66% | +2.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.90% | 55.16% | -28.26% |
BDCX vs. PFFL - Expense Ratio Comparison
BDCX has a 0.95% expense ratio, which is higher than PFFL's 0.85% expense ratio.
Dividends
BDCX vs. PFFL - Dividend Comparison
BDCX's dividend yield for the trailing twelve months is around 20.73%, more than PFFL's 13.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | 13.14% | 13.27% | 13.76% | 13.71% | 13.90% | 8.82% | 9.75% | 11.21% | 2.02% |
Frequently Asked Questions
BDCX and PFFL have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BDCX has higher volatility (8.40%) compared to PFFL (4.10%). In terms of maximum drawdown, BDCX dropped -34.96% vs PFFL's -80.68%.
On 5-year performance, BDCX leads with 1.22% vs -6.57% for PFFL. On fees, PFFL is cheaper at 0.85% per year. On volatility, PFFL has been the lower-risk option at 4.10%. 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 1.22% return vs -6.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PFFL is cheaper with a 0.85% expense ratio, compared with 0.95% for BDCX.
BDCX has the higher dividend yield at 20.73%, compared with 13.14% for PFFL.
BDCX is categorized as Leveraged Equities, while PFFL is Preferred Stock/Convertible Bonds. BDCX tracks MVIS US Business Development Companies (150%), while PFFL tracks Solactive Preferred Stock ETF Index. Their fees differ too: 0.95% for BDCX and 0.85% for PFFL.
PFFL currently has the higher Sharpe Ratio (0.28 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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