BDCX vs. PFRL
BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) and PFRL (PGIM Floating Rate Income ETF) are both exchange-traded funds - BDCX is a Leveraged Equities fund tracking the MVIS US Business Development Companies (150%), while PFRL is a Bank Loan fund actively managed by PGIM. BDCX is passively managed, while PFRL is actively managed. Over the past 3 years, BDCX returned 2.98%/yr vs 8.62%/yr for PFRL. At a 0.34 correlation, their price movements are largely independent. BDCX charges 0.95%/yr vs 0.72%/yr for PFRL.
Performance
BDCX vs. PFRL - Performance Comparison
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Returns By Period
In the year-to-date period, BDCX achieves a -11.90% return, which is significantly lower than PFRL's 1.96% return.
BDCX
- 1D
- -0.44%
- 1M
- -5.50%
- YTD
- -11.90%
- 6M
- -14.62%
- 1Y
- -18.01%
- 3Y*
- 2.98%
- 5Y*
- 1.22%
- 10Y*
- —
PFRL
- 1D
- 0.01%
- 1M
- 0.48%
- YTD
- 1.96%
- 6M
- 2.68%
- 1Y
- 6.12%
- 3Y*
- 8.62%
- 5Y*
- —
- 10Y*
- —
BDCX vs. PFRL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | -11.90% | -10.42% | 15.32% | 35.33% | -5.31% |
PFRL PGIM Floating Rate Income ETF | 1.96% | 6.25% | 9.40% | 13.75% | 1.27% |
Correlation
The correlation between BDCX and PFRL is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since May 25, 2022 | 0.34 |
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Return for Risk
BDCX vs. PFRL — Risk / Return Rank
BDCX
PFRL
BDCX vs. PFRL - 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 PGIM Floating Rate Income ETF (PFRL). 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 | PFRL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.85 | ||
| Sortino ratioReturn per unit of downside risk | -5.42 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.69 | -0.78 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | 4.90 | -5.49 |
| Martin ratioReturn relative to average drawdown | -1.04 | 16.66 | -17.70 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BDCX | PFRL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.66 | 3.19 | -3.85 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.05 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 1.66 | -1.23 |
Drawdowns
BDCX vs. PFRL - Drawdown Comparison
The maximum BDCX drawdown since its inception was -34.96%, which is greater than PFRL's maximum drawdown of -8.83%. Use the drawdown chart below to compare losses from any high point for BDCX and PFRL.
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Drawdown Indicators
| BDCX | PFRL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.96% | -8.83% | -26.13% |
Max Drawdown (1Y)Largest decline over 1 year | -30.46% | -1.25% | -29.21% |
Max Drawdown (3Y)Largest decline over 3 years | -33.39% | -8.83% | -24.56% |
Max Drawdown (5Y)Largest decline over 5 years | -34.96% | — | — |
Current DrawdownCurrent decline from peak | -28.40% | -0.05% | -28.35% |
Average DrawdownAverage peak-to-trough decline | -10.10% | -0.44% | -9.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.35% | 0.37% | +16.98% |
Volatility
BDCX vs. PFRL - Volatility Comparison
ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) has a higher volatility of 8.65% compared to PGIM Floating Rate Income ETF (PFRL) at 0.42%. This indicates that BDCX's price experiences larger fluctuations and is considered to be riskier than PFRL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCX | PFRL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.65% | 0.42% | +8.23% |
Volatility (6M)Calculated over the trailing 6-month period | 22.81% | 1.58% | +21.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.60% | 1.93% | +25.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.59% | 4.85% | +21.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.94% | 4.85% | +22.09% |
BDCX vs. PFRL - Expense Ratio Comparison
BDCX has a 0.95% expense ratio, which is higher than PFRL's 0.72% expense ratio.
Dividends
BDCX vs. PFRL - Dividend Comparison
BDCX's dividend yield for the trailing twelve months is around 20.31%, more than PFRL's 6.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | 20.31% | 19.17% | 15.28% | 14.71% | 17.47% | 11.52% | 6.32% |
PFRL PGIM Floating Rate Income ETF | 6.83% | 7.34% | 8.96% | 9.84% | 3.55% | 0.00% | 0.00% |
Frequently Asked Questions
BDCX and PFRL have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BDCX has higher volatility (8.65%) compared to PFRL (0.42%). In terms of maximum drawdown, BDCX dropped -34.96% vs PFRL's -8.83%.
On 3-year performance, PFRL leads with 8.62% vs 2.98% for BDCX. On fees, PFRL is cheaper at 0.72% per year. On volatility, PFRL has been the lower-risk option at 0.42%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PFRL has performed better with a 8.62% return vs 2.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PFRL is cheaper with a 0.72% expense ratio, compared with 0.95% for BDCX.
BDCX has the higher dividend yield at 20.31%, compared with 6.83% for PFRL.
BDCX is categorized as Leveraged Equities, while PFRL is Bank Loan. They also come from different issuers: UBS and PGIM. Their fees differ too: 0.95% for BDCX and 0.72% for PFRL.
PFRL currently has the higher Sharpe Ratio (3.19 vs -0.66), 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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