BDCX vs. QAI
BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) and QAI (IQ Hedge Multi-Strategy Tracker ETF) are both exchange-traded funds - BDCX is a Leveraged Equities fund tracking the MVIS US Business Development Companies (150%), while QAI is a Long-Short fund tracking the IQ Hedge Multi-Strategy Index. Both are passively managed. Over the past 5 years, BDCX returned 1.22%/yr vs 4.31%/yr for QAI. At a 0.49 correlation, their price movements are largely independent. BDCX charges 0.95%/yr vs 0.79%/yr for QAI.
Performance
BDCX vs. QAI - 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 QAI's 7.58% return.
BDCX
- 1D
- -0.44%
- 1M
- -5.50%
- YTD
- -11.90%
- 6M
- -14.62%
- 1Y
- -18.01%
- 3Y*
- 2.98%
- 5Y*
- 1.22%
- 10Y*
- —
QAI
- 1D
- 0.42%
- 1M
- -0.22%
- YTD
- 7.58%
- 6M
- 8.00%
- 1Y
- 14.10%
- 3Y*
- 9.67%
- 5Y*
- 4.31%
- 10Y*
- 3.79%
BDCX vs. QAI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | -11.90% | -10.42% | 15.32% | 35.33% | -17.67% | 52.70% | 24.50% |
QAI IQ Hedge Multi-Strategy Tracker ETF | 7.58% | 8.29% | 6.67% | 10.07% | -8.68% | -0.16% | 7.16% |
Correlation
The correlation between BDCX and QAI is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2020 | 0.49 |
The correlation between BDCX and QAI has been stable across timeframes, ranging from 0.43 to 0.52 - a consistent structural relationship.
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Return for Risk
BDCX vs. QAI — Risk / Return Rank
BDCX
QAI
BDCX vs. QAI - 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 IQ Hedge Multi-Strategy Tracker ETF (QAI). 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 | QAI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.92 | ||
| Sortino ratioReturn per unit of downside risk | -3.95 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.45 | -0.54 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | 3.81 | -4.41 |
| Martin ratioReturn relative to average drawdown | -1.04 | 15.45 | -16.49 |
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 | QAI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.66 | 2.26 | -2.92 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.05 | 0.66 | -0.61 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.61 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 0.56 | -0.13 |
Drawdowns
BDCX vs. QAI - Drawdown Comparison
The maximum BDCX drawdown since its inception was -34.96%, which is greater than QAI's maximum drawdown of -14.95%. Use the drawdown chart below to compare losses from any high point for BDCX and QAI.
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Drawdown Indicators
| BDCX | QAI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.96% | -14.95% | -20.01% |
Max Drawdown (1Y)Largest decline over 1 year | -30.46% | -3.71% | -26.75% |
Max Drawdown (3Y)Largest decline over 3 years | -33.39% | -7.78% | -25.61% |
Max Drawdown (5Y)Largest decline over 5 years | -34.96% | -14.32% | -20.64% |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.95% | — |
Current DrawdownCurrent decline from peak | -28.40% | -1.72% | -26.68% |
Average DrawdownAverage peak-to-trough decline | -10.10% | -2.57% | -7.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.35% | 0.91% | +16.44% |
Volatility
BDCX vs. QAI - Volatility Comparison
ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) has a higher volatility of 8.65% compared to IQ Hedge Multi-Strategy Tracker ETF (QAI) at 2.56%. This indicates that BDCX's price experiences larger fluctuations and is considered to be riskier than QAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCX | QAI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.65% | 2.56% | +6.09% |
Volatility (6M)Calculated over the trailing 6-month period | 22.81% | 5.25% | +17.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.60% | 6.26% | +21.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.59% | 6.60% | +19.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.94% | 6.19% | +20.75% |
BDCX vs. QAI - Expense Ratio Comparison
BDCX has a 0.95% expense ratio, which is higher than QAI's 0.79% expense ratio.
Dividends
BDCX vs. QAI - Dividend Comparison
BDCX's dividend yield for the trailing twelve months is around 20.31%, more than QAI's 1.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
QAI IQ Hedge Multi-Strategy Tracker ETF | 1.40% | 1.50% | 2.22% | 4.08% | 2.00% | 0.28% | 1.98% | 1.91% | 1.90% | 0.00% | 0.00% | 0.48% |
Frequently Asked Questions
BDCX and QAI have a correlation of 0.43, 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 QAI (2.56%). In terms of maximum drawdown, BDCX dropped -34.96% vs QAI's -14.95%.
On 5-year performance, QAI leads with 4.31% vs 1.22% for BDCX. On fees, QAI is cheaper at 0.79% per year. On volatility, QAI has been the lower-risk option at 2.56%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, QAI has performed better with a 4.31% return vs 1.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QAI is cheaper with a 0.79% expense ratio, compared with 0.95% for BDCX.
BDCX has the higher dividend yield at 20.31%, compared with 1.40% for QAI.
BDCX is categorized as Leveraged Equities, while QAI is Long-Short. BDCX tracks MVIS US Business Development Companies (150%), while QAI tracks IQ Hedge Multi-Strategy Index. They also come from different issuers: UBS and New York Life. Their fees differ too: 0.95% for BDCX and 0.79% for QAI.
QAI currently has the higher Sharpe Ratio (2.26 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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