BDCX vs. QULL
BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) and QULL (ETRACS 2x Leveraged MSCI US Quality Factor TR ETN) are both exchange-traded funds - BDCX is a Leveraged Equities fund tracking the MVIS US Business Development Companies (150%), while QULL is a Quality Factor fund tracking the MSCI USA Sector Neutral Quality Index. Both are passively managed. Over the past 5 years, BDCX returned 2.22%/yr vs 14.44%/yr for QULL. Their 0.53 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.95% expense ratio.
Performance
BDCX vs. QULL - Performance Comparison
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Returns By Period
In the year-to-date period, BDCX achieves a -10.75% return, which is significantly lower than QULL's 18.31% 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%
QULL
- 1D
- 0.63%
- 1M
- 0.26%
- 6M
- 14.62%
- YTD
- 18.31%
- 1Y
- 38.52%
- 3Y*
- 27.71%
- 5Y*
- 14.44%
- 10Y*
- —
- ALL TIME*
- 19.45%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $38.67K | $35.86K | $42.25K | |
| $1.11K | $1.49K | $2.54K |
BDCX vs. QULL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | -10.75% | -10.42% | 15.32% | 35.33% | -17.67% | 38.79% |
QULL ETRACS 2x Leveraged MSCI US Quality Factor TR ETN | 18.31% | 17.61% | 38.03% | 57.07% | -42.00% | 51.36% |
Correlation
The correlation between BDCX and QULL is 0.45, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.45 |
Correlation (3Y) Balances recent behavior with more history. | 0.47 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.54 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021 | 0.53 |
The correlation between BDCX and QULL has been stable across timeframes, ranging from 0.45 to 0.54 - a consistent structural relationship.
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Return for Risk
BDCX vs. QULL — Risk / Return Rank
BDCX
QULL
BDCX vs. QULL - 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 2x Leveraged MSCI US Quality Factor TR ETN (QULL). 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 | QULL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.14 | ||
| Sortino ratioReturn per unit of downside risk | -2.95 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.25 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.74 | 1.96 | -2.71 |
| Martin ratioReturn relative to average drawdown | -1.28 | 8.61 | -9.89 |
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Drawdowns
BDCX vs. QULL - Drawdown Comparison
The maximum BDCX drawdown since its inception was -34.96%, smaller than the maximum QULL drawdown of -51.83%. Use the drawdown chart below to compare losses from any high point for BDCX and QULL.
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Drawdown Indicators
| BDCX | QULL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.96% | -51.83% | +16.87% |
Max Drawdown (1Y)Largest decline over 1 year | -26.35% | -18.43% | -7.92% |
Max Drawdown (3Y)Largest decline over 3 years | -33.39% | -36.82% | +3.43% |
Max Drawdown (5Y)Largest decline over 5 years | -34.96% | -51.83% | +16.87% |
Current DrawdownCurrent decline from peak | -27.46% | -1.05% | -26.41% |
Average DrawdownAverage peak-to-trough decline | -10.50% | -13.70% | +3.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.28% | 4.19% | +11.09% |
Volatility
BDCX vs. QULL - Volatility Comparison
ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) has a higher volatility of 7.16% compared to ETRACS 2x Leveraged MSCI US Quality Factor TR ETN (QULL) at 5.60%. This indicates that BDCX's price experiences larger fluctuations and is considered to be riskier than QULL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCX | QULL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.16% | 5.60% | +1.56% |
Volatility (6M)Calculated over the trailing 6-month period | 22.67% | 19.43% | +3.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.36% | 25.05% | +3.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.69% | 35.65% | -8.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.87% | 34.83% | -7.96% |
BDCX vs. QULL - Expense Ratio Comparison
Both BDCX and QULL have an expense ratio of 0.95%.
Dividends
BDCX vs. QULL - Dividend Comparison
BDCX's dividend yield for the trailing twelve months is around 21.64%, while QULL has not paid dividends to shareholders.
| 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% |
QULL ETRACS 2x Leveraged MSCI US Quality Factor TR ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BDCX and QULL have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BDCX has higher volatility (7.16%) compared to QULL (5.60%). In terms of maximum drawdown, BDCX dropped -34.96% vs QULL's -51.83%.
On 5-year performance, QULL leads with 14.44% vs 2.22% for BDCX. Both ETFs have the same 0.95% expense ratio. On volatility, QULL has been the lower-risk option at 5.60%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, QULL has performed better with a 14.44% return vs 2.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BDCX and QULL have the same expense ratio: 0.95% per year.
BDCX has the higher dividend yield at 21.64%, compared with 0.00% for QULL.
BDCX is categorized as Leveraged Equities, while QULL is Quality Factor. BDCX tracks MVIS US Business Development Companies (150%), while QULL tracks MSCI USA Sector Neutral Quality Index.
QULL currently has the higher Sharpe Ratio (1.45 vs -0.69), 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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