BDCX vs. SCDL
BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) and SCDL (ETRACS 2x Leveraged U.S. Dividend Factor TR ETN) are both Leveraged Equities funds from UBS - BDCX tracks the MVIS US Business Development Companies (150%) while SCDL tracks the Dow Jones U.S. Dividend 100 (200%). Both are passively managed. Over the past 5 years, BDCX returned 2.36%/yr vs 10.54%/yr for SCDL. A 0.54 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
BDCX vs. SCDL - Performance Comparison
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Returns By Period
In the year-to-date period, BDCX achieves a -9.11% return, which is significantly lower than SCDL's 39.67% return.
BDCX
- 1D
- -0.94%
- 1M
- 0.56%
- 6M
- -10.21%
- YTD
- -9.11%
- 1Y
- -20.58%
- 3Y*
- 2.02%
- 5Y*
- 2.36%
- 10Y*
- —
SCDL
- 1D
- 0.85%
- 1M
- -0.01%
- 6M
- 30.22%
- YTD
- 39.67%
- 1Y
- 42.24%
- 3Y*
- 20.73%
- 5Y*
- 10.54%
- 10Y*
- —
BDCX vs. SCDL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | -9.11% | -10.42% | 15.32% | 35.33% | -17.67% | 38.79% |
SCDL ETRACS 2x Leveraged U.S. Dividend Factor TR ETN | 39.67% | 2.05% | 14.99% | 0.18% | -13.06% | 52.47% |
Correlation
The correlation between BDCX and SCDL is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021 | 0.54 |
Over the past year, the correlation between BDCX and SCDL has dropped to 0.29 - well below their long-term average of 0.54, suggesting their price drivers have been diverging.
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Return for Risk
BDCX vs. SCDL — Risk / Return Rank
BDCX
SCDL
BDCX vs. SCDL - 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 U.S. Dividend Factor TR ETN (SCDL). 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 | SCDL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.72 | ||
| Sortino ratioReturn per unit of downside risk | -3.85 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.33 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.68 | 4.17 | -4.84 |
| Martin ratioReturn relative to average drawdown | -1.09 | 10.37 | -11.46 |
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Drawdowns
BDCX vs. SCDL - Drawdown Comparison
The maximum BDCX drawdown since its inception was -34.96%, roughly equal to the maximum SCDL drawdown of -34.87%. Use the drawdown chart below to compare losses from any high point for BDCX and SCDL.
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Drawdown Indicators
| BDCX | SCDL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.96% | -34.87% | -0.09% |
Max Drawdown (1Y)Largest decline over 1 year | -30.46% | -10.19% | -20.27% |
Max Drawdown (3Y)Largest decline over 3 years | -33.39% | -32.79% | -0.60% |
Max Drawdown (5Y)Largest decline over 5 years | -34.96% | -34.87% | -0.09% |
Current DrawdownCurrent decline from peak | -26.13% | -0.94% | -25.19% |
Average DrawdownAverage peak-to-trough decline | -10.36% | -11.79% | +1.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.86% | 4.09% | +14.77% |
Volatility
BDCX vs. SCDL - Volatility Comparison
ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) has a higher volatility of 7.10% compared to ETRACS 2x Leveraged U.S. Dividend Factor TR ETN (SCDL) at 6.68%. This indicates that BDCX's price experiences larger fluctuations and is considered to be riskier than SCDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCX | SCDL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.10% | 6.68% | +0.42% |
Volatility (6M)Calculated over the trailing 6-month period | 22.63% | 14.79% | +7.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.13% | 21.48% | +6.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.65% | 28.97% | -2.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.89% | 28.75% | -1.86% |
BDCX vs. SCDL - Expense Ratio Comparison
Both BDCX and SCDL have an expense ratio of 0.95%.
Dividends
BDCX vs. SCDL - Dividend Comparison
BDCX's dividend yield for the trailing twelve months is around 19.69%, while SCDL 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 | 19.69% | 19.17% | 15.28% | 14.71% | 17.47% | 11.52% | 6.32% |
SCDL ETRACS 2x Leveraged U.S. Dividend Factor TR ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BDCX and SCDL have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BDCX has higher volatility (7.10%) compared to SCDL (6.68%). In terms of maximum drawdown, BDCX dropped -34.96% vs SCDL's -34.87%.
On 5-year performance, SCDL leads with 10.54% vs 2.36% for BDCX. Both ETFs have the same 0.95% expense ratio. On volatility, SCDL has been the lower-risk option at 6.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SCDL has performed better with a 10.54% return vs 2.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BDCX and SCDL have the same expense ratio: 0.95% per year.
BDCX has the higher dividend yield at 19.69%, compared with 0.00% for SCDL.
BDCX tracks MVIS US Business Development Companies (150%), while SCDL tracks Dow Jones U.S. Dividend 100 (200%).
SCDL currently has the higher Sharpe Ratio (1.98 vs -0.74), 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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