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 2.22%/yr vs 11.62%/yr for SCDL. Their 0.54 correlation means they have sometimes moved together and sometimes differently. 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 -10.75% return, which is significantly lower than SCDL's 47.30% 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%
SCDL
- 1D
- 0.55%
- 1M
- 6.51%
- 6M
- 26.03%
- YTD
- 47.30%
- 1Y
- 61.99%
- 3Y*
- 20.93%
- 5Y*
- 11.62%
- 10Y*
- —
- ALL TIME*
- 16.37%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $38.67K | $35.86K | $42.25K | |
| $12.99K | $29.73K | $21.90K |
BDCX vs. SCDL - 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% |
SCDL ETRACS 2x Leveraged U.S. Dividend Factor TR ETN | 47.30% | 2.05% | 14.99% | 0.18% | -13.06% | 52.47% |
Correlation
The correlation between BDCX and SCDL is 0.26, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.26 |
Correlation (3Y) Balances recent behavior with more history. | 0.45 |
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 | 0.54 |
Over the past year, the correlation between BDCX and SCDL has dropped to 0.26 - 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 | -3.51 | ||
| Sortino ratioReturn per unit of downside risk | -4.86 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.46 | -0.55 |
| Calmar ratioReturn relative to maximum drawdown | -0.74 | 6.00 | -6.75 |
| Martin ratioReturn relative to average drawdown | -1.28 | 15.42 | -16.70 |
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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 | -26.35% | -10.19% | -16.16% |
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 | -27.46% | -2.42% | -25.04% |
Average DrawdownAverage peak-to-trough decline | -10.50% | -11.68% | +1.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.28% | 3.96% | +11.32% |
Volatility
BDCX vs. SCDL - Volatility Comparison
The current volatility for ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) is 7.16%, while ETRACS 2x Leveraged U.S. Dividend Factor TR ETN (SCDL) has a volatility of 8.22%. This indicates that BDCX experiences smaller price fluctuations and is considered to be less risky 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 | 7.16% | 8.22% | -1.06% |
Volatility (6M)Calculated over the trailing 6-month period | 22.67% | 15.67% | +7.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.36% | 21.95% | +6.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.69% | 29.02% | -2.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.87% | 28.76% | -1.89% |
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 21.64%, 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 | 21.64% | 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 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SCDL has higher volatility (8.22%) compared to BDCX (7.16%). In terms of maximum drawdown, BDCX dropped -34.96% vs SCDL's -34.87%.
On 5-year performance, SCDL leads with 11.62% vs 2.22% for BDCX. Both ETFs have the same 0.95% expense ratio. On volatility, BDCX has been the lower-risk option at 7.16%. 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 11.62% return vs 2.22%. 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 21.64%, 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 (2.81 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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