BDCX vs. SLVO

Last updated Aug 1, 2026

BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) and SLVO (UBS ETRACS Silver Shares Covered Call ETN) are both exchange-traded funds - BDCX is a Leveraged Equities fund tracking the MVIS US Business Development Companies (150%), while SLVO is a Silver fund tracking the Credit Suisse NASDAQ Silver FLOWS 106 Index. Both are passively managed. Over the past year, BDCX returned -18.23% vs 28.85% for SLVO. Their 0.10 correlation means their historical movements had little consistent relationship. BDCX charges 0.95%/yr vs 0.65%/yr for SLVO.

Performance

BDCX vs. SLVO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) and UBS ETRACS Silver Shares Covered Call ETN (SLVO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BDCX achieves a -10.75% return, which is significantly lower than SLVO's -4.64% 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%

SLVO

• 1D: -1.56%
• 1M: -3.21%
• 6M: -0.08%
• YTD: -4.64%
• 1Y: 28.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 26.05%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN	$38.67K	$35.86K	$42.25K
SLVO UBS ETRACS Silver Shares Covered Call ETN	$28.82M	$16.45M	$13.40M

BDCX vs. SLVO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN	-10.75%	-10.42%	1.31%
SLVO UBS ETRACS Silver Shares Covered Call ETN	-4.64%	71.20%	0.94%

Correlation

The correlation between BDCX and SLVO is 0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.07
Correlation (All Time) Calculated using the full available price history since Jun 3, 2024	0.10

Return for Risk

BDCX vs. SLVO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BDCX

BDCX Risk / Return Rank: 3
BDCX Sharpe Ratio Rank: 4
BDCX Sortino Ratio Rank: 4
BDCX Omega Ratio Rank: 4
BDCX Calmar Ratio Rank: 3
BDCX Martin Ratio Rank: 2

SLVO

SLVO Risk / Return Rank: 37
SLVO Sharpe Ratio Rank: 36
SLVO Sortino Ratio Rank: 32
SLVO Omega Ratio Rank: 42
SLVO Calmar Ratio Rank: 39
SLVO Martin Ratio Rank: 38

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BDCX vs. SLVO - 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 UBS ETRACS Silver Shares Covered Call ETN (SLVO). 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	SLVO	Difference
Sharpe ratio: Return per unit of total volatility	-0.69	0.90	-1.59
Sortino ratio: Return per unit of downside risk	-0.89	1.22	-2.11
Omega ratio: Gain probability vs. loss probability	0.90	1.20	-0.29
Calmar ratio: Return relative to maximum drawdown	-0.74	1.35	-2.10
Martin ratio: Return relative to average drawdown	-1.28	3.86	-5.15

BDCX vs. SLVO - Sharpe Ratio Comparison

The current BDCX Sharpe Ratio is -0.69, which is lower than the SLVO Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of BDCX and SLVO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BDCX vs. SLVO - Drawdown Comparison

The maximum BDCX drawdown since its inception was -34.96%, which is greater than SLVO's maximum drawdown of -22.21%. Use the drawdown chart below to compare losses from any high point for BDCX and SLVO.

Drawdown Indicators

	BDCX	SLVO	Difference
Max Drawdown Largest peak-to-trough decline	-34.96%	-22.21%	-12.75%
Max Drawdown (1Y) Largest decline over 1 year	-26.35%	-22.21%	-4.14%
Max Drawdown (3Y) Largest decline over 3 years	-33.39%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-34.96%	—	—
Current Drawdown Current decline from peak	-27.46%	-18.68%	-8.78%
Average Drawdown Average peak-to-trough decline	-10.50%	-4.06%	-6.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.28%	7.75%	+7.53%

Volatility

BDCX vs. SLVO - Volatility Comparison

The current volatility for ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) is 7.16%, while UBS ETRACS Silver Shares Covered Call ETN (SLVO) has a volatility of 10.22%. This indicates that BDCX experiences smaller price fluctuations and is considered to be less risky than SLVO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BDCX	SLVO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.16%	10.22%	-3.06%
Volatility (6M) Calculated over the trailing 6-month period	22.67%	31.70%	-9.03%
Volatility (1Y) Calculated over the trailing 1-year period	28.36%	33.46%	-5.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.69%	26.77%	-0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.87%	26.77%	+0.10%

BDCX vs. SLVO - Expense Ratio Comparison

BDCX has a 0.95% expense ratio, which is higher than SLVO's 0.65% expense ratio.

Dividends

BDCX vs. SLVO - Dividend Comparison

BDCX's dividend yield for the trailing twelve months is around 21.64%, less than SLVO's 73.29% yield.

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%
SLVO UBS ETRACS Silver Shares Covered Call ETN	73.29%	19.35%	14.45%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BDCX and SLVO in my portfolio?

BDCX and SLVO have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BDCX or SLVO?

SLVO has higher volatility (10.22%) compared to BDCX (7.16%). In terms of maximum drawdown, BDCX dropped -34.96% vs SLVO's -22.21%.

Which ETF is better, BDCX or SLVO?

On 1-year performance, SLVO leads with 28.85% vs -18.23% for BDCX. On fees, SLVO is cheaper at 0.65% per year. 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.

Which ETF has performed better, BDCX or SLVO?

Over the 1-year period, SLVO has performed better with a 28.85% return vs -18.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BDCX or SLVO?

SLVO is cheaper with a 0.65% expense ratio, compared with 0.95% for BDCX.

Which ETF pays a higher dividend yield, BDCX or SLVO?

SLVO has the higher dividend yield at 73.29%, compared with 21.64% for BDCX.

What is the main difference between BDCX and SLVO?

BDCX is categorized as Leveraged Equities, while SLVO is Silver. BDCX tracks MVIS US Business Development Companies (150%), while SLVO tracks Credit Suisse NASDAQ Silver FLOWS 106 Index. Their fees differ too: 0.95% for BDCX and 0.65% for SLVO.

Which has better risk-adjusted returns?

SLVO currently has the higher Sharpe Ratio (0.90 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.