BDCX vs. SOXL
BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both Leveraged Equities funds - BDCX tracks the MVIS US Business Development Companies (150%) while SOXL tracks the ICE Semiconductor Index. Both are passively managed. Over the past 5 years, BDCX returned 1.22%/yr vs 42.16%/yr for SOXL. At a 0.38 correlation, their price movements are largely independent. BDCX charges 0.95%/yr vs 0.75%/yr for SOXL.
Performance
BDCX vs. SOXL - Performance Comparison
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Returns By Period
In the year-to-date period, BDCX achieves a -13.68% return, which is significantly lower than SOXL's 450.61% return.
BDCX
- 1D
- 0.57%
- 1M
- -1.31%
- YTD
- -13.68%
- 6M
- -10.71%
- 1Y
- -17.92%
- 3Y*
- 3.31%
- 5Y*
- 1.22%
- 10Y*
- —
SOXL
- 1D
- -23.06%
- 1M
- 21.44%
- YTD
- 450.61%
- 6M
- 429.57%
- 1Y
- 976.09%
- 3Y*
- 120.84%
- 5Y*
- 42.16%
- 10Y*
- 64.56%
BDCX vs. SOXL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | -13.68% | -10.42% | 15.32% | 35.33% | -17.67% | 52.70% | 25.40% |
SOXL Direxion Daily Semiconductor Bull 3X ETF | 450.61% | 54.91% | -12.31% | 226.98% | -85.66% | 118.84% | 188.13% |
Correlation
The correlation between BDCX and SOXL is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.29 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2020 | 0.38 |
The correlation between BDCX and SOXL shifts across timeframes, from 0.21 (1 year) to 0.39 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BDCX vs. SOXL — Risk / Return Rank
BDCX
SOXL
BDCX vs. SOXL - 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 Direxion Daily Semiconductor Bull 3X ETF (SOXL). 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 | SOXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -9.09 | ||
| Sortino ratioReturn per unit of downside risk | -4.84 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.58 | -0.67 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | 22.69 | -23.28 |
| Martin ratioReturn relative to average drawdown | -0.99 | 72.83 | -73.83 |
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Drawdowns
BDCX vs. SOXL - Drawdown Comparison
The maximum BDCX drawdown since its inception was -34.96%, smaller than the maximum SOXL drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for BDCX and SOXL.
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Drawdown Indicators
| BDCX | SOXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.96% | -90.46% | +55.50% |
Max Drawdown (1Y)Largest decline over 1 year | -30.46% | -43.47% | +13.01% |
Max Drawdown (3Y)Largest decline over 3 years | -33.39% | -87.88% | +54.49% |
Max Drawdown (5Y)Largest decline over 5 years | -34.96% | -90.46% | +55.50% |
Max Drawdown (10Y)Largest decline over 10 years | — | -90.46% | — |
Current DrawdownCurrent decline from peak | -29.85% | -23.06% | -6.79% |
Average DrawdownAverage peak-to-trough decline | -10.21% | -34.95% | +24.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.05% | 13.52% | +4.53% |
Volatility
BDCX vs. SOXL - Volatility Comparison
The current volatility for ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) is 8.40%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 68.39%. This indicates that BDCX experiences smaller price fluctuations and is considered to be less risky than SOXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCX | SOXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.40% | 68.39% | -59.99% |
Volatility (6M)Calculated over the trailing 6-month period | 23.09% | 99.84% | -76.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.74% | 116.79% | -89.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.58% | 110.35% | -83.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.90% | 100.62% | -73.72% |
BDCX vs. SOXL - Expense Ratio Comparison
BDCX has a 0.95% expense ratio, which is higher than SOXL's 0.75% expense ratio.
Dividends
BDCX vs. SOXL - Dividend Comparison
BDCX's dividend yield for the trailing twelve months is around 20.73%, more than SOXL's 0.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | 20.73% | 19.17% | 15.28% | 14.71% | 17.47% | 11.52% | 6.32% | 0.00% | 0.00% | 0.00% | 0.00% |
SOXL Direxion Daily Semiconductor Bull 3X ETF | 0.03% | 0.34% | 1.18% | 0.51% | 1.07% | 0.04% | 0.05% | 0.38% | 1.30% | 0.09% | 4.84% |
Frequently Asked Questions
BDCX and SOXL have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXL has higher volatility (68.39%) compared to BDCX (8.40%). In terms of maximum drawdown, BDCX dropped -34.96% vs SOXL's -90.46%.
On 5-year performance, SOXL leads with 42.16% vs 1.22% for BDCX. On fees, SOXL is cheaper at 0.75% per year. On volatility, BDCX has been the lower-risk option at 8.40%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SOXL has performed better with a 42.16% return vs 1.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SOXL is cheaper with a 0.75% expense ratio, compared with 0.95% for BDCX.
BDCX has the higher dividend yield at 20.73%, compared with 0.03% for SOXL.
BDCX tracks MVIS US Business Development Companies (150%), while SOXL tracks ICE Semiconductor Index. They also come from different issuers: UBS and Direxion. Their fees differ too: 0.95% for BDCX and 0.75% for SOXL.
SOXL currently has the higher Sharpe Ratio (8.45 vs -0.65), 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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