BDCX vs. SPHY
BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) and SPHY (SPDR Portfolio High Yield Bond ETF) are both exchange-traded funds - BDCX is a Leveraged Equities fund tracking the MVIS US Business Development Companies (150%), while SPHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Index. Both are passively managed. Over the past 5 years, BDCX returned 1.22%/yr vs 4.29%/yr for SPHY. At a 0.50 correlation, their price movements are largely independent. BDCX charges 0.95%/yr vs 0.05%/yr for SPHY.
Performance
BDCX vs. SPHY - Performance Comparison
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Returns By Period
In the year-to-date period, BDCX achieves a -11.90% return, which is significantly lower than SPHY's 1.32% return.
BDCX
- 1D
- -0.44%
- 1M
- -5.50%
- YTD
- -11.90%
- 6M
- -14.62%
- 1Y
- -18.01%
- 3Y*
- 2.98%
- 5Y*
- 1.22%
- 10Y*
- —
SPHY
- 1D
- 0.09%
- 1M
- -0.18%
- YTD
- 1.32%
- 6M
- 1.93%
- 1Y
- 6.98%
- 3Y*
- 8.78%
- 5Y*
- 4.29%
- 10Y*
- 5.03%
BDCX vs. SPHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | -11.90% | -10.42% | 15.32% | 35.33% | -17.67% | 52.70% | 24.50% |
SPHY SPDR Portfolio High Yield Bond ETF | 1.32% | 8.59% | 8.54% | 12.81% | -10.57% | 5.61% | 10.26% |
Correlation
The correlation between BDCX and SPHY is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.46 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2020 | 0.50 |
The correlation between BDCX and SPHY has been stable across timeframes, ranging from 0.46 to 0.52 - a consistent structural relationship.
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Return for Risk
BDCX vs. SPHY — Risk / Return Rank
BDCX
SPHY
BDCX vs. SPHY - 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 SPDR Portfolio High Yield Bond ETF (SPHY). 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.
| BDCX | SPHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.56 | ||
| Sortino ratioReturn per unit of downside risk | -3.71 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.38 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | 2.90 | -3.50 |
| Martin ratioReturn relative to average drawdown | -1.04 | 13.14 | -14.18 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BDCX | SPHY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.66 | 1.90 | -2.56 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.05 | 0.60 | -0.56 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.64 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 0.63 | -0.20 |
Drawdowns
BDCX vs. SPHY - Drawdown Comparison
The maximum BDCX drawdown since its inception was -34.96%, which is greater than SPHY's maximum drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for BDCX and SPHY.
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Drawdown Indicators
| BDCX | SPHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.96% | -21.97% | -12.99% |
Max Drawdown (1Y)Largest decline over 1 year | -30.46% | -2.41% | -28.05% |
Max Drawdown (3Y)Largest decline over 3 years | -33.39% | -4.85% | -28.54% |
Max Drawdown (5Y)Largest decline over 5 years | -34.96% | -15.29% | -19.67% |
Max Drawdown (10Y)Largest decline over 10 years | — | -21.97% | — |
Current DrawdownCurrent decline from peak | -28.40% | -0.44% | -27.96% |
Average DrawdownAverage peak-to-trough decline | -10.10% | -2.29% | -7.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.35% | 0.53% | +16.82% |
Volatility
BDCX vs. SPHY - Volatility Comparison
ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) has a higher volatility of 8.65% compared to SPDR Portfolio High Yield Bond ETF (SPHY) at 1.10%. This indicates that BDCX's price experiences larger fluctuations and is considered to be riskier than SPHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCX | SPHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.65% | 1.10% | +7.55% |
Volatility (6M)Calculated over the trailing 6-month period | 22.81% | 2.94% | +19.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.60% | 3.69% | +23.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.59% | 7.18% | +19.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.94% | 7.88% | +19.06% |
BDCX vs. SPHY - Expense Ratio Comparison
BDCX has a 0.95% expense ratio, which is higher than SPHY's 0.05% expense ratio.
Dividends
BDCX vs. SPHY - Dividend Comparison
BDCX's dividend yield for the trailing twelve months is around 20.31%, more than SPHY's 7.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | 20.31% | 19.17% | 15.28% | 14.71% | 17.47% | 11.52% | 6.32% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPHY SPDR Portfolio High Yield Bond ETF | 7.28% | 7.38% | 7.80% | 7.30% | 6.47% | 5.13% | 5.63% | 5.73% | 4.09% | 4.41% | 4.27% | 4.29% |
Frequently Asked Questions
BDCX and SPHY have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BDCX has higher volatility (8.65%) compared to SPHY (1.10%). In terms of maximum drawdown, BDCX dropped -34.96% vs SPHY's -21.97%.
On 5-year performance, SPHY leads with 4.29% vs 1.22% for BDCX. On fees, SPHY is cheaper at 0.05% per year. On volatility, SPHY has been the lower-risk option at 1.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPHY has performed better with a 4.29% return vs 1.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPHY is cheaper with a 0.05% expense ratio, compared with 0.95% for BDCX.
BDCX has the higher dividend yield at 20.31%, compared with 7.28% for SPHY.
BDCX is categorized as Leveraged Equities, while SPHY is High Yield Bonds. BDCX tracks MVIS US Business Development Companies (150%), while SPHY tracks ICE BofA US High Yield Index. They also come from different issuers: UBS and State Street. Their fees differ too: 0.95% for BDCX and 0.05% for SPHY.
SPHY currently has the higher Sharpe Ratio (1.90 vs -0.66), 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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