BDCX vs. TSMG

Last updated Jun 3, 2026

BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) and TSMG (Leverage Shares 2X Long TSM Daily ETF) are both Leveraged Equities funds. BDCX is passively managed, while TSMG is actively managed. Over the past year, BDCX returned -13.87% vs 327.45% for TSMG. At a 0.31 correlation, their price movements are largely independent. BDCX charges 0.95%/yr vs 0.75%/yr for TSMG.

Performance

BDCX vs. TSMG - 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 Leverage Shares 2X Long TSM Daily ETF (TSMG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BDCX achieves a -8.64% return, which is significantly lower than TSMG's 94.33% return.

BDCX

• 1D: -0.27%
• 1M: -7.16%
• YTD: -8.64%
• 6M: -8.85%
• 1Y: -13.87%
• 3Y*: 4.83%
• 5Y*: 2.33%
• 10Y*: —

TSMG

• 1D: 4.98%
• 1M: 23.80%
• YTD: 94.33%
• 6M: 108.01%
• 1Y: 327.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BDCX vs. TSMG - Yearly Performance Comparison

	2026 (YTD)	2025
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN	-8.64%	-10.76%
TSMG Leverage Shares 2X Long TSM Daily ETF	94.33%	76.34%

Correlation

The correlation between BDCX and TSMG is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (All Time) Calculated using the full available price history since Jan 15, 2025	0.31

Return for Risk

BDCX vs. TSMG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BDCX

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

TSMG

TSMG Risk / Return Rank: 91
TSMG Sharpe Ratio Rank: 97
TSMG Sortino Ratio Rank: 87
TSMG Omega Ratio Rank: 79
TSMG Calmar Ratio Rank: 96
TSMG Martin Ratio Rank: 95

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BDCX vs. TSMG - 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 Leverage Shares 2X Long TSM Daily ETF (TSMG). 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	TSMG	Difference
Sharpe ratio Return per unit of total volatility	-0.52	4.61	-5.13
Sortino ratio Return per unit of downside risk	-0.60	3.97	-4.57
Omega ratio Gain probability vs. loss probability	0.93	1.48	-0.55
Calmar ratio Return relative to maximum drawdown	-0.50	9.46	-9.96
Martin ratio Return relative to average drawdown	-0.88	30.96	-31.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BDCX vs. TSMG - Sharpe Ratio Comparison

The current BDCX Sharpe Ratio is -0.52, which is lower than the TSMG Sharpe Ratio of 4.61. The chart below compares the historical Sharpe Ratios of BDCX and TSMG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BDCX	TSMG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.52	4.61	-5.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.09	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	1.79	-1.34

Drawdowns

BDCX vs. TSMG - Drawdown Comparison

The maximum BDCX drawdown since its inception was -34.96%, smaller than the maximum TSMG drawdown of -63.67%. Use the drawdown chart below to compare losses from any high point for BDCX and TSMG.

Drawdown Indicators

	BDCX	TSMG	Difference
Max Drawdown Largest peak-to-trough decline	-34.96%	-63.67%	+28.71%
Max Drawdown (1Y) Largest decline over 1 year	-30.46%	-35.29%	+4.83%
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	-25.75%	0.00%	-25.75%
Average Drawdown Average peak-to-trough decline	-10.05%	-17.02%	+6.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.06%	10.79%	+6.27%

Volatility

BDCX vs. TSMG - Volatility Comparison

The current volatility for ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) is 6.41%, while Leverage Shares 2X Long TSM Daily ETF (TSMG) has a volatility of 22.57%. This indicates that BDCX experiences smaller price fluctuations and is considered to be less risky than TSMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BDCX	TSMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.41%	22.57%	-16.16%
Volatility (6M) Calculated over the trailing 6-month period	22.02%	54.92%	-32.90%
Volatility (1Y) Calculated over the trailing 1-year period	26.90%	71.57%	-44.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.44%	81.08%	-54.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.85%	81.08%	-54.23%

BDCX vs. TSMG - Expense Ratio Comparison

BDCX has a 0.95% expense ratio, which is higher than TSMG's 0.75% expense ratio.

Dividends

BDCX vs. TSMG - Dividend Comparison

BDCX's dividend yield for the trailing twelve months is around 19.59%, more than TSMG's 5.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN	19.59%	19.17%	15.28%	14.71%	17.47%	11.52%	6.32%
TSMG Leverage Shares 2X Long TSM Daily ETF	5.91%	11.48%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BDCX and TSMG in my portfolio?

BDCX and TSMG 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.

Which is riskier, BDCX or TSMG?

TSMG has higher volatility (22.57%) compared to BDCX (6.41%). In terms of maximum drawdown, BDCX dropped -34.96% vs TSMG's -63.67%.

Which ETF is better, BDCX or TSMG?

On 1-year performance, TSMG leads with 327.45% vs -13.87% for BDCX. On fees, TSMG is cheaper at 0.75% per year. On volatility, BDCX has been the lower-risk option at 6.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BDCX or TSMG?

Over the 1-year period, TSMG has performed better with a 327.45% return vs -13.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BDCX or TSMG?

TSMG is cheaper with a 0.75% expense ratio, compared with 0.95% for BDCX.

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

BDCX has the higher dividend yield at 19.59%, compared with 5.91% for TSMG.

What is the main difference between BDCX and TSMG?

They also come from different issuers: UBS and Leverage Shares. Their fees differ too: 0.95% for BDCX and 0.75% for TSMG.

Which has better risk-adjusted returns?

TSMG currently has the higher Sharpe Ratio (4.61 vs -0.52), 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.