BDCX vs. UCIB
BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) and UCIB (ETRACS CMCI Total Return ETN Series B) are both exchange-traded funds - BDCX is a Leveraged Equities fund tracking the MVIS US Business Development Companies (150%), while UCIB is a Commodities fund tracking the UBS Bloomberg CMCI Index. Both are passively managed. Over the past 5 years, BDCX returned 2.36%/yr vs 12.08%/yr for UCIB. At a 0.19 correlation, their price movements are largely independent. BDCX charges 0.95%/yr vs 0.55%/yr for UCIB.
Performance
BDCX vs. UCIB - Performance Comparison
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Returns By Period
In the year-to-date period, BDCX achieves a -9.11% return, which is significantly lower than UCIB's 21.81% return.
BDCX
- 1D
- -0.94%
- 1M
- 0.56%
- 6M
- -10.21%
- YTD
- -9.11%
- 1Y
- -20.58%
- 3Y*
- 2.02%
- 5Y*
- 2.36%
- 10Y*
- —
UCIB
- 1D
- 1.36%
- 1M
- 1.53%
- 6M
- 18.69%
- YTD
- 21.81%
- 1Y
- 27.51%
- 3Y*
- 11.74%
- 5Y*
- 12.08%
- 10Y*
- 10.40%
BDCX vs. UCIB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | -9.11% | -10.42% | 15.32% | 35.33% | -17.67% | 52.70% | 25.40% |
UCIB ETRACS CMCI Total Return ETN Series B | 21.81% | 8.97% | 6.58% | -2.26% | 18.24% | 37.34% | 30.57% |
Correlation
The correlation between BDCX and UCIB is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2020 | 0.19 |
The correlation between BDCX and UCIB shifts across timeframes, from -0.02 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BDCX vs. UCIB — Risk / Return Rank
BDCX
UCIB
BDCX vs. UCIB - 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 CMCI Total Return ETN Series B (UCIB). 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 | UCIB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.58 | ||
| Sortino ratioReturn per unit of downside risk | -2.27 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.25 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.68 | 1.41 | -2.08 |
| Martin ratioReturn relative to average drawdown | -1.09 | 3.92 | -5.01 |
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Drawdowns
BDCX vs. UCIB - Drawdown Comparison
The maximum BDCX drawdown since its inception was -34.96%, smaller than the maximum UCIB drawdown of -51.29%. Use the drawdown chart below to compare losses from any high point for BDCX and UCIB.
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Drawdown Indicators
| BDCX | UCIB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.96% | -51.29% | +16.33% |
Max Drawdown (1Y)Largest decline over 1 year | -30.46% | -19.66% | -10.80% |
Max Drawdown (3Y)Largest decline over 3 years | -33.39% | -19.66% | -13.73% |
Max Drawdown (5Y)Largest decline over 5 years | -34.96% | -20.95% | -14.01% |
Max Drawdown (10Y)Largest decline over 10 years | — | -36.94% | — |
Current DrawdownCurrent decline from peak | -26.13% | -14.73% | -11.40% |
Average DrawdownAverage peak-to-trough decline | -10.36% | -21.01% | +10.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.86% | 7.04% | +11.82% |
Volatility
BDCX vs. UCIB - Volatility Comparison
ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) has a higher volatility of 7.10% compared to ETRACS CMCI Total Return ETN Series B (UCIB) at 6.34%. This indicates that BDCX's price experiences larger fluctuations and is considered to be riskier than UCIB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCX | UCIB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.10% | 6.34% | +0.76% |
Volatility (6M)Calculated over the trailing 6-month period | 22.63% | 32.07% | -9.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.13% | 32.74% | -4.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.65% | 26.94% | -0.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.89% | 23.40% | +3.49% |
BDCX vs. UCIB - Expense Ratio Comparison
BDCX has a 0.95% expense ratio, which is higher than UCIB's 0.55% expense ratio.
Dividends
BDCX vs. UCIB - Dividend Comparison
BDCX's dividend yield for the trailing twelve months is around 19.69%, while UCIB 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 | 19.69% | 19.17% | 15.28% | 14.71% | 17.47% | 11.52% | 6.32% |
UCIB ETRACS CMCI Total Return ETN Series B | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BDCX and UCIB have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BDCX has higher volatility (7.10%) compared to UCIB (6.34%). In terms of maximum drawdown, BDCX dropped -34.96% vs UCIB's -51.29%.
On 5-year performance, UCIB leads with 12.08% vs 2.36% for BDCX. On fees, UCIB is cheaper at 0.55% per year. On volatility, UCIB has been the lower-risk option at 6.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UCIB has performed better with a 12.08% return vs 2.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UCIB is cheaper with a 0.55% expense ratio, compared with 0.95% for BDCX.
BDCX has the higher dividend yield at 19.69%, compared with 0.00% for UCIB.
BDCX is categorized as Leveraged Equities, while UCIB is Commodities. BDCX tracks MVIS US Business Development Companies (150%), while UCIB tracks UBS Bloomberg CMCI Index. Their fees differ too: 0.95% for BDCX and 0.55% for UCIB.
UCIB currently has the higher Sharpe Ratio (0.85 vs -0.74), 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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