BDCX vs. UGA
BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - BDCX is a Leveraged Equities fund tracking the MVIS US Business Development Companies (150%), while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 5 years, BDCX returned 1.22%/yr vs 22.69%/yr for UGA. At a 0.14 correlation, their price movements are largely independent. BDCX charges 0.95%/yr vs 0.75%/yr for UGA.
Performance
BDCX vs. UGA - 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 UGA's 64.09% return.
BDCX
- 1D
- 0.57%
- 1M
- -1.31%
- YTD
- -13.68%
- 6M
- -10.71%
- 1Y
- -17.92%
- 3Y*
- 3.31%
- 5Y*
- 1.22%
- 10Y*
- —
UGA
- 1D
- -1.12%
- 1M
- -12.11%
- YTD
- 64.09%
- 6M
- 60.42%
- 1Y
- 59.74%
- 3Y*
- 18.95%
- 5Y*
- 22.69%
- 10Y*
- 14.31%
BDCX vs. UGA - 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% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | 37.50% |
Correlation
The correlation between BDCX and UGA is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2020 | 0.14 |
The correlation between BDCX and UGA shifts across timeframes, from -0.11 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BDCX vs. UGA — Risk / Return Rank
BDCX
UGA
BDCX vs. UGA - 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 United States Gasoline Fund LP (UGA). 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 | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.38 | ||
| Sortino ratioReturn per unit of downside risk | -3.06 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.30 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | 3.17 | -3.76 |
| Martin ratioReturn relative to average drawdown | -0.99 | 9.39 | -10.39 |
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Drawdowns
BDCX vs. UGA - Drawdown Comparison
The maximum BDCX drawdown since its inception was -34.96%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for BDCX and UGA.
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Drawdown Indicators
| BDCX | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.96% | -86.59% | +51.63% |
Max Drawdown (1Y)Largest decline over 1 year | -30.46% | -18.96% | -11.50% |
Max Drawdown (3Y)Largest decline over 3 years | -33.39% | -26.68% | -6.71% |
Max Drawdown (5Y)Largest decline over 5 years | -34.96% | -38.11% | +3.15% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -29.85% | -18.05% | -11.80% |
Average DrawdownAverage peak-to-trough decline | -10.21% | -36.69% | +26.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.05% | 6.43% | +11.62% |
Volatility
BDCX vs. UGA - Volatility Comparison
The current volatility for ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) is 8.40%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that BDCX experiences smaller price fluctuations and is considered to be less risky than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCX | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.40% | 9.24% | -0.84% |
Volatility (6M)Calculated over the trailing 6-month period | 23.09% | 30.57% | -7.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.74% | 35.22% | -7.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.58% | 34.45% | -7.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.90% | 37.22% | -10.32% |
BDCX vs. UGA - Expense Ratio Comparison
BDCX has a 0.95% expense ratio, which is higher than UGA's 0.75% expense ratio.
Dividends
BDCX vs. UGA - Dividend Comparison
BDCX's dividend yield for the trailing twelve months is around 20.73%, while UGA 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 | 20.73% | 19.17% | 15.28% | 14.71% | 17.47% | 11.52% | 6.32% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BDCX and UGA have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (9.24%) compared to BDCX (8.40%). In terms of maximum drawdown, BDCX dropped -34.96% vs UGA's -86.59%.
On 5-year performance, UGA leads with 22.69% vs 1.22% for BDCX. On fees, UGA 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, UGA has performed better with a 22.69% return vs 1.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGA 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 0.00% for UGA.
BDCX is categorized as Leveraged Equities, while UGA is Oil & Gas. BDCX tracks MVIS US Business Development Companies (150%), while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: UBS and Concierge Technologies. Their fees differ too: 0.95% for BDCX and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 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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