BDCX vs. WNTR
BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) and WNTR (YieldMax MSTR Short Option Income Strategy ETF) are both exchange-traded funds - BDCX is a Leveraged Equities fund tracking the MVIS US Business Development Companies (150%), while WNTR is a Derivative Income fund actively managed by YieldMax. BDCX is passively managed, while WNTR is actively managed. Over the past year, BDCX returned -18.23% vs 107.38% for WNTR. Their -0.35 correlation means they have often moved in opposite directions in the past. BDCX charges 0.95%/yr vs 1.00%/yr for WNTR.
Performance
BDCX vs. WNTR - Performance Comparison
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Returns By Period
In the year-to-date period, BDCX achieves a -10.75% return, which is significantly lower than WNTR's 10.75% return.
BDCX
- 1D
- -0.19%
- 1M
- -2.20%
- 6M
- -9.86%
- YTD
- -10.75%
- 1Y
- -18.23%
- 3Y*
- 0.23%
- 5Y*
- 2.22%
- 10Y*
- —
- ALL TIME*
- 11.61%
WNTR
- 1D
- 3.26%
- 1M
- 8.13%
- 6M
- 14.92%
- YTD
- 10.75%
- 1Y
- 107.38%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 47.89%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $38.67K | $35.86K | $42.25K | |
| $4.02M | $3.86M | $3.95M |
BDCX vs. WNTR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | -10.75% | -12.80% |
WNTR YieldMax MSTR Short Option Income Strategy ETF | 10.75% | 52.78% |
Correlation
The correlation between BDCX and WNTR is -0.30, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.30 |
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025 | -0.35 |
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Return for Risk
BDCX vs. WNTR — Risk / Return Rank
BDCX
WNTR
BDCX vs. WNTR - 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 YieldMax MSTR Short Option Income Strategy ETF (WNTR). 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 | WNTR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.81 | ||
| Sortino ratioReturn per unit of downside risk | -3.26 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.32 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.74 | 2.71 | -3.46 |
| Martin ratioReturn relative to average drawdown | -1.28 | 6.87 | -8.15 |
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Drawdowns
BDCX vs. WNTR - Drawdown Comparison
The maximum BDCX drawdown since its inception was -34.96%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for BDCX and WNTR.
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Drawdown Indicators
| BDCX | WNTR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.96% | -42.65% | +7.69% |
Max Drawdown (1Y)Largest decline over 1 year | -26.35% | -42.65% | +16.30% |
Max Drawdown (3Y)Largest decline over 3 years | -33.39% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -34.96% | — | — |
Current DrawdownCurrent decline from peak | -27.46% | -9.64% | -17.82% |
Average DrawdownAverage peak-to-trough decline | -10.50% | -20.18% | +9.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.28% | 16.81% | -1.53% |
Volatility
BDCX vs. WNTR - Volatility Comparison
The current volatility for ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) is 7.16%, while YieldMax MSTR Short Option Income Strategy ETF (WNTR) has a volatility of 14.85%. This indicates that BDCX experiences smaller price fluctuations and is considered to be less risky than WNTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCX | WNTR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.16% | 14.85% | -7.69% |
Volatility (6M)Calculated over the trailing 6-month period | 22.67% | 47.43% | -24.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.36% | 54.68% | -26.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.69% | 53.42% | -26.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.87% | 53.42% | -26.55% |
BDCX vs. WNTR - Expense Ratio Comparison
BDCX has a 0.95% expense ratio, which is lower than WNTR's 1.00% expense ratio.
Dividends
BDCX vs. WNTR - Dividend Comparison
BDCX's dividend yield for the trailing twelve months is around 21.64%, less than WNTR's 107.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | 21.64% | 19.17% | 15.28% | 14.71% | 17.47% | 11.52% | 6.32% |
WNTR YieldMax MSTR Short Option Income Strategy ETF | 107.02% | 58.56% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BDCX and WNTR have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
WNTR has higher volatility (14.85%) compared to BDCX (7.16%). In terms of maximum drawdown, BDCX dropped -34.96% vs WNTR's -42.65%.
On 1-year performance, WNTR leads with 107.38% vs -18.23% for BDCX. On fees, BDCX is cheaper at 0.95% per year. On volatility, BDCX has been the lower-risk option at 7.16%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, WNTR has performed better with a 107.38% return vs -18.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BDCX is cheaper with a 0.95% expense ratio, compared with 1.00% for WNTR.
WNTR has the higher dividend yield at 107.02%, compared with 21.64% for BDCX.
BDCX is categorized as Leveraged Equities, while WNTR is Derivative Income. They also come from different issuers: UBS and YieldMax. Their fees differ too: 0.95% for BDCX and 1.00% for WNTR.
WNTR currently has the higher Sharpe Ratio (2.12 vs -0.69), 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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