BDCX vs. WNTR

Last updated Jul 14, 2026

BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) and WNTR (YieldMax Short MSTR 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 -20.58% vs 120.64% for WNTR. At a correlation of -0.36, they often move in opposite directions. BDCX charges 0.95%/yr vs 1.01%/yr for WNTR.

Performance

BDCX vs. WNTR - 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 YieldMax Short MSTR Option Income Strategy ETF (WNTR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BDCX achieves a -9.11% return, which is significantly lower than WNTR's 10.13% return.

BDCX

• 1D: -0.94%
• 1M: 0.56%
• 6M: -10.21%
• YTD: -9.11%
• 1Y: -20.58%
• 3Y*: 2.02%
• 5Y*: 2.36%
• 10Y*: —

WNTR

• 1D: 1.92%
• 1M: 18.08%
• 6M: 14.43%
• YTD: 10.13%
• 1Y: 120.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BDCX vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN	-9.11%	-12.80%
WNTR YieldMax Short MSTR Option Income Strategy ETF	10.13%	52.78%

Correlation

The correlation between BDCX and WNTR is -0.31, 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	-0.31
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.36

Return for Risk

BDCX vs. WNTR — 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: 3
BDCX Sortino Ratio Rank: 3
BDCX Omega Ratio Rank: 4
BDCX Calmar Ratio Rank: 4
BDCX Martin Ratio Rank: 4

WNTR

WNTR Risk / Return Rank: 70
WNTR Sharpe Ratio Rank: 88
WNTR Sortino Ratio Rank: 67
WNTR Omega Ratio Rank: 72
WNTR Calmar Ratio Rank: 71
WNTR Martin Ratio Rank: 54

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. 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 Short MSTR 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 ratio: Return per unit of total volatility	-0.74	2.26	-2.99
Sortino ratio: Return per unit of downside risk	-0.97	2.47	-3.44
Omega ratio: Gain probability vs. loss probability	0.90	1.34	-0.44
Calmar ratio: Return relative to maximum drawdown	-0.68	2.84	-3.52
Martin ratio: Return relative to average drawdown	-1.09	7.31	-8.40

BDCX vs. WNTR - Sharpe Ratio Comparison

The current BDCX Sharpe Ratio is -0.74, which is lower than the WNTR Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of BDCX and WNTR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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.

Drawdown Indicators

	BDCX	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-34.96%	-42.65%	+7.69%
Max Drawdown (1Y) Largest decline over 1 year	-30.46%	-42.65%	+12.19%
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	-26.13%	-10.15%	-15.98%
Average Drawdown Average peak-to-trough decline	-10.36%	-20.53%	+10.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.86%	16.58%	+2.28%

Volatility

BDCX vs. WNTR - Volatility Comparison

The current volatility for ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) is 7.10%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 18.84%. 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.

Volatility by Period

	BDCX	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.10%	18.84%	-11.74%
Volatility (6M) Calculated over the trailing 6-month period	22.63%	47.46%	-24.83%
Volatility (1Y) Calculated over the trailing 1-year period	28.13%	53.83%	-25.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.65%	53.56%	-26.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.89%	53.56%	-26.67%

BDCX vs. WNTR - Expense Ratio Comparison

BDCX has a 0.95% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

BDCX vs. WNTR - Dividend Comparison

BDCX's dividend yield for the trailing twelve months is around 19.69%, less than WNTR's 102.14% yield.

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%
WNTR YieldMax Short MSTR Option Income Strategy ETF	102.14%	58.56%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BDCX and WNTR in my portfolio?

BDCX and WNTR have a correlation of -0.31, 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 WNTR?

WNTR has higher volatility (18.84%) compared to BDCX (7.10%). In terms of maximum drawdown, BDCX dropped -34.96% vs WNTR's -42.65%.

Which ETF is better, BDCX or WNTR?

On 1-year performance, WNTR leads with 120.64% vs -20.58% for BDCX. On fees, BDCX is cheaper at 0.95% per year. On volatility, BDCX has been the lower-risk option at 7.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BDCX or WNTR?

Over the 1-year period, WNTR has performed better with a 120.64% return vs -20.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BDCX or WNTR?

BDCX is cheaper with a 0.95% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 102.14%, compared with 19.69% for BDCX.

What is the main difference between BDCX and WNTR?

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 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.26 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.