CMDY vs. BDCX
CMDY (iShares Bloomberg Roll Select Commodity Strategy ETF) and BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) are both exchange-traded funds - CMDY is a Commodities fund tracking the Bloomberg Roll Select Commodity Total Return Index, while BDCX is a Leveraged Equities fund tracking the MVIS US Business Development Companies (150%). Both are passively managed. Over the past 5 years, CMDY returned 9.88%/yr vs 1.22%/yr for BDCX. At a 0.18 correlation, their price movements are largely independent. CMDY charges 0.28%/yr vs 0.95%/yr for BDCX.
Performance
CMDY vs. BDCX - Performance Comparison
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Returns By Period
In the year-to-date period, CMDY achieves a 21.76% return, which is significantly higher than BDCX's -11.90% return.
CMDY
- 1D
- 0.27%
- 1M
- -3.10%
- YTD
- 21.76%
- 6M
- 21.83%
- 1Y
- 31.65%
- 3Y*
- 14.14%
- 5Y*
- 9.88%
- 10Y*
- —
BDCX
- 1D
- -0.44%
- 1M
- -5.50%
- YTD
- -11.90%
- 6M
- -14.62%
- 1Y
- -18.01%
- 3Y*
- 2.98%
- 5Y*
- 1.22%
- 10Y*
- —
CMDY vs. BDCX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
CMDY iShares Bloomberg Roll Select Commodity Strategy ETF | 21.76% | 15.81% | 5.43% | -9.33% | 14.55% | 26.38% | 21.13% |
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | -11.90% | -10.42% | 15.32% | 35.33% | -17.67% | 52.70% | 24.50% |
Correlation
The correlation between CMDY and BDCX is -0.08, 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 | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2020 | 0.18 |
The correlation between CMDY and BDCX shifts across timeframes, from -0.08 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CMDY vs. BDCX — Risk / Return Rank
CMDY
BDCX
CMDY vs. BDCX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY) and ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX). 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.
| CMDY | BDCX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.61 | ||
| Sortino ratioReturn per unit of downside risk | +3.34 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 0.91 | +0.44 |
| Calmar ratioReturn relative to maximum drawdown | 4.11 | -0.59 | +4.71 |
| Martin ratioReturn relative to average drawdown | 11.95 | -1.04 | +12.99 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CMDY | BDCX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.96 | -0.66 | +2.61 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.63 | 0.05 | +0.58 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.53 | 0.43 | +0.10 |
Drawdowns
CMDY vs. BDCX - Drawdown Comparison
The maximum CMDY drawdown since its inception was -31.19%, smaller than the maximum BDCX drawdown of -34.96%. Use the drawdown chart below to compare losses from any high point for CMDY and BDCX.
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Drawdown Indicators
| CMDY | BDCX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.19% | -34.96% | +3.77% |
Max Drawdown (1Y)Largest decline over 1 year | -7.73% | -30.46% | +22.73% |
Max Drawdown (3Y)Largest decline over 3 years | -10.08% | -33.39% | +23.31% |
Max Drawdown (5Y)Largest decline over 5 years | -26.56% | -34.96% | +8.40% |
Current DrawdownCurrent decline from peak | -6.78% | -28.40% | +21.62% |
Average DrawdownAverage peak-to-trough decline | -13.13% | -10.10% | -3.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.66% | 17.35% | -14.69% |
Volatility
CMDY vs. BDCX - Volatility Comparison
The current volatility for iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY) is 5.12%, while ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) has a volatility of 8.65%. This indicates that CMDY experiences smaller price fluctuations and is considered to be less risky than BDCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMDY | BDCX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.12% | 8.65% | -3.53% |
Volatility (6M)Calculated over the trailing 6-month period | 14.45% | 22.81% | -8.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.28% | 27.60% | -11.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.83% | 26.59% | -10.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.65% | 26.94% | -12.29% |
CMDY vs. BDCX - Expense Ratio Comparison
CMDY has a 0.28% expense ratio, which is lower than BDCX's 0.95% expense ratio.
Dividends
CMDY vs. BDCX - Dividend Comparison
CMDY's dividend yield for the trailing twelve months is around 10.59%, less than BDCX's 20.31% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | 20.31% | 19.17% | 15.28% | 14.71% | 17.47% | 11.52% | 6.32% | 0.00% | 0.00% |
CMDY iShares Bloomberg Roll Select Commodity Strategy ETF | 10.59% | 12.89% | 4.23% | 5.10% | 3.98% | 16.09% | 0.15% | 2.21% | 1.73% |
Frequently Asked Questions
CMDY and BDCX have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BDCX has higher volatility (8.65%) compared to CMDY (5.12%). In terms of maximum drawdown, CMDY dropped -31.19% vs BDCX's -34.96%.
On 5-year performance, CMDY leads with 9.88% vs 1.22% for BDCX. On fees, CMDY is cheaper at 0.28% per year. On volatility, CMDY has been the lower-risk option at 5.12%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, CMDY has performed better with a 9.88% return vs 1.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CMDY is cheaper with a 0.28% expense ratio, compared with 0.95% for BDCX.
BDCX has the higher dividend yield at 20.31%, compared with 10.59% for CMDY.
CMDY is categorized as Commodities, while BDCX is Leveraged Equities. CMDY tracks Bloomberg Roll Select Commodity Total Return Index, while BDCX tracks MVIS US Business Development Companies (150%). They also come from different issuers: iShares and UBS. Their fees differ too: 0.28% for CMDY and 0.95% for BDCX.
CMDY currently has the higher Sharpe Ratio (1.96 vs -0.66), 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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