IEMG vs. BDCX
IEMG (iShares Core MSCI Emerging Markets ETF) and BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) are both exchange-traded funds - IEMG is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Investable Market Index (USD) (Net), while BDCX is a Leveraged Equities fund tracking the MVIS US Business Development Companies (150%). Both are passively managed. Over the past 5 years, IEMG returned 6.57%/yr vs 1.22%/yr for BDCX. At a 0.41 correlation, their price movements are largely independent. IEMG charges 0.09%/yr vs 0.95%/yr for BDCX.
Performance
IEMG vs. BDCX - Performance Comparison
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Returns By Period
In the year-to-date period, IEMG achieves a 18.97% return, which is significantly higher than BDCX's -11.90% return.
IEMG
- 1D
- 1.70%
- 1M
- -3.66%
- YTD
- 18.97%
- 6M
- 20.80%
- 1Y
- 40.80%
- 3Y*
- 20.51%
- 5Y*
- 6.57%
- 10Y*
- 9.88%
BDCX
- 1D
- -0.44%
- 1M
- -5.50%
- YTD
- -11.90%
- 6M
- -14.62%
- 1Y
- -18.01%
- 3Y*
- 2.98%
- 5Y*
- 1.22%
- 10Y*
- —
IEMG vs. BDCX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
IEMG iShares Core MSCI Emerging Markets ETF | 18.97% | 32.56% | 6.50% | 11.52% | -19.98% | -0.64% | 31.33% |
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 IEMG and BDCX is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2020 | 0.41 |
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Return for Risk
IEMG vs. BDCX — Risk / Return Rank
IEMG
BDCX
IEMG vs. BDCX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Emerging Markets ETF (IEMG) 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.
| IEMG | BDCX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.65 | ||
| Sortino ratioReturn per unit of downside risk | +3.41 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 0.91 | +0.47 |
| Calmar ratioReturn relative to maximum drawdown | 3.10 | -0.59 | +3.70 |
| Martin ratioReturn relative to average drawdown | 11.68 | -1.04 | +12.72 |
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
| IEMG | BDCX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.99 | -0.66 | +2.65 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.35 | 0.05 | +0.31 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.49 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.33 | 0.43 | -0.10 |
Drawdowns
IEMG vs. BDCX - Drawdown Comparison
The maximum IEMG drawdown since its inception was -38.71%, which is greater than BDCX's maximum drawdown of -34.96%. Use the drawdown chart below to compare losses from any high point for IEMG and BDCX.
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Drawdown Indicators
| IEMG | BDCX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.71% | -34.96% | -3.75% |
Max Drawdown (1Y)Largest decline over 1 year | -13.21% | -30.46% | +17.25% |
Max Drawdown (3Y)Largest decline over 3 years | -17.21% | -33.39% | +16.18% |
Max Drawdown (5Y)Largest decline over 5 years | -35.75% | -34.96% | -0.79% |
Max Drawdown (10Y)Largest decline over 10 years | -38.71% | — | — |
Current DrawdownCurrent decline from peak | -7.00% | -28.40% | +21.40% |
Average DrawdownAverage peak-to-trough decline | -12.97% | -10.10% | -2.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.50% | 17.35% | -13.85% |
Volatility
IEMG vs. BDCX - Volatility Comparison
iShares Core MSCI Emerging Markets ETF (IEMG) has a higher volatility of 10.33% compared to ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) at 8.65%. This indicates that IEMG's price experiences larger fluctuations and is considered to be riskier 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
| IEMG | BDCX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.33% | 8.65% | +1.68% |
Volatility (6M)Calculated over the trailing 6-month period | 18.35% | 22.81% | -4.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.62% | 27.60% | -6.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.62% | 26.59% | -7.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.14% | 26.94% | -6.80% |
IEMG vs. BDCX - Expense Ratio Comparison
IEMG has a 0.09% expense ratio, which is lower than BDCX's 0.95% expense ratio.
Dividends
IEMG vs. BDCX - Dividend Comparison
IEMG's dividend yield for the trailing twelve months is around 2.31%, less than BDCX's 20.31% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% | 0.00% |
IEMG iShares Core MSCI Emerging Markets ETF | 2.31% | 2.75% | 3.20% | 2.89% | 2.71% | 3.06% | 1.87% | 3.15% | 2.76% | 2.35% | 2.28% | 2.53% |
Frequently Asked Questions
IEMG and BDCX have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IEMG has higher volatility (10.33%) compared to BDCX (8.65%). In terms of maximum drawdown, IEMG dropped -38.71% vs BDCX's -34.96%.
On 5-year performance, IEMG leads with 6.57% vs 1.22% for BDCX. On fees, IEMG is cheaper at 0.09% per year. On volatility, BDCX has been the lower-risk option at 8.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IEMG has performed better with a 6.57% return vs 1.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEMG is cheaper with a 0.09% expense ratio, compared with 0.95% for BDCX.
BDCX has the higher dividend yield at 20.31%, compared with 2.31% for IEMG.
IEMG is categorized as Emerging Markets Diversified, while BDCX is Leveraged Equities. IEMG tracks MSCI Emerging Markets Investable Market Index (USD) (Net), while BDCX tracks MVIS US Business Development Companies (150%). They also come from different issuers: iShares and UBS. Their fees differ too: 0.09% for IEMG and 0.95% for BDCX.
IEMG currently has the higher Sharpe Ratio (1.99 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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