IWFL vs. BDCX

Last updated Jun 3, 2026

IWFL (ETRACS 2x Leveraged US Growth Factor TR ETN) and BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) are both Leveraged Equities funds from UBS - IWFL tracks the Russell 1000 Growth (200%) while BDCX tracks the MVIS US Business Development Companies (150%). Both are passively managed. Over the past 5 years, IWFL returned 20.43%/yr vs 2.33%/yr for BDCX. At a 0.47 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

IWFL vs. BDCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS 2x Leveraged US Growth Factor TR ETN (IWFL) and ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWFL achieves a 12.54% return, which is significantly higher than BDCX's -8.64% return.

IWFL

• 1D: -0.80%
• 1M: 12.28%
• YTD: 12.54%
• 6M: 10.59%
• 1Y: 48.76%
• 3Y*: 39.45%
• 5Y*: 20.43%
• 10Y*: —

BDCX

• 1D: -0.27%
• 1M: -7.16%
• YTD: -8.64%
• 6M: -8.85%
• 1Y: -13.87%
• 3Y*: 4.83%
• 5Y*: 2.33%
• 10Y*: —

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

IWFL vs. BDCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
IWFL ETRACS 2x Leveraged US Growth Factor TR ETN	12.54%	18.54%	61.94%	84.47%	-55.71%	46.03%
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN	-8.64%	-10.42%	15.32%	35.33%	-17.67%	35.66%

Correlation

The correlation between IWFL and BDCX is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021	0.47

The correlation between IWFL and BDCX shifts across timeframes, from 0.37 (3 years) to 0.48 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

IWFL vs. BDCX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IWFL

IWFL Risk / Return Rank: 37
IWFL Sharpe Ratio Rank: 43
IWFL Sortino Ratio Rank: 39
IWFL Omega Ratio Rank: 40
IWFL Calmar Ratio Rank: 30
IWFL Martin Ratio Rank: 32

BDCX

BDCX Risk / Return Rank: 4
BDCX Sharpe Ratio Rank: 4
BDCX Sortino Ratio Rank: 4
BDCX Omega Ratio Rank: 4
BDCX Calmar Ratio Rank: 4
BDCX Martin Ratio Rank: 4

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.

IWFL vs. BDCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS 2x Leveraged US Growth Factor TR ETN (IWFL) 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.

	IWFL	BDCX	Difference
Sharpe ratio Return per unit of total volatility	1.53	-0.52	+2.05
Sortino ratio Return per unit of downside risk	2.01	-0.60	+2.62
Omega ratio Gain probability vs. loss probability	1.27	0.93	+0.33
Calmar ratio Return relative to maximum drawdown	1.52	-0.50	+2.02
Martin ratio Return relative to average drawdown	4.86	-0.88	+5.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IWFL vs. BDCX - Sharpe Ratio Comparison

The current IWFL Sharpe Ratio is 1.53, which is higher than the BDCX Sharpe Ratio of -0.52. The chart below compares the historical Sharpe Ratios of IWFL and BDCX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IWFL	BDCX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.53	-0.52	+2.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	0.09	+0.35
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.46	-0.03

Drawdowns

IWFL vs. BDCX - Drawdown Comparison

The maximum IWFL drawdown since its inception was -59.29%, which is greater than BDCX's maximum drawdown of -34.96%. Use the drawdown chart below to compare losses from any high point for IWFL and BDCX.

Drawdown Indicators

	IWFL	BDCX	Difference
Max Drawdown Largest peak-to-trough decline	-59.29%	-34.96%	-24.33%
Max Drawdown (1Y) Largest decline over 1 year	-32.80%	-30.46%	-2.34%
Max Drawdown (3Y) Largest decline over 3 years	-46.84%	-33.39%	-13.45%
Max Drawdown (5Y) Largest decline over 5 years	-59.29%	-34.96%	-24.33%
Current Drawdown Current decline from peak	-0.80%	-25.75%	+24.95%
Average Drawdown Average peak-to-trough decline	-19.95%	-10.05%	-9.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.28%	17.06%	-6.78%

Volatility

IWFL vs. BDCX - Volatility Comparison

ETRACS 2x Leveraged US Growth Factor TR ETN (IWFL) and ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) have volatilities of 6.11% and 6.41%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWFL	BDCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.11%	6.41%	-0.30%
Volatility (6M) Calculated over the trailing 6-month period	25.11%	22.02%	+3.09%
Volatility (1Y) Calculated over the trailing 1-year period	31.98%	26.90%	+5.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.68%	26.44%	+20.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.29%	26.85%	+19.44%

IWFL vs. BDCX - Expense Ratio Comparison

Both IWFL and BDCX have an expense ratio of 0.95%.

Dividends

IWFL vs. BDCX - Dividend Comparison

IWFL has not paid dividends to shareholders, while BDCX's dividend yield for the trailing twelve months is around 19.59%.

Position	TTM	2025	2024	2023	2022	2021	2020
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN	19.59%	19.17%	15.28%	14.71%	17.47%	11.52%	6.32%
IWFL ETRACS 2x Leveraged US Growth Factor TR ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IWFL and BDCX in my portfolio?

IWFL and BDCX have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IWFL or BDCX?

BDCX has higher volatility (6.41%) compared to IWFL (6.11%). In terms of maximum drawdown, IWFL dropped -59.29% vs BDCX's -34.96%.

Which ETF is better, IWFL or BDCX?

On 5-year performance, IWFL leads with 20.43% vs 2.33% for BDCX. Both ETFs have the same 0.95% expense ratio. On volatility, IWFL has been the lower-risk option at 6.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWFL or BDCX?

Over the 5-year period, IWFL has performed better with a 20.43% return vs 2.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWFL or BDCX?

IWFL and BDCX have the same expense ratio: 0.95% per year.

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

BDCX has the higher dividend yield at 19.59%, compared with 0.00% for IWFL.

What is the main difference between IWFL and BDCX?

IWFL tracks Russell 1000 Growth (200%), while BDCX tracks MVIS US Business Development Companies (150%).

Which has better risk-adjusted returns?

IWFL currently has the higher Sharpe Ratio (1.53 vs -0.52), 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.