MLPB vs. BDCX
MLPB (ETRACS Alerian MLP Infrastructure Index ETN Series B) and BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) are both exchange-traded funds - MLPB is a MLPs fund tracking the Alerian MLP Infrastructure 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, MLPB returned 18.51%/yr vs 1.22%/yr for BDCX. At a 0.48 correlation, their price movements are largely independent. MLPB charges 0.85%/yr vs 0.95%/yr for BDCX.
Performance
MLPB vs. BDCX - Performance Comparison
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Returns By Period
In the year-to-date period, MLPB achieves a 17.00% return, which is significantly higher than BDCX's -13.68% return.
MLPB
- 1D
- 2.04%
- 1M
- -6.13%
- YTD
- 17.00%
- 6M
- 16.53%
- 1Y
- 18.65%
- 3Y*
- 21.94%
- 5Y*
- 18.51%
- 10Y*
- 8.03%
BDCX
- 1D
- 0.57%
- 1M
- -1.31%
- YTD
- -13.68%
- 6M
- -10.71%
- 1Y
- -17.92%
- 3Y*
- 3.31%
- 5Y*
- 1.22%
- 10Y*
- —
MLPB vs. BDCX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
MLPB ETRACS Alerian MLP Infrastructure Index ETN Series B | 17.00% | 7.40% | 25.53% | 22.01% | 30.22% | 39.42% | -0.22% |
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | -13.68% | -10.42% | 15.32% | 35.33% | -17.67% | 52.70% | 25.40% |
Correlation
The correlation between MLPB and BDCX is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2020 | 0.48 |
Over the past year, the correlation between MLPB and BDCX has dropped to 0.12 - well below their long-term average of 0.48, suggesting their price drivers have been diverging.
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Return for Risk
MLPB vs. BDCX — Risk / Return Rank
MLPB
BDCX
MLPB vs. BDCX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Alerian MLP Infrastructure Index ETN Series B (MLPB) 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.
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.
| MLPB | BDCX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.02 | ||
| Sortino ratioReturn per unit of downside risk | +2.77 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 0.91 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 1.93 | -0.59 | +2.52 |
| Martin ratioReturn relative to average drawdown | 5.43 | -0.99 | +6.43 |
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Drawdowns
MLPB vs. BDCX - Drawdown Comparison
The maximum MLPB drawdown since its inception was -71.93%, which is greater than BDCX's maximum drawdown of -34.96%. Use the drawdown chart below to compare losses from any high point for MLPB and BDCX.
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Drawdown Indicators
| MLPB | BDCX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.93% | -34.96% | -36.97% |
Max Drawdown (1Y)Largest decline over 1 year | -9.68% | -30.46% | +20.78% |
Max Drawdown (3Y)Largest decline over 3 years | -16.49% | -33.39% | +16.90% |
Max Drawdown (5Y)Largest decline over 5 years | -20.41% | -34.96% | +14.55% |
Max Drawdown (10Y)Largest decline over 10 years | -71.93% | — | — |
Current DrawdownCurrent decline from peak | -6.86% | -29.85% | +22.99% |
Average DrawdownAverage peak-to-trough decline | -14.78% | -10.21% | -4.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.44% | 18.05% | -14.61% |
Volatility
MLPB vs. BDCX - Volatility Comparison
The current volatility for ETRACS Alerian MLP Infrastructure Index ETN Series B (MLPB) is 5.33%, while ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) has a volatility of 8.40%. This indicates that MLPB 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
| MLPB | BDCX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.33% | 8.40% | -3.07% |
Volatility (6M)Calculated over the trailing 6-month period | 10.30% | 23.09% | -12.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.70% | 27.74% | -14.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.90% | 26.58% | -6.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.16% | 26.90% | +0.26% |
MLPB vs. BDCX - Expense Ratio Comparison
MLPB has a 0.85% expense ratio, which is lower than BDCX's 0.95% expense ratio.
Dividends
MLPB vs. BDCX - Dividend Comparison
MLPB's dividend yield for the trailing twelve months is around 5.99%, less than BDCX's 20.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | 20.73% | 19.17% | 15.28% | 14.71% | 17.47% | 11.52% | 6.32% | 0.00% | 0.00% | 0.00% | 0.00% |
MLPB ETRACS Alerian MLP Infrastructure Index ETN Series B | 5.99% | 6.51% | 5.95% | 6.37% | 6.00% | 6.98% | 11.93% | 7.98% | 8.11% | 7.23% | 6.85% |
Frequently Asked Questions
MLPB and BDCX have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BDCX has higher volatility (8.40%) compared to MLPB (5.33%). In terms of maximum drawdown, MLPB dropped -71.93% vs BDCX's -34.96%.
On 5-year performance, MLPB leads with 18.51% vs 1.22% for BDCX. On fees, MLPB is cheaper at 0.85% per year. On volatility, MLPB has been the lower-risk option at 5.33%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, MLPB has performed better with a 18.51% return vs 1.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MLPB is cheaper with a 0.85% expense ratio, compared with 0.95% for BDCX.
BDCX has the higher dividend yield at 20.73%, compared with 5.99% for MLPB.
MLPB is categorized as MLPs, while BDCX is Leveraged Equities. MLPB tracks Alerian MLP Infrastructure Index, while BDCX tracks MVIS US Business Development Companies (150%). Their fees differ too: 0.85% for MLPB and 0.95% for BDCX.
MLPB currently has the higher Sharpe Ratio (1.37 vs -0.65), 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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