MTUL vs. BDCX
MTUL (ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN) and BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) are both exchange-traded funds - MTUL is a Momentum fund tracking the MSCI USA Momentum 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, MTUL returned 20.13%/yr vs 2.16%/yr for BDCX. At a 0.46 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
MTUL vs. BDCX - Performance Comparison
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Returns By Period
In the year-to-date period, MTUL achieves a 61.40% return, which is significantly higher than BDCX's -9.12% return.
MTUL
- 1D
- 0.74%
- 1M
- 23.35%
- YTD
- 61.40%
- 6M
- 63.02%
- 1Y
- 78.14%
- 3Y*
- 60.02%
- 5Y*
- 20.13%
- 10Y*
- —
BDCX
- 1D
- 3.87%
- 1M
- -7.74%
- YTD
- -9.12%
- 6M
- -11.17%
- 1Y
- -14.37%
- 3Y*
- 4.52%
- 5Y*
- 2.16%
- 10Y*
- —
MTUL vs. BDCX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN | 61.40% | 27.42% | 58.70% | 10.66% | -37.97% | 7.00% |
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | -9.12% | -10.42% | 15.32% | 35.33% | -17.67% | 35.66% |
Correlation
The correlation between MTUL and BDCX is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021 | 0.46 |
The correlation between MTUL and BDCX shifts across timeframes, from 0.30 (1 year) to 0.46 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
MTUL vs. BDCX — Risk / Return Rank
MTUL
BDCX
MTUL vs. BDCX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) 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.
| MTUL | BDCX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.31 | ||
| Sortino ratioReturn per unit of downside risk | +2.99 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 0.93 | +0.39 |
| Calmar ratioReturn relative to maximum drawdown | 3.29 | -0.47 | +3.77 |
| Martin ratioReturn relative to average drawdown | 13.17 | -0.84 | +14.01 |
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
| MTUL | BDCX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.79 | -0.53 | +2.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.47 | 0.08 | +0.39 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.41 | 0.45 | -0.04 |
Drawdowns
MTUL vs. BDCX - Drawdown Comparison
The maximum MTUL drawdown since its inception was -56.83%, which is greater than BDCX's maximum drawdown of -34.96%. Use the drawdown chart below to compare losses from any high point for MTUL and BDCX.
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Drawdown Indicators
| MTUL | BDCX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.83% | -34.96% | -21.87% |
Max Drawdown (1Y)Largest decline over 1 year | -23.86% | -30.46% | +6.60% |
Max Drawdown (3Y)Largest decline over 3 years | -39.15% | -33.39% | -5.76% |
Max Drawdown (5Y)Largest decline over 5 years | -56.83% | -34.96% | -21.87% |
Current DrawdownCurrent decline from peak | -0.01% | -26.14% | +26.13% |
Average DrawdownAverage peak-to-trough decline | -22.66% | -10.08% | -12.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.95% | 17.20% | -11.25% |
Volatility
MTUL vs. BDCX - Volatility Comparison
ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) has a higher volatility of 20.00% compared to ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) at 8.67%. This indicates that MTUL'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
| MTUL | BDCX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.00% | 8.67% | +11.33% |
Volatility (6M)Calculated over the trailing 6-month period | 37.62% | 22.74% | +14.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.98% | 27.47% | +16.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 42.80% | 26.56% | +16.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.63% | 26.94% | +16.69% |
MTUL vs. BDCX - Expense Ratio Comparison
Both MTUL and BDCX have an expense ratio of 0.95%.
Dividends
MTUL vs. BDCX - Dividend Comparison
MTUL has not paid dividends to shareholders, while BDCX's dividend yield for the trailing twelve months is around 19.69%.
| 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% |
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MTUL and BDCX have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MTUL has higher volatility (20.00%) compared to BDCX (8.67%). In terms of maximum drawdown, MTUL dropped -56.83% vs BDCX's -34.96%.
On 5-year performance, MTUL leads with 20.13% vs 2.16% for BDCX. Both ETFs have the same 0.95% expense ratio. On volatility, BDCX has been the lower-risk option at 8.67%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, MTUL has performed better with a 20.13% return vs 2.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MTUL and BDCX have the same expense ratio: 0.95% per year.
BDCX has the higher dividend yield at 19.69%, compared with 0.00% for MTUL.
MTUL is categorized as Momentum, while BDCX is Leveraged Equities. MTUL tracks MSCI USA Momentum Index, while BDCX tracks MVIS US Business Development Companies (150%).
MTUL currently has the higher Sharpe Ratio (1.79 vs -0.53), 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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