MVRL vs. BDCX
MVRL (ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN) and BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) are both exchange-traded funds - MVRL is a REIT fund tracking the MVIS US Mortgage REITs Index (150%), while BDCX is a Leveraged Equities fund tracking the MVIS US Business Development Companies (150%). Both are passively managed. Over the past 5 years, MVRL returned -7.33%/yr vs 2.22%/yr for BDCX. Their 0.64 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.95% expense ratio.
Performance
MVRL vs. BDCX - Performance Comparison
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Returns By Period
In the year-to-date period, MVRL achieves a -2.72% return, which is significantly higher than BDCX's -10.75% return.
MVRL
- 1D
- -1.36%
- 1M
- -3.40%
- 6M
- -6.16%
- YTD
- -2.72%
- 1Y
- 6.50%
- 3Y*
- 3.21%
- 5Y*
- -7.33%
- 10Y*
- —
- ALL TIME*
- 5.79%
BDCX
- 1D
- -0.19%
- 1M
- -2.20%
- 6M
- -9.86%
- YTD
- -10.75%
- 1Y
- -18.23%
- 3Y*
- 0.23%
- 5Y*
- 2.22%
- 10Y*
- —
- ALL TIME*
- 11.61%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $38.67K | $35.86K | $42.25K | |
| $65.57K | $56.06K | $78.88K |
MVRL vs. BDCX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
MVRL ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN | -2.72% | 14.96% | -3.45% | 12.30% | -42.41% | 21.71% | 66.40% |
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | -10.75% | -10.42% | 15.32% | 35.33% | -17.67% | 52.70% | 25.40% |
Correlation
The correlation between MVRL and BDCX is 0.43, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.43 |
Correlation (3Y) Balances recent behavior with more history. | 0.53 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.62 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2020 | 0.64 |
Over the past year, the correlation between MVRL and BDCX has dropped to 0.43 - well below their long-term average of 0.64, suggesting their price drivers have been diverging.
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Return for Risk
MVRL vs. BDCX — Risk / Return Rank
MVRL
BDCX
MVRL vs. BDCX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN (MVRL) 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.
| MVRL | BDCX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.95 | ||
| Sortino ratioReturn per unit of downside risk | +1.45 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 0.90 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 0.35 | -0.74 | +1.10 |
| Martin ratioReturn relative to average drawdown | 0.84 | -1.28 | +2.12 |
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Drawdowns
MVRL vs. BDCX - Drawdown Comparison
The maximum MVRL drawdown since its inception was -60.25%, which is greater than BDCX's maximum drawdown of -34.96%. Use the drawdown chart below to compare losses from any high point for MVRL and BDCX.
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Drawdown Indicators
| MVRL | BDCX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.25% | -34.96% | -25.29% |
Max Drawdown (1Y)Largest decline over 1 year | -20.93% | -26.35% | +5.42% |
Max Drawdown (3Y)Largest decline over 3 years | -29.34% | -33.39% | +4.05% |
Max Drawdown (5Y)Largest decline over 5 years | -59.63% | -34.96% | -24.67% |
Current DrawdownCurrent decline from peak | -38.35% | -27.46% | -10.89% |
Average DrawdownAverage peak-to-trough decline | -31.92% | -10.50% | -21.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.74% | 15.28% | -6.54% |
Volatility
MVRL vs. BDCX - Volatility Comparison
ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN (MVRL) has a higher volatility of 10.11% compared to ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) at 7.16%. This indicates that MVRL'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
| MVRL | BDCX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.11% | 7.16% | +2.95% |
Volatility (6M)Calculated over the trailing 6-month period | 21.92% | 22.67% | -0.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.70% | 28.36% | +0.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.52% | 26.69% | +9.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.51% | 26.87% | +10.64% |
MVRL vs. BDCX - Expense Ratio Comparison
Both MVRL and BDCX have an expense ratio of 0.95%.
Dividends
MVRL vs. BDCX - Dividend Comparison
MVRL's dividend yield for the trailing twelve months is around 20.98%, less than BDCX's 21.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | 21.64% | 19.17% | 15.28% | 14.71% | 17.47% | 11.52% | 6.32% |
MVRL ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN | 20.98% | 19.15% | 19.27% | 18.69% | 25.21% | 12.33% | 5.63% |
Frequently Asked Questions
MVRL and BDCX have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MVRL has higher volatility (10.11%) compared to BDCX (7.16%). In terms of maximum drawdown, MVRL dropped -60.25% vs BDCX's -34.96%.
On 5-year performance, BDCX leads with 2.22% vs -7.33% for MVRL. Both ETFs have the same 0.95% expense ratio. On volatility, BDCX has been the lower-risk option at 7.16%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BDCX has performed better with a 2.22% return vs -7.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MVRL and BDCX have the same expense ratio: 0.95% per year.
BDCX has the higher dividend yield at 21.64%, compared with 20.98% for MVRL.
MVRL is categorized as REIT, while BDCX is Leveraged Equities. MVRL tracks MVIS US Mortgage REITs Index (150%), while BDCX tracks MVIS US Business Development Companies (150%).
MVRL currently has the higher Sharpe Ratio (0.26 vs -0.69), 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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