MVRL vs. BDCX

Last updated Jun 3, 2026

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 -8.17%/yr vs 2.33%/yr for BDCX. A 0.65 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

MVRL vs. BDCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN (MVRL) 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, MVRL achieves a -3.17% return, which is significantly higher than BDCX's -8.64% return.

MVRL

• 1D: 0.35%
• 1M: -8.77%
• YTD: -3.17%
• 6M: -2.49%
• 1Y: 17.55%
• 3Y*: 7.91%
• 5Y*: -8.17%
• 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)

MVRL vs. BDCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
MVRL ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN	-3.17%	14.96%	-3.45%	12.30%	-42.41%	21.71%	57.90%
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN	-8.64%	-10.42%	15.32%	35.33%	-17.67%	52.70%	24.50%

Correlation

The correlation between MVRL and BDCX is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (All Time) Calculated using the full available price history since Jun 4, 2020	0.65

Over the past year, the correlation between MVRL and BDCX has dropped to 0.43 - well below their long-term average of 0.65, suggesting their price drivers have been diverging.

Return for Risk

MVRL vs. BDCX — Risk / Return Rank

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

MVRL

MVRL Risk / Return Rank: 19
MVRL Sharpe Ratio Rank: 20
MVRL Sortino Ratio Rank: 20
MVRL Omega Ratio Rank: 20
MVRL Calmar Ratio Rank: 17
MVRL Martin Ratio Rank: 18

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.

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.

	MVRL	BDCX	Difference
Sharpe ratio Return per unit of total volatility	0.65	-0.52	+1.17
Sortino ratio Return per unit of downside risk	1.04	-0.60	+1.65
Omega ratio Gain probability vs. loss probability	1.13	0.93	+0.20
Calmar ratio Return relative to maximum drawdown	0.70	-0.50	+1.19
Martin ratio Return relative to average drawdown	1.95	-0.88	+2.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MVRL vs. BDCX - Sharpe Ratio Comparison

The current MVRL Sharpe Ratio is 0.65, which is higher than the BDCX Sharpe Ratio of -0.52. The chart below compares the historical Sharpe Ratios of MVRL 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

	MVRL	BDCX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.65	-0.52	+1.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.22	0.09	-0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.13	0.46	-0.33

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.

Drawdown Indicators

	MVRL	BDCX	Difference
Max Drawdown Largest peak-to-trough decline	-60.25%	-34.96%	-25.29%
Max Drawdown (1Y) Largest decline over 1 year	-20.93%	-30.46%	+9.53%
Max Drawdown (3Y) Largest decline over 3 years	-32.20%	-33.39%	+1.19%
Max Drawdown (5Y) Largest decline over 5 years	-60.25%	-34.96%	-25.29%
Current Drawdown Current decline from peak	-38.64%	-25.75%	-12.89%
Average Drawdown Average peak-to-trough decline	-31.80%	-10.05%	-21.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.45%	17.06%	-9.61%

Volatility

MVRL vs. BDCX - Volatility Comparison

ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN (MVRL) and ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) have volatilities of 6.25% 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

	MVRL	BDCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.25%	6.41%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	20.11%	22.02%	-1.91%
Volatility (1Y) Calculated over the trailing 1-year period	27.34%	26.90%	+0.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.54%	26.44%	+10.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.63%	26.85%	+10.78%

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 20.77%, more than BDCX's 19.59% yield.

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%
MVRL ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN	20.77%	19.15%	19.27%	18.69%	25.21%	12.33%	5.63%

Frequently Asked Questions

Can I hold both MVRL and BDCX in my portfolio?

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.

Which is riskier, MVRL or BDCX?

BDCX has higher volatility (6.41%) compared to MVRL (6.25%). In terms of maximum drawdown, MVRL dropped -60.25% vs BDCX's -34.96%.

Which ETF is better, MVRL or BDCX?

On 5-year performance, BDCX leads with 2.33% vs -8.17% for MVRL. Both ETFs have the same 0.95% expense ratio. On volatility, MVRL has been the lower-risk option at 6.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MVRL or BDCX?

Over the 5-year period, BDCX has performed better with a 2.33% return vs -8.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MVRL or BDCX?

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

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

MVRL has the higher dividend yield at 20.77%, compared with 19.59% for BDCX.

What is the main difference between MVRL and BDCX?

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%).

Which has better risk-adjusted returns?

MVRL currently has the higher Sharpe Ratio (0.65 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.