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 -6.49%/yr vs 2.36%/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
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Returns By Period
In the year-to-date period, MVRL achieves a -0.15% return, which is significantly higher than BDCX's -9.11% return.
MVRL
- 1D
- -1.83%
- 1M
- 2.47%
- 6M
- -5.22%
- YTD
- -0.15%
- 1Y
- 7.22%
- 3Y*
- 4.32%
- 5Y*
- -6.49%
- 10Y*
- —
BDCX
- 1D
- -0.94%
- 1M
- 0.56%
- 6M
- -10.21%
- YTD
- -9.11%
- 1Y
- -20.58%
- 3Y*
- 2.02%
- 5Y*
- 2.36%
- 10Y*
- —
MVRL vs. BDCX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
MVRL ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN | -0.15% | 14.96% | -3.45% | 12.30% | -42.41% | 21.71% | 66.40% |
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | -9.11% | -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 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 | 0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 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.
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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 | +1.00 | ||
| Sortino ratioReturn per unit of downside risk | +1.53 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 0.90 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 0.35 | -0.68 | +1.02 |
| Martin ratioReturn relative to average drawdown | 0.86 | -1.09 | +1.95 |
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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% | -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 | -59.63% | -34.96% | -24.67% |
Current DrawdownCurrent decline from peak | -36.73% | -26.13% | -10.60% |
Average DrawdownAverage peak-to-trough decline | -31.88% | -10.36% | -21.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.42% | 18.86% | -10.44% |
Volatility
MVRL vs. BDCX - Volatility Comparison
The current volatility for ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN (MVRL) is 6.55%, while ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) has a volatility of 7.10%. This indicates that MVRL 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
| MVRL | BDCX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.55% | 7.10% | -0.55% |
Volatility (6M)Calculated over the trailing 6-month period | 20.49% | 22.63% | -2.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.61% | 28.13% | -0.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.45% | 26.65% | +9.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.49% | 26.89% | +10.60% |
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 20.34%, more than BDCX's 19.69% yield.
| 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% |
MVRL ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN | 20.34% | 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.
BDCX has higher volatility (7.10%) compared to MVRL (6.55%). In terms of maximum drawdown, MVRL dropped -60.25% vs BDCX's -34.96%.
On 5-year performance, BDCX leads with 2.36% vs -6.49% for MVRL. Both ETFs have the same 0.95% expense ratio. On volatility, MVRL has been the lower-risk option at 6.55%. 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 2.36% return vs -6.49%. 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.
MVRL has the higher dividend yield at 20.34%, compared with 19.69% for 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%).
MVRL currently has the higher Sharpe Ratio (0.26 vs -0.74), 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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