PFFL vs. BDCX
PFFL (ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN) and BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) are both exchange-traded funds - PFFL is a Preferred Stock/Convertible Bonds fund tracking the Solactive Preferred Stock ETF 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, PFFL returned -6.81%/yr vs 3.43%/yr for BDCX. At a 0.42 correlation, their price movements are largely independent. PFFL charges 0.85%/yr vs 0.95%/yr for BDCX.
Performance
PFFL vs. BDCX - Performance Comparison
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Returns By Period
In the year-to-date period, PFFL achieves a -3.27% return, which is significantly higher than BDCX's -5.28% return.
PFFL
- 1D
- -1.16%
- 1M
- -3.46%
- 6M
- -7.41%
- YTD
- -3.27%
- 1Y
- -0.36%
- 3Y*
- 3.48%
- 5Y*
- -6.81%
- 10Y*
- —
BDCX
- 1D
- 2.24%
- 1M
- 5.93%
- 6M
- -9.53%
- YTD
- -5.28%
- 1Y
- -18.55%
- 3Y*
- 3.05%
- 5Y*
- 3.43%
- 10Y*
- —
PFFL vs. BDCX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | -3.27% | 2.18% | 4.77% | 8.65% | -39.15% | 7.52% | 20.80% |
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | -5.28% | -10.42% | 15.32% | 35.33% | -17.67% | 52.70% | 25.40% |
Correlation
The correlation between PFFL and BDCX is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2020 | 0.42 |
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Return for Risk
PFFL vs. BDCX — Risk / Return Rank
PFFL
BDCX
PFFL vs. BDCX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) 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.
| PFFL | BDCX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.64 | ||
| Sortino ratioReturn per unit of downside risk | +0.92 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 0.91 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.03 | -0.61 | +0.58 |
| Martin ratioReturn relative to average drawdown | -0.06 | -0.98 | +0.91 |
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Drawdowns
PFFL vs. BDCX - Drawdown Comparison
The maximum PFFL drawdown since its inception was -80.68%, which is greater than BDCX's maximum drawdown of -34.96%. Use the drawdown chart below to compare losses from any high point for PFFL and BDCX.
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Drawdown Indicators
| PFFL | BDCX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.68% | -34.96% | -45.72% |
Max Drawdown (1Y)Largest decline over 1 year | -11.92% | -30.46% | +18.54% |
Max Drawdown (3Y)Largest decline over 3 years | -23.75% | -33.39% | +9.64% |
Max Drawdown (5Y)Largest decline over 5 years | -48.51% | -34.96% | -13.55% |
Current DrawdownCurrent decline from peak | -40.41% | -23.02% | -17.39% |
Average DrawdownAverage peak-to-trough decline | -28.68% | -10.39% | -18.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.63% | 19.00% | -13.37% |
Volatility
PFFL vs. BDCX - Volatility Comparison
The current volatility for ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) is 4.10%, while ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) has a volatility of 7.25%. This indicates that PFFL 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
| PFFL | BDCX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.10% | 7.25% | -3.15% |
Volatility (6M)Calculated over the trailing 6-month period | 11.00% | 22.77% | -11.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.37% | 28.20% | -11.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.70% | 26.67% | -2.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.95% | 26.88% | +28.07% |
PFFL vs. BDCX - Expense Ratio Comparison
PFFL has a 0.85% expense ratio, which is lower than BDCX's 0.95% expense ratio.
Dividends
PFFL vs. BDCX - Dividend Comparison
PFFL's dividend yield for the trailing twelve months is around 12.72%, less than BDCX's 20.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | 20.40% | 19.17% | 15.28% | 14.71% | 17.47% | 11.52% | 6.32% | 0.00% | 0.00% |
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | 12.72% | 13.27% | 13.76% | 13.71% | 13.90% | 8.82% | 9.75% | 11.21% | 2.02% |
Frequently Asked Questions
PFFL and BDCX have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BDCX has higher volatility (7.25%) compared to PFFL (4.10%). In terms of maximum drawdown, PFFL dropped -80.68% vs BDCX's -34.96%.
On 5-year performance, BDCX leads with 3.43% vs -6.81% for PFFL. On fees, PFFL is cheaper at 0.85% per year. On volatility, PFFL has been the lower-risk option at 4.10%. 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 3.43% return vs -6.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PFFL is cheaper with a 0.85% expense ratio, compared with 0.95% for BDCX.
BDCX has the higher dividend yield at 20.40%, compared with 12.72% for PFFL.
PFFL is categorized as Preferred Stock/Convertible Bonds, while BDCX is Leveraged Equities. PFFL tracks Solactive Preferred Stock ETF Index, while BDCX tracks MVIS US Business Development Companies (150%). Their fees differ too: 0.85% for PFFL and 0.95% for BDCX.
PFFL currently has the higher Sharpe Ratio (-0.02 vs -0.66), 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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