RLY vs. BDCX
RLY (SPDR SSgA Multi-Asset Real Return ETF) and BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) are both exchange-traded funds - RLY is a Hedge Fund fund actively managed by State Street, while BDCX is a Leveraged Equities fund tracking the MVIS US Business Development Companies (150%). RLY is actively managed, while BDCX is passively managed. Over the past 5 years, RLY returned 9.85%/yr vs 1.22%/yr for BDCX. At a 0.49 correlation, their price movements are largely independent. RLY charges 0.50%/yr vs 0.95%/yr for BDCX.
Performance
RLY vs. BDCX - Performance Comparison
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Returns By Period
In the year-to-date period, RLY achieves a 14.36% return, which is significantly higher than BDCX's -11.90% return.
RLY
- 1D
- -0.06%
- 1M
- -2.10%
- YTD
- 14.36%
- 6M
- 16.24%
- 1Y
- 28.00%
- 3Y*
- 13.90%
- 5Y*
- 9.85%
- 10Y*
- 8.25%
BDCX
- 1D
- -0.44%
- 1M
- -5.50%
- YTD
- -11.90%
- 6M
- -14.62%
- 1Y
- -18.01%
- 3Y*
- 2.98%
- 5Y*
- 1.22%
- 10Y*
- —
RLY vs. BDCX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
RLY SPDR SSgA Multi-Asset Real Return ETF | 14.36% | 20.26% | 2.53% | 2.56% | 7.86% | 22.85% | 15.83% |
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | -11.90% | -10.42% | 15.32% | 35.33% | -17.67% | 52.70% | 24.50% |
Correlation
The correlation between RLY and BDCX is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2020 | 0.49 |
Over the past year, the correlation between RLY and BDCX has dropped to 0.18 - well below their long-term average of 0.49, suggesting their price drivers have been diverging.
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Return for Risk
RLY vs. BDCX — Risk / Return Rank
RLY
BDCX
RLY vs. BDCX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR SSgA Multi-Asset Real Return ETF (RLY) 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.
| RLY | BDCX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.38 | ||
| Sortino ratioReturn per unit of downside risk | +4.52 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 0.91 | +0.60 |
| Calmar ratioReturn relative to maximum drawdown | 7.16 | -0.59 | +7.75 |
| Martin ratioReturn relative to average drawdown | 25.86 | -1.04 | +26.90 |
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
| RLY | BDCX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.73 | -0.66 | +3.38 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.73 | 0.05 | +0.68 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.60 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.36 | 0.43 | -0.07 |
Drawdowns
RLY vs. BDCX - Drawdown Comparison
The maximum RLY drawdown since its inception was -37.75%, which is greater than BDCX's maximum drawdown of -34.96%. Use the drawdown chart below to compare losses from any high point for RLY and BDCX.
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Drawdown Indicators
| RLY | BDCX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.75% | -34.96% | -2.79% |
Max Drawdown (1Y)Largest decline over 1 year | -3.93% | -30.46% | +26.53% |
Max Drawdown (3Y)Largest decline over 3 years | -10.08% | -33.39% | +23.31% |
Max Drawdown (5Y)Largest decline over 5 years | -18.94% | -34.96% | +16.02% |
Max Drawdown (10Y)Largest decline over 10 years | -34.17% | — | — |
Current DrawdownCurrent decline from peak | -3.93% | -28.40% | +24.47% |
Average DrawdownAverage peak-to-trough decline | -9.45% | -10.10% | +0.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.09% | 17.35% | -16.26% |
Volatility
RLY vs. BDCX - Volatility Comparison
The current volatility for SPDR SSgA Multi-Asset Real Return ETF (RLY) is 3.47%, while ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) has a volatility of 8.65%. This indicates that RLY 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
| RLY | BDCX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.47% | 8.65% | -5.18% |
Volatility (6M)Calculated over the trailing 6-month period | 8.46% | 22.81% | -14.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.34% | 27.60% | -17.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.57% | 26.59% | -13.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.83% | 26.94% | -13.11% |
RLY vs. BDCX - Expense Ratio Comparison
RLY has a 0.50% expense ratio, which is lower than BDCX's 0.95% expense ratio.
Dividends
RLY vs. BDCX - Dividend Comparison
RLY's dividend yield for the trailing twelve months is around 2.93%, less than BDCX's 20.31% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | 20.31% | 19.17% | 15.28% | 14.71% | 17.47% | 11.52% | 6.32% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
RLY SPDR SSgA Multi-Asset Real Return ETF | 2.93% | 3.24% | 3.31% | 3.71% | 5.66% | 12.15% | 2.16% | 3.45% | 2.76% | 1.85% | 2.07% | 1.80% |
Frequently Asked Questions
RLY and BDCX have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BDCX has higher volatility (8.65%) compared to RLY (3.47%). In terms of maximum drawdown, RLY dropped -37.75% vs BDCX's -34.96%.
On 5-year performance, RLY leads with 9.85% vs 1.22% for BDCX. On fees, RLY is cheaper at 0.50% per year. On volatility, RLY has been the lower-risk option at 3.47%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, RLY has performed better with a 9.85% return vs 1.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RLY is cheaper with a 0.50% expense ratio, compared with 0.95% for BDCX.
BDCX has the higher dividend yield at 20.31%, compared with 2.93% for RLY.
RLY is categorized as Hedge Fund, while BDCX is Leveraged Equities. They also come from different issuers: State Street and UBS. Their fees differ too: 0.50% for RLY and 0.95% for BDCX.
RLY currently has the higher Sharpe Ratio (2.73 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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