SCDL vs. BDCX
SCDL (ETRACS 2x Leveraged U.S. Dividend Factor TR ETN) and BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) are both Leveraged Equities funds from UBS - SCDL tracks the Dow Jones U.S. Dividend 100 (200%) while BDCX tracks the MVIS US Business Development Companies (150%). Both are passively managed. Over the past 5 years, SCDL returned 9.40%/yr vs 1.39%/yr for BDCX. A 0.55 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
SCDL vs. BDCX - Performance Comparison
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Returns By Period
In the year-to-date period, SCDL achieves a 37.06% return, which is significantly higher than BDCX's -12.50% return.
SCDL
- 1D
- 0.51%
- 1M
- 5.01%
- YTD
- 37.06%
- 6M
- 35.80%
- 1Y
- 50.97%
- 3Y*
- 22.79%
- 5Y*
- 9.40%
- 10Y*
- —
BDCX
- 1D
- -4.22%
- 1M
- -11.22%
- YTD
- -12.50%
- 6M
- -14.12%
- 1Y
- -17.95%
- 3Y*
- 3.33%
- 5Y*
- 1.39%
- 10Y*
- —
SCDL vs. BDCX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SCDL ETRACS 2x Leveraged U.S. Dividend Factor TR ETN | 37.06% | 2.05% | 14.99% | 0.18% | -13.06% | 52.47% |
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | -12.50% | -10.42% | 15.32% | 35.33% | -17.67% | 35.66% |
Correlation
The correlation between SCDL and BDCX is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.46 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021 | 0.55 |
Over the past year, the correlation between SCDL and BDCX has dropped to 0.30 - well below their long-term average of 0.55, suggesting their price drivers have been diverging.
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Return for Risk
SCDL vs. BDCX — Risk / Return Rank
SCDL
BDCX
SCDL vs. BDCX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS 2x Leveraged U.S. Dividend Factor TR ETN (SCDL) 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.
| SCDL | BDCX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.03 | ||
| Sortino ratioReturn per unit of downside risk | +4.25 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 0.91 | +0.48 |
| Calmar ratioReturn relative to maximum drawdown | 5.03 | -0.59 | +5.62 |
| Martin ratioReturn relative to average drawdown | 12.65 | -1.05 | +13.70 |
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
| SCDL | BDCX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.37 | -0.66 | +3.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.33 | 0.05 | +0.27 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.53 | 0.43 | +0.11 |
Drawdowns
SCDL vs. BDCX - Drawdown Comparison
The maximum SCDL drawdown since its inception was -34.87%, roughly equal to the maximum BDCX drawdown of -34.96%. Use the drawdown chart below to compare losses from any high point for SCDL and BDCX.
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Drawdown Indicators
| SCDL | BDCX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.87% | -34.96% | +0.09% |
Max Drawdown (1Y)Largest decline over 1 year | -10.19% | -30.46% | +20.27% |
Max Drawdown (3Y)Largest decline over 3 years | -32.79% | -33.39% | +0.60% |
Max Drawdown (5Y)Largest decline over 5 years | -34.87% | -34.96% | +0.09% |
Current DrawdownCurrent decline from peak | -2.79% | -28.88% | +26.09% |
Average DrawdownAverage peak-to-trough decline | -11.96% | -10.07% | -1.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.04% | 17.14% | -13.10% |
Volatility
SCDL vs. BDCX - Volatility Comparison
The current volatility for ETRACS 2x Leveraged U.S. Dividend Factor TR ETN (SCDL) is 5.20%, while ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) has a volatility of 7.50%. This indicates that SCDL 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
| SCDL | BDCX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.20% | 7.50% | -2.30% |
Volatility (6M)Calculated over the trailing 6-month period | 14.82% | 22.42% | -7.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.66% | 27.19% | -5.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.02% | 26.51% | +2.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.89% | 26.90% | +1.99% |
SCDL vs. BDCX - Expense Ratio Comparison
Both SCDL and BDCX have an expense ratio of 0.95%.
Dividends
SCDL vs. BDCX - Dividend Comparison
SCDL has not paid dividends to shareholders, while BDCX's dividend yield for the trailing twelve months is around 20.45%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | 20.45% | 19.17% | 15.28% | 14.71% | 17.47% | 11.52% | 6.32% |
SCDL ETRACS 2x Leveraged U.S. Dividend Factor TR ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SCDL and BDCX have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BDCX has higher volatility (7.50%) compared to SCDL (5.20%). In terms of maximum drawdown, SCDL dropped -34.87% vs BDCX's -34.96%.
On 5-year performance, SCDL leads with 9.40% vs 1.39% for BDCX. Both ETFs have the same 0.95% expense ratio. On volatility, SCDL has been the lower-risk option at 5.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SCDL has performed better with a 9.40% return vs 1.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCDL and BDCX have the same expense ratio: 0.95% per year.
BDCX has the higher dividend yield at 20.45%, compared with 0.00% for SCDL.
SCDL tracks Dow Jones U.S. Dividend 100 (200%), while BDCX tracks MVIS US Business Development Companies (150%).
SCDL currently has the higher Sharpe Ratio (2.37 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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