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 9.97%/yr vs 2.63%/yr for BDCX. A 0.54 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 36.67% return, which is significantly higher than BDCX's -8.43% return.
SCDL
- 1D
- -2.15%
- 1M
- -2.16%
- 6M
- 26.40%
- YTD
- 36.67%
- 1Y
- 39.83%
- 3Y*
- 19.86%
- 5Y*
- 9.97%
- 10Y*
- —
BDCX
- 1D
- 0.74%
- 1M
- 1.31%
- 6M
- -8.65%
- YTD
- -8.43%
- 1Y
- -20.31%
- 3Y*
- 2.27%
- 5Y*
- 2.63%
- 10Y*
- —
SCDL vs. BDCX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SCDL ETRACS 2x Leveraged U.S. Dividend Factor TR ETN | 36.67% | 2.05% | 14.99% | 0.18% | -13.06% | 52.47% |
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | -8.43% | -10.42% | 15.32% | 35.33% | -17.67% | 38.79% |
Correlation
The correlation between SCDL and BDCX is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021 | 0.54 |
Over the past year, the correlation between SCDL and BDCX has dropped to 0.29 - well below their long-term average of 0.54, 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.
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.
| SCDL | BDCX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.58 | ||
| Sortino ratioReturn per unit of downside risk | +3.66 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 0.90 | +0.41 |
| Calmar ratioReturn relative to maximum drawdown | 3.93 | -0.67 | +4.60 |
| Martin ratioReturn relative to average drawdown | 9.79 | -1.08 | +10.87 |
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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 | -3.07% | -25.58% | +22.51% |
Average DrawdownAverage peak-to-trough decline | -11.78% | -10.37% | -1.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.09% | 18.91% | -14.82% |
Volatility
SCDL vs. BDCX - Volatility Comparison
ETRACS 2x Leveraged U.S. Dividend Factor TR ETN (SCDL) and ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) have volatilities of 6.90% and 7.12%, 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.
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Volatility by Period
| SCDL | BDCX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.90% | 7.12% | -0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 14.96% | 22.64% | -7.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.56% | 28.08% | -6.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.99% | 26.65% | +2.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.75% | 26.88% | +1.87% |
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 21.10%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | 21.10% | 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 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BDCX has higher volatility (7.12%) compared to SCDL (6.90%). In terms of maximum drawdown, SCDL dropped -34.87% vs BDCX's -34.96%.
On 5-year performance, SCDL leads with 9.97% vs 2.63% for BDCX. Both ETFs have the same 0.95% expense ratio. On volatility, SCDL has been the lower-risk option at 6.90%. 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 9.97% return vs 2.63%. 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 21.10%, 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 (1.86 vs -0.73), 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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