SPDW vs. BDCX
SPDW (SPDR Portfolio World ex-US ETF) and BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) are both exchange-traded funds - SPDW is a Foreign Large Cap Equities fund tracking the S&P Developed Ex-U.S. BMI 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, SPDW returned 8.90%/yr vs 1.22%/yr for BDCX. A 0.56 correlation means they provide meaningful diversification when combined. SPDW charges 0.04%/yr vs 0.95%/yr for BDCX.
Performance
SPDW vs. BDCX - Performance Comparison
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Returns By Period
In the year-to-date period, SPDW achieves a 12.18% return, which is significantly higher than BDCX's -11.90% return.
SPDW
- 1D
- 0.99%
- 1M
- -1.17%
- YTD
- 12.18%
- 6M
- 14.96%
- 1Y
- 27.89%
- 3Y*
- 18.62%
- 5Y*
- 8.90%
- 10Y*
- 10.06%
BDCX
- 1D
- -0.44%
- 1M
- -5.50%
- YTD
- -11.90%
- 6M
- -14.62%
- 1Y
- -18.01%
- 3Y*
- 2.98%
- 5Y*
- 1.22%
- 10Y*
- —
SPDW vs. BDCX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SPDW SPDR Portfolio World ex-US ETF | 12.18% | 34.75% | 3.55% | 17.81% | -15.98% | 11.45% | 20.72% |
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 SPDW and BDCX is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2020 | 0.56 |
The correlation between SPDW and BDCX shifts across timeframes, from 0.37 (1 year) to 0.56 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SPDW vs. BDCX — Risk / Return Rank
SPDW
BDCX
SPDW vs. BDCX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio World ex-US ETF (SPDW) 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.
| SPDW | BDCX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.40 | ||
| Sortino ratioReturn per unit of downside risk | +3.23 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 0.91 | +0.41 |
| Calmar ratioReturn relative to maximum drawdown | 2.43 | -0.59 | +3.02 |
| Martin ratioReturn relative to average drawdown | 9.42 | -1.04 | +10.46 |
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
| SPDW | BDCX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.74 | -0.66 | +2.40 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.54 | 0.05 | +0.49 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.58 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | 0.43 | -0.20 |
Drawdowns
SPDW vs. BDCX - Drawdown Comparison
The maximum SPDW drawdown since its inception was -60.02%, which is greater than BDCX's maximum drawdown of -34.96%. Use the drawdown chart below to compare losses from any high point for SPDW and BDCX.
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Drawdown Indicators
| SPDW | BDCX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.02% | -34.96% | -25.06% |
Max Drawdown (1Y)Largest decline over 1 year | -11.55% | -30.46% | +18.91% |
Max Drawdown (3Y)Largest decline over 3 years | -13.53% | -33.39% | +19.86% |
Max Drawdown (5Y)Largest decline over 5 years | -30.21% | -34.96% | +4.75% |
Max Drawdown (10Y)Largest decline over 10 years | -34.98% | — | — |
Current DrawdownCurrent decline from peak | -3.30% | -28.40% | +25.10% |
Average DrawdownAverage peak-to-trough decline | -12.90% | -10.10% | -2.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.97% | 17.35% | -14.38% |
Volatility
SPDW vs. BDCX - Volatility Comparison
The current volatility for SPDR Portfolio World ex-US ETF (SPDW) is 6.07%, while ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) has a volatility of 8.65%. This indicates that SPDW 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
| SPDW | BDCX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.07% | 8.65% | -2.58% |
Volatility (6M)Calculated over the trailing 6-month period | 13.76% | 22.81% | -9.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.09% | 27.60% | -11.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.58% | 26.59% | -10.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.30% | 26.94% | -9.64% |
SPDW vs. BDCX - Expense Ratio Comparison
SPDW has a 0.04% expense ratio, which is lower than BDCX's 0.95% expense ratio.
Dividends
SPDW vs. BDCX - Dividend Comparison
SPDW's dividend yield for the trailing twelve months is around 2.94%, 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% |
SPDW SPDR Portfolio World ex-US ETF | 2.94% | 3.30% | 3.19% | 2.75% | 3.12% | 3.04% | 1.87% | 3.13% | 3.08% | 1.86% | 3.11% | 2.78% |
Frequently Asked Questions
SPDW and BDCX have a correlation of 0.37, 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 SPDW (6.07%). In terms of maximum drawdown, SPDW dropped -60.02% vs BDCX's -34.96%.
On 5-year performance, SPDW leads with 8.90% vs 1.22% for BDCX. On fees, SPDW is cheaper at 0.04% per year. On volatility, SPDW has been the lower-risk option at 6.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPDW has performed better with a 8.90% return vs 1.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDW is cheaper with a 0.04% expense ratio, compared with 0.95% for BDCX.
BDCX has the higher dividend yield at 20.31%, compared with 2.94% for SPDW.
SPDW is categorized as Foreign Large Cap Equities, while BDCX is Leveraged Equities. SPDW tracks S&P Developed Ex-U.S. BMI Index, while BDCX tracks MVIS US Business Development Companies (150%). They also come from different issuers: State Street and UBS. Their fees differ too: 0.04% for SPDW and 0.95% for BDCX.
SPDW currently has the higher Sharpe Ratio (1.74 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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