SPHQ vs. BDCX
SPHQ (Invesco S&P 500 Quality ETF) and BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) are both exchange-traded funds - SPHQ is a S&P 500 fund tracking the S&P 500 Quality 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, SPHQ returned 14.25%/yr vs 1.22%/yr for BDCX. A 0.53 correlation means they provide meaningful diversification when combined. SPHQ charges 0.15%/yr vs 0.95%/yr for BDCX.
Performance
SPHQ vs. BDCX - Performance Comparison
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Returns By Period
In the year-to-date period, SPHQ achieves a 14.28% return, which is significantly higher than BDCX's -11.90% return.
SPHQ
- 1D
- 0.58%
- 1M
- 3.64%
- YTD
- 14.28%
- 6M
- 15.48%
- 1Y
- 21.15%
- 3Y*
- 22.07%
- 5Y*
- 14.25%
- 10Y*
- 14.91%
BDCX
- 1D
- -0.44%
- 1M
- -5.50%
- YTD
- -11.90%
- 6M
- -14.62%
- 1Y
- -18.01%
- 3Y*
- 2.98%
- 5Y*
- 1.22%
- 10Y*
- —
SPHQ vs. BDCX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SPHQ Invesco S&P 500 Quality ETF | 14.28% | 13.25% | 25.44% | 24.83% | -15.76% | 28.03% | 18.51% |
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 SPHQ 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 | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2020 | 0.53 |
The correlation between SPHQ and BDCX shifts across timeframes, from 0.37 (1 year) to 0.54 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SPHQ vs. BDCX — Risk / Return Rank
SPHQ
BDCX
SPHQ vs. BDCX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Quality ETF (SPHQ) 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.
| SPHQ | BDCX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.31 | ||
| Sortino ratioReturn per unit of downside risk | +3.22 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 0.91 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 2.39 | -0.59 | +2.98 |
| Martin ratioReturn relative to average drawdown | 10.19 | -1.04 | +11.23 |
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
| SPHQ | BDCX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.66 | -0.66 | +2.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.87 | 0.05 | +0.82 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.84 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.53 | 0.43 | +0.10 |
Drawdowns
SPHQ vs. BDCX - Drawdown Comparison
The maximum SPHQ drawdown since its inception was -57.83%, which is greater than BDCX's maximum drawdown of -34.96%. Use the drawdown chart below to compare losses from any high point for SPHQ and BDCX.
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Drawdown Indicators
| SPHQ | BDCX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.83% | -34.96% | -22.87% |
Max Drawdown (1Y)Largest decline over 1 year | -8.90% | -30.46% | +21.56% |
Max Drawdown (3Y)Largest decline over 3 years | -16.57% | -33.39% | +16.82% |
Max Drawdown (5Y)Largest decline over 5 years | -25.04% | -34.96% | +9.92% |
Max Drawdown (10Y)Largest decline over 10 years | -31.60% | — | — |
Current DrawdownCurrent decline from peak | -1.62% | -28.40% | +26.78% |
Average DrawdownAverage peak-to-trough decline | -10.70% | -10.10% | -0.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.09% | 17.35% | -15.26% |
Volatility
SPHQ vs. BDCX - Volatility Comparison
The current volatility for Invesco S&P 500 Quality ETF (SPHQ) is 3.90%, while ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) has a volatility of 8.65%. This indicates that SPHQ 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
| SPHQ | BDCX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.90% | 8.65% | -4.75% |
Volatility (6M)Calculated over the trailing 6-month period | 10.45% | 22.81% | -12.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.83% | 27.60% | -14.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.48% | 26.59% | -10.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.88% | 26.94% | -9.06% |
SPHQ vs. BDCX - Expense Ratio Comparison
SPHQ has a 0.15% expense ratio, which is lower than BDCX's 0.95% expense ratio.
Dividends
SPHQ vs. BDCX - Dividend Comparison
SPHQ's dividend yield for the trailing twelve months is around 1.05%, 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% |
SPHQ Invesco S&P 500 Quality ETF | 1.05% | 1.09% | 1.15% | 1.42% | 1.85% | 1.19% | 1.55% | 1.51% | 1.85% | 1.57% | 1.67% | 2.29% |
Frequently Asked Questions
SPHQ 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 SPHQ (3.90%). In terms of maximum drawdown, SPHQ dropped -57.83% vs BDCX's -34.96%.
On 5-year performance, SPHQ leads with 14.25% vs 1.22% for BDCX. On fees, SPHQ is cheaper at 0.15% per year. On volatility, SPHQ has been the lower-risk option at 3.90%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPHQ has performed better with a 14.25% return vs 1.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPHQ is cheaper with a 0.15% expense ratio, compared with 0.95% for BDCX.
BDCX has the higher dividend yield at 20.31%, compared with 1.05% for SPHQ.
SPHQ is categorized as S&P 500, while BDCX is Leveraged Equities. SPHQ tracks S&P 500 Quality Index, while BDCX tracks MVIS US Business Development Companies (150%). They also come from different issuers: Invesco and UBS. Their fees differ too: 0.15% for SPHQ and 0.95% for BDCX.
SPHQ currently has the higher Sharpe Ratio (1.66 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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