SPHY vs. BDCX
SPHY (SPDR Portfolio High Yield Bond ETF) and BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) are both exchange-traded funds - SPHY is a High Yield Bonds fund tracking the ICE BofA US High Yield 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, SPHY returned 4.29%/yr vs 1.22%/yr for BDCX. At a 0.50 correlation, their price movements are largely independent. SPHY charges 0.05%/yr vs 0.95%/yr for BDCX.
Performance
SPHY vs. BDCX - Performance Comparison
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Returns By Period
In the year-to-date period, SPHY achieves a 1.32% return, which is significantly higher than BDCX's -11.90% return.
SPHY
- 1D
- 0.09%
- 1M
- -0.18%
- YTD
- 1.32%
- 6M
- 1.93%
- 1Y
- 6.98%
- 3Y*
- 8.78%
- 5Y*
- 4.29%
- 10Y*
- 5.03%
BDCX
- 1D
- -0.44%
- 1M
- -5.50%
- YTD
- -11.90%
- 6M
- -14.62%
- 1Y
- -18.01%
- 3Y*
- 2.98%
- 5Y*
- 1.22%
- 10Y*
- —
SPHY vs. BDCX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SPHY SPDR Portfolio High Yield Bond ETF | 1.32% | 8.59% | 8.54% | 12.81% | -10.57% | 5.61% | 10.26% |
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 SPHY and BDCX is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.46 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2020 | 0.50 |
The correlation between SPHY and BDCX has been stable across timeframes, ranging from 0.46 to 0.52 - a consistent structural relationship.
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Return for Risk
SPHY vs. BDCX — Risk / Return Rank
SPHY
BDCX
SPHY vs. BDCX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio High Yield Bond ETF (SPHY) 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.
| SPHY | BDCX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.56 | ||
| Sortino ratioReturn per unit of downside risk | +3.71 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 0.91 | +0.47 |
| Calmar ratioReturn relative to maximum drawdown | 2.90 | -0.59 | +3.50 |
| Martin ratioReturn relative to average drawdown | 13.14 | -1.04 | +14.18 |
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
| SPHY | BDCX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.90 | -0.66 | +2.56 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.60 | 0.05 | +0.56 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.64 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.63 | 0.43 | +0.20 |
Drawdowns
SPHY vs. BDCX - Drawdown Comparison
The maximum SPHY drawdown since its inception was -21.97%, smaller than the maximum BDCX drawdown of -34.96%. Use the drawdown chart below to compare losses from any high point for SPHY and BDCX.
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Drawdown Indicators
| SPHY | BDCX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.97% | -34.96% | +12.99% |
Max Drawdown (1Y)Largest decline over 1 year | -2.41% | -30.46% | +28.05% |
Max Drawdown (3Y)Largest decline over 3 years | -4.85% | -33.39% | +28.54% |
Max Drawdown (5Y)Largest decline over 5 years | -15.29% | -34.96% | +19.67% |
Max Drawdown (10Y)Largest decline over 10 years | -21.97% | — | — |
Current DrawdownCurrent decline from peak | -0.44% | -28.40% | +27.96% |
Average DrawdownAverage peak-to-trough decline | -2.29% | -10.10% | +7.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.53% | 17.35% | -16.82% |
Volatility
SPHY vs. BDCX - Volatility Comparison
The current volatility for SPDR Portfolio High Yield Bond ETF (SPHY) is 1.10%, while ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) has a volatility of 8.65%. This indicates that SPHY 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
| SPHY | BDCX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.10% | 8.65% | -7.55% |
Volatility (6M)Calculated over the trailing 6-month period | 2.94% | 22.81% | -19.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.69% | 27.60% | -23.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.18% | 26.59% | -19.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.88% | 26.94% | -19.06% |
SPHY vs. BDCX - Expense Ratio Comparison
SPHY has a 0.05% expense ratio, which is lower than BDCX's 0.95% expense ratio.
Dividends
SPHY vs. BDCX - Dividend Comparison
SPHY's dividend yield for the trailing twelve months is around 7.28%, 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% |
SPHY SPDR Portfolio High Yield Bond ETF | 7.28% | 7.38% | 7.80% | 7.30% | 6.47% | 5.13% | 5.63% | 5.73% | 4.09% | 4.41% | 4.27% | 4.29% |
Frequently Asked Questions
SPHY and BDCX have a correlation of 0.46, 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 SPHY (1.10%). In terms of maximum drawdown, SPHY dropped -21.97% vs BDCX's -34.96%.
On 5-year performance, SPHY leads with 4.29% vs 1.22% for BDCX. On fees, SPHY is cheaper at 0.05% per year. On volatility, SPHY has been the lower-risk option at 1.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPHY has performed better with a 4.29% return vs 1.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPHY is cheaper with a 0.05% expense ratio, compared with 0.95% for BDCX.
BDCX has the higher dividend yield at 20.31%, compared with 7.28% for SPHY.
SPHY is categorized as High Yield Bonds, while BDCX is Leveraged Equities. SPHY tracks ICE BofA US High Yield Index, while BDCX tracks MVIS US Business Development Companies (150%). They also come from different issuers: State Street and UBS. Their fees differ too: 0.05% for SPHY and 0.95% for BDCX.
SPHY currently has the higher Sharpe Ratio (1.90 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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