VLUE vs. BDCX
VLUE (iShares Edge MSCI USA Value Factor ETF) and BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) are both exchange-traded funds - VLUE is a Large Cap Value Equities fund tracking the MSCI USA Value Weighted 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, VLUE returned 15.73%/yr vs 1.22%/yr for BDCX. A 0.61 correlation means they provide meaningful diversification when combined. VLUE charges 0.15%/yr vs 0.95%/yr for BDCX.
Performance
VLUE vs. BDCX - Performance Comparison
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Returns By Period
In the year-to-date period, VLUE achieves a 43.65% return, which is significantly higher than BDCX's -11.90% return.
VLUE
- 1D
- 1.90%
- 1M
- 7.11%
- YTD
- 43.65%
- 6M
- 46.05%
- 1Y
- 83.03%
- 3Y*
- 31.74%
- 5Y*
- 15.73%
- 10Y*
- 15.02%
BDCX
- 1D
- -0.44%
- 1M
- -5.50%
- YTD
- -11.90%
- 6M
- -14.62%
- 1Y
- -18.01%
- 3Y*
- 2.98%
- 5Y*
- 1.22%
- 10Y*
- —
VLUE vs. BDCX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
VLUE iShares Edge MSCI USA Value Factor ETF | 43.65% | 32.67% | 7.25% | 14.26% | -14.17% | 28.93% | 17.64% |
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 VLUE and BDCX is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2020 | 0.61 |
Over the past year, the correlation between VLUE and BDCX has dropped to 0.41 - well below their long-term average of 0.61, suggesting their price drivers have been diverging.
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Return for Risk
VLUE vs. BDCX — Risk / Return Rank
VLUE
BDCX
VLUE vs. BDCX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI USA Value Factor ETF (VLUE) 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.
| VLUE | BDCX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +5.31 | ||
| Sortino ratioReturn per unit of downside risk | +6.67 | ||
| Omega ratioGain probability vs. loss probability | 1.79 | 0.91 | +0.88 |
| Calmar ratioReturn relative to maximum drawdown | 9.24 | -0.59 | +9.83 |
| Martin ratioReturn relative to average drawdown | 40.39 | -1.04 | +41.43 |
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
| VLUE | BDCX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.65 | -0.66 | +5.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.88 | 0.05 | +0.84 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.76 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.74 | 0.43 | +0.31 |
Drawdowns
VLUE vs. BDCX - Drawdown Comparison
The maximum VLUE drawdown since its inception was -39.47%, which is greater than BDCX's maximum drawdown of -34.96%. Use the drawdown chart below to compare losses from any high point for VLUE and BDCX.
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Drawdown Indicators
| VLUE | BDCX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.47% | -34.96% | -4.51% |
Max Drawdown (1Y)Largest decline over 1 year | -9.04% | -30.46% | +21.42% |
Max Drawdown (3Y)Largest decline over 3 years | -17.89% | -33.39% | +15.50% |
Max Drawdown (5Y)Largest decline over 5 years | -27.12% | -34.96% | +7.84% |
Max Drawdown (10Y)Largest decline over 10 years | -39.47% | — | — |
Current DrawdownCurrent decline from peak | -3.99% | -28.40% | +24.41% |
Average DrawdownAverage peak-to-trough decline | -6.01% | -10.10% | +4.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.06% | 17.35% | -15.29% |
Volatility
VLUE vs. BDCX - Volatility Comparison
iShares Edge MSCI USA Value Factor ETF (VLUE) and ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) have volatilities of 9.02% and 8.65%, 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
| VLUE | BDCX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.02% | 8.65% | +0.37% |
Volatility (6M)Calculated over the trailing 6-month period | 14.83% | 22.81% | -7.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.97% | 27.60% | -9.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.91% | 26.59% | -8.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.88% | 26.94% | -7.06% |
VLUE vs. BDCX - Expense Ratio Comparison
VLUE has a 0.15% expense ratio, which is lower than BDCX's 0.95% expense ratio.
Dividends
VLUE vs. BDCX - Dividend Comparison
VLUE's dividend yield for the trailing twelve months is around 1.45%, 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% |
VLUE iShares Edge MSCI USA Value Factor ETF | 1.45% | 2.11% | 2.73% | 2.66% | 3.18% | 2.22% | 2.42% | 2.61% | 2.70% | 2.14% | 2.07% | 2.39% |
Frequently Asked Questions
VLUE and BDCX have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VLUE has higher volatility (9.02%) compared to BDCX (8.65%). In terms of maximum drawdown, VLUE dropped -39.47% vs BDCX's -34.96%.
On 5-year performance, VLUE leads with 15.73% vs 1.22% for BDCX. On fees, VLUE is cheaper at 0.15% per year. On volatility, BDCX has been the lower-risk option at 8.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, VLUE has performed better with a 15.73% return vs 1.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VLUE 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 1.45% for VLUE.
VLUE is categorized as Large Cap Value Equities, while BDCX is Leveraged Equities. VLUE tracks MSCI USA Value Weighted Index, while BDCX tracks MVIS US Business Development Companies (150%). They also come from different issuers: iShares and UBS. Their fees differ too: 0.15% for VLUE and 0.95% for BDCX.
VLUE currently has the higher Sharpe Ratio (4.65 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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