ETRACS Quarterly Pay 1.5X Leveraged Wells… (BDCX) Performance
BDCX total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −13.8% since Dec 31, 2025
- 1 year
- −11.7% total return
- 5 years
- −0.2% a year
- Since first price
- +10.4% a year since 2020
BDCX trailing returns vs SPY, QQQ, AGG
| Period | BDCX total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −8.8% | −12.9% | −1.0% | −5.0% | +0.9% |
| 3 months | −5.5% | −9.7% | +3.2% | +1.9% | −0.4% |
| 6 months | −5.8% | −15.2% | +7.8% | +8.4% | −1.5% |
| YTD | −13.8% | −28.6% | +12.3% | +15.1% | −1.0% |
| 1 year | −11.7% | −26.8% | +14.4% | +15.9% | −1.1% |
| 3 years | +3.2%+1.1%/yr | −38.3% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | −0.9%−0.2%/yr | −56.6% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionJun 3, 2020 | +88.6%+10.4%/yr | −32.6% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: BDCX vs SPY
From Jun 3, 2020: BDCX grew to $18,864, SPY to $26,617.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
BDCX returns by calendar year
3 of 5 full years positive. Best 2021 (+52.7%), worst 2022 (−17.7%). 2026 is year to date.
BDCX annual returns table
| Year | BDCX | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −13.8% | −21.7% | +12.3% | +15.1% | −1.0% |
| 2025 | −10.4% | −29.0% | +17.7% | +20.8% | +7.2% |
| 2024 | +15.3% | −13.6% | +24.9% | +25.6% | +1.3% |
| 2023 | +35.3% | −15.9% | +26.2% | +54.9% | +5.7% |
| 2022 | −17.7% | −35.0% | −18.2% | −32.6% | −13.0% |
| 2021 | +52.7% | −8.6% | +28.7% | +27.4% | −1.8% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
BDCX largest drawdowns
Now 29.9% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Apr 20, 2022 | −35.0% | Sep 29, 2022 | Dec 14, 2023 | 5 months | 1.7 years |
| Feb 19, 2025 | −33.4% | Mar 27, 2026 | not yet | 1.1 years | 1.7 years so far |
| Jun 8, 2020 | −20.2% | Jul 9, 2020 | Nov 10, 2020 | 31 days | 5 months |
| Jul 12, 2024 | −13.6% | Aug 5, 2024 | Nov 29, 2024 | 24 days | 5 months |
| Dec 8, 2020 | −10.1% | Dec 22, 2020 | Feb 3, 2021 | 14 days | 57 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
BDCX risk statistics
| Statistic | 3 years | 5 years | Since 2020 |
|---|---|---|---|
| Annualized return | +0.9% | +2.6% | +13.3% |
| Volatility (annualized) | 20.9% | 24.4% | 26.0% |
| Sharpe ratio | -0.06 | 0.08 | 0.50 |
| Sortino ratio | -0.09 | 0.11 | 0.81 |
| Best month | +13.1% | +17.5% | +30.5% |
| Worst month | −14.3% | −22.3% | −22.3% |
| Best 12 months | +25.9% | +45.6% | +103.6% |
| Worst 12 months | −29.5% | −29.5% | −29.5% |
| Positive months | 58% | 58% | 64% |
| Beta vs S&P 500 | 0.85 | 1.02 | — |
| Correlation with S&P 500 | 0.51 | 0.65 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
BDCX rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 65 | −29.5% | +8.5% | +103.6% | 58% |
| 3-year (a year) | 41 | +0.1% | +10.5% | +27.4% | 100% |
| 5-year (a year) | 17 | −0.1% | +4.8% | +20.8% | 94% |
Every holding period starting at a month-end since 2020. Returns for 3 years and longer are annualized.
BDCX performance overview
ETRACS Quarterly Pay 1.5X Leveraged Wells… (BDCX) returned −11.7% over the past year and −0.2% a year over five years, with distributions reinvested. Since its first recorded price in 2020 it has returned +10.4% a year, turning $10,000 into about $18,864. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −35.0%, from Apr 20, 2022 to Sep 29, 2022, and it took 1.2 years to get back to the old high. BDCX finished 3 of its 5 full calendar years with a gain; the best year was 2021 (+52.7%) and the worst 2022 (−17.7%). Volatility has been 26.0% a year.
Related: BDCX chart, BDCX holdings, BDCX dividends, BDCX valuation. See the BDCX overview for the latest quote and fund facts.
BDCX performance FAQ
What is the BDCX return over the past year?
BDCX returned −11.7% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 26.8%.
What is the average annual return of BDCX?
BDCX has returned −0.2% a year over 5 years, +10.4% a year since June 3, 2020 (total return, distributions reinvested).
How much would $10,000 invested in BDCX be worth?
$10,000 invested in BDCX at its first recorded close on June 3, 2020 would be worth about $18,864 on October 23, 2026 with distributions reinvested.
What was the worst year for BDCX?
The worst calendar year was 2022, with a total return of −17.7%. The best was 2021 at +52.7%.
What is the biggest drawdown of BDCX?
The largest peak-to-trough decline was −35.0% between April 20, 2022 and September 29, 2022. It recovered to the old high on December 14, 2023, 1.2 years after the bottom.
How volatile is BDCX?
Over the past 3 years BDCX had an annualized volatility of 20.9% and a Sharpe ratio of -0.06 (excess return over 1–3 month T-bills per unit of risk).