- ISIN
- US90274D4161
- CUSIP
- 90274D416
- Issuer
- UBS
- Inception Date
- Oct 8, 2015
- Region
- North America (U.S.)
- Category
- Financials Equities
- Leveraged
- 1x (No leverage)
- Index Tracked
- BDCZ-US - MVIS US Business Development Companies Index
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Micro-Cap
- Asset Class Style
- Blend
- Assets Under Management
- $11M
Share Price Chart
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Performance
BDCZ Performance Chart
ETRACS MVIS Business Development Companies Index ETN (BDCZ) is down 9.1% since the beginning of the year. BDCZ is currently trading at $15 per share. Investors who bought $1,000 worth of BDCZ shares 5 years ago would now be looking at an investment worth $1,174.
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Returns By Period
ETRACS MVIS Business Development Companies Index ETN (BDCZ) has returned -9.13% so far this year and -11.49% over the past 12 months. Over the last ten years, BDCZ has returned 6.00% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
ETRACS MVIS Business Development Companies Index ETN
- 1D
- -0.96%
- 1M
- -1.24%
- YTD
- -9.13%
- 6M
- -7.40%
- 1Y
- -11.49%
- 3Y*
- 4.55%
- 5Y*
- 3.26%
- 10Y*
- 6.00%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
BDCZ Monthly Returns History
Based on dividend-adjusted daily data since Oct 9, 2015, BDCZ's average daily return is +0.03%, while the average monthly return is +0.65%. At this rate, an investment would double in approximately 8.9 years.
Historically, 63% of months were positive and 37% were negative. The best month was Nov 2020 with a return of +18.0%, while the worst month was Mar 2020 at -37.9%. The longest winning streak lasted 12 consecutive months, and the longest losing streak was 3 months.
On a daily basis, BDCZ closed higher 41% of trading days. The best single day was Mar 26, 2020 with a return of +10.8%, while the worst single day was Mar 16, 2020 at -14.7%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -0.13% | -9.90% | 1.43% | 7.61% | -4.48% | -3.14% | -9.13% | ||||||
| 2025 | 4.72% | 0.78% | -4.22% | -6.51% | 5.15% | 0.81% | 1.59% | 0.21% | -6.67% | -0.24% | 1.43% | -0.02% | -3.72% |
| 2024 | 1.59% | 0.08% | 3.67% | 1.07% | 3.33% | 1.35% | -2.36% | -1.83% | 0.67% | 0.40% | 3.73% | 0.07% | 12.22% |
| 2023 | 7.88% | 1.43% | -4.87% | 0.95% | 1.02% | 4.66% | 5.58% | -0.16% | 1.58% | -4.64% | 6.24% | 3.99% | 25.31% |
| 2022 | 2.09% | -0.18% | 1.63% | -4.31% | -3.46% | -6.91% | 8.33% | -0.20% | -14.62% | 11.78% | 4.29% | -5.17% | -9.12% |
| 2021 | 1.59% | 10.07% | 4.71% | 5.77% | 1.65% | 0.45% | 0.18% | 1.38% | 0.05% | 4.29% | -2.56% | 2.61% | 33.97% |
Benchmark Metrics
ETRACS MVIS Business Development Companies Index ETN has an annualized alpha of -1.09%, beta of 0.65, and R2 of 0.29 versus S&P 500 Index. Calculated based on daily prices since October 09, 2015.
- This ETF participated in 94.43% of S&P 500 Index downside but only 67.24% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.65 may look defensive, but with R2 of 0.29 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.29 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- -1.09%
- Beta
- 0.65
- R²
- 0.29
- Upside Capture
- 67.24%
- Downside Capture
- 94.43%
Expense Ratio
BDCZ has an expense ratio of 0.85%, placing it in the medium range.
Return for Risk
Risk / Return Rank
BDCZ ranks 4 for risk / return — in the bottom 4% of ETFs on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for ETRACS MVIS Business Development Companies Index ETN (BDCZ) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BDCZ | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.59 | ||
| Sortino ratioReturn per unit of downside risk | -3.42 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.37 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | -0.58 | 2.78 | -3.36 |
| Martin ratioReturn relative to average drawdown | -1.00 | 12.44 | -13.44 |
Dividends
Dividend History
ETRACS MVIS Business Development Companies Index ETN provided a 11.42% dividend yield over the last twelve months, with an annual payout of $1.66 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $1.66 | $1.79 | $1.80 | $1.73 | $1.57 | $1.50 | $1.62 | $1.71 | $1.71 | $1.82 | $1.80 |
Dividend yield | 11.42% | 10.65% | 9.26% | 9.13% | 9.39% | 7.49% | 10.01% | 8.40% | 9.66% | 8.74% | 7.98% |
Monthly Dividends
The table displays the monthly dividend distributions for ETRACS MVIS Business Development Companies Index ETN. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.32 | $0.00 | $0.00 | $0.45 | $0.00 | $0.00 | $0.77 | ||||||
| 2025 | $0.32 | $0.00 | $0.00 | $0.58 | $0.00 | $0.00 | $0.44 | $0.00 | $0.00 | $0.45 | $0.00 | $0.00 | $1.79 |
| 2024 | $0.44 | $0.00 | $0.00 | $0.46 | $0.00 | $0.00 | $0.45 | $0.00 | $0.00 | $0.45 | $0.00 | $0.00 | $1.80 |
| 2023 | $0.43 | $0.00 | $0.00 | $0.43 | $0.00 | $0.00 | $0.43 | $0.00 | $0.00 | $0.44 | $0.00 | $0.00 | $1.73 |
| 2022 | $0.38 | $0.00 | $0.00 | $0.38 | $0.00 | $0.00 | $0.41 | $0.00 | $0.00 | $0.40 | $0.00 | $0.00 | $1.57 |
| 2021 | $0.37 | $0.00 | $0.00 | $0.38 | $0.00 | $0.00 | $0.37 | $0.00 | $0.00 | $0.38 | $0.00 | $0.00 | $1.50 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the ETRACS MVIS Business Development Companies Index ETN. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the ETRACS MVIS Business Development Companies Index ETN was 55.63%, occurring on Mar 23, 2020. Recovery took 243 trading sessions.
The current ETRACS MVIS Business Development Companies Index ETN drawdown is 18.30%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
COVID crash2020 | -55.63%Mar 2020 | 1mo 1d | 11mo 22d | 1y 18dFeb 2020 - Mar 2021 |
Bear market2022 | -23.12%Sep 2022 | 5mo 11d | 10mo | 1y 3moApr 2022 - Jul 2023 |
Rate-hike selloffLate 2018 | -20.95%Dec 2018 | 1y 3mo | 11mo 10d | 2y 2moAug 2017 - Nov 2019 |
2026 bear market2026 | -20.77%Mar 2026 | 1y 1mo | — | 1y 4moFeb 2025 - now |
2016 correction2016 | -13.10%Jan 2016 | 1mo 23d | 5mo 18d | 7mo 11dDec 2015 - Jul 2016 |
Drawdown Indicators
| BDCZ | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.63% | -56.78% | +1.15% |
Max Drawdown (1Y)Largest decline over 1 year | -19.95% | -9.10% | -10.85% |
Max Drawdown (3Y)Largest decline over 3 years | -20.77% | -18.90% | -1.87% |
Max Drawdown (5Y)Largest decline over 5 years | -23.12% | -25.43% | +2.31% |
Max Drawdown (10Y)Largest decline over 10 years | -55.63% | -33.92% | -21.71% |
Current DrawdownCurrent decline from peak | -18.30% | -1.80% | -16.50% |
Average DrawdownAverage peak-to-trough decline | -7.90% | -10.71% | +2.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.46% | 2.03% | +9.43% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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