BDCX vs. BDCZ
BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) and BDCZ (ETRACS MVIS Business Development Companies Index ETN) are both exchange-traded funds - BDCX is a Leveraged Equities fund tracking the MVIS US Business Development Companies (150%), while BDCZ is a Financials Equities fund tracking the BDCZ-US - MVIS US Business Development Companies Index. Both are passively managed. Over the past 5 years, BDCX returned 2.36%/yr vs 4.18%/yr for BDCZ. Their correlation of 0.93 suggests significant overlap in exposure. BDCX charges 0.95%/yr vs 0.85%/yr for BDCZ.
Performance
BDCX vs. BDCZ - Performance Comparison
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Returns By Period
In the year-to-date period, BDCX achieves a -9.11% return, which is significantly lower than BDCZ's -4.99% return.
BDCX
- 1D
- -0.94%
- 1M
- 0.56%
- 6M
- -10.21%
- YTD
- -9.11%
- 1Y
- -20.58%
- 3Y*
- 2.02%
- 5Y*
- 2.36%
- 10Y*
- —
BDCZ
- 1D
- 1.54%
- 1M
- 1.10%
- 6M
- -3.76%
- YTD
- -4.99%
- 1Y
- -11.86%
- 3Y*
- 4.10%
- 5Y*
- 4.18%
- 10Y*
- 6.24%
BDCX vs. BDCZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | -9.11% | -10.42% | 15.32% | 35.33% | -17.67% | 52.70% | 25.40% |
BDCZ ETRACS MVIS Business Development Companies Index ETN | -4.99% | -3.72% | 12.22% | 25.31% | -9.12% | 33.97% | 19.94% |
Correlation
The correlation between BDCX and BDCZ is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.89 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2020 | 0.93 |
The correlation between BDCX and BDCZ has been stable across timeframes, ranging from 0.84 to 0.93 - a consistent structural relationship.
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Return for Risk
BDCX vs. BDCZ — Risk / Return Rank
BDCX
BDCZ
BDCX vs. BDCZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) and ETRACS MVIS Business Development Companies Index ETN (BDCZ). 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.
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.
| BDCX | BDCZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.20 | ||
| Sortino ratioReturn per unit of downside risk | -0.33 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 0.92 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.68 | -0.60 | -0.08 |
| Martin ratioReturn relative to average drawdown | -1.09 | -0.99 | -0.11 |
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Drawdowns
BDCX vs. BDCZ - Drawdown Comparison
The maximum BDCX drawdown since its inception was -34.96%, smaller than the maximum BDCZ drawdown of -55.63%. Use the drawdown chart below to compare losses from any high point for BDCX and BDCZ.
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Drawdown Indicators
| BDCX | BDCZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.96% | -55.63% | +20.67% |
Max Drawdown (1Y)Largest decline over 1 year | -30.46% | -19.95% | -10.51% |
Max Drawdown (3Y)Largest decline over 3 years | -33.39% | -20.77% | -12.62% |
Max Drawdown (5Y)Largest decline over 5 years | -34.96% | -23.12% | -11.84% |
Max Drawdown (10Y)Largest decline over 10 years | — | -55.63% | — |
Current DrawdownCurrent decline from peak | -26.13% | -14.58% | -11.55% |
Average DrawdownAverage peak-to-trough decline | -10.36% | -7.94% | -2.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.86% | 12.04% | +6.82% |
Volatility
BDCX vs. BDCZ - Volatility Comparison
The current volatility for ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) is 7.10%, while ETRACS MVIS Business Development Companies Index ETN (BDCZ) has a volatility of 8.97%. This indicates that BDCX experiences smaller price fluctuations and is considered to be less risky than BDCZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCX | BDCZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.10% | 8.97% | -1.87% |
Volatility (6M)Calculated over the trailing 6-month period | 22.63% | 18.65% | +3.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.13% | 22.17% | +5.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.65% | 18.16% | +8.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.89% | 21.92% | +4.97% |
BDCX vs. BDCZ - Expense Ratio Comparison
BDCX has a 0.95% expense ratio, which is higher than BDCZ's 0.85% expense ratio.
Dividends
BDCX vs. BDCZ - Dividend Comparison
BDCX's dividend yield for the trailing twelve months is around 19.69%, more than BDCZ's 10.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | 19.69% | 19.17% | 15.28% | 14.71% | 17.47% | 11.52% | 6.32% | 0.00% | 0.00% | 0.00% | 0.00% |
BDCZ ETRACS MVIS Business Development Companies Index ETN | 10.92% | 10.65% | 9.26% | 9.13% | 9.39% | 7.49% | 10.01% | 8.40% | 9.66% | 8.74% | 7.98% |
Frequently Asked Questions
BDCX and BDCZ have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BDCZ has higher volatility (8.97%) compared to BDCX (7.10%). In terms of maximum drawdown, BDCX dropped -34.96% vs BDCZ's -55.63%.
On 5-year performance, BDCZ leads with 4.18% vs 2.36% for BDCX. On fees, BDCZ is cheaper at 0.85% per year. On volatility, BDCX has been the lower-risk option at 7.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BDCZ has performed better with a 4.18% return vs 2.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BDCZ is cheaper with a 0.85% expense ratio, compared with 0.95% for BDCX.
BDCX has the higher dividend yield at 19.69%, compared with 10.92% for BDCZ.
BDCX is categorized as Leveraged Equities, while BDCZ is Financials Equities. BDCX tracks MVIS US Business Development Companies (150%), while BDCZ tracks BDCZ-US - MVIS US Business Development Companies Index. Their fees differ too: 0.95% for BDCX and 0.85% for BDCZ.
BDCZ currently has the higher Sharpe Ratio (-0.54 vs -0.74), 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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