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 1.22%/yr vs 3.29%/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 -13.68% return, which is significantly lower than BDCZ's -8.73% return.
BDCX
- 1D
- 0.57%
- 1M
- -1.31%
- YTD
- -13.68%
- 6M
- -10.71%
- 1Y
- -17.92%
- 3Y*
- 3.31%
- 5Y*
- 1.22%
- 10Y*
- —
BDCZ
- 1D
- 0.45%
- 1M
- -0.80%
- YTD
- -8.73%
- 6M
- -6.81%
- 1Y
- -10.27%
- 3Y*
- 4.71%
- 5Y*
- 3.29%
- 10Y*
- 6.05%
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 | -13.68% | -10.42% | 15.32% | 35.33% | -17.67% | 52.70% | 25.40% |
BDCZ ETRACS MVIS Business Development Companies Index ETN | -8.73% | -3.72% | 12.22% | 25.31% | -9.12% | 33.97% | 19.94% |
Correlation
The correlation between BDCX and BDCZ is 0.86, 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 | 0.86 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.89 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
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 0.86 to 0.94 - 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 | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.23 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 0.93 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | -0.52 | -0.07 |
| Martin ratioReturn relative to average drawdown | -0.99 | -0.89 | -0.10 |
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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 | -29.85% | -17.94% | -11.91% |
Average DrawdownAverage peak-to-trough decline | -10.21% | -7.90% | -2.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.05% | 11.51% | +6.54% |
Volatility
BDCX vs. BDCZ - Volatility Comparison
ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) and ETRACS MVIS Business Development Companies Index ETN (BDCZ) have volatilities of 8.40% and 8.44%, 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
| BDCX | BDCZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.40% | 8.44% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 23.09% | 17.35% | +5.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.74% | 20.62% | +7.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.58% | 17.81% | +8.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.90% | 21.76% | +5.14% |
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 20.73%, more than BDCZ's 11.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | 20.73% | 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 | 11.37% | 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 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BDCZ has higher volatility (8.44%) compared to BDCX (8.40%). In terms of maximum drawdown, BDCX dropped -34.96% vs BDCZ's -55.63%.
On 5-year performance, BDCZ leads with 3.29% vs 1.22% for BDCX. On fees, BDCZ is cheaper at 0.85% per year. Their volatility is very similar. 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 3.29% return vs 1.22%. 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 20.73%, compared with 11.37% 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 (-0.50 vs -0.65), 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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