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 2.33%/yr vs 4.02%/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 -8.64% return, which is significantly lower than BDCZ's -5.39% return.
BDCX
- 1D
- -0.27%
- 1M
- -7.16%
- YTD
- -8.64%
- 6M
- -8.85%
- 1Y
- -13.87%
- 3Y*
- 4.83%
- 5Y*
- 2.33%
- 10Y*
- —
BDCZ
- 1D
- -4.21%
- 1M
- -4.77%
- YTD
- -5.39%
- 6M
- -5.19%
- 1Y
- -7.46%
- 3Y*
- 5.72%
- 5Y*
- 4.02%
- 10Y*
- 6.52%
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 | -8.64% | -10.42% | 15.32% | 35.33% | -17.67% | 52.70% | 24.50% |
BDCZ ETRACS MVIS Business Development Companies Index ETN | -5.39% | -3.72% | 12.22% | 25.31% | -9.12% | 33.97% | 17.36% |
Correlation
The correlation between BDCX and BDCZ is 0.85, 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 | 0.85 |
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 4, 2020 | 0.93 |
The correlation between BDCX and BDCZ has been stable across timeframes, ranging from 0.85 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.
| BDCX | BDCZ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.52 | -0.37 | -0.15 |
Sortino ratioReturn per unit of downside risk | -0.60 | -0.39 | -0.21 |
Omega ratioGain probability vs. loss probability | 0.93 | 0.95 | -0.02 |
Calmar ratioReturn relative to maximum drawdown | -0.50 | -0.42 | -0.08 |
Martin ratioReturn relative to average drawdown | -0.88 | -0.76 | -0.12 |
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
| BDCX | BDCZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.52 | -0.37 | -0.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.09 | 0.23 | -0.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.30 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.46 | 0.28 | +0.17 |
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 | -25.75% | -14.94% | -10.81% |
Average DrawdownAverage peak-to-trough decline | -10.05% | -7.86% | -2.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.06% | 10.89% | +6.17% |
Volatility
BDCX vs. BDCZ - Volatility Comparison
The current volatility for ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) is 6.41%, while ETRACS MVIS Business Development Companies Index ETN (BDCZ) has a volatility of 7.99%. 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 | 6.41% | 7.99% | -1.58% |
Volatility (6M)Calculated over the trailing 6-month period | 22.02% | 16.96% | +5.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.90% | 20.26% | +6.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.44% | 17.76% | +8.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.85% | 21.72% | +5.13% |
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 19.59%, more than BDCZ's 10.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | 19.59% | 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 | 10.97% | 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 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BDCZ has higher volatility (7.99%) compared to BDCX (6.41%). In terms of maximum drawdown, BDCX dropped -34.96% vs BDCZ's -55.63%.
On 5-year performance, BDCZ leads with 4.02% vs 2.33% for BDCX. On fees, BDCZ is cheaper at 0.85% per year. On volatility, BDCX has been the lower-risk option at 6.41%. 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 4.02% return vs 2.33%. 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 19.59%, compared with 10.97% 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 (-0.37 vs -0.52), 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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