BDCX vs. BIZD
BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) and BIZD (VanEck BDC Income ETF) are both exchange-traded funds - BDCX is a Leveraged Equities fund tracking the MVIS US Business Development Companies (150%), while BIZD is a Financials Equities fund tracking the MVIS US Business Development Companies Index. Both are passively managed. Over the past 5 years, BDCX returned 1.20%/yr vs 3.92%/yr for BIZD. Their correlation of 0.94 suggests significant overlap in exposure. BDCX charges 0.95%/yr vs 12.86%/yr for BIZD.
Performance
BDCX vs. BIZD - Performance Comparison
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Returns By Period
In the year-to-date period, BDCX achieves a -14.17% return, which is significantly lower than BIZD's -10.45% return.
BDCX
- 1D
- -1.41%
- 1M
- -1.87%
- YTD
- -14.17%
- 6M
- -13.63%
- 1Y
- -19.48%
- 3Y*
- 3.12%
- 5Y*
- 1.20%
- 10Y*
- —
BIZD
- 1D
- -1.13%
- 1M
- -1.29%
- YTD
- -10.45%
- 6M
- -9.50%
- 1Y
- -14.18%
- 3Y*
- 5.12%
- 5Y*
- 3.92%
- 10Y*
- 7.49%
BDCX vs. BIZD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | -14.17% | -10.42% | 15.32% | 35.33% | -17.67% | 52.70% | 25.40% |
BIZD VanEck BDC Income ETF | -10.45% | -4.96% | 15.63% | 27.02% | -8.51% | 36.25% | 20.87% |
Correlation
The correlation between BDCX and BIZD is 0.91, 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 | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2020 | 0.94 |
The correlation between BDCX and BIZD has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.
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Return for Risk
BDCX vs. BIZD — Risk / Return Rank
BDCX
BIZD
BDCX vs. BIZD - 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 VanEck BDC Income ETF (BIZD). 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 | BIZD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.10 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 0.89 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.64 | -0.64 | 0.00 |
| Martin ratioReturn relative to average drawdown | -1.09 | -1.07 | -0.01 |
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Drawdowns
BDCX vs. BIZD - Drawdown Comparison
The maximum BDCX drawdown since its inception was -34.96%, smaller than the maximum BIZD drawdown of -55.44%. Use the drawdown chart below to compare losses from any high point for BDCX and BIZD.
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Drawdown Indicators
| BDCX | BIZD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.96% | -55.44% | +20.48% |
Max Drawdown (1Y)Largest decline over 1 year | -30.46% | -22.22% | -8.24% |
Max Drawdown (3Y)Largest decline over 3 years | -33.39% | -22.56% | -10.83% |
Max Drawdown (5Y)Largest decline over 5 years | -34.96% | -22.91% | -12.05% |
Max Drawdown (10Y)Largest decline over 10 years | — | -55.44% | — |
Current DrawdownCurrent decline from peak | -30.24% | -20.57% | -9.67% |
Average DrawdownAverage peak-to-trough decline | -10.20% | -6.76% | -3.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.97% | 13.24% | +4.73% |
Volatility
BDCX vs. BIZD - Volatility Comparison
ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) has a higher volatility of 8.37% compared to VanEck BDC Income ETF (BIZD) at 5.55%. This indicates that BDCX's price experiences larger fluctuations and is considered to be riskier than BIZD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCX | BIZD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.37% | 5.55% | +2.82% |
Volatility (6M)Calculated over the trailing 6-month period | 23.09% | 15.17% | +7.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.79% | 18.52% | +9.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.58% | 17.44% | +9.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.91% | 21.78% | +5.13% |
BDCX vs. BIZD - Expense Ratio Comparison
BDCX has a 0.95% expense ratio, which is lower than BIZD's 12.86% expense ratio.
Dividends
BDCX vs. BIZD - Dividend Comparison
BDCX's dividend yield for the trailing twelve months is around 20.85%, more than BIZD's 14.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | 20.85% | 19.17% | 15.28% | 14.71% | 17.47% | 11.52% | 6.32% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
BIZD VanEck BDC Income ETF | 14.10% | 11.78% | 10.94% | 10.96% | 11.21% | 8.14% | 10.39% | 9.13% | 10.88% | 9.13% | 8.51% | 9.12% |
Frequently Asked Questions
With a correlation of 0.91, BDCX and BIZD move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
BDCX has higher volatility (8.37%) compared to BIZD (5.55%). In terms of maximum drawdown, BDCX dropped -34.96% vs BIZD's -55.44%.
On 5-year performance, BIZD leads with 3.92% vs 1.20% for BDCX. On fees, BDCX is cheaper at 0.95% per year. On volatility, BIZD has been the lower-risk option at 5.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BIZD has performed better with a 3.92% return vs 1.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BDCX is cheaper with a 0.95% expense ratio, compared with 12.86% for BIZD.
BDCX has the higher dividend yield at 20.85%, compared with 14.10% for BIZD.
BDCX is categorized as Leveraged Equities, while BIZD is Financials Equities. BDCX tracks MVIS US Business Development Companies (150%), while BIZD tracks MVIS US Business Development Companies Index. They also come from different issuers: UBS and VanEck. Their fees differ too: 0.95% for BDCX and 12.86% for BIZD.
BDCX currently has the higher Sharpe Ratio (-0.70 vs -0.77), 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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