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 2.22%/yr vs 4.58%/yr for BIZD. Their correlation of 0.94 means they have usually moved in the same direction. 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 -10.75% return, which is significantly lower than BIZD's -7.38% return.
BDCX
- 1D
- -0.19%
- 1M
- -2.20%
- 6M
- -9.86%
- YTD
- -10.75%
- 1Y
- -18.23%
- 3Y*
- 0.23%
- 5Y*
- 2.22%
- 10Y*
- —
- ALL TIME*
- 11.61%
BIZD
- 1D
- -0.16%
- 1M
- -0.88%
- 6M
- -6.19%
- YTD
- -7.38%
- 1Y
- -13.09%
- 3Y*
- 3.10%
- 5Y*
- 4.58%
- 10Y*
- 7.22%
- ALL TIME*
- 6.12%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $38.67K | $35.86K | $42.25K | |
| $36.52M | $40.73M | $41.70M |
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 | -10.75% | -10.42% | 15.32% | 35.33% | -17.67% | 52.70% | 25.40% |
BIZD VanEck BDC Income ETF | -7.38% | -4.96% | 15.63% | 27.02% | -8.51% | 36.25% | 20.87% |
Correlation
The correlation between BDCX and BIZD is 0.90, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.90 |
Correlation (3Y) Balances recent behavior with more history. | 0.91 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.94 |
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 0.90 to 0.94 - 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 | +0.11 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 0.89 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.74 | -0.75 | +0.01 |
| Martin ratioReturn relative to average drawdown | -1.28 | -1.27 | -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 | -26.35% | -18.99% | -7.36% |
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 | -27.46% | -17.85% | -9.61% |
Average DrawdownAverage peak-to-trough decline | -10.50% | -6.85% | -3.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.28% | 11.35% | +3.93% |
Volatility
BDCX vs. BIZD - Volatility Comparison
ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) has a higher volatility of 7.16% compared to VanEck BDC Income ETF (BIZD) at 4.68%. 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 | 7.16% | 4.68% | +2.48% |
Volatility (6M)Calculated over the trailing 6-month period | 22.67% | 15.09% | +7.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.36% | 18.80% | +9.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.69% | 17.51% | +9.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.87% | 21.81% | +5.06% |
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 21.64%, more than BIZD's 12.29% 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 | 21.64% | 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 | 12.29% | 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
BDCX and BIZD have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BDCX has higher volatility (7.16%) compared to BIZD (4.68%). In terms of maximum drawdown, BDCX dropped -34.96% vs BIZD's -55.44%.
On 5-year performance, BIZD leads with 4.58% vs 2.22% for BDCX. On fees, BDCX is cheaper at 0.95% per year. On volatility, BIZD has been the lower-risk option at 4.68%. 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 4.58% return vs 2.22%. 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 21.64%, compared with 12.29% 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 (-0.69 vs -0.76), 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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