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 2.33%/yr vs 4.54%/yr for BIZD. Their correlation of 0.94 suggests significant overlap in exposure. BDCX charges 0.95%/yr vs 0.42%/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 -8.64% return, which is significantly lower than BIZD's -6.86% return.
BDCX
- 1D
- -0.27%
- 1M
- -7.16%
- YTD
- -8.64%
- 6M
- -8.85%
- 1Y
- -13.87%
- 3Y*
- 4.83%
- 5Y*
- 2.33%
- 10Y*
- —
BIZD
- 1D
- -0.70%
- 1M
- -4.36%
- YTD
- -6.86%
- 6M
- -6.58%
- 1Y
- -10.35%
- 3Y*
- 6.08%
- 5Y*
- 4.54%
- 10Y*
- 8.02%
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 | -8.64% | -10.42% | 15.32% | 35.33% | -17.67% | 52.70% | 24.50% |
BIZD VanEck BDC Income ETF | -6.86% | -4.96% | 15.63% | 27.02% | -8.51% | 36.25% | 17.92% |
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 4, 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.
| BDCX | BIZD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.52 | -0.58 | +0.06 |
Sortino ratioReturn per unit of downside risk | -0.60 | -0.72 | +0.12 |
Omega ratioGain probability vs. loss probability | 0.93 | 0.92 | +0.01 |
Calmar ratioReturn relative to maximum drawdown | -0.50 | -0.50 | +0.01 |
Martin ratioReturn relative to average drawdown | -0.88 | -0.88 | 0.00 |
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 | BIZD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.52 | -0.58 | +0.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.09 | 0.26 | -0.17 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.37 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.46 | 0.31 | +0.15 |
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 | -25.75% | -17.39% | -8.36% |
Average DrawdownAverage peak-to-trough decline | -10.05% | -6.71% | -3.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.06% | 12.58% | +4.48% |
Volatility
BDCX vs. BIZD - Volatility Comparison
ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) has a higher volatility of 6.41% compared to VanEck BDC Income ETF (BIZD) at 4.33%. 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 | 6.41% | 4.33% | +2.08% |
Volatility (6M)Calculated over the trailing 6-month period | 22.02% | 14.61% | +7.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.90% | 17.99% | +8.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.44% | 17.37% | +9.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.85% | 21.73% | +5.12% |
BDCX vs. BIZD - Expense Ratio Comparison
BDCX has a 0.95% expense ratio, which is higher than BIZD's 0.42% expense ratio.
Dividends
BDCX vs. BIZD - Dividend Comparison
BDCX's dividend yield for the trailing twelve months is around 19.59%, more than BIZD's 13.56% 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 | 19.59% | 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 | 13.56% | 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 (6.41%) compared to BIZD (4.33%). In terms of maximum drawdown, BDCX dropped -34.96% vs BIZD's -55.44%.
On 5-year performance, BIZD leads with 4.54% vs 2.33% for BDCX. On fees, BIZD is cheaper at 0.42% per year. On volatility, BIZD has been the lower-risk option at 4.33%. 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 4.54% return vs 2.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BIZD is cheaper with a 0.42% expense ratio, compared with 0.95% for BDCX.
BDCX has the higher dividend yield at 19.59%, compared with 13.56% 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 0.42% for BIZD.
BDCX currently has the higher Sharpe Ratio (-0.52 vs -0.58), 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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