BDCX vs. REZ
BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) and REZ (iShares Residential Real Estate ETF) are both exchange-traded funds - BDCX is a Leveraged Equities fund tracking the MVIS US Business Development Companies (150%), while REZ is a REIT fund tracking the FTSE NAREIT All Residential Capped Index. Both are passively managed. Over the past 5 years, BDCX returned 1.22%/yr vs 3.77%/yr for REZ. At a 0.43 correlation, their price movements are largely independent. BDCX charges 0.95%/yr vs 0.48%/yr for REZ.
Performance
BDCX vs. REZ - Performance Comparison
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Returns By Period
In the year-to-date period, BDCX achieves a -11.90% return, which is significantly lower than REZ's 8.03% return.
BDCX
- 1D
- -0.44%
- 1M
- -5.50%
- YTD
- -11.90%
- 6M
- -14.62%
- 1Y
- -18.01%
- 3Y*
- 2.98%
- 5Y*
- 1.22%
- 10Y*
- —
REZ
- 1D
- -1.64%
- 1M
- -2.07%
- YTD
- 8.03%
- 6M
- 6.75%
- 1Y
- 10.29%
- 3Y*
- 9.61%
- 5Y*
- 3.77%
- 10Y*
- 6.63%
BDCX vs. REZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | -11.90% | -10.42% | 15.32% | 35.33% | -17.67% | 52.70% | 24.50% |
REZ iShares Residential Real Estate ETF | 8.03% | 4.80% | 12.73% | 10.97% | -28.31% | 47.86% | 8.55% |
Correlation
The correlation between BDCX and REZ is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.32 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2020 | 0.43 |
Over the past year, the correlation between BDCX and REZ has dropped to 0.21 - well below their long-term average of 0.43, suggesting their price drivers have been diverging.
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Return for Risk
BDCX vs. REZ — Risk / Return Rank
BDCX
REZ
BDCX vs. REZ - 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 iShares Residential Real Estate ETF (REZ). 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 | REZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.37 | ||
| Sortino ratioReturn per unit of downside risk | -1.87 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.13 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | 1.18 | -1.77 |
| Martin ratioReturn relative to average drawdown | -1.04 | 3.59 | -4.63 |
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 | REZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.66 | 0.71 | -1.37 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.05 | 0.20 | -0.15 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.31 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 0.24 | +0.19 |
Drawdowns
BDCX vs. REZ - Drawdown Comparison
The maximum BDCX drawdown since its inception was -34.96%, smaller than the maximum REZ drawdown of -66.87%. Use the drawdown chart below to compare losses from any high point for BDCX and REZ.
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Drawdown Indicators
| BDCX | REZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.96% | -66.87% | +31.91% |
Max Drawdown (1Y)Largest decline over 1 year | -30.46% | -8.76% | -21.70% |
Max Drawdown (3Y)Largest decline over 3 years | -33.39% | -18.39% | -15.00% |
Max Drawdown (5Y)Largest decline over 5 years | -34.96% | -35.05% | +0.09% |
Max Drawdown (10Y)Largest decline over 10 years | — | -44.15% | — |
Current DrawdownCurrent decline from peak | -28.40% | -3.16% | -25.24% |
Average DrawdownAverage peak-to-trough decline | -10.10% | -12.68% | +2.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.35% | 2.87% | +14.48% |
Volatility
BDCX vs. REZ - Volatility Comparison
ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) has a higher volatility of 8.65% compared to iShares Residential Real Estate ETF (REZ) at 4.85%. This indicates that BDCX's price experiences larger fluctuations and is considered to be riskier than REZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCX | REZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.65% | 4.85% | +3.80% |
Volatility (6M)Calculated over the trailing 6-month period | 22.81% | 10.94% | +11.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.60% | 14.50% | +13.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.59% | 18.94% | +7.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.94% | 21.53% | +5.41% |
BDCX vs. REZ - Expense Ratio Comparison
BDCX has a 0.95% expense ratio, which is higher than REZ's 0.48% expense ratio.
Dividends
BDCX vs. REZ - Dividend Comparison
BDCX's dividend yield for the trailing twelve months is around 20.31%, more than REZ's 2.13% 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 | 20.31% | 19.17% | 15.28% | 14.71% | 17.47% | 11.52% | 6.32% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
REZ iShares Residential Real Estate ETF | 2.13% | 2.74% | 2.26% | 2.94% | 3.37% | 1.81% | 3.17% | 2.90% | 3.63% | 3.57% | 5.55% | 3.18% |
Frequently Asked Questions
BDCX and REZ have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BDCX has higher volatility (8.65%) compared to REZ (4.85%). In terms of maximum drawdown, BDCX dropped -34.96% vs REZ's -66.87%.
On 5-year performance, REZ leads with 3.77% vs 1.22% for BDCX. On fees, REZ is cheaper at 0.48% per year. On volatility, REZ has been the lower-risk option at 4.85%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, REZ has performed better with a 3.77% return vs 1.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
REZ is cheaper with a 0.48% expense ratio, compared with 0.95% for BDCX.
BDCX has the higher dividend yield at 20.31%, compared with 2.13% for REZ.
BDCX is categorized as Leveraged Equities, while REZ is REIT. BDCX tracks MVIS US Business Development Companies (150%), while REZ tracks FTSE NAREIT All Residential Capped Index. They also come from different issuers: UBS and iShares. Their fees differ too: 0.95% for BDCX and 0.48% for REZ.
REZ currently has the higher Sharpe Ratio (0.71 vs -0.66), 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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