BDCZ vs. BDCX
BDCZ (ETRACS MVIS Business Development Companies Index ETN) and BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) are both exchange-traded funds - BDCZ is a Financials Equities fund tracking the BDCZ-US - MVIS US Business Development Companies Index, while BDCX is a Leveraged Equities fund tracking the MVIS US Business Development Companies (150%). Both are passively managed. Over the past 5 years, BDCZ returned 3.38%/yr vs 1.39%/yr for BDCX. Their correlation of 0.93 suggests significant overlap in exposure. BDCZ charges 0.85%/yr vs 0.95%/yr for BDCX.
Performance
BDCZ vs. BDCX - Performance Comparison
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Returns By Period
In the year-to-date period, BDCZ achieves a -7.98% return, which is significantly higher than BDCX's -12.50% return.
BDCZ
- 1D
- -2.73%
- 1M
- -7.44%
- YTD
- -7.98%
- 6M
- -8.99%
- 1Y
- -10.32%
- 3Y*
- 4.75%
- 5Y*
- 3.38%
- 10Y*
- 6.23%
BDCX
- 1D
- -4.22%
- 1M
- -11.22%
- YTD
- -12.50%
- 6M
- -14.12%
- 1Y
- -17.95%
- 3Y*
- 3.33%
- 5Y*
- 1.39%
- 10Y*
- —
BDCZ vs. BDCX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BDCZ ETRACS MVIS Business Development Companies Index ETN | -7.98% | -3.72% | 12.22% | 25.31% | -9.12% | 33.97% | 17.36% |
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | -12.50% | -10.42% | 15.32% | 35.33% | -17.67% | 52.70% | 24.50% |
Correlation
The correlation between BDCZ and BDCX 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 BDCZ and BDCX has been stable across timeframes, ranging from 0.85 to 0.94 - a consistent structural relationship.
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Return for Risk
BDCZ vs. BDCX — Risk / Return Rank
BDCZ
BDCX
BDCZ vs. BDCX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS MVIS Business Development Companies Index ETN (BDCZ) and ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX). 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.
| BDCZ | BDCX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.25 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 0.91 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.52 | -0.59 | +0.07 |
| Martin ratioReturn relative to average drawdown | -0.95 | -1.05 | +0.10 |
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
| BDCZ | BDCX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.51 | -0.66 | +0.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.19 | 0.05 | +0.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.29 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.27 | 0.43 | -0.16 |
Drawdowns
BDCZ vs. BDCX - Drawdown Comparison
The maximum BDCZ drawdown since its inception was -55.63%, which is greater than BDCX's maximum drawdown of -34.96%. Use the drawdown chart below to compare losses from any high point for BDCZ and BDCX.
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Drawdown Indicators
| BDCZ | BDCX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.63% | -34.96% | -20.67% |
Max Drawdown (1Y)Largest decline over 1 year | -19.95% | -30.46% | +10.51% |
Max Drawdown (3Y)Largest decline over 3 years | -20.77% | -33.39% | +12.62% |
Max Drawdown (5Y)Largest decline over 5 years | -23.12% | -34.96% | +11.84% |
Max Drawdown (10Y)Largest decline over 10 years | -55.63% | — | — |
Current DrawdownCurrent decline from peak | -17.27% | -28.88% | +11.61% |
Average DrawdownAverage peak-to-trough decline | -7.86% | -10.07% | +2.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.94% | 17.14% | -6.20% |
Volatility
BDCZ vs. BDCX - Volatility Comparison
ETRACS MVIS Business Development Companies Index ETN (BDCZ) has a higher volatility of 8.37% compared to ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) at 7.50%. This indicates that BDCZ's price experiences larger fluctuations and is considered to be riskier than BDCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCZ | BDCX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.37% | 7.50% | +0.87% |
Volatility (6M)Calculated over the trailing 6-month period | 17.17% | 22.42% | -5.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.42% | 27.19% | -6.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.80% | 26.51% | -8.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.73% | 26.90% | -5.17% |
BDCZ vs. BDCX - Expense Ratio Comparison
BDCZ has a 0.85% expense ratio, which is lower than BDCX's 0.95% expense ratio.
Dividends
BDCZ vs. BDCX - Dividend Comparison
BDCZ's dividend yield for the trailing twelve months is around 11.28%, less than BDCX's 20.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | 20.45% | 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 | 11.28% | 10.65% | 9.26% | 9.13% | 9.39% | 7.49% | 10.01% | 8.40% | 9.66% | 8.74% | 7.98% |
Frequently Asked Questions
BDCZ and BDCX 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 (8.37%) compared to BDCX (7.50%). In terms of maximum drawdown, BDCZ dropped -55.63% vs BDCX's -34.96%.
On 5-year performance, BDCZ leads with 3.38% vs 1.39% for BDCX. On fees, BDCZ is cheaper at 0.85% per year. On volatility, BDCX has been the lower-risk option at 7.50%. 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 3.38% return vs 1.39%. 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 20.45%, compared with 11.28% for BDCZ.
BDCZ is categorized as Financials Equities, while BDCX is Leveraged Equities. BDCZ tracks BDCZ-US - MVIS US Business Development Companies Index, while BDCX tracks MVIS US Business Development Companies (150%). Their fees differ too: 0.85% for BDCZ and 0.95% for BDCX.
BDCZ currently has the higher Sharpe Ratio (-0.51 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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