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 3.98%/yr vs 2.22%/yr for BDCX. Their correlation of 0.92 means they have usually moved in the same direction. 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 -6.58% return, which is significantly higher than BDCX's -10.75% return.
BDCZ
- 1D
- -0.16%
- 1M
- -1.29%
- 6M
- -6.46%
- YTD
- -6.58%
- 1Y
- -10.62%
- 3Y*
- 2.54%
- 5Y*
- 3.98%
- 10Y*
- 6.30%
- ALL TIME*
- 5.90%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $38.67K | $35.86K | $42.25K | |
| $30.15K | $28.17K | $19.88K |
BDCZ vs. BDCX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BDCZ ETRACS MVIS Business Development Companies Index ETN | -6.58% | -3.72% | 12.22% | 25.31% | -9.12% | 33.97% | 19.94% |
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% |
Correlation
The correlation between BDCZ and BDCX is 0.81, 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. | 0.81 |
Correlation (3Y) Balances recent behavior with more history. | 0.87 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.92 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2020 | 0.92 |
The correlation between BDCZ and BDCX shifts across timeframes, from 0.81 (1 year) to 0.92 (5 years), reflecting how their relationship changes across market environments.
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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.
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.
| BDCZ | BDCX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.17 | ||
| Sortino ratioReturn per unit of downside risk | +0.28 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 0.90 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.69 | -0.74 | +0.05 |
| Martin ratioReturn relative to average drawdown | -1.24 | -1.28 | +0.04 |
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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 | -16.80% | -26.35% | +9.55% |
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 | -16.01% | -27.46% | +11.45% |
Average DrawdownAverage peak-to-trough decline | -7.98% | -10.50% | +2.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.36% | 15.28% | -5.92% |
Volatility
BDCZ vs. BDCX - Volatility Comparison
The current volatility for ETRACS MVIS Business Development Companies Index ETN (BDCZ) is 5.90%, while ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) has a volatility of 7.16%. This indicates that BDCZ experiences smaller price fluctuations and is considered to be less risky 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 | 5.90% | 7.16% | -1.26% |
Volatility (6M)Calculated over the trailing 6-month period | 18.49% | 22.67% | -4.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.56% | 28.36% | -5.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.27% | 26.69% | -8.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.96% | 26.87% | -4.91% |
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 12.12%, less than BDCX's 21.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
BDCZ ETRACS MVIS Business Development Companies Index ETN | 12.12% | 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 0.81, 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 BDCZ (5.90%). In terms of maximum drawdown, BDCZ dropped -55.63% vs BDCX's -34.96%.
On 5-year performance, BDCZ leads with 3.98% vs 2.22% for BDCX. On fees, BDCZ is cheaper at 0.85% per year. On volatility, BDCZ has been the lower-risk option at 5.90%. 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 3.98% return vs 2.22%. 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 21.64%, compared with 12.12% 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 (-0.52 vs -0.69), 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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