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 3.29%/yr vs 1.22%/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 -8.73% return, which is significantly higher than BDCX's -13.68% return.
BDCZ
- 1D
- 0.45%
- 1M
- -0.80%
- YTD
- -8.73%
- 6M
- -6.81%
- 1Y
- -10.27%
- 3Y*
- 4.71%
- 5Y*
- 3.29%
- 10Y*
- 6.05%
BDCX
- 1D
- 0.57%
- 1M
- -1.31%
- YTD
- -13.68%
- 6M
- -10.71%
- 1Y
- -17.92%
- 3Y*
- 3.31%
- 5Y*
- 1.22%
- 10Y*
- —
BDCZ vs. BDCX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BDCZ ETRACS MVIS Business Development Companies Index ETN | -8.73% | -3.72% | 12.22% | 25.31% | -9.12% | 33.97% | 19.94% |
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | -13.68% | -10.42% | 15.32% | 35.33% | -17.67% | 52.70% | 25.40% |
Correlation
The correlation between BDCZ and BDCX is 0.86, 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 | 0.86 |
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 3, 2020 | 0.93 |
The correlation between BDCZ and BDCX has been stable across timeframes, ranging from 0.86 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.
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 | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.23 | ||
| 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 | -0.89 | -0.99 | +0.10 |
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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 | -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 | -17.94% | -29.85% | +11.91% |
Average DrawdownAverage peak-to-trough decline | -7.90% | -10.21% | +2.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.51% | 18.05% | -6.54% |
Volatility
BDCZ vs. BDCX - Volatility Comparison
ETRACS MVIS Business Development Companies Index ETN (BDCZ) and ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) have volatilities of 8.44% and 8.40%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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 | 8.44% | 8.40% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 17.35% | 23.09% | -5.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.62% | 27.74% | -7.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.81% | 26.58% | -8.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.76% | 26.90% | -5.14% |
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 11.37%, less than BDCX's 20.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | 20.73% | 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 | 11.37% | 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 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BDCZ has higher volatility (8.44%) compared to BDCX (8.40%). In terms of maximum drawdown, BDCZ dropped -55.63% vs BDCX's -34.96%.
On 5-year performance, BDCZ leads with 3.29% vs 1.22% for BDCX. On fees, BDCZ is cheaper at 0.85% per year. Their volatility is very similar. 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 3.29% return vs 1.22%. 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 20.73%, compared with 11.37% 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 (-0.50 vs -0.65), 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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