BDCZ vs. BITI
BDCZ (ETRACS MVIS Business Development Companies Index ETN) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - BDCZ is a Financials Equities fund tracking the BDCZ-US - MVIS US Business Development Companies Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, BDCZ returned 4.54%/yr vs -31.62%/yr for BITI. At a correlation of -0.25, they often move in opposite directions. BDCZ charges 0.85%/yr vs 1.03%/yr for BITI.
Performance
BDCZ vs. BITI - Performance Comparison
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Returns By Period
In the year-to-date period, BDCZ achieves a -3.05% return, which is significantly lower than BITI's 24.48% return.
BDCZ
- 1D
- 1.96%
- 1M
- 3.84%
- 6M
- -6.17%
- YTD
- -3.05%
- 1Y
- -11.14%
- 3Y*
- 4.54%
- 5Y*
- 4.75%
- 10Y*
- 6.69%
BITI
- 1D
- 1.13%
- 1M
- 1.49%
- 6M
- 35.86%
- YTD
- 24.48%
- 1Y
- 64.61%
- 3Y*
- -31.62%
- 5Y*
- —
- 10Y*
- —
BDCZ vs. BITI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
BDCZ ETRACS MVIS Business Development Companies Index ETN | -3.05% | -3.72% | 12.22% | 25.31% | 4.99% |
BITI ProShares Short Bitcoin ETF | 24.48% | -1.76% | -62.60% | -66.17% | 3.39% |
Correlation
The correlation between BDCZ and BITI is -0.24, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.22 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022 | -0.25 |
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Return for Risk
BDCZ vs. BITI — Risk / Return Rank
BDCZ
BITI
BDCZ vs. BITI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS MVIS Business Development Companies Index ETN (BDCZ) and ProShares Short Bitcoin ETF (BITI). 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 | BITI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.97 | ||
| Sortino ratioReturn per unit of downside risk | -2.62 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.25 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.56 | 2.57 | -3.13 |
| Martin ratioReturn relative to average drawdown | -0.92 | 6.38 | -7.30 |
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Drawdowns
BDCZ vs. BITI - Drawdown Comparison
The maximum BDCZ drawdown since its inception was -55.63%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for BDCZ and BITI.
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Drawdown Indicators
| BDCZ | BITI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.63% | -92.16% | +36.53% |
Max Drawdown (1Y)Largest decline over 1 year | -19.95% | -25.28% | +5.33% |
Max Drawdown (3Y)Largest decline over 3 years | -20.77% | -84.63% | +63.86% |
Max Drawdown (5Y)Largest decline over 5 years | -23.12% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -55.63% | — | — |
Current DrawdownCurrent decline from peak | -12.83% | -86.41% | +73.58% |
Average DrawdownAverage peak-to-trough decline | -7.95% | -68.40% | +60.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.14% | 10.16% | +1.98% |
Volatility
BDCZ vs. BITI - Volatility Comparison
The current volatility for ETRACS MVIS Business Development Companies Index ETN (BDCZ) is 9.76%, while ProShares Short Bitcoin ETF (BITI) has a volatility of 10.76%. This indicates that BDCZ experiences smaller price fluctuations and is considered to be less risky than BITI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCZ | BITI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.76% | 10.76% | -1.00% |
Volatility (6M)Calculated over the trailing 6-month period | 18.86% | 34.28% | -15.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.49% | 44.15% | -21.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.25% | 52.24% | -33.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.94% | 52.24% | -30.30% |
BDCZ vs. BITI - Expense Ratio Comparison
BDCZ has a 0.85% expense ratio, which is lower than BITI's 1.03% expense ratio.
Dividends
BDCZ vs. BITI - Dividend Comparison
BDCZ's dividend yield for the trailing twelve months is around 11.68%, less than BITI's 15.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BDCZ ETRACS MVIS Business Development Companies Index ETN | 11.68% | 10.65% | 9.26% | 9.13% | 9.39% | 7.49% | 10.01% | 8.40% | 9.66% | 8.74% | 7.98% |
BITI ProShares Short Bitcoin ETF | 15.62% | 1.60% | 3.91% | 3.33% | 0.06% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BDCZ and BITI have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITI has higher volatility (10.76%) compared to BDCZ (9.76%). In terms of maximum drawdown, BDCZ dropped -55.63% vs BITI's -92.16%.
On 3-year performance, BDCZ leads with 4.54% vs -31.62% for BITI. On fees, BDCZ is cheaper at 0.85% per year. On volatility, BDCZ has been the lower-risk option at 9.76%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BDCZ has performed better with a 4.54% return vs -31.62%. 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 1.03% for BITI.
BITI has the higher dividend yield at 15.62%, compared with 11.68% for BDCZ.
BDCZ is categorized as Financials Equities, while BITI is Cryptocurrency. BDCZ tracks BDCZ-US - MVIS US Business Development Companies Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: UBS and ProShares. Their fees differ too: 0.85% for BDCZ and 1.03% for BITI.
BITI currently has the higher Sharpe Ratio (1.47 vs -0.50), 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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