BDCZ vs. BIZD
BDCZ (ETRACS MVIS Business Development Companies Index ETN) and BIZD (VanEck BDC Income ETF) are both Financials Equities funds - BDCZ tracks the BDCZ-US - MVIS US Business Development Companies Index while BIZD tracks the MVIS US Business Development Companies Index. Both are passively managed. Over the past 10 years, BDCZ returned 6.05%/yr vs 7.56%/yr for BIZD. A 0.79 correlation means they provide meaningful diversification when combined. BDCZ charges 0.85%/yr vs 12.86%/yr for BIZD.
Performance
BDCZ vs. BIZD - 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 BIZD's -9.87% return. Over the past 10 years, BDCZ has underperformed BIZD with an annualized return of 6.05%, while BIZD has yielded a comparatively higher 7.56% annualized 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%
BIZD
- 1D
- 0.65%
- 1M
- -0.65%
- YTD
- -9.87%
- 6M
- -8.40%
- 1Y
- -12.75%
- 3Y*
- 5.35%
- 5Y*
- 3.92%
- 10Y*
- 7.56%
BDCZ vs. BIZD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BDCZ ETRACS MVIS Business Development Companies Index ETN | -8.73% | -3.72% | 12.22% | 25.31% | -9.12% | 33.97% | -10.95% | 26.00% | -7.64% | 0.40% |
BIZD VanEck BDC Income ETF | -9.87% | -4.96% | 15.63% | 27.02% | -8.51% | 36.25% | -7.12% | 30.87% | -6.88% | 0.36% |
Correlation
The correlation between BDCZ and BIZD is 0.90, 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 | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Oct 9, 2015 | 0.79 |
The correlation between BDCZ and BIZD shifts across timeframes, from 0.79 (all time) to 0.96 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BDCZ vs. BIZD — Risk / Return Rank
BDCZ
BIZD
BDCZ vs. BIZD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS MVIS Business Development Companies Index ETN (BDCZ) and VanEck BDC Income ETF (BIZD). 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 | BIZD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.31 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 0.90 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.52 | -0.58 | +0.06 |
| Martin ratioReturn relative to average drawdown | -0.89 | -0.96 | +0.07 |
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Drawdowns
BDCZ vs. BIZD - Drawdown Comparison
The maximum BDCZ drawdown since its inception was -55.63%, roughly equal to the maximum BIZD drawdown of -55.44%. Use the drawdown chart below to compare losses from any high point for BDCZ and BIZD.
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Drawdown Indicators
| BDCZ | BIZD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.63% | -55.44% | -0.19% |
Max Drawdown (1Y)Largest decline over 1 year | -19.95% | -22.22% | +2.27% |
Max Drawdown (3Y)Largest decline over 3 years | -20.77% | -22.56% | +1.79% |
Max Drawdown (5Y)Largest decline over 5 years | -23.12% | -22.91% | -0.21% |
Max Drawdown (10Y)Largest decline over 10 years | -55.63% | -55.44% | -0.19% |
Current DrawdownCurrent decline from peak | -17.94% | -20.05% | +2.11% |
Average DrawdownAverage peak-to-trough decline | -7.90% | -6.76% | -1.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.51% | 13.30% | -1.79% |
Volatility
BDCZ vs. BIZD - Volatility Comparison
ETRACS MVIS Business Development Companies Index ETN (BDCZ) has a higher volatility of 8.44% compared to VanEck BDC Income ETF (BIZD) at 5.60%. This indicates that BDCZ's price experiences larger fluctuations and is considered to be riskier than BIZD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCZ | BIZD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.44% | 5.60% | +2.84% |
Volatility (6M)Calculated over the trailing 6-month period | 17.35% | 15.19% | +2.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.62% | 18.50% | +2.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.81% | 17.44% | +0.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.76% | 21.78% | -0.02% |
BDCZ vs. BIZD - Expense Ratio Comparison
BDCZ has a 0.85% expense ratio, which is lower than BIZD's 12.86% expense ratio.
Dividends
BDCZ vs. BIZD - Dividend Comparison
BDCZ's dividend yield for the trailing twelve months is around 11.37%, less than BIZD's 14.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
BIZD VanEck BDC Income ETF | 14.01% | 11.78% | 10.94% | 10.96% | 11.21% | 8.14% | 10.39% | 9.13% | 10.88% | 9.13% | 8.51% | 9.12% |
Frequently Asked Questions
BDCZ and BIZD have a correlation of 0.90, 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 BIZD (5.60%). In terms of maximum drawdown, BDCZ dropped -55.63% vs BIZD's -55.44%.
On 10-year performance, BIZD leads with 7.56% vs 6.05% for BDCZ. On fees, BDCZ is cheaper at 0.85% per year. On volatility, BIZD has been the lower-risk option at 5.60%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BIZD has performed better with a 7.56% return vs 6.05%. 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 12.86% for BIZD.
BIZD has the higher dividend yield at 14.01%, compared with 11.37% for BDCZ.
BDCZ tracks BDCZ-US - MVIS US Business Development Companies Index, while BIZD tracks MVIS US Business Development Companies Index. They also come from different issuers: UBS and VanEck. Their fees differ too: 0.85% for BDCZ and 12.86% for BIZD.
BDCZ currently has the higher Sharpe Ratio (-0.50 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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