BDCZ vs. CEFD
BDCZ (ETRACS MVIS Business Development Companies Index ETN) and CEFD (ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN) are both exchange-traded funds - BDCZ is a Financials Equities fund tracking the BDCZ-US - MVIS US Business Development Companies Index, while CEFD is a fund fund tracking the S-Network Composite Closed-End Fund Index (150%). Both are passively managed. Over the past 5 years, BDCZ returned 3.38%/yr vs 3.13%/yr for CEFD. A 0.57 correlation means they provide meaningful diversification when combined. BDCZ charges 0.85%/yr vs 0.95%/yr for CEFD.
Performance
BDCZ vs. CEFD - Performance Comparison
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Returns By Period
In the year-to-date period, BDCZ achieves a -7.98% return, which is significantly lower than CEFD's 6.26% 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%
CEFD
- 1D
- -0.98%
- 1M
- 2.61%
- YTD
- 6.26%
- 6M
- 6.56%
- 1Y
- 18.31%
- 3Y*
- 15.60%
- 5Y*
- 3.13%
- 10Y*
- —
BDCZ vs. CEFD - 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% |
CEFD ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN | 6.26% | 14.15% | 20.06% | 8.36% | -28.93% | 22.09% | 21.81% |
Correlation
The correlation between BDCZ and CEFD is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2020 | 0.57 |
Over the past year, the correlation between BDCZ and CEFD has dropped to 0.36 - well below their long-term average of 0.57, suggesting their price drivers have been diverging.
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Return for Risk
BDCZ vs. CEFD — Risk / Return Rank
BDCZ
CEFD
BDCZ vs. CEFD - 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 Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD). 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 | CEFD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.94 | ||
| Sortino ratioReturn per unit of downside risk | -2.62 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.29 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.52 | 1.47 | -1.99 |
| Martin ratioReturn relative to average drawdown | -0.95 | 6.84 | -7.79 |
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 | CEFD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.51 | 1.43 | -1.94 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.19 | 0.18 | +0.02 |
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 | 0.52 | -0.24 |
Drawdowns
BDCZ vs. CEFD - Drawdown Comparison
The maximum BDCZ drawdown since its inception was -55.63%, which is greater than CEFD's maximum drawdown of -36.95%. Use the drawdown chart below to compare losses from any high point for BDCZ and CEFD.
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Drawdown Indicators
| BDCZ | CEFD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.63% | -36.95% | -18.68% |
Max Drawdown (1Y)Largest decline over 1 year | -19.95% | -12.51% | -7.44% |
Max Drawdown (3Y)Largest decline over 3 years | -20.77% | -21.76% | +0.99% |
Max Drawdown (5Y)Largest decline over 5 years | -23.12% | -36.95% | +13.83% |
Max Drawdown (10Y)Largest decline over 10 years | -55.63% | — | — |
Current DrawdownCurrent decline from peak | -17.27% | -1.14% | -16.13% |
Average DrawdownAverage peak-to-trough decline | -7.86% | -11.72% | +3.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.94% | 2.68% | +8.26% |
Volatility
BDCZ vs. CEFD - Volatility Comparison
ETRACS MVIS Business Development Companies Index ETN (BDCZ) has a higher volatility of 8.37% compared to ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD) at 4.05%. This indicates that BDCZ's price experiences larger fluctuations and is considered to be riskier than CEFD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCZ | CEFD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.37% | 4.05% | +4.32% |
Volatility (6M)Calculated over the trailing 6-month period | 17.17% | 11.27% | +5.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.42% | 12.86% | +7.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.80% | 17.93% | -0.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.73% | 17.31% | +4.42% |
BDCZ vs. CEFD - Expense Ratio Comparison
BDCZ has a 0.85% expense ratio, which is lower than CEFD's 0.95% expense ratio.
Dividends
BDCZ vs. CEFD - Dividend Comparison
BDCZ's dividend yield for the trailing twelve months is around 11.28%, less than CEFD's 14.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
CEFD ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN | 14.58% | 14.88% | 13.90% | 14.76% | 16.56% | 10.31% | 5.37% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BDCZ and CEFD have a correlation of 0.36, 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 CEFD (4.05%). In terms of maximum drawdown, BDCZ dropped -55.63% vs CEFD's -36.95%.
On 5-year performance, BDCZ leads with 3.38% vs 3.13% for CEFD. On fees, BDCZ is cheaper at 0.85% per year. On volatility, CEFD has been the lower-risk option at 4.05%. 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 3.13%. 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 CEFD.
CEFD has the higher dividend yield at 14.58%, compared with 11.28% for BDCZ.
BDCZ tracks BDCZ-US - MVIS US Business Development Companies Index, while CEFD tracks S-Network Composite Closed-End Fund Index (150%). Their fees differ too: 0.85% for BDCZ and 0.95% for CEFD.
CEFD currently has the higher Sharpe Ratio (1.43 vs -0.51), 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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