BDCZ vs. CLIP

Last updated Jun 4, 2026

BDCZ (ETRACS MVIS Business Development Companies Index ETN) and CLIP (Global X 1-3 Month T-Bill ETF) are both exchange-traded funds - BDCZ is a Financials Equities fund tracking the BDCZ-US - MVIS US Business Development Companies Index, while CLIP is a Ultrashort Bond fund tracking the Solactive 1-3 month US T-Bill Index - USD. Both are passively managed. Over the past year, BDCZ returned -10.32% vs 3.96% for CLIP. At a correlation of -0.03, they often move in opposite directions. BDCZ charges 0.85%/yr vs 0.07%/yr for CLIP.

Performance

BDCZ vs. CLIP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS MVIS Business Development Companies Index ETN (BDCZ) and Global X 1-3 Month T-Bill ETF (CLIP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BDCZ achieves a -7.98% return, which is significantly lower than CLIP's 1.50% 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%

CLIP

• 1D: 0.01%
• 1M: 0.28%
• YTD: 1.50%
• 6M: 1.82%
• 1Y: 3.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BDCZ vs. CLIP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BDCZ ETRACS MVIS Business Development Companies Index ETN	-7.98%	-3.72%	12.22%	14.60%
CLIP Global X 1-3 Month T-Bill ETF	1.50%	4.23%	5.26%	2.82%

Correlation

The correlation between BDCZ and CLIP is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.07
Correlation (All Time) Calculated using the full available price history since Jun 22, 2023	-0.03

Return for Risk

BDCZ vs. CLIP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BDCZ

BDCZ Risk / Return Rank: 4
BDCZ Sharpe Ratio Rank: 4
BDCZ Sortino Ratio Rank: 4
BDCZ Omega Ratio Rank: 4
BDCZ Calmar Ratio Rank: 4
BDCZ Martin Ratio Rank: 4

CLIP

CLIP Risk / Return Rank: 100
CLIP Sharpe Ratio Rank: 100
CLIP Sortino Ratio Rank: 100
CLIP Omega Ratio Rank: 100
CLIP Calmar Ratio Rank: 100
CLIP Martin Ratio Rank: 100

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BDCZ vs. CLIP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS MVIS Business Development Companies Index ETN (BDCZ) and Global X 1-3 Month T-Bill ETF (CLIP). 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	CLIP	Difference
Sharpe ratio: Return per unit of total volatility	-0.51	17.26	-17.76
Sortino ratio: Return per unit of downside risk	-0.59	72.02	-72.61
Omega ratio: Gain probability vs. loss probability	0.93	20.66	-19.73
Calmar ratio: Return relative to maximum drawdown	-0.52	142.22	-142.74
Martin ratio: Return relative to average drawdown	-0.95	1,151.15	-1,152.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BDCZ vs. CLIP - Sharpe Ratio Comparison

The current BDCZ Sharpe Ratio is -0.51, which is lower than the CLIP Sharpe Ratio of 17.26. The chart below compares the historical Sharpe Ratios of BDCZ and CLIP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BDCZ	CLIP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.51	17.26	-17.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	—	—
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	10.71	-10.44

Drawdowns

BDCZ vs. CLIP - Drawdown Comparison

The maximum BDCZ drawdown since its inception was -55.63%, which is greater than CLIP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for BDCZ and CLIP.

Drawdown Indicators

	BDCZ	CLIP	Difference
Max Drawdown Largest peak-to-trough decline	-55.63%	-0.08%	-55.55%
Max Drawdown (1Y) Largest decline over 1 year	-19.95%	-0.03%	-19.92%
Max Drawdown (3Y) Largest decline over 3 years	-20.77%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-23.12%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-55.63%	—	—
Current Drawdown Current decline from peak	-17.27%	0.00%	-17.27%
Average Drawdown Average peak-to-trough decline	-7.86%	-0.00%	-7.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.94%	0.00%	+10.94%

Volatility

BDCZ vs. CLIP - Volatility Comparison

ETRACS MVIS Business Development Companies Index ETN (BDCZ) has a higher volatility of 8.37% compared to Global X 1-3 Month T-Bill ETF (CLIP) at 0.06%. This indicates that BDCZ's price experiences larger fluctuations and is considered to be riskier than CLIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BDCZ	CLIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.37%	0.06%	+8.31%
Volatility (6M) Calculated over the trailing 6-month period	17.17%	0.14%	+17.03%
Volatility (1Y) Calculated over the trailing 1-year period	20.42%	0.23%	+20.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.80%	0.44%	+17.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.73%	0.44%	+21.29%

BDCZ vs. CLIP - Expense Ratio Comparison

BDCZ has a 0.85% expense ratio, which is higher than CLIP's 0.07% expense ratio.

Dividends

BDCZ vs. CLIP - Dividend Comparison

BDCZ's dividend yield for the trailing twelve months is around 11.28%, more than CLIP's 3.91% 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%
CLIP Global X 1-3 Month T-Bill ETF	3.91%	4.14%	5.11%	2.75%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BDCZ and CLIP in my portfolio?

BDCZ and CLIP have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BDCZ or CLIP?

BDCZ has higher volatility (8.37%) compared to CLIP (0.06%). In terms of maximum drawdown, BDCZ dropped -55.63% vs CLIP's -0.08%.

Which ETF is better, BDCZ or CLIP?

On 1-year performance, CLIP leads with 3.96% vs -10.32% for BDCZ. On fees, CLIP is cheaper at 0.07% per year. On volatility, CLIP has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BDCZ or CLIP?

Over the 1-year period, CLIP has performed better with a 3.96% return vs -10.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BDCZ or CLIP?

CLIP is cheaper with a 0.07% expense ratio, compared with 0.85% for BDCZ.

Which ETF pays a higher dividend yield, BDCZ or CLIP?

BDCZ has the higher dividend yield at 11.28%, compared with 3.91% for CLIP.

What is the main difference between BDCZ and CLIP?

BDCZ is categorized as Financials Equities, while CLIP is Ultrashort Bond. BDCZ tracks BDCZ-US - MVIS US Business Development Companies Index, while CLIP tracks Solactive 1-3 month US T-Bill Index - USD. They also come from different issuers: UBS and Global X. Their fees differ too: 0.85% for BDCZ and 0.07% for CLIP.

Which has better risk-adjusted returns?

CLIP currently has the higher Sharpe Ratio (17.26 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.