BDCZ vs. EUFN

Last updated Apr 1, 2026

Compare and contrast key facts about ETRACS MVIS Business Development Companies Index ETN (BDCZ) and iShares MSCI Europe Financials ETF (EUFN).

BDCZ and EUFN are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BDCZ is a passively managed fund by UBS that tracks the performance of the BDCZ-US - MVIS US Business Development Companies Index. It was launched on Oct 8, 2015. EUFN is a passively managed fund by iShares that tracks the performance of the MSCI Europe Financials Index. It was launched on Jan 20, 2010. Both BDCZ and EUFN are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

BDCZ vs. EUFN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS MVIS Business Development Companies Index ETN (BDCZ) and iShares MSCI Europe Financials ETF (EUFN). The values are adjusted to include any dividend payments, if applicable.

BDCZ vs. EUFN - 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%
EUFN iShares MSCI Europe Financials ETF	-6.04%	65.73%	17.20%	26.15%	-8.78%	19.13%	-8.55%	20.73%	-23.14%	26.94%

Returns By Period

In the year-to-date period, BDCZ achieves a -8.73% return, which is significantly lower than EUFN's -6.04% return. Over the past 10 years, BDCZ has underperformed EUFN with an annualized return of 6.43%, while EUFN has yielded a comparatively higher 11.63% annualized return.

BDCZ

• 1D: 2.11%
• 1M: 1.43%
• YTD: -8.73%
• 6M: -7.68%
• 1Y: -13.06%
• 3Y*: 5.89%
• 5Y*: 4.84%
• 10Y*: 6.43%

EUFN

• 1D: 4.25%
• 1M: -7.58%
• YTD: -6.04%
• 6M: 2.94%
• 1Y: 27.35%
• 3Y*: 29.23%
• 5Y*: 17.62%
• 10Y*: 11.63%

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

BDCZ vs. EUFN - Expense Ratio Comparison

BDCZ has a 0.85% expense ratio, which is higher than EUFN's 0.48% expense ratio.

BDCZ

ETRACS MVIS Business Development Companies Index ETN

EUFN

iShares MSCI Europe Financials ETF

Return for Risk

BDCZ vs. EUFN — Risk / Return Rank

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

BDCZ

BDCZ Risk / Return Rank: 3
BDCZ Sharpe Ratio Rank: 3
BDCZ Sortino Ratio Rank: 3
BDCZ Omega Ratio Rank: 3
BDCZ Calmar Ratio Rank: 2
BDCZ Martin Ratio Rank: 2

EUFN

EUFN Risk / Return Rank: 70
EUFN Sharpe Ratio Rank: 73
EUFN Sortino Ratio Rank: 72
EUFN Omega Ratio Rank: 69
EUFN Calmar Ratio Rank: 71
EUFN Martin Ratio Rank: 65

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. EUFN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS MVIS Business Development Companies Index ETN (BDCZ) and iShares MSCI Europe Financials ETF (EUFN). 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	EUFN	Difference
Sharpe ratio Return per unit of total volatility	-0.58	1.24	-1.82
Sortino ratio Return per unit of downside risk	-0.68	1.76	-2.43
Omega ratio Gain probability vs. loss probability	0.91	1.24	-0.33
Calmar ratio Return relative to maximum drawdown	-0.67	1.74	-2.41
Martin ratio Return relative to average drawdown	-1.38	6.10	-7.48
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. EUFN - Sharpe Ratio Comparison

The current BDCZ Sharpe Ratio is -0.58, which is lower than the EUFN Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of BDCZ and EUFN, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BDCZ	EUFN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.58	1.24	-1.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.82	-0.54
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.30	0.48	-0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.25	+0.02

Correlation

The correlation between BDCZ and EUFN is 0.43, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

BDCZ vs. EUFN - Dividend Comparison

BDCZ's dividend yield for the trailing twelve months is around 11.88%, more than EUFN's 3.80% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BDCZ ETRACS MVIS Business Development Companies Index ETN	11.88%	10.65%	9.26%	9.13%	9.39%	7.49%	10.01%	8.40%	9.66%	8.74%	7.98%	0.00%
EUFN iShares MSCI Europe Financials ETF	3.80%	3.57%	5.36%	5.00%	4.24%	4.15%	1.38%	4.55%	6.48%	3.04%	4.03%	3.65%

Drawdowns

BDCZ vs. EUFN - Drawdown Comparison

The maximum BDCZ drawdown since its inception was -55.63%, roughly equal to the maximum EUFN drawdown of -53.25%. Use the drawdown chart below to compare losses from any high point for BDCZ and EUFN.

Drawdown Indicators

	BDCZ	EUFN	Difference
Max Drawdown Largest peak-to-trough decline	-55.63%	-53.25%	-2.38%
Max Drawdown (1Y) Largest decline over 1 year	-19.95%	-14.77%	-5.18%
Max Drawdown (5Y) Largest decline over 5 years	-23.12%	-35.15%	+12.03%
Max Drawdown (10Y) Largest decline over 10 years	-55.63%	-53.25%	-2.38%
Current Drawdown Current decline from peak	-17.94%	-10.30%	-7.64%
Average Drawdown Average peak-to-trough decline	-7.75%	-14.68%	+6.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.71%	4.22%	+5.49%

Volatility

BDCZ vs. EUFN - Volatility Comparison

The current volatility for ETRACS MVIS Business Development Companies Index ETN (BDCZ) is 5.99%, while iShares MSCI Europe Financials ETF (EUFN) has a volatility of 9.84%. This indicates that BDCZ experiences smaller price fluctuations and is considered to be less risky than EUFN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BDCZ	EUFN	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.99%	9.84%	-3.85%
Volatility (6M) Calculated over the trailing 6-month period	16.22%	14.70%	+1.52%
Volatility (1Y) Calculated over the trailing 1-year period	22.66%	22.21%	+0.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.43%	21.57%	-4.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.56%	24.53%	-2.97%