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BDCZ vs. EUFN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BDCZ vs. EUFN

Last updated Jun 4, 2026

BDCZ (ETRACS MVIS Business Development Companies Index ETN) and EUFN (iShares MSCI Europe Financials ETF) are both Financials Equities funds - BDCZ tracks the BDCZ-US - MVIS US Business Development Companies Index while EUFN tracks the MSCI Europe Financials Index. Both are passively managed. Over the past 10 years, BDCZ returned 6.23%/yr vs 11.98%/yr for EUFN. At a 0.42 correlation, their price movements are largely independent. BDCZ charges 0.85%/yr vs 0.48%/yr for EUFN.

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.

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Returns By Period

In the year-to-date period, BDCZ achieves a -7.98% return, which is significantly lower than EUFN's 1.54% return. Over the past 10 years, BDCZ has underperformed EUFN with an annualized return of 6.23%, while EUFN has yielded a comparatively higher 11.98% annualized 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%

EUFN

1D
-2.03%
1M
2.59%
YTD
1.54%
6M
8.77%
1Y
23.06%
3Y*
30.91%
5Y*
17.47%
10Y*
11.98%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BDCZ vs. EUFN - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
BDCZ
ETRACS MVIS Business Development Companies Index ETN		-7.98%-3.72%12.22%25.31%-9.12%33.97%-10.95%26.00%-7.64%0.40%
EUFN
iShares MSCI Europe Financials ETF		1.54%65.73%17.20%26.15%-8.78%19.13%-8.55%20.73%-23.14%26.94%

Correlation

The correlation between BDCZ and EUFN is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.31

Correlation (3Y)
Calculated over the trailing 3-year period

0.41

Correlation (5Y)
Calculated over the trailing 5-year period

0.51

Correlation (10Y)
Calculated over the trailing 10-year period

0.45

Correlation (All Time)
Calculated using the full available price history since Oct 12, 2015

0.42

The correlation between BDCZ and EUFN shifts across timeframes, from 0.31 (1 year) to 0.51 (5 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ETRACS MVIS Business Development Companies Index ETN

iShares MSCI Europe Financials ETF

Often compared with BDCZ:
BDCZ vs. BIZDBDCZ vs. MLPRBDCZ vs. MTCIXBDCZ vs. PBDCBDCZ vs. FEQIXBDCZ vs. HYGBDCZ vs. SMH
Often compared with EUFN:
EUFN vs. XLFEUFN vs. FDDEUFN vs. SPYEUFN vs. GSIBEUFN vs. EURLEUFN vs. IEUREUFN vs. EIRL

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: 44
Overall Rank
BDCZ Sharpe Ratio Rank: 44
Sharpe Ratio Rank
BDCZ Sortino Ratio Rank: 44
Sortino Ratio Rank
BDCZ Omega Ratio Rank: 44
Omega Ratio Rank
BDCZ Calmar Ratio Rank: 44
Calmar Ratio Rank
BDCZ Martin Ratio Rank: 44
Martin Ratio Rank
EUFN
EUFN Risk / Return Rank: 3232
Overall Rank
EUFN Sharpe Ratio Rank: 3232
Sharpe Ratio Rank
EUFN Sortino Ratio Rank: 3232
Sortino Ratio Rank
EUFN Omega Ratio Rank: 3030
Omega Ratio Rank
EUFN Calmar Ratio Rank: 3232
Calmar Ratio Rank
EUFN Martin Ratio Rank: 3535
Martin Ratio Rank
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.

BDCZEUFNDifference
Sharpe ratioReturn per unit of total volatility
-0.51
1.17

-1.68

Sortino ratioReturn per unit of downside risk
-0.59
1.74

-2.33

Omega ratioGain probability vs. loss probability

0.93

1.21

-0.28

Calmar ratioReturn relative to maximum drawdown

-0.52

1.57

-2.09

Martin ratioReturn relative to average drawdown

-0.95

5.49

-6.44

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 -0.51, which is lower than the EUFN Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of BDCZ and EUFN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

BDCZEUFNDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.51

1.17

-1.68

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.19

0.81

-0.61

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.29

0.49

-0.20

Sharpe Ratio (All Time)

Calculated using the full available price history

0.27

0.27

0.00

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.

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Drawdown Indicators

BDCZEUFNDifference

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 (3Y)

Largest decline over 3 years

-20.77%

-15.95%

-4.82%

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

-17.27%

-3.16%

-14.11%

Average Drawdown

Average peak-to-trough decline

-7.86%

-14.56%

+6.70%

Ulcer Index

Depth and duration of drawdowns from previous peaks

10.94%

4.21%

+6.73%

Volatility

BDCZ vs. EUFN - Volatility Comparison

ETRACS MVIS Business Development Companies Index ETN (BDCZ) has a higher volatility of 8.37% compared to iShares MSCI Europe Financials ETF (EUFN) at 7.00%. This indicates that BDCZ's price experiences larger fluctuations and is considered to be riskier than EUFN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

BDCZEUFNDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.37%

7.00%

+1.37%

Volatility (6M)

Calculated over the trailing 6-month period

17.17%

16.56%

+0.61%

Volatility (1Y)

Calculated over the trailing 1-year period

20.42%

19.75%

+0.67%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.80%

21.80%

-4.00%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.73%

24.55%

-2.82%

BDCZ vs. EUFN - Expense Ratio Comparison

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

Dividends

BDCZ vs. EUFN - Dividend Comparison

BDCZ's dividend yield for the trailing twelve months is around 11.28%, more than EUFN's 3.52% yield.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%
EUFN
iShares MSCI Europe Financials ETF		3.52%3.57%5.36%5.00%4.24%4.15%1.38%4.55%6.48%3.04%4.03%3.65%

Frequently Asked Questions

BDCZ and EUFN have a correlation of 0.31, 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 EUFN (7.00%). In terms of maximum drawdown, BDCZ dropped -55.63% vs EUFN's -53.25%.

On 10-year performance, EUFN leads with 11.98% vs 6.23% for BDCZ. On fees, EUFN is cheaper at 0.48% per year. On volatility, EUFN has been the lower-risk option at 7.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EUFN has performed better with a 11.98% return vs 6.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EUFN is cheaper with a 0.48% expense ratio, compared with 0.85% for BDCZ.

BDCZ has the higher dividend yield at 11.28%, compared with 3.52% for EUFN.

BDCZ tracks BDCZ-US - MVIS US Business Development Companies Index, while EUFN tracks MSCI Europe Financials Index. They also come from different issuers: UBS and iShares. Their fees differ too: 0.85% for BDCZ and 0.48% for EUFN.

EUFN currently has the higher Sharpe Ratio (1.17 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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