BDCZ vs. FBDC
BDCZ (ETRACS MVIS Business Development Companies Index ETN) and FBDC (FT Confluence BDC & Specialty Finance Income ETF) are both Financials Equities funds. BDCZ is passively managed, while FBDC is actively managed. Over the past year, BDCZ returned -10.62% vs -10.92% for FBDC. Their correlation of 0.87 means they have usually moved in the same direction. BDCZ charges 0.85%/yr vs 1.35%/yr for FBDC.
Performance
BDCZ vs. FBDC - Performance Comparison
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Returns By Period
In the year-to-date period, BDCZ achieves a -6.58% return, which is significantly higher than FBDC's -7.31% return.
BDCZ
- 1D
- -0.16%
- 1M
- -1.29%
- 6M
- -6.46%
- YTD
- -6.58%
- 1Y
- -10.62%
- 3Y*
- 2.54%
- 5Y*
- 3.98%
- 10Y*
- 6.30%
- ALL TIME*
- 5.90%
FBDC
- 1D
- -0.01%
- 1M
- -0.49%
- 6M
- -6.64%
- YTD
- -7.31%
- 1Y
- -10.92%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -9.05%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $30.15K | $28.17K | $19.88K | |
| $213.26K | $189.97K | $198.06K |
BDCZ vs. FBDC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BDCZ ETRACS MVIS Business Development Companies Index ETN | -6.58% | -3.27% |
FBDC FT Confluence BDC & Specialty Finance Income ETF | -7.31% | -2.66% |
Correlation
The correlation between BDCZ and FBDC is 0.86, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.86 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2025 | 0.87 |
The correlation between BDCZ and FBDC has been stable across timeframes, ranging from 0.86 to 0.87 - a consistent structural relationship.
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Return for Risk
BDCZ vs. FBDC — Risk / Return Rank
BDCZ
FBDC
BDCZ vs. FBDC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS MVIS Business Development Companies Index ETN (BDCZ) and FT Confluence BDC & Specialty Finance Income ETF (FBDC). 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 | FBDC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.21 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 0.91 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.69 | -0.64 | -0.05 |
| Martin ratioReturn relative to average drawdown | -1.24 | -1.14 | -0.10 |
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Drawdowns
BDCZ vs. FBDC - Drawdown Comparison
The maximum BDCZ drawdown since its inception was -55.63%, which is greater than FBDC's maximum drawdown of -20.60%. Use the drawdown chart below to compare losses from any high point for BDCZ and FBDC.
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Drawdown Indicators
| BDCZ | FBDC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.63% | -20.60% | -35.03% |
Max Drawdown (1Y)Largest decline over 1 year | -16.80% | -18.08% | +1.28% |
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 DrawdownCurrent decline from peak | -16.01% | -15.23% | -0.78% |
Average DrawdownAverage peak-to-trough decline | -7.98% | -10.91% | +2.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.36% | 10.12% | -0.76% |
Volatility
BDCZ vs. FBDC - Volatility Comparison
ETRACS MVIS Business Development Companies Index ETN (BDCZ) has a higher volatility of 5.90% compared to FT Confluence BDC & Specialty Finance Income ETF (FBDC) at 4.72%. This indicates that BDCZ's price experiences larger fluctuations and is considered to be riskier than FBDC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCZ | FBDC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.90% | 4.72% | +1.18% |
Volatility (6M)Calculated over the trailing 6-month period | 18.49% | 14.60% | +3.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.56% | 18.15% | +4.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.27% | 17.81% | +0.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.96% | 17.81% | +4.15% |
BDCZ vs. FBDC - Expense Ratio Comparison
BDCZ has a 0.85% expense ratio, which is lower than FBDC's 1.35% expense ratio.
Dividends
BDCZ vs. FBDC - Dividend Comparison
BDCZ's dividend yield for the trailing twelve months is around 12.12%, less than FBDC's 12.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BDCZ ETRACS MVIS Business Development Companies Index ETN | 12.12% | 10.65% | 9.26% | 9.13% | 9.39% | 7.49% | 10.01% | 8.40% | 9.66% | 8.74% | 7.98% |
FBDC FT Confluence BDC & Specialty Finance Income ETF | 12.36% | 5.41% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BDCZ and FBDC have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BDCZ has higher volatility (5.90%) compared to FBDC (4.72%). In terms of maximum drawdown, BDCZ dropped -55.63% vs FBDC's -20.60%.
On 1-year performance, BDCZ leads with -10.62% vs -10.92% for FBDC. On fees, BDCZ is cheaper at 0.85% per year. On volatility, FBDC has been the lower-risk option at 4.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BDCZ has performed better with a -10.62% return vs -10.92%. 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 1.35% for FBDC.
FBDC has the higher dividend yield at 12.36%, compared with 12.12% for BDCZ.
They also come from different issuers: UBS and First Trust. Their fees differ too: 0.85% for BDCZ and 1.35% for FBDC.
BDCZ currently has the higher Sharpe Ratio (-0.52 vs -0.64), 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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