BDCZ vs. FBDC

Last updated Apr 1, 2026

Compare and contrast key facts about ETRACS MVIS Business Development Companies Index ETN (BDCZ) and FT Confluence BDC & Specialty Finance Income ETF (FBDC).

BDCZ and FBDC 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. FBDC is an actively managed fund by First Trust. It was launched on Jun 30, 2025.

Performance

BDCZ vs. FBDC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS MVIS Business Development Companies Index ETN (BDCZ) and FT Confluence BDC & Specialty Finance Income ETF (FBDC). The values are adjusted to include any dividend payments, if applicable.

BDCZ vs. FBDC - Yearly Performance Comparison

	2026 (YTD)	2025
BDCZ ETRACS MVIS Business Development Companies Index ETN	-8.73%	-3.88%
FBDC FT Confluence BDC & Specialty Finance Income ETF	-9.87%	-2.43%

Returns By Period

In the year-to-date period, BDCZ achieves a -8.73% return, which is significantly higher than FBDC's -9.87% 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%

FBDC

• 1D: 2.30%
• 1M: 2.24%
• YTD: -9.87%
• 6M: -9.05%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BDCZ vs. FBDC - Expense Ratio Comparison

BDCZ has a 0.85% expense ratio, which is lower than FBDC's 13.69% expense ratio.

FBDC

FT Confluence BDC & Specialty Finance Income ETF

BDCZ

ETRACS MVIS Business Development Companies Index ETN

Return for Risk

BDCZ vs. FBDC — 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

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. 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.

	BDCZ	FBDC	Difference
Sharpe ratio Return per unit of total volatility	-0.58	—	—
Sortino ratio Return per unit of downside risk	-0.68	—	—
Omega ratio Gain probability vs. loss probability	0.91	—	—
Calmar ratio Return relative to maximum drawdown	-0.67	—	—
Martin ratio Return relative to average drawdown	-1.38	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	BDCZ	FBDC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.58	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.30	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	-0.91	+1.18

Correlation

The correlation between BDCZ and FBDC is 0.89, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

BDCZ vs. FBDC - Dividend Comparison

BDCZ's dividend yield for the trailing twelve months is around 11.88%, more than FBDC's 9.28% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
FBDC FT Confluence BDC & Specialty Finance Income ETF	9.28%	5.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

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.

Drawdown Indicators

	BDCZ	FBDC	Difference
Max Drawdown Largest peak-to-trough decline	-55.63%	-20.60%	-35.03%
Max Drawdown (1Y) Largest decline over 1 year	-19.95%	—	—
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	-17.94%	-17.57%	-0.37%
Average Drawdown Average peak-to-trough decline	-7.75%	-9.11%	+1.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.71%	—	—

Volatility

Volatility by Period

	BDCZ	FBDC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.99%	—	—
Volatility (6M) Calculated over the trailing 6-month period	16.22%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	22.66%	17.36%	+5.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.43%	17.36%	+0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.56%	17.36%	+4.20%