BDCZ vs. FLSP
BDCZ (ETRACS MVIS Business Development Companies Index ETN) and FLSP (Franklin Liberty Systematic Style Premia ETF) are both exchange-traded funds - BDCZ is a Financials Equities fund tracking the BDCZ-US - MVIS US Business Development Companies Index, while FLSP is a Long-Short fund actively managed by Franklin Templeton. BDCZ is passively managed, while FLSP is actively managed. Over the past 5 years, BDCZ returned 3.38%/yr vs 7.70%/yr for FLSP. At a 0.06 correlation, their price movements are largely independent. BDCZ charges 0.85%/yr vs 0.65%/yr for FLSP.
Performance
BDCZ vs. FLSP - Performance Comparison
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Returns By Period
In the year-to-date period, BDCZ achieves a -7.98% return, which is significantly lower than FLSP's 1.26% 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%
FLSP
- 1D
- 0.04%
- 1M
- 1.15%
- YTD
- 1.26%
- 6M
- 3.45%
- 1Y
- 14.67%
- 3Y*
- 10.00%
- 5Y*
- 7.70%
- 10Y*
- —
BDCZ vs. FLSP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
BDCZ ETRACS MVIS Business Development Companies Index ETN | -7.98% | -3.72% | 12.22% | 25.31% | -9.12% | 33.97% | -10.95% | -0.29% |
FLSP Franklin Liberty Systematic Style Premia ETF | 1.26% | 15.56% | 11.75% | 3.14% | 0.44% | 11.44% | -15.19% | 0.90% |
Correlation
The correlation between BDCZ and FLSP is -0.10, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Dec 24, 2019 | 0.06 |
The correlation between BDCZ and FLSP shifts across timeframes, from -0.10 (1 year) to 0.06 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BDCZ vs. FLSP — Risk / Return Rank
BDCZ
FLSP
BDCZ vs. FLSP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS MVIS Business Development Companies Index ETN (BDCZ) and Franklin Liberty Systematic Style Premia ETF (FLSP). 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 | FLSP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.10 | ||
| Sortino ratioReturn per unit of downside risk | -2.86 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.27 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.52 | 3.66 | -4.17 |
| Martin ratioReturn relative to average drawdown | -0.95 | 10.59 | -11.54 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BDCZ | FLSP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.51 | 1.59 | -2.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.19 | 0.58 | -0.39 |
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 | 0.30 | -0.03 |
Drawdowns
BDCZ vs. FLSP - Drawdown Comparison
The maximum BDCZ drawdown since its inception was -55.63%, which is greater than FLSP's maximum drawdown of -22.75%. Use the drawdown chart below to compare losses from any high point for BDCZ and FLSP.
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Drawdown Indicators
| BDCZ | FLSP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.63% | -22.75% | -32.88% |
Max Drawdown (1Y)Largest decline over 1 year | -19.95% | -4.03% | -15.92% |
Max Drawdown (3Y)Largest decline over 3 years | -20.77% | -6.69% | -14.08% |
Max Drawdown (5Y)Largest decline over 5 years | -23.12% | -9.52% | -13.60% |
Max Drawdown (10Y)Largest decline over 10 years | -55.63% | — | — |
Current DrawdownCurrent decline from peak | -17.27% | -1.94% | -15.33% |
Average DrawdownAverage peak-to-trough decline | -7.86% | -6.30% | -1.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.94% | 1.39% | +9.55% |
Volatility
BDCZ vs. FLSP - Volatility Comparison
ETRACS MVIS Business Development Companies Index ETN (BDCZ) has a higher volatility of 8.37% compared to Franklin Liberty Systematic Style Premia ETF (FLSP) at 1.98%. This indicates that BDCZ's price experiences larger fluctuations and is considered to be riskier than FLSP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCZ | FLSP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.37% | 1.98% | +6.39% |
Volatility (6M)Calculated over the trailing 6-month period | 17.17% | 6.86% | +10.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.42% | 9.27% | +11.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.80% | 13.37% | +4.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.73% | 13.53% | +8.20% |
BDCZ vs. FLSP - Expense Ratio Comparison
BDCZ has a 0.85% expense ratio, which is higher than FLSP's 0.65% expense ratio.
Dividends
BDCZ vs. FLSP - Dividend Comparison
BDCZ's dividend yield for the trailing twelve months is around 11.28%, more than FLSP's 2.62% 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% |
FLSP Franklin Liberty Systematic Style Premia ETF | 2.62% | 2.65% | 1.18% | 1.19% | 2.18% | 1.19% | 8.08% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BDCZ and FLSP have a correlation of -0.10, 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 FLSP (1.98%). In terms of maximum drawdown, BDCZ dropped -55.63% vs FLSP's -22.75%.
On 5-year performance, FLSP leads with 7.70% vs 3.38% for BDCZ. On fees, FLSP is cheaper at 0.65% per year. On volatility, FLSP has been the lower-risk option at 1.98%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FLSP has performed better with a 7.70% return vs 3.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLSP is cheaper with a 0.65% expense ratio, compared with 0.85% for BDCZ.
BDCZ has the higher dividend yield at 11.28%, compared with 2.62% for FLSP.
BDCZ is categorized as Financials Equities, while FLSP is Long-Short. They also come from different issuers: UBS and Franklin Templeton. Their fees differ too: 0.85% for BDCZ and 0.65% for FLSP.
FLSP currently has the higher Sharpe Ratio (1.59 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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