BDCZ vs. FMNY
BDCZ (ETRACS MVIS Business Development Companies Index ETN) and FMNY (First Trust New York High Income Municipal ETF) are both exchange-traded funds - BDCZ is a Financials Equities fund tracking the BDCZ-US - MVIS US Business Development Companies Index, while FMNY is a Municipal Bonds fund actively managed by First Trust. BDCZ is passively managed, while FMNY is actively managed. Over the past 5 years, BDCZ returned 3.38%/yr vs 0.60%/yr for FMNY. At a 0.03 correlation, their price movements are largely independent. BDCZ charges 0.85%/yr vs 0.65%/yr for FMNY.
Performance
BDCZ vs. FMNY - 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 FMNY's 1.93% 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%
FMNY
- 1D
- -0.00%
- 1M
- 0.72%
- YTD
- 1.93%
- 6M
- 2.20%
- 1Y
- 7.77%
- 3Y*
- 4.11%
- 5Y*
- 0.60%
- 10Y*
- —
BDCZ vs. FMNY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BDCZ ETRACS MVIS Business Development Companies Index ETN | -7.98% | -3.72% | 12.22% | 25.31% | -9.12% | 11.11% |
FMNY First Trust New York High Income Municipal ETF | 1.93% | 3.94% | 1.74% | 6.14% | -10.65% | 1.60% |
Correlation
The correlation between BDCZ and FMNY is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since May 14, 2021 | 0.03 |
The correlation between BDCZ and FMNY shifts across timeframes, from -0.08 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BDCZ vs. FMNY — Risk / Return Rank
BDCZ
FMNY
BDCZ vs. FMNY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS MVIS Business Development Companies Index ETN (BDCZ) and First Trust New York High Income Municipal ETF (FMNY). 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 | FMNY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.88 | ||
| Sortino ratioReturn per unit of downside risk | -4.03 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.49 | -0.56 |
| Calmar ratioReturn relative to maximum drawdown | -0.52 | 2.76 | -3.28 |
| Martin ratioReturn relative to average drawdown | -0.95 | 8.93 | -9.88 |
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 | FMNY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.51 | 2.37 | -2.88 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.19 | 0.15 | +0.04 |
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 | 0.19 | +0.08 |
Drawdowns
BDCZ vs. FMNY - Drawdown Comparison
The maximum BDCZ drawdown since its inception was -55.63%, which is greater than FMNY's maximum drawdown of -15.90%. Use the drawdown chart below to compare losses from any high point for BDCZ and FMNY.
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Drawdown Indicators
| BDCZ | FMNY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.63% | -15.90% | -39.73% |
Max Drawdown (1Y)Largest decline over 1 year | -19.95% | -2.83% | -17.12% |
Max Drawdown (3Y)Largest decline over 3 years | -20.77% | -5.88% | -14.89% |
Max Drawdown (5Y)Largest decline over 5 years | -23.12% | -15.90% | -7.22% |
Max Drawdown (10Y)Largest decline over 10 years | -55.63% | — | — |
Current DrawdownCurrent decline from peak | -17.27% | -0.65% | -16.62% |
Average DrawdownAverage peak-to-trough decline | -7.86% | -5.69% | -2.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.94% | 0.87% | +10.07% |
Volatility
BDCZ vs. FMNY - Volatility Comparison
ETRACS MVIS Business Development Companies Index ETN (BDCZ) has a higher volatility of 8.37% compared to First Trust New York High Income Municipal ETF (FMNY) at 0.82%. This indicates that BDCZ's price experiences larger fluctuations and is considered to be riskier than FMNY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCZ | FMNY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.37% | 0.82% | +7.55% |
Volatility (6M)Calculated over the trailing 6-month period | 17.17% | 2.37% | +14.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.42% | 3.29% | +17.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.80% | 4.00% | +13.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.73% | 3.99% | +17.74% |
BDCZ vs. FMNY - Expense Ratio Comparison
BDCZ has a 0.85% expense ratio, which is higher than FMNY's 0.65% expense ratio.
Dividends
BDCZ vs. FMNY - Dividend Comparison
BDCZ's dividend yield for the trailing twelve months is around 11.28%, more than FMNY's 3.68% 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% |
FMNY First Trust New York High Income Municipal ETF | 3.68% | 3.64% | 3.56% | 3.25% | 2.34% | 0.72% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BDCZ and FMNY have a correlation of -0.08, 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 FMNY (0.82%). In terms of maximum drawdown, BDCZ dropped -55.63% vs FMNY's -15.90%.
On 5-year performance, BDCZ leads with 3.38% vs 0.60% for FMNY. On fees, FMNY is cheaper at 0.65% per year. On volatility, FMNY has been the lower-risk option at 0.82%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BDCZ has performed better with a 3.38% return vs 0.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FMNY 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 3.68% for FMNY.
BDCZ is categorized as Financials Equities, while FMNY is Municipal Bonds. They also come from different issuers: UBS and First Trust. Their fees differ too: 0.85% for BDCZ and 0.65% for FMNY.
FMNY currently has the higher Sharpe Ratio (2.37 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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