BDCZ vs. FSK

Last updated Aug 1, 2026

BDCZ (ETRACS MVIS Business Development Companies Index ETN) is Financials Equities fund tracking the BDCZ-US - MVIS US Business Development Companies Index, while FSK (FS KKR Capital Corp.) is a stock. Over the past 10 years, BDCZ returned 6.30%/yr vs 1.95%/yr for FSK. Their 0.64 correlation means they have sometimes moved together and sometimes differently.

Performance

BDCZ vs. FSK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS MVIS Business Development Companies Index ETN (BDCZ) and FS KKR Capital Corp. (FSK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BDCZ achieves a -6.58% return, which is significantly higher than FSK's -22.09% return. Over the past 10 years, BDCZ has outperformed FSK with an annualized return of 6.30%, while FSK has yielded a comparatively lower 1.95% annualized 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%

FSK

• 1D: 0.09%
• 1M: 1.34%
• 6M: -16.33%
• YTD: -22.09%
• 1Y: -38.57%
• 3Y*: -6.06%
• 5Y*: 0.88%
• 10Y*: 1.95%
• ALL TIME*: 2.91%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BDCZ ETRACS MVIS Business Development Companies Index ETN	$30.15K	$28.17K	$19.88K
FSK FS KKR Capital Corp.	$23.70M	$25.56M	$32.14M

BDCZ vs. FSK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BDCZ ETRACS MVIS Business Development Companies Index ETN	-6.58%	-3.72%	12.22%	25.31%	-9.12%	33.97%	-10.95%	26.00%	-7.64%	0.40%
FSK FS KKR Capital Corp.	-22.09%	-20.38%	25.71%	33.04%	-4.71%	41.59%	-10.27%	33.89%	-20.23%	-21.23%

Correlation

The correlation between BDCZ and FSK is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.77
Correlation (3Y) Balances recent behavior with more history.	0.82
Correlation (5Y) Shows whether the relationship held over a longer period.	0.84
Correlation (10Y) Provides a long-term view across more market conditions.	0.67
Correlation (All Time) Calculated using the full available price history since Oct 9, 2015	0.64

The correlation between BDCZ and FSK shifts across timeframes, from 0.64 (all time) to 0.84 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

BDCZ vs. FSK — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BDCZ

BDCZ Risk / Return Rank: 4
BDCZ Sharpe Ratio Rank: 5
BDCZ Sortino Ratio Rank: 5
BDCZ Omega Ratio Rank: 5
BDCZ Calmar Ratio Rank: 4
BDCZ Martin Ratio Rank: 3

FSK

FSK Risk / Return Rank: 6
FSK Sharpe Ratio Rank: 1
FSK Sortino Ratio Rank: 4
FSK Omega Ratio Rank: 4
FSK Calmar Ratio Rank: 10
FSK Martin Ratio Rank: 12

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BDCZ vs. FSK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS MVIS Business Development Companies Index ETN (BDCZ) and FS KKR Capital Corp. (FSK). 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	FSK	Difference
Sharpe ratio: Return per unit of total volatility	-0.52	-1.27	+0.75
Sortino ratio: Return per unit of downside risk	-0.61	-1.81	+1.20
Omega ratio: Gain probability vs. loss probability	0.93	0.77	+0.16
Calmar ratio: Return relative to maximum drawdown	-0.69	-0.86	+0.17
Martin ratio: Return relative to average drawdown	-1.24	-1.29	+0.05

BDCZ vs. FSK - Sharpe Ratio Comparison

The current BDCZ Sharpe Ratio is -0.52, which is higher than the FSK Sharpe Ratio of -1.27. The chart below compares the historical Sharpe Ratios of BDCZ and FSK, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BDCZ vs. FSK - Drawdown Comparison

The maximum BDCZ drawdown since its inception was -55.63%, smaller than the maximum FSK drawdown of -67.20%. Use the drawdown chart below to compare losses from any high point for BDCZ and FSK.

Drawdown Indicators

	BDCZ	FSK	Difference
Max Drawdown Largest peak-to-trough decline	-55.63%	-67.20%	+11.57%
Max Drawdown (1Y) Largest decline over 1 year	-16.80%	-46.28%	+29.48%
Max Drawdown (3Y) Largest decline over 3 years	-20.77%	-51.03%	+30.26%
Max Drawdown (5Y) Largest decline over 5 years	-23.12%	-51.03%	+27.91%
Max Drawdown (10Y) Largest decline over 10 years	-55.63%	-67.20%	+11.57%
Current Drawdown Current decline from peak	-16.01%	-44.01%	+28.00%
Average Drawdown Average peak-to-trough decline	-7.98%	-13.86%	+5.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.36%	32.10%	-22.74%

Volatility

BDCZ vs. FSK - Volatility Comparison

The current volatility for ETRACS MVIS Business Development Companies Index ETN (BDCZ) is 5.90%, while FS KKR Capital Corp. (FSK) has a volatility of 6.81%. This indicates that BDCZ experiences smaller price fluctuations and is considered to be less risky than FSK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BDCZ	FSK	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.90%	6.81%	-0.91%
Volatility (6M) Calculated over the trailing 6-month period	18.49%	27.21%	-8.72%
Volatility (1Y) Calculated over the trailing 1-year period	22.56%	31.46%	-8.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.27%	24.26%	-5.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.96%	27.99%	-6.03%

Dividends

BDCZ vs. FSK - Dividend Comparison

BDCZ's dividend yield for the trailing twelve months is around 12.12%, less than FSK's 21.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
FSK FS KKR Capital Corp.	21.76%	18.91%	13.35%	14.77%	15.20%	11.80%	15.46%	12.40%	16.41%	11.68%	8.65%	9.91%

Frequently Asked Questions

Can I hold both BDCZ and FSK in my portfolio?

BDCZ and FSK have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BDCZ or FSK?

FSK has higher volatility (6.81%) compared to BDCZ (5.90%). In terms of maximum drawdown, BDCZ dropped -55.63% vs FSK's -67.20%.

Which has better risk-adjusted returns?

BDCZ currently has the higher Sharpe Ratio (-0.52 vs -1.27), 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.