BDCZ vs. FSK

Last updated Jun 4, 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 6.23%/yr vs 2.45%/yr for FSK. A 0.63 correlation means they provide meaningful diversification when combined.

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 -7.98% return, which is significantly higher than FSK's -23.50% return. Over the past 10 years, BDCZ has outperformed FSK with an annualized return of 6.23%, while FSK has yielded a comparatively lower 2.45% annualized 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%

FSK

• 1D: -0.92%
• 1M: -7.06%
• YTD: -23.50%
• 6M: -26.57%
• 1Y: -39.65%
• 3Y*: -4.54%
• 5Y*: -0.87%
• 10Y*: 2.45%

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

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	-7.98%	-3.72%	12.22%	25.31%	-9.12%	33.97%	-10.95%	26.00%	-7.64%	0.40%
FSK FS KKR Capital Corp.	-23.50%	-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 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Oct 12, 2015	0.63

The correlation between BDCZ and FSK shifts across timeframes, from 0.63 (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 risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BDCZ

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

FSK

FSK Risk / Return Rank: 6
FSK Sharpe Ratio Rank: 1
FSK Sortino Ratio Rank: 3
FSK Omega Ratio Rank: 3
FSK Calmar Ratio Rank: 11
FSK Martin Ratio Rank: 12

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. 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.

	BDCZ	FSK	Difference
Sharpe ratio: Return per unit of total volatility	-0.51	-1.30	+0.80
Sortino ratio: Return per unit of downside risk	-0.59	-1.85	+1.26
Omega ratio: Gain probability vs. loss probability	0.93	0.75	+0.18
Calmar ratio: Return relative to maximum drawdown	-0.52	-0.78	+0.26
Martin ratio: Return relative to average drawdown	-0.95	-1.24	+0.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BDCZ vs. FSK - Sharpe Ratio Comparison

The current BDCZ Sharpe Ratio is -0.51, which is higher than the FSK Sharpe Ratio of -1.30. 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.

Sharpe Ratios by Period

	BDCZ	FSK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.51	-1.30	+0.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	-0.04	+0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	0.09	+0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.10	+0.17

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	-19.95%	-51.01%	+31.06%
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	-17.27%	-45.02%	+27.75%
Average Drawdown Average peak-to-trough decline	-7.86%	-13.46%	+5.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.94%	32.03%	-21.09%

Volatility

BDCZ vs. FSK - Volatility Comparison

ETRACS MVIS Business Development Companies Index ETN (BDCZ) has a higher volatility of 8.37% compared to FS KKR Capital Corp. (FSK) at 6.84%. This indicates that BDCZ's price experiences larger fluctuations and is considered to be riskier 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	8.37%	6.84%	+1.53%
Volatility (6M) Calculated over the trailing 6-month period	17.17%	26.48%	-9.31%
Volatility (1Y) Calculated over the trailing 1-year period	20.42%	30.52%	-10.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.80%	24.05%	-6.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.73%	27.90%	-6.17%

Dividends

BDCZ vs. FSK - Dividend Comparison

BDCZ's dividend yield for the trailing twelve months is around 11.28%, less than FSK's 23.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
FSK FS KKR Capital Corp.	23.89%	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 0.80, 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?

BDCZ has higher volatility (8.37%) compared to FSK (6.84%). 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 (-0.51 vs -1.30), 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.