BDCZ vs. GLDI

Last updated Aug 1, 2026

BDCZ (ETRACS MVIS Business Development Companies Index ETN) and GLDI (UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033) are both exchange-traded funds - BDCZ is a Financials Equities fund tracking the BDCZ-US - MVIS US Business Development Companies Index, while GLDI is a Gold fund tracking the Credit Suisse NASDAQ Gold FLOWS 103 Index. Both are passively managed. Over the past 10 years, BDCZ returned 6.30%/yr vs 7.56%/yr for GLDI. Their 0.07 correlation means their historical movements had little consistent relationship. BDCZ charges 0.85%/yr vs 0.65%/yr for GLDI.

Performance

BDCZ vs. GLDI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS MVIS Business Development Companies Index ETN (BDCZ) and UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 (GLDI). 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 lower than GLDI's -4.75% return. Over the past 10 years, BDCZ has underperformed GLDI with an annualized return of 6.30%, while GLDI has yielded a comparatively higher 7.56% 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%

GLDI

• 1D: -0.61%
• 1M: -0.08%
• 6M: -7.85%
• YTD: -4.75%
• 1Y: 11.07%
• 3Y*: 16.54%
• 5Y*: 10.37%
• 10Y*: 7.56%
• ALL TIME*: 3.85%

*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
GLDI UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033	$9.09M	$8.22M	$7.58M

BDCZ vs. GLDI - 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%
GLDI UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033	-4.75%	34.25%	17.76%	8.93%	-1.11%	-3.42%	23.50%	14.40%	-0.54%	8.94%

Correlation

The correlation between BDCZ and GLDI is 0.04, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.04
Correlation (3Y) Balances recent behavior with more history.	0.08
Correlation (5Y) Shows whether the relationship held over a longer period.	0.12
Correlation (10Y) Provides a long-term view across more market conditions.	0.08
Correlation (All Time) Calculated using the full available price history since Oct 9, 2015	0.07

Return for Risk

BDCZ vs. GLDI — 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

GLDI

GLDI Risk / Return Rank: 29
GLDI Sharpe Ratio Rank: 32
GLDI Sortino Ratio Rank: 28
GLDI Omega Ratio Rank: 34
GLDI Calmar Ratio Rank: 26
GLDI Martin Ratio Rank: 26

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. GLDI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS MVIS Business Development Companies Index ETN (BDCZ) and UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 (GLDI). 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	GLDI	Difference
Sharpe ratio: Return per unit of total volatility	-0.52	0.76	-1.28
Sortino ratio: Return per unit of downside risk	-0.61	1.05	-1.66
Omega ratio: Gain probability vs. loss probability	0.93	1.16	-0.23
Calmar ratio: Return relative to maximum drawdown	-0.69	0.81	-1.51
Martin ratio: Return relative to average drawdown	-1.24	2.04	-3.29

BDCZ vs. GLDI - Sharpe Ratio Comparison

The current BDCZ Sharpe Ratio is -0.52, which is lower than the GLDI Sharpe Ratio of 0.76. The chart below compares the historical Sharpe Ratios of BDCZ and GLDI, 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. GLDI - Drawdown Comparison

The maximum BDCZ drawdown since its inception was -55.63%, which is greater than GLDI's maximum drawdown of -32.26%. Use the drawdown chart below to compare losses from any high point for BDCZ and GLDI.

Drawdown Indicators

	BDCZ	GLDI	Difference
Max Drawdown Largest peak-to-trough decline	-55.63%	-32.26%	-23.37%
Max Drawdown (1Y) Largest decline over 1 year	-16.80%	-15.81%	-0.99%
Max Drawdown (3Y) Largest decline over 3 years	-20.77%	-15.81%	-4.96%
Max Drawdown (5Y) Largest decline over 5 years	-23.12%	-15.81%	-7.31%
Max Drawdown (10Y) Largest decline over 10 years	-55.63%	-15.81%	-39.82%
Current Drawdown Current decline from peak	-16.01%	-13.54%	-2.47%
Average Drawdown Average peak-to-trough decline	-7.98%	-13.99%	+6.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.36%	6.26%	+3.10%

Volatility

BDCZ vs. GLDI - Volatility Comparison

ETRACS MVIS Business Development Companies Index ETN (BDCZ) has a higher volatility of 5.90% compared to UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 (GLDI) at 5.26%. This indicates that BDCZ's price experiences larger fluctuations and is considered to be riskier than GLDI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BDCZ	GLDI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.90%	5.26%	+0.64%
Volatility (6M) Calculated over the trailing 6-month period	18.49%	15.59%	+2.90%
Volatility (1Y) Calculated over the trailing 1-year period	22.56%	16.78%	+5.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.27%	11.85%	+6.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.96%	11.65%	+10.31%

BDCZ vs. GLDI - Expense Ratio Comparison

BDCZ has a 0.85% expense ratio, which is higher than GLDI's 0.65% expense ratio.

Dividends

BDCZ vs. GLDI - Dividend Comparison

BDCZ's dividend yield for the trailing twelve months is around 12.12%, less than GLDI's 26.14% 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%
GLDI UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033	26.14%	16.15%	10.45%	10.02%	13.73%	10.65%	14.25%	7.25%	5.33%	7.77%	17.26%	10.07%

Frequently Asked Questions

Can I hold both BDCZ and GLDI in my portfolio?

BDCZ and GLDI have a correlation of 0.04, 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 GLDI?

BDCZ has higher volatility (5.90%) compared to GLDI (5.26%). In terms of maximum drawdown, BDCZ dropped -55.63% vs GLDI's -32.26%.

Which ETF is better, BDCZ or GLDI?

On 10-year performance, GLDI leads with 7.56% vs 6.30% for BDCZ. On fees, GLDI is cheaper at 0.65% per year. On volatility, GLDI has been the lower-risk option at 5.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BDCZ or GLDI?

Over the 10-year period, GLDI has performed better with a 7.56% return vs 6.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BDCZ or GLDI?

GLDI is cheaper with a 0.65% expense ratio, compared with 0.85% for BDCZ.

Which ETF pays a higher dividend yield, BDCZ or GLDI?

GLDI has the higher dividend yield at 26.14%, compared with 12.12% for BDCZ.

What is the main difference between BDCZ and GLDI?

BDCZ is categorized as Financials Equities, while GLDI is Gold. BDCZ tracks BDCZ-US - MVIS US Business Development Companies Index, while GLDI tracks Credit Suisse NASDAQ Gold FLOWS 103 Index. Their fees differ too: 0.85% for BDCZ and 0.65% for GLDI.

Which has better risk-adjusted returns?

GLDI currently has the higher Sharpe Ratio (0.76 vs -0.52), 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.