BDCZ vs. HDLB
BDCZ (ETRACS MVIS Business Development Companies Index ETN) and HDLB (ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B) are both exchange-traded funds - BDCZ is a Financials Equities fund tracking the BDCZ-US - MVIS US Business Development Companies Index, while HDLB is a Leveraged Equities fund tracking the Solactive US High Dividend Low Volatility (USD)(TR) (200%). Both are passively managed. Over the past 5 years, BDCZ returned 3.29%/yr vs 12.53%/yr for HDLB. At a 0.49 correlation, their price movements are largely independent. BDCZ charges 0.85%/yr vs 1.65%/yr for HDLB.
Performance
BDCZ vs. HDLB - Performance Comparison
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Returns By Period
In the year-to-date period, BDCZ achieves a -8.73% return, which is significantly lower than HDLB's 12.54% return.
BDCZ
- 1D
- 0.45%
- 1M
- -0.80%
- YTD
- -8.73%
- 6M
- -6.81%
- 1Y
- -10.27%
- 3Y*
- 4.71%
- 5Y*
- 3.29%
- 10Y*
- 6.05%
HDLB
- 1D
- 4.54%
- 1M
- -2.98%
- YTD
- 12.54%
- 6M
- 14.64%
- 1Y
- 18.01%
- 3Y*
- 28.22%
- 5Y*
- 12.53%
- 10Y*
- —
BDCZ vs. HDLB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
BDCZ ETRACS MVIS Business Development Companies Index ETN | -8.73% | -3.72% | 12.22% | 25.31% | -9.12% | 33.97% | -10.95% | 4.21% |
HDLB ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B | 12.54% | 27.26% | 28.21% | -4.12% | -11.46% | 62.67% | -50.94% | 8.33% |
Correlation
The correlation between BDCZ and HDLB is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Oct 25, 2019 | 0.49 |
Over the past year, the correlation between BDCZ and HDLB has dropped to 0.21 - well below their long-term average of 0.49, suggesting their price drivers have been diverging.
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Return for Risk
BDCZ vs. HDLB — Risk / Return Rank
BDCZ
HDLB
BDCZ vs. HDLB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS MVIS Business Development Companies Index ETN (BDCZ) and ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB). 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 | HDLB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.16 | ||
| Sortino ratioReturn per unit of downside risk | -1.68 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.13 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | -0.52 | 1.12 | -1.64 |
| Martin ratioReturn relative to average drawdown | -0.89 | 2.52 | -3.42 |
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Drawdowns
BDCZ vs. HDLB - Drawdown Comparison
The maximum BDCZ drawdown since its inception was -55.63%, smaller than the maximum HDLB drawdown of -78.70%. Use the drawdown chart below to compare losses from any high point for BDCZ and HDLB.
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Drawdown Indicators
| BDCZ | HDLB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.63% | -78.70% | +23.07% |
Max Drawdown (1Y)Largest decline over 1 year | -19.95% | -16.17% | -3.78% |
Max Drawdown (3Y)Largest decline over 3 years | -20.77% | -22.46% | +1.69% |
Max Drawdown (5Y)Largest decline over 5 years | -23.12% | -43.81% | +20.69% |
Max Drawdown (10Y)Largest decline over 10 years | -55.63% | — | — |
Current DrawdownCurrent decline from peak | -17.94% | -11.92% | -6.02% |
Average DrawdownAverage peak-to-trough decline | -7.90% | -27.33% | +19.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.51% | 7.15% | +4.36% |
Volatility
BDCZ vs. HDLB - Volatility Comparison
The current volatility for ETRACS MVIS Business Development Companies Index ETN (BDCZ) is 8.44%, while ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B (HDLB) has a volatility of 9.49%. This indicates that BDCZ experiences smaller price fluctuations and is considered to be less risky than HDLB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCZ | HDLB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.44% | 9.49% | -1.05% |
Volatility (6M)Calculated over the trailing 6-month period | 17.35% | 19.68% | -2.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.62% | 27.28% | -6.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.81% | 30.69% | -12.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.76% | 43.52% | -21.76% |
BDCZ vs. HDLB - Expense Ratio Comparison
BDCZ has a 0.85% expense ratio, which is lower than HDLB's 1.65% expense ratio.
Dividends
BDCZ vs. HDLB - Dividend Comparison
BDCZ's dividend yield for the trailing twelve months is around 11.37%, which matches HDLB's 11.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BDCZ ETRACS MVIS Business Development Companies Index ETN | 11.37% | 10.65% | 9.26% | 9.13% | 9.39% | 7.49% | 10.01% | 8.40% | 9.66% | 8.74% | 7.98% |
HDLB ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B | 11.27% | 12.20% | 10.09% | 12.36% | 10.86% | 8.07% | 16.23% | 0.97% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BDCZ and HDLB have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HDLB has higher volatility (9.49%) compared to BDCZ (8.44%). In terms of maximum drawdown, BDCZ dropped -55.63% vs HDLB's -78.70%.
On 5-year performance, HDLB leads with 12.53% vs 3.29% for BDCZ. On fees, BDCZ is cheaper at 0.85% per year. On volatility, BDCZ has been the lower-risk option at 8.44%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, HDLB has performed better with a 12.53% return vs 3.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BDCZ is cheaper with a 0.85% expense ratio, compared with 1.65% for HDLB.
BDCZ has the higher dividend yield at 11.37%, compared with 11.27% for HDLB.
BDCZ is categorized as Financials Equities, while HDLB is Leveraged Equities. BDCZ tracks BDCZ-US - MVIS US Business Development Companies Index, while HDLB tracks Solactive US High Dividend Low Volatility (USD)(TR) (200%). Their fees differ too: 0.85% for BDCZ and 1.65% for HDLB.
HDLB currently has the higher Sharpe Ratio (0.66 vs -0.50), 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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