BDCZ vs. HSBH

Last updated Aug 1, 2026

BDCZ (ETRACS MVIS Business Development Companies Index ETN) and HSBH (HSBC Holdings plc ADRhedged ETF) are both Financials Equities funds - BDCZ tracks the BDCZ-US - MVIS US Business Development Companies Index while HSBH tracks the HSBC Holdings plc Local Shares Total Return. Both are passively managed. Over the past year, BDCZ returned -10.62% vs 75.30% for HSBH. Their 0.23 correlation means their historical movements had little consistent relationship. BDCZ charges 0.85%/yr vs 0.19%/yr for HSBH.

Performance

BDCZ vs. HSBH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS MVIS Business Development Companies Index ETN (BDCZ) and HSBC Holdings plc ADRhedged ETF (HSBH). 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 HSBH's 38.03% 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%

HSBH

• 1D: -0.68%
• 1M: 8.81%
• 6M: 25.69%
• YTD: 38.03%
• 1Y: 75.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 67.92%

*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
HSBH HSBC Holdings plc ADRhedged ETF	$1.58M	$1.25M	$593.54K

BDCZ vs. HSBH - Yearly Performance Comparison

	2026 (YTD)	2025
BDCZ ETRACS MVIS Business Development Companies Index ETN	-6.58%	3.86%
HSBH HSBC Holdings plc ADRhedged ETF	38.03%	39.95%

Correlation

The correlation between BDCZ and HSBH is 0.22, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.22
Correlation (All Time) Calculated using the full available price history since Apr 23, 2025	0.23

Return for Risk

BDCZ vs. HSBH — 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

HSBH

HSBH Risk / Return Rank: 95
HSBH Sharpe Ratio Rank: 97
HSBH Sortino Ratio Rank: 95
HSBH Omega Ratio Rank: 95
HSBH Calmar Ratio Rank: 95
HSBH Martin Ratio Rank: 94

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. HSBH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS MVIS Business Development Companies Index ETN (BDCZ) and HSBC Holdings plc ADRhedged ETF (HSBH). 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	HSBH	Difference
Sharpe ratio: Return per unit of total volatility	-0.52	3.18	-3.70
Sortino ratio: Return per unit of downside risk	-0.61	4.04	-4.65
Omega ratio: Gain probability vs. loss probability	0.93	1.53	-0.61
Calmar ratio: Return relative to maximum drawdown	-0.69	5.09	-5.79
Martin ratio: Return relative to average drawdown	-1.24	18.72	-19.97

BDCZ vs. HSBH - Sharpe Ratio Comparison

The current BDCZ Sharpe Ratio is -0.52, which is lower than the HSBH Sharpe Ratio of 3.18. The chart below compares the historical Sharpe Ratios of BDCZ and HSBH, 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. HSBH - Drawdown Comparison

The maximum BDCZ drawdown since its inception was -55.63%, which is greater than HSBH's maximum drawdown of -14.81%. Use the drawdown chart below to compare losses from any high point for BDCZ and HSBH.

Drawdown Indicators

	BDCZ	HSBH	Difference
Max Drawdown Largest peak-to-trough decline	-55.63%	-14.81%	-40.82%
Max Drawdown (1Y) Largest decline over 1 year	-16.80%	-14.81%	-1.99%
Max Drawdown (3Y) Largest decline over 3 years	-20.77%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-23.12%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-55.63%	—	—
Current Drawdown Current decline from peak	-16.01%	-0.68%	-15.33%
Average Drawdown Average peak-to-trough decline	-7.98%	-2.20%	-5.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.36%	4.02%	+5.34%

Volatility

BDCZ vs. HSBH - Volatility Comparison

The current volatility for ETRACS MVIS Business Development Companies Index ETN (BDCZ) is 5.90%, while HSBC Holdings plc ADRhedged ETF (HSBH) has a volatility of 6.40%. This indicates that BDCZ experiences smaller price fluctuations and is considered to be less risky than HSBH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BDCZ	HSBH	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.90%	6.40%	-0.50%
Volatility (6M) Calculated over the trailing 6-month period	18.49%	19.72%	-1.23%
Volatility (1Y) Calculated over the trailing 1-year period	22.56%	23.73%	-1.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.27%	22.72%	-4.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.96%	22.72%	-0.76%

BDCZ vs. HSBH - Expense Ratio Comparison

BDCZ has a 0.85% expense ratio, which is higher than HSBH's 0.19% expense ratio.

Dividends

BDCZ vs. HSBH - Dividend Comparison

BDCZ's dividend yield for the trailing twelve months is around 12.12%, more than HSBH's 2.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
HSBH HSBC Holdings plc ADRhedged ETF	2.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BDCZ and HSBH in my portfolio?

BDCZ and HSBH have a correlation of 0.22, 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 HSBH?

HSBH has higher volatility (6.40%) compared to BDCZ (5.90%). In terms of maximum drawdown, BDCZ dropped -55.63% vs HSBH's -14.81%.

Which ETF is better, BDCZ or HSBH?

On 1-year performance, HSBH leads with 75.30% vs -10.62% for BDCZ. On fees, HSBH is cheaper at 0.19% per year. On volatility, BDCZ has been the lower-risk option at 5.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BDCZ or HSBH?

Over the 1-year period, HSBH has performed better with a 75.30% return vs -10.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BDCZ or HSBH?

HSBH is cheaper with a 0.19% expense ratio, compared with 0.85% for BDCZ.

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

BDCZ has the higher dividend yield at 12.12%, compared with 2.15% for HSBH.

What is the main difference between BDCZ and HSBH?

BDCZ tracks BDCZ-US - MVIS US Business Development Companies Index, while HSBH tracks HSBC Holdings plc Local Shares Total Return. They also come from different issuers: UBS and ADRhedged. Their fees differ too: 0.85% for BDCZ and 0.19% for HSBH.

Which has better risk-adjusted returns?

HSBH currently has the higher Sharpe Ratio (3.18 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.