BDCZ vs. IAK
BDCZ (ETRACS MVIS Business Development Companies Index ETN) and IAK (iShares U.S. Insurance ETF) are both Financials Equities funds - BDCZ tracks the BDCZ-US - MVIS US Business Development Companies Index while IAK tracks the Dow Jones U.S. Select Insurance Index. Both are passively managed. Over the past 10 years, BDCZ returned 6.30%/yr vs 13.45%/yr for IAK. Their 0.41 correlation means their historical movements had little consistent relationship. BDCZ charges 0.85%/yr vs 0.38%/yr for IAK.
Performance
BDCZ vs. IAK - Performance Comparison
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Returns By Period
In the year-to-date period, BDCZ achieves a -6.58% return, which is significantly lower than IAK's 10.07% return. Over the past 10 years, BDCZ has underperformed IAK with an annualized return of 6.30%, while IAK has yielded a comparatively higher 13.45% 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%
IAK
- 1D
- -0.31%
- 1M
- -0.06%
- 6M
- 12.67%
- YTD
- 10.07%
- 1Y
- 19.63%
- 3Y*
- 19.72%
- 5Y*
- 15.95%
- 10Y*
- 13.45%
- ALL TIME*
- 7.39%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $30.15K | $28.17K | $19.88K | |
| $14.76M | $20.90M | $11.89M |
BDCZ vs. IAK - 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% |
IAK iShares U.S. Insurance ETF | 10.07% | 9.50% | 28.25% | 11.28% | 11.33% | 26.84% | -2.86% | 25.94% | -11.48% | 14.18% |
Correlation
The correlation between BDCZ and IAK is 0.24, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.24 |
Correlation (3Y) Balances recent behavior with more history. | 0.35 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.46 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.44 |
Correlation (All Time) Calculated using the full available price history since Oct 9, 2015 | 0.41 |
The correlation between BDCZ and IAK shifts across timeframes, from 0.24 (1 year) to 0.46 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BDCZ vs. IAK — Risk / Return Rank
BDCZ
IAK
BDCZ vs. IAK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS MVIS Business Development Companies Index ETN (BDCZ) and iShares U.S. Insurance ETF (IAK). 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 | IAK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.69 | ||
| Sortino ratioReturn per unit of downside risk | -2.33 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.21 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.69 | 2.45 | -3.15 |
| Martin ratioReturn relative to average drawdown | -1.24 | 5.96 | -7.21 |
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Drawdowns
BDCZ vs. IAK - Drawdown Comparison
The maximum BDCZ drawdown since its inception was -55.63%, smaller than the maximum IAK drawdown of -77.38%. Use the drawdown chart below to compare losses from any high point for BDCZ and IAK.
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Drawdown Indicators
| BDCZ | IAK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.63% | -77.38% | +21.75% |
Max Drawdown (1Y)Largest decline over 1 year | -16.80% | -7.62% | -9.18% |
Max Drawdown (3Y)Largest decline over 3 years | -20.77% | -11.58% | -9.19% |
Max Drawdown (5Y)Largest decline over 5 years | -23.12% | -14.76% | -8.36% |
Max Drawdown (10Y)Largest decline over 10 years | -55.63% | -44.95% | -10.68% |
Current DrawdownCurrent decline from peak | -16.01% | -3.23% | -12.78% |
Average DrawdownAverage peak-to-trough decline | -7.98% | -16.01% | +8.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.36% | 3.13% | +6.23% |
Volatility
BDCZ vs. IAK - Volatility Comparison
The current volatility for ETRACS MVIS Business Development Companies Index ETN (BDCZ) is 5.90%, while iShares U.S. Insurance ETF (IAK) has a volatility of 7.03%. This indicates that BDCZ experiences smaller price fluctuations and is considered to be less risky than IAK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCZ | IAK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.90% | 7.03% | -1.13% |
Volatility (6M)Calculated over the trailing 6-month period | 18.49% | 12.43% | +6.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.56% | 16.00% | +6.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.27% | 18.13% | +0.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.96% | 20.92% | +1.04% |
BDCZ vs. IAK - Expense Ratio Comparison
BDCZ has a 0.85% expense ratio, which is higher than IAK's 0.38% expense ratio.
Dividends
BDCZ vs. IAK - Dividend Comparison
BDCZ's dividend yield for the trailing twelve months is around 12.12%, more than IAK's 2.43% 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% |
IAK iShares U.S. Insurance ETF | 2.43% | 1.69% | 1.49% | 1.44% | 1.69% | 2.26% | 2.07% | 1.84% | 2.33% | 1.62% | 1.68% | 1.62% |
Frequently Asked Questions
BDCZ and IAK have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IAK has higher volatility (7.03%) compared to BDCZ (5.90%). In terms of maximum drawdown, BDCZ dropped -55.63% vs IAK's -77.38%.
On 10-year performance, IAK leads with 13.45% vs 6.30% for BDCZ. On fees, IAK is cheaper at 0.38% 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.
Over the 10-year period, IAK has performed better with a 13.45% return vs 6.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAK is cheaper with a 0.38% expense ratio, compared with 0.85% for BDCZ.
BDCZ has the higher dividend yield at 12.12%, compared with 2.43% for IAK.
BDCZ tracks BDCZ-US - MVIS US Business Development Companies Index, while IAK tracks Dow Jones U.S. Select Insurance Index. They also come from different issuers: UBS and iShares. Their fees differ too: 0.85% for BDCZ and 0.38% for IAK.
IAK currently has the higher Sharpe Ratio (1.17 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.
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