BDCZ vs. KBWP
BDCZ (ETRACS MVIS Business Development Companies Index ETN) and KBWP (Invesco KBW Property & Casualty Insurance ETF) are both Financials Equities funds - BDCZ tracks the BDCZ-US - MVIS US Business Development Companies Index while KBWP tracks the KBW Nasdaq Property & Casualty (TR). Both are passively managed. Over the past 10 years, BDCZ returned 6.05%/yr vs 12.39%/yr for KBWP. At a 0.35 correlation, their price movements are largely independent. BDCZ charges 0.85%/yr vs 0.35%/yr for KBWP.
Performance
BDCZ vs. KBWP - 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 KBWP's -1.94% return. Over the past 10 years, BDCZ has underperformed KBWP with an annualized return of 6.05%, while KBWP has yielded a comparatively higher 12.39% annualized 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%
KBWP
- 1D
- 2.46%
- 1M
- 2.63%
- YTD
- -1.94%
- 6M
- -2.38%
- 1Y
- 2.45%
- 3Y*
- 17.19%
- 5Y*
- 12.41%
- 10Y*
- 12.39%
BDCZ vs. KBWP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BDCZ ETRACS MVIS Business Development Companies Index ETN | -8.73% | -3.72% | 12.22% | 25.31% | -9.12% | 33.97% | -10.95% | 26.00% | -7.64% | 0.40% |
KBWP Invesco KBW Property & Casualty Insurance ETF | -1.94% | 11.49% | 30.45% | 7.09% | 10.16% | 20.61% | -2.05% | 28.67% | -2.76% | 8.86% |
Correlation
The correlation between BDCZ and KBWP is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.29 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Oct 9, 2015 | 0.35 |
The correlation between BDCZ and KBWP shifts across timeframes, from 0.16 (1 year) to 0.39 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BDCZ vs. KBWP — Risk / Return Rank
BDCZ
KBWP
BDCZ vs. KBWP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS MVIS Business Development Companies Index ETN (BDCZ) and Invesco KBW Property & Casualty Insurance ETF (KBWP). 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 | KBWP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.65 | ||
| Sortino ratioReturn per unit of downside risk | -0.90 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.04 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | -0.52 | 0.26 | -0.77 |
| Martin ratioReturn relative to average drawdown | -0.89 | 0.56 | -1.46 |
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Drawdowns
BDCZ vs. KBWP - Drawdown Comparison
The maximum BDCZ drawdown since its inception was -55.63%, which is greater than KBWP's maximum drawdown of -39.76%. Use the drawdown chart below to compare losses from any high point for BDCZ and KBWP.
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Drawdown Indicators
| BDCZ | KBWP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.63% | -39.76% | -15.87% |
Max Drawdown (1Y)Largest decline over 1 year | -19.95% | -9.56% | -10.39% |
Max Drawdown (3Y)Largest decline over 3 years | -20.77% | -12.29% | -8.48% |
Max Drawdown (5Y)Largest decline over 5 years | -23.12% | -17.00% | -6.12% |
Max Drawdown (10Y)Largest decline over 10 years | -55.63% | -39.76% | -15.87% |
Current DrawdownCurrent decline from peak | -17.94% | -2.75% | -15.19% |
Average DrawdownAverage peak-to-trough decline | -7.90% | -4.37% | -3.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.51% | 4.36% | +7.15% |
Volatility
BDCZ vs. KBWP - Volatility Comparison
ETRACS MVIS Business Development Companies Index ETN (BDCZ) has a higher volatility of 8.44% compared to Invesco KBW Property & Casualty Insurance ETF (KBWP) at 5.82%. This indicates that BDCZ's price experiences larger fluctuations and is considered to be riskier than KBWP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCZ | KBWP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.44% | 5.82% | +2.62% |
Volatility (6M)Calculated over the trailing 6-month period | 17.35% | 12.07% | +5.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.62% | 16.60% | +4.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.81% | 18.54% | -0.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.76% | 20.73% | +1.03% |
BDCZ vs. KBWP - Expense Ratio Comparison
BDCZ has a 0.85% expense ratio, which is higher than KBWP's 0.35% expense ratio.
Dividends
BDCZ vs. KBWP - Dividend Comparison
BDCZ's dividend yield for the trailing twelve months is around 11.37%, more than KBWP's 2.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
KBWP Invesco KBW Property & Casualty Insurance ETF | 2.00% | 1.58% | 1.64% | 1.68% | 1.99% | 3.02% | 1.93% | 1.99% | 2.11% | 1.90% | 2.14% | 1.35% |
Frequently Asked Questions
BDCZ and KBWP have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BDCZ has higher volatility (8.44%) compared to KBWP (5.82%). In terms of maximum drawdown, BDCZ dropped -55.63% vs KBWP's -39.76%.
On 10-year performance, KBWP leads with 12.39% vs 6.05% for BDCZ. On fees, KBWP is cheaper at 0.35% per year. On volatility, KBWP has been the lower-risk option at 5.82%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, KBWP has performed better with a 12.39% return vs 6.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KBWP is cheaper with a 0.35% expense ratio, compared with 0.85% for BDCZ.
BDCZ has the higher dividend yield at 11.37%, compared with 2.00% for KBWP.
BDCZ tracks BDCZ-US - MVIS US Business Development Companies Index, while KBWP tracks KBW Nasdaq Property & Casualty (TR). They also come from different issuers: UBS and Invesco. Their fees differ too: 0.85% for BDCZ and 0.35% for KBWP.
KBWP currently has the higher Sharpe Ratio (0.15 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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