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BDCZ vs. KBWP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BDCZ vs. KBWP

Last updated Jun 4, 2026

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 6.23%/yr vs 11.22%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS MVIS Business Development Companies Index ETN (BDCZ) and Invesco KBW Property & Casualty Insurance ETF (KBWP). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, BDCZ achieves a -7.98% return, which is significantly higher than KBWP's -8.80% return. Over the past 10 years, BDCZ has underperformed KBWP with an annualized return of 6.23%, while KBWP has yielded a comparatively higher 11.22% annualized return.

BDCZ

1D
-2.73%
1M
-7.44%
YTD
-7.98%
6M
-8.99%
1Y
-10.32%
3Y*
4.75%
5Y*
3.38%
10Y*
6.23%

KBWP

1D
-0.82%
1M
-2.90%
YTD
-8.80%
6M
-4.88%
1Y
-7.04%
3Y*
14.48%
5Y*
9.97%
10Y*
11.22%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BDCZ vs. KBWP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
BDCZ
ETRACS MVIS Business Development Companies Index ETN		-7.98%-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		-8.80%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 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.13

Correlation (3Y)
Calculated over the trailing 3-year period

0.30

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 12, 2015

0.35

Over the past year, the correlation between BDCZ and KBWP has dropped to 0.13 - well below their long-term average of 0.35, suggesting their price drivers have been diverging.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ETRACS MVIS Business Development Companies Index ETN

Invesco KBW Property & Casualty Insurance ETF

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Often compared with KBWP:
KBWP vs. IAKKBWP vs. KIEKBWP vs. KBEKBWP vs. ACGLKBWP vs. PSCFKBWP vs. VOOKBWP vs. TRV

Return for Risk

BDCZ vs. KBWP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BDCZ
BDCZ Risk / Return Rank: 44
Overall Rank
BDCZ Sharpe Ratio Rank: 44
Sharpe Ratio Rank
BDCZ Sortino Ratio Rank: 44
Sortino Ratio Rank
BDCZ Omega Ratio Rank: 44
Omega Ratio Rank
BDCZ Calmar Ratio Rank: 44
Calmar Ratio Rank
BDCZ Martin Ratio Rank: 44
Martin Ratio Rank
KBWP
KBWP Risk / Return Rank: 33
Overall Rank
KBWP Sharpe Ratio Rank: 55
Sharpe Ratio Rank
KBWP Sortino Ratio Rank: 55
Sortino Ratio Rank
KBWP Omega Ratio Rank: 55
Omega Ratio Rank
KBWP Calmar Ratio Rank: 33
Calmar Ratio Rank
KBWP Martin Ratio Rank: 11
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

BDCZKBWPDifference
Sharpe ratioReturn per unit of total volatility
-0.51
-0.44

-0.07

Sortino ratioReturn per unit of downside risk
-0.59
-0.49

-0.10

Omega ratioGain probability vs. loss probability

0.93

0.94

-0.01

Calmar ratioReturn relative to maximum drawdown

-0.52

-0.74

+0.22

Martin ratioReturn relative to average drawdown

-0.95

-1.56

+0.61

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BDCZ vs. KBWP - Sharpe Ratio Comparison

The current BDCZ Sharpe Ratio is -0.51, which is comparable to the KBWP Sharpe Ratio of -0.44. The chart below compares the historical Sharpe Ratios of BDCZ and KBWP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

BDCZKBWPDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.51

-0.44

-0.07

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.19

0.54

-0.35

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.29

0.54

-0.26

Sharpe Ratio (All Time)

Calculated using the full available price history

0.27

0.69

-0.42

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

BDCZKBWPDifference

Max Drawdown

Largest 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 Drawdown

Current decline from peak

-17.27%

-9.56%

-7.71%

Average Drawdown

Average peak-to-trough decline

-7.86%

-4.37%

-3.49%

Ulcer Index

Depth and duration of drawdowns from previous peaks

10.94%

4.72%

+6.22%

Volatility

BDCZ vs. KBWP - Volatility Comparison

ETRACS MVIS Business Development Companies Index ETN (BDCZ) has a higher volatility of 8.37% compared to Invesco KBW Property & Casualty Insurance ETF (KBWP) at 4.16%. 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

BDCZKBWPDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.37%

4.16%

+4.21%

Volatility (6M)

Calculated over the trailing 6-month period

17.17%

11.41%

+5.76%

Volatility (1Y)

Calculated over the trailing 1-year period

20.42%

16.20%

+4.22%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.80%

18.53%

-0.73%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.73%

20.70%

+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 11.28%, more than KBWP's 2.03% yield.

PositionTTM20252024202320222021202020192018201720162015
BDCZ
ETRACS MVIS Business Development Companies Index ETN		11.28%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		2.03%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 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BDCZ has higher volatility (8.37%) compared to KBWP (4.16%). In terms of maximum drawdown, BDCZ dropped -55.63% vs KBWP's -39.76%.

On 10-year performance, KBWP leads with 11.22% vs 6.23% for BDCZ. On fees, KBWP is cheaper at 0.35% per year. On volatility, KBWP has been the lower-risk option at 4.16%. 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 11.22% return vs 6.23%. 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 11.28%, compared with 2.03% 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 (-0.44 vs -0.51), 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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