BDCZ vs. MLPB

Last updated Jun 4, 2026

BDCZ (ETRACS MVIS Business Development Companies Index ETN) and MLPB (ETRACS Alerian MLP Infrastructure Index 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 MLPB is a MLPs fund tracking the Alerian MLP Infrastructure Index. Both are passively managed. Over the past 10 years, BDCZ returned 6.23%/yr vs 10.20%/yr for MLPB. At a 0.40 correlation, their price movements are largely independent. Both charge a 0.85% expense ratio.

Performance

BDCZ vs. MLPB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS MVIS Business Development Companies Index ETN (BDCZ) and ETRACS Alerian MLP Infrastructure Index ETN Series B (MLPB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BDCZ achieves a -7.98% return, which is significantly lower than MLPB's 19.72% return. Over the past 10 years, BDCZ has underperformed MLPB with an annualized return of 6.23%, while MLPB has yielded a comparatively higher 10.20% 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%

MLPB

• 1D: -0.05%
• 1M: -0.42%
• YTD: 19.72%
• 6M: 18.24%
• 1Y: 20.60%
• 3Y*: 22.21%
• 5Y*: 19.42%
• 10Y*: 10.20%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BDCZ vs. MLPB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
MLPB ETRACS Alerian MLP Infrastructure Index ETN Series B	19.72%	7.40%	25.53%	22.01%	30.22%	39.42%	-30.80%	5.69%	-8.79%	-9.71%

Correlation

The correlation between BDCZ and MLPB is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (10Y) Calculated over the trailing 10-year period	0.42
Correlation (All Time) Calculated using the full available price history since Oct 12, 2015	0.40

Over the past year, the correlation between BDCZ and MLPB has dropped to 0.07 - well below their long-term average of 0.40, suggesting their price drivers have been diverging.

Return for Risk

BDCZ vs. MLPB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BDCZ

BDCZ Risk / Return Rank: 4
BDCZ Sharpe Ratio Rank: 4
BDCZ Sortino Ratio Rank: 4
BDCZ Omega Ratio Rank: 4
BDCZ Calmar Ratio Rank: 4
BDCZ Martin Ratio Rank: 4

MLPB

MLPB Risk / Return Rank: 42
MLPB Sharpe Ratio Rank: 43
MLPB Sortino Ratio Rank: 42
MLPB Omega Ratio Rank: 40
MLPB Calmar Ratio Rank: 43
MLPB Martin Ratio Rank: 41

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. MLPB - 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 Alerian MLP Infrastructure Index ETN Series B (MLPB). 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.

	BDCZ	MLPB	Difference
Sharpe ratio: Return per unit of total volatility	-0.51	1.54	-2.05
Sortino ratio: Return per unit of downside risk	-0.59	2.16	-2.75
Omega ratio: Gain probability vs. loss probability	0.93	1.26	-0.33
Calmar ratio: Return relative to maximum drawdown	-0.52	2.14	-2.66
Martin ratio: Return relative to average drawdown	-0.95	6.60	-7.54
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. MLPB - Sharpe Ratio Comparison

The current BDCZ Sharpe Ratio is -0.51, which is lower than the MLPB Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of BDCZ and MLPB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BDCZ	MLPB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.51	1.54	-2.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	0.97	-0.78
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	0.37	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.24	+0.04

Drawdowns

BDCZ vs. MLPB - Drawdown Comparison

The maximum BDCZ drawdown since its inception was -55.63%, smaller than the maximum MLPB drawdown of -71.93%. Use the drawdown chart below to compare losses from any high point for BDCZ and MLPB.

Drawdown Indicators

	BDCZ	MLPB	Difference
Max Drawdown Largest peak-to-trough decline	-55.63%	-71.93%	+16.30%
Max Drawdown (1Y) Largest decline over 1 year	-19.95%	-9.68%	-10.27%
Max Drawdown (3Y) Largest decline over 3 years	-20.77%	-16.49%	-4.28%
Max Drawdown (5Y) Largest decline over 5 years	-23.12%	-20.41%	-2.71%
Max Drawdown (10Y) Largest decline over 10 years	-55.63%	-71.93%	+16.30%
Current Drawdown Current decline from peak	-17.27%	-4.69%	-12.58%
Average Drawdown Average peak-to-trough decline	-7.86%	-14.83%	+6.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.94%	3.13%	+7.81%

Volatility

BDCZ vs. MLPB - Volatility Comparison

ETRACS MVIS Business Development Companies Index ETN (BDCZ) has a higher volatility of 8.37% compared to ETRACS Alerian MLP Infrastructure Index ETN Series B (MLPB) at 5.40%. This indicates that BDCZ's price experiences larger fluctuations and is considered to be riskier than MLPB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BDCZ	MLPB	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.37%	5.40%	+2.97%
Volatility (6M) Calculated over the trailing 6-month period	17.17%	10.05%	+7.12%
Volatility (1Y) Calculated over the trailing 1-year period	20.42%	13.51%	+6.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.80%	20.03%	-2.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.73%	28.11%	-6.38%

BDCZ vs. MLPB - Expense Ratio Comparison

Both BDCZ and MLPB have an expense ratio of 0.85%.

Dividends

BDCZ vs. MLPB - Dividend Comparison

BDCZ's dividend yield for the trailing twelve months is around 11.28%, more than MLPB's 5.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
MLPB ETRACS Alerian MLP Infrastructure Index ETN Series B	5.85%	6.51%	5.95%	6.37%	6.00%	6.98%	11.93%	7.98%	8.11%	7.23%	6.85%

Frequently Asked Questions

Can I hold both BDCZ and MLPB in my portfolio?

BDCZ and MLPB have a correlation of 0.07, 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 MLPB?

BDCZ has higher volatility (8.37%) compared to MLPB (5.40%). In terms of maximum drawdown, BDCZ dropped -55.63% vs MLPB's -71.93%.

Which ETF is better, BDCZ or MLPB?

On 10-year performance, MLPB leads with 10.20% vs 6.23% for BDCZ. Both ETFs have the same 0.85% expense ratio. On volatility, MLPB has been the lower-risk option at 5.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BDCZ or MLPB?

Over the 10-year period, MLPB has performed better with a 10.20% return vs 6.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BDCZ or MLPB?

BDCZ and MLPB have the same expense ratio: 0.85% per year.

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

BDCZ has the higher dividend yield at 11.28%, compared with 5.85% for MLPB.

What is the main difference between BDCZ and MLPB?

BDCZ is categorized as Financials Equities, while MLPB is MLPs. BDCZ tracks BDCZ-US - MVIS US Business Development Companies Index, while MLPB tracks Alerian MLP Infrastructure Index.

Which has better risk-adjusted returns?

MLPB currently has the higher Sharpe Ratio (1.54 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.