BDCZ vs. MTUL
BDCZ (ETRACS MVIS Business Development Companies Index ETN) and MTUL (ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN) are both exchange-traded funds - BDCZ is a Financials Equities fund tracking the BDCZ-US - MVIS US Business Development Companies Index, while MTUL is a Momentum fund tracking the MSCI USA Momentum Index. Both are passively managed. Over the past 5 years, BDCZ returned 4.18%/yr vs 18.70%/yr for MTUL. At a 0.42 correlation, their price movements are largely independent. BDCZ charges 0.85%/yr vs 0.95%/yr for MTUL.
Performance
BDCZ vs. MTUL - Performance Comparison
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Returns By Period
In the year-to-date period, BDCZ achieves a -4.99% return, which is significantly lower than MTUL's 52.05% return.
BDCZ
- 1D
- 1.54%
- 1M
- 1.10%
- 6M
- -3.76%
- YTD
- -4.99%
- 1Y
- -11.86%
- 3Y*
- 4.10%
- 5Y*
- 4.18%
- 10Y*
- 6.24%
MTUL
- 1D
- -5.08%
- 1M
- -5.23%
- 6M
- 42.79%
- YTD
- 52.05%
- 1Y
- 66.98%
- 3Y*
- 51.48%
- 5Y*
- 18.70%
- 10Y*
- —
BDCZ vs. MTUL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BDCZ ETRACS MVIS Business Development Companies Index ETN | -4.99% | -3.72% | 12.22% | 25.31% | -9.12% | 25.81% |
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN | 52.05% | 27.42% | 58.70% | 10.66% | -37.97% | 8.34% |
Correlation
The correlation between BDCZ and MTUL 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 | 0.32 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021 | 0.42 |
Over the past year, the correlation between BDCZ and MTUL has dropped to 0.13 - well below their long-term average of 0.42, suggesting their price drivers have been diverging.
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Return for Risk
BDCZ vs. MTUL — Risk / Return Rank
BDCZ
MTUL
BDCZ vs. MTUL - 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 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL). 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 | MTUL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.87 | ||
| Sortino ratioReturn per unit of downside risk | -2.56 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.26 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.60 | 2.82 | -3.42 |
| Martin ratioReturn relative to average drawdown | -0.99 | 10.38 | -11.36 |
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Drawdowns
BDCZ vs. MTUL - Drawdown Comparison
The maximum BDCZ drawdown since its inception was -55.63%, roughly equal to the maximum MTUL drawdown of -56.83%. Use the drawdown chart below to compare losses from any high point for BDCZ and MTUL.
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Drawdown Indicators
| BDCZ | MTUL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.63% | -56.83% | +1.20% |
Max Drawdown (1Y)Largest decline over 1 year | -19.95% | -23.86% | +3.91% |
Max Drawdown (3Y)Largest decline over 3 years | -20.77% | -39.15% | +18.38% |
Max Drawdown (5Y)Largest decline over 5 years | -23.12% | -56.83% | +33.71% |
Max Drawdown (10Y)Largest decline over 10 years | -55.63% | — | — |
Current DrawdownCurrent decline from peak | -14.58% | -14.82% | +0.24% |
Average DrawdownAverage peak-to-trough decline | -7.94% | -22.36% | +14.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.04% | 6.47% | +5.57% |
Volatility
BDCZ vs. MTUL - Volatility Comparison
The current volatility for ETRACS MVIS Business Development Companies Index ETN (BDCZ) is 8.97%, while ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN (MTUL) has a volatility of 23.34%. This indicates that BDCZ experiences smaller price fluctuations and is considered to be less risky than MTUL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCZ | MTUL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.97% | 23.34% | -14.37% |
Volatility (6M)Calculated over the trailing 6-month period | 18.65% | 43.89% | -25.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.17% | 50.59% | -28.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.16% | 44.16% | -26.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.92% | 44.60% | -22.68% |
BDCZ vs. MTUL - Expense Ratio Comparison
BDCZ has a 0.85% expense ratio, which is lower than MTUL's 0.95% expense ratio.
Dividends
BDCZ vs. MTUL - Dividend Comparison
BDCZ's dividend yield for the trailing twelve months is around 10.92%, while MTUL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BDCZ ETRACS MVIS Business Development Companies Index ETN | 10.92% | 10.65% | 9.26% | 9.13% | 9.39% | 7.49% | 10.01% | 8.40% | 9.66% | 8.74% | 7.98% |
MTUL ETRACS 2x Leveraged MSCI US Momentum Factor TR ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BDCZ and MTUL 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.
MTUL has higher volatility (23.34%) compared to BDCZ (8.97%). In terms of maximum drawdown, BDCZ dropped -55.63% vs MTUL's -56.83%.
On 5-year performance, MTUL leads with 18.70% vs 4.18% for BDCZ. On fees, BDCZ is cheaper at 0.85% per year. On volatility, BDCZ has been the lower-risk option at 8.97%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, MTUL has performed better with a 18.70% return vs 4.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BDCZ is cheaper with a 0.85% expense ratio, compared with 0.95% for MTUL.
BDCZ has the higher dividend yield at 10.92%, compared with 0.00% for MTUL.
BDCZ is categorized as Financials Equities, while MTUL is Momentum. BDCZ tracks BDCZ-US - MVIS US Business Development Companies Index, while MTUL tracks MSCI USA Momentum Index. Their fees differ too: 0.85% for BDCZ and 0.95% for MTUL.
MTUL currently has the higher Sharpe Ratio (1.33 vs -0.54), 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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