BDCZ vs. MVRL
BDCZ (ETRACS MVIS Business Development Companies Index ETN) and MVRL (ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN) are both exchange-traded funds - BDCZ is a Financials Equities fund tracking the BDCZ-US - MVIS US Business Development Companies Index, while MVRL is a REIT fund tracking the MVIS US Mortgage REITs Index (150%). Both are passively managed. Over the past 5 years, BDCZ returned 3.98%/yr vs -7.33%/yr for MVRL. Their 0.62 correlation means they have sometimes moved together and sometimes differently. BDCZ charges 0.85%/yr vs 0.95%/yr for MVRL.
Performance
BDCZ vs. MVRL - 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 MVRL's -2.72% 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%
MVRL
- 1D
- -1.36%
- 1M
- -3.40%
- 6M
- -6.16%
- YTD
- -2.72%
- 1Y
- 6.50%
- 3Y*
- 3.21%
- 5Y*
- -7.33%
- 10Y*
- —
- ALL TIME*
- 5.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $30.15K | $28.17K | $19.88K | |
| $65.57K | $56.06K | $78.88K |
BDCZ vs. MVRL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BDCZ ETRACS MVIS Business Development Companies Index ETN | -6.58% | -3.72% | 12.22% | 25.31% | -9.12% | 33.97% | 19.94% |
MVRL ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN | -2.72% | 14.96% | -3.45% | 12.30% | -42.41% | 21.71% | 66.40% |
Correlation
The correlation between BDCZ and MVRL is 0.34, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.34 |
Correlation (3Y) Balances recent behavior with more history. | 0.50 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.60 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2020 | 0.62 |
Over the past year, the correlation between BDCZ and MVRL has dropped to 0.34 - well below their long-term average of 0.62, suggesting their price drivers have been diverging.
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Return for Risk
BDCZ vs. MVRL — Risk / Return Rank
BDCZ
MVRL
BDCZ vs. MVRL - 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 Monthly Pay 1.5x Leveraged Mortgage REIT ETN (MVRL). 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 | MVRL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.77 | ||
| Sortino ratioReturn per unit of downside risk | -1.17 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.07 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | -0.69 | 0.35 | -1.05 |
| Martin ratioReturn relative to average drawdown | -1.24 | 0.84 | -2.09 |
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Drawdowns
BDCZ vs. MVRL - Drawdown Comparison
The maximum BDCZ drawdown since its inception was -55.63%, smaller than the maximum MVRL drawdown of -60.25%. Use the drawdown chart below to compare losses from any high point for BDCZ and MVRL.
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Drawdown Indicators
| BDCZ | MVRL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.63% | -60.25% | +4.62% |
Max Drawdown (1Y)Largest decline over 1 year | -16.80% | -20.93% | +4.13% |
Max Drawdown (3Y)Largest decline over 3 years | -20.77% | -29.34% | +8.57% |
Max Drawdown (5Y)Largest decline over 5 years | -23.12% | -59.63% | +36.51% |
Max Drawdown (10Y)Largest decline over 10 years | -55.63% | — | — |
Current DrawdownCurrent decline from peak | -16.01% | -38.35% | +22.34% |
Average DrawdownAverage peak-to-trough decline | -7.98% | -31.92% | +23.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.36% | 8.74% | +0.62% |
Volatility
BDCZ vs. MVRL - Volatility Comparison
The current volatility for ETRACS MVIS Business Development Companies Index ETN (BDCZ) is 5.90%, while ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN (MVRL) has a volatility of 10.11%. This indicates that BDCZ experiences smaller price fluctuations and is considered to be less risky than MVRL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCZ | MVRL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.90% | 10.11% | -4.21% |
Volatility (6M)Calculated over the trailing 6-month period | 18.49% | 21.92% | -3.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.56% | 28.70% | -6.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.27% | 36.52% | -18.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.96% | 37.51% | -15.55% |
BDCZ vs. MVRL - Expense Ratio Comparison
BDCZ has a 0.85% expense ratio, which is lower than MVRL's 0.95% expense ratio.
Dividends
BDCZ vs. MVRL - Dividend Comparison
BDCZ's dividend yield for the trailing twelve months is around 12.12%, less than MVRL's 20.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
MVRL ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN | 20.98% | 19.15% | 19.27% | 18.69% | 25.21% | 12.33% | 5.63% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BDCZ and MVRL have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MVRL has higher volatility (10.11%) compared to BDCZ (5.90%). In terms of maximum drawdown, BDCZ dropped -55.63% vs MVRL's -60.25%.
On 5-year performance, BDCZ leads with 3.98% vs -7.33% for MVRL. On fees, BDCZ is cheaper at 0.85% 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 5-year period, BDCZ has performed better with a 3.98% return vs -7.33%. 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 MVRL.
MVRL has the higher dividend yield at 20.98%, compared with 12.12% for BDCZ.
BDCZ is categorized as Financials Equities, while MVRL is REIT. BDCZ tracks BDCZ-US - MVIS US Business Development Companies Index, while MVRL tracks MVIS US Mortgage REITs Index (150%). Their fees differ too: 0.85% for BDCZ and 0.95% for MVRL.
MVRL currently has the higher Sharpe Ratio (0.26 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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