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 3.29%/yr vs -8.77%/yr for MVRL. A 0.63 correlation means they provide meaningful diversification when combined. 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 -8.73% return, which is significantly lower than MVRL's -2.82% 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%
MVRL
- 1D
- 1.21%
- 1M
- 0.86%
- YTD
- -2.82%
- 6M
- -2.49%
- 1Y
- 11.67%
- 3Y*
- 7.47%
- 5Y*
- -8.77%
- 10Y*
- —
BDCZ vs. MVRL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BDCZ ETRACS MVIS Business Development Companies Index ETN | -8.73% | -3.72% | 12.22% | 25.31% | -9.12% | 33.97% | 19.94% |
MVRL ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN | -2.82% | 14.96% | -3.45% | 12.30% | -42.41% | 21.71% | 66.40% |
Correlation
The correlation between BDCZ and MVRL is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2020 | 0.63 |
Over the past year, the correlation between BDCZ and MVRL has dropped to 0.39 - well below their long-term average of 0.63, 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 | -0.93 | ||
| Sortino ratioReturn per unit of downside risk | -1.35 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.09 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | -0.52 | 0.56 | -1.08 |
| Martin ratioReturn relative to average drawdown | -0.89 | 1.45 | -2.34 |
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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 | -19.95% | -20.93% | +0.98% |
Max Drawdown (3Y)Largest decline over 3 years | -20.77% | -32.20% | +11.43% |
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 | -17.94% | -38.42% | +20.48% |
Average DrawdownAverage peak-to-trough decline | -7.90% | -31.84% | +23.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.51% | 8.09% | +3.42% |
Volatility
BDCZ vs. MVRL - Volatility Comparison
ETRACS MVIS Business Development Companies Index ETN (BDCZ) has a higher volatility of 8.44% compared to ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN (MVRL) at 6.92%. This indicates that BDCZ's price experiences larger fluctuations and is considered to be riskier 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 | 8.44% | 6.92% | +1.52% |
Volatility (6M)Calculated over the trailing 6-month period | 17.35% | 20.60% | -3.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.62% | 27.42% | -6.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.81% | 36.55% | -18.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.76% | 37.59% | -15.83% |
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 11.37%, less than MVRL's 20.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
MVRL ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN | 20.90% | 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 0.39, 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 MVRL (6.92%). In terms of maximum drawdown, BDCZ dropped -55.63% vs MVRL's -60.25%.
On 5-year performance, BDCZ leads with 3.29% vs -8.77% for MVRL. On fees, BDCZ is cheaper at 0.85% per year. On volatility, MVRL has been the lower-risk option at 6.92%. 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 3.29% return vs -8.77%. 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 20.90%, compared with 11.37% 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 (0.43 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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