BDCZ vs. PBDC
Compare and contrast key facts about ETRACS MVIS Business Development Companies Index ETN (BDCZ) and Putnam BDC Income ETF (PBDC).
BDCZ and PBDC are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BDCZ is a passively managed fund by UBS that tracks the performance of the BDCZ-US - MVIS US Business Development Companies Index. It was launched on Oct 8, 2015. PBDC is an actively managed fund by Putnam. It was launched on Sep 29, 2022.
Performance
BDCZ vs. PBDC - Performance Comparison
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BDCZ vs. PBDC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
BDCZ ETRACS MVIS Business Development Companies Index ETN | -8.73% | -3.72% | 12.22% | 25.31% | 10.55% |
PBDC Putnam BDC Income ETF | -9.87% | -1.77% | 19.43% | 30.52% | 10.86% |
Returns By Period
In the year-to-date period, BDCZ achieves a -8.73% return, which is significantly higher than PBDC's -9.87% return.
BDCZ
- 1D
- 2.11%
- 1M
- 1.43%
- YTD
- -8.73%
- 6M
- -7.68%
- 1Y
- -13.06%
- 3Y*
- 5.89%
- 5Y*
- 4.84%
- 10Y*
- 6.43%
PBDC
- 1D
- 2.38%
- 1M
- 2.99%
- YTD
- -9.87%
- 6M
- -8.48%
- 1Y
- -12.07%
- 3Y*
- 9.33%
- 5Y*
- —
- 10Y*
- —
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BDCZ vs. PBDC - Expense Ratio Comparison
BDCZ has a 0.85% expense ratio, which is lower than PBDC's 6.79% expense ratio.
Return for Risk
BDCZ vs. PBDC — Risk / Return Rank
BDCZ
PBDC
BDCZ vs. PBDC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS MVIS Business Development Companies Index ETN (BDCZ) and Putnam BDC Income ETF (PBDC). 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 | PBDC | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.58 | -0.56 | -0.02 |
Sortino ratioReturn per unit of downside risk | -0.68 | -0.66 | -0.02 |
Omega ratioGain probability vs. loss probability | 0.91 | 0.92 | 0.00 |
Calmar ratioReturn relative to maximum drawdown | -0.67 | -0.61 | -0.06 |
Martin ratioReturn relative to average drawdown | -1.38 | -1.29 | -0.08 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BDCZ | PBDC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.58 | -0.56 | -0.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.28 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.30 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.27 | 0.78 | -0.51 |
Correlation
The correlation between BDCZ and PBDC is 0.94, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
BDCZ vs. PBDC - Dividend Comparison
BDCZ's dividend yield for the trailing twelve months is around 11.88%, more than PBDC's 11.69% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
BDCZ ETRACS MVIS Business Development Companies Index ETN | 11.88% | 10.65% | 9.26% | 9.13% | 9.39% | 7.49% | 10.01% | 8.40% | 9.66% | 8.74% | 7.98% |
PBDC Putnam BDC Income ETF | 11.69% | 10.53% | 9.29% | 9.86% | 3.40% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
BDCZ vs. PBDC - Drawdown Comparison
The maximum BDCZ drawdown since its inception was -55.63%, which is greater than PBDC's maximum drawdown of -20.47%. Use the drawdown chart below to compare losses from any high point for BDCZ and PBDC.
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Drawdown Indicators
| BDCZ | PBDC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.63% | -20.47% | -35.16% |
Max Drawdown (1Y)Largest decline over 1 year | -19.95% | -20.15% | +0.20% |
Max Drawdown (5Y)Largest decline over 5 years | -23.12% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -55.63% | — | — |
Current DrawdownCurrent decline from peak | -17.94% | -17.32% | -0.62% |
Average DrawdownAverage peak-to-trough decline | -7.75% | -4.13% | -3.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.71% | 9.47% | +0.24% |
Volatility
BDCZ vs. PBDC - Volatility Comparison
ETRACS MVIS Business Development Companies Index ETN (BDCZ) and Putnam BDC Income ETF (PBDC) have volatilities of 5.99% and 6.16%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCZ | PBDC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.99% | 6.16% | -0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 16.22% | 14.25% | +1.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.66% | 21.62% | +1.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.43% | 16.73% | +0.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.56% | 16.73% | +4.83% |