BDCZ vs. PCLO
BDCZ (ETRACS MVIS Business Development Companies Index ETN) and PCLO (Virtus SEIX AAA Private Credit CLO ETF) are both exchange-traded funds - BDCZ is a Financials Equities fund tracking the BDCZ-US - MVIS US Business Development Companies Index, while PCLO is a CLO fund actively managed by Virtus. BDCZ is passively managed, while PCLO is actively managed. Over the past year, BDCZ returned -11.49% vs 5.22% for PCLO. At a 0.07 correlation, their price movements are largely independent. BDCZ charges 0.85%/yr vs 0.29%/yr for PCLO.
Performance
BDCZ vs. PCLO - Performance Comparison
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Returns By Period
In the year-to-date period, BDCZ achieves a -9.13% return, which is significantly lower than PCLO's 2.15% return.
BDCZ
- 1D
- -0.96%
- 1M
- -1.24%
- YTD
- -9.13%
- 6M
- -7.40%
- 1Y
- -11.49%
- 3Y*
- 4.55%
- 5Y*
- 3.26%
- 10Y*
- 6.00%
PCLO
- 1D
- -0.02%
- 1M
- 0.28%
- YTD
- 2.15%
- 6M
- 2.33%
- 1Y
- 5.22%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BDCZ vs. PCLO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BDCZ ETRACS MVIS Business Development Companies Index ETN | -9.13% | -3.72% | 0.59% |
PCLO Virtus SEIX AAA Private Credit CLO ETF | 2.15% | 5.39% | 0.46% |
Correlation
The correlation between BDCZ and PCLO is -0.08, 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 | -0.08 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2024 | 0.07 |
The correlation between BDCZ and PCLO shifts across timeframes, from -0.08 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BDCZ vs. PCLO — Risk / Return Rank
BDCZ
PCLO
BDCZ vs. PCLO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS MVIS Business Development Companies Index ETN (BDCZ) and Virtus SEIX AAA Private Credit CLO ETF (PCLO). 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 | PCLO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -6.37 | ||
| Sortino ratioReturn per unit of downside risk | -10.77 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 2.70 | -1.78 |
| Calmar ratioReturn relative to maximum drawdown | -0.58 | 19.95 | -20.53 |
| Martin ratioReturn relative to average drawdown | -1.00 | 117.16 | -118.16 |
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Drawdowns
BDCZ vs. PCLO - Drawdown Comparison
The maximum BDCZ drawdown since its inception was -55.63%, which is greater than PCLO's maximum drawdown of -0.76%. Use the drawdown chart below to compare losses from any high point for BDCZ and PCLO.
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Drawdown Indicators
| BDCZ | PCLO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.63% | -0.76% | -54.87% |
Max Drawdown (1Y)Largest decline over 1 year | -19.95% | -0.26% | -19.69% |
Max Drawdown (3Y)Largest decline over 3 years | -20.77% | — | — |
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 | -18.30% | -0.02% | -18.28% |
Average DrawdownAverage peak-to-trough decline | -7.90% | -0.03% | -7.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.46% | 0.04% | +11.42% |
Volatility
BDCZ vs. PCLO - Volatility Comparison
ETRACS MVIS Business Development Companies Index ETN (BDCZ) has a higher volatility of 8.43% compared to Virtus SEIX AAA Private Credit CLO ETF (PCLO) at 0.26%. This indicates that BDCZ's price experiences larger fluctuations and is considered to be riskier than PCLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCZ | PCLO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.43% | 0.26% | +8.17% |
Volatility (6M)Calculated over the trailing 6-month period | 17.34% | 0.70% | +16.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.65% | 0.90% | +19.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.80% | 1.14% | +16.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.76% | 1.14% | +20.62% |
BDCZ vs. PCLO - Expense Ratio Comparison
BDCZ has a 0.85% expense ratio, which is higher than PCLO's 0.29% expense ratio.
Dividends
BDCZ vs. PCLO - Dividend Comparison
BDCZ's dividend yield for the trailing twelve months is around 11.42%, more than PCLO's 5.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BDCZ ETRACS MVIS Business Development Companies Index ETN | 11.42% | 10.65% | 9.26% | 9.13% | 9.39% | 7.49% | 10.01% | 8.40% | 9.66% | 8.74% | 7.98% |
PCLO Virtus SEIX AAA Private Credit CLO ETF | 5.24% | 5.53% | 0.44% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BDCZ and PCLO have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BDCZ has higher volatility (8.43%) compared to PCLO (0.26%). In terms of maximum drawdown, BDCZ dropped -55.63% vs PCLO's -0.76%.
On 1-year performance, PCLO leads with 5.22% vs -11.49% for BDCZ. On fees, PCLO is cheaper at 0.29% per year. On volatility, PCLO has been the lower-risk option at 0.26%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, PCLO has performed better with a 5.22% return vs -11.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PCLO is cheaper with a 0.29% expense ratio, compared with 0.85% for BDCZ.
BDCZ has the higher dividend yield at 11.42%, compared with 5.24% for PCLO.
BDCZ is categorized as Financials Equities, while PCLO is CLO. They also come from different issuers: UBS and Virtus. Their fees differ too: 0.85% for BDCZ and 0.29% for PCLO.
PCLO currently has the higher Sharpe Ratio (5.81 vs -0.56), 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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