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BDCZ vs. PEX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BDCZ vs. PEX

Last updated Jun 4, 2026

BDCZ (ETRACS MVIS Business Development Companies Index ETN) and PEX (ProShares Global Listed Private Equity ETF) are both Financials Equities funds - BDCZ tracks the BDCZ-US - MVIS US Business Development Companies Index while PEX tracks the LPX Direct Listed Private Equity Index. Both are passively managed. Over the past 10 years, BDCZ returned 6.23%/yr vs 4.13%/yr for PEX. A 0.66 correlation means they provide meaningful diversification when combined. BDCZ charges 0.85%/yr vs 3.13%/yr for PEX.

Performance

BDCZ vs. PEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS MVIS Business Development Companies Index ETN (BDCZ) and ProShares Global Listed Private Equity ETF (PEX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, BDCZ achieves a -7.98% return, which is significantly higher than PEX's -12.48% return. Over the past 10 years, BDCZ has outperformed PEX with an annualized return of 6.23%, while PEX has yielded a comparatively lower 4.13% annualized return.

BDCZ

1D
-2.73%
1M
-7.44%
YTD
-7.98%
6M
-8.99%
1Y
-10.32%
3Y*
4.75%
5Y*
3.38%
10Y*
6.23%

PEX

1D
-2.88%
1M
-5.57%
YTD
-12.48%
6M
-10.90%
1Y
-12.90%
3Y*
3.61%
5Y*
-1.12%
10Y*
4.13%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BDCZ vs. PEX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
BDCZ
ETRACS MVIS Business Development Companies Index ETN		-7.98%-3.72%12.22%25.31%-9.12%33.97%-10.95%26.00%-7.64%0.40%
PEX
ProShares Global Listed Private Equity ETF		-12.48%0.21%13.05%23.11%-25.98%28.34%-1.14%25.53%-13.31%14.33%

Correlation

The correlation between BDCZ and PEX is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.76

Correlation (3Y)
Calculated over the trailing 3-year period

0.79

Correlation (5Y)
Calculated over the trailing 5-year period

0.80

Correlation (10Y)
Calculated over the trailing 10-year period

0.69

Correlation (All Time)
Calculated using the full available price history since Oct 12, 2015

0.66

The correlation between BDCZ and PEX shifts across timeframes, from 0.66 (all time) to 0.80 (5 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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ETRACS MVIS Business Development Companies Index ETN

ProShares Global Listed Private Equity ETF

Often compared with BDCZ:
BDCZ vs. BIZDBDCZ vs. MLPRBDCZ vs. MTCIXBDCZ vs. PBDCBDCZ vs. FEQIXBDCZ vs. HYGBDCZ vs. SMH
Often compared with PEX:
PEX vs. PSPPEX vs. BIZDPEX vs. CEFSPEX vs. PEXMXPEX vs. VPCPEX vs. SPYPEX vs. TYD

Return for Risk

BDCZ vs. PEX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BDCZ
BDCZ Risk / Return Rank: 44
Overall Rank
BDCZ Sharpe Ratio Rank: 44
Sharpe Ratio Rank
BDCZ Sortino Ratio Rank: 44
Sortino Ratio Rank
BDCZ Omega Ratio Rank: 44
Omega Ratio Rank
BDCZ Calmar Ratio Rank: 44
Calmar Ratio Rank
BDCZ Martin Ratio Rank: 44
Martin Ratio Rank
PEX
PEX Risk / Return Rank: 33
Overall Rank
PEX Sharpe Ratio Rank: 22
Sharpe Ratio Rank
PEX Sortino Ratio Rank: 33
Sortino Ratio Rank
PEX Omega Ratio Rank: 33
Omega Ratio Rank
PEX Calmar Ratio Rank: 44
Calmar Ratio Rank
PEX Martin Ratio Rank: 44
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BDCZ vs. PEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS MVIS Business Development Companies Index ETN (BDCZ) and ProShares Global Listed Private Equity ETF (PEX). 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.

BDCZPEXDifference
Sharpe ratioReturn per unit of total volatility
-0.51
-0.83

+0.32

Sortino ratioReturn per unit of downside risk
-0.59
-1.09

+0.49

Omega ratioGain probability vs. loss probability

0.93

0.88

+0.05

Calmar ratioReturn relative to maximum drawdown

-0.52

-0.52

0.00

Martin ratioReturn relative to average drawdown

-0.95

-1.06

+0.11

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BDCZ vs. PEX - Sharpe Ratio Comparison

The current BDCZ Sharpe Ratio is -0.51, which is higher than the PEX Sharpe Ratio of -0.83. The chart below compares the historical Sharpe Ratios of BDCZ and PEX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

BDCZPEXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.51

-0.83

+0.32

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.19

-0.06

+0.25

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.29

0.21

+0.07

Sharpe Ratio (All Time)

Calculated using the full available price history

0.27

0.25

+0.02

Drawdowns

BDCZ vs. PEX - Drawdown Comparison

The maximum BDCZ drawdown since its inception was -55.63%, which is greater than PEX's maximum drawdown of -49.17%. Use the drawdown chart below to compare losses from any high point for BDCZ and PEX.

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Drawdown Indicators

BDCZPEXDifference

Max Drawdown

Largest peak-to-trough decline

-55.63%

-49.17%

-6.46%

Max Drawdown (1Y)

Largest decline over 1 year

-19.95%

-24.72%

+4.77%

Max Drawdown (3Y)

Largest decline over 3 years

-20.77%

-24.72%

+3.95%

Max Drawdown (5Y)

Largest decline over 5 years

-23.12%

-36.58%

+13.46%

Max Drawdown (10Y)

Largest decline over 10 years

-55.63%

-49.17%

-6.46%

Current Drawdown

Current decline from peak

-17.27%

-20.90%

+3.63%

Average Drawdown

Average peak-to-trough decline

-7.86%

-8.21%

+0.35%

Ulcer Index

Depth and duration of drawdowns from previous peaks

10.94%

12.22%

-1.28%

Volatility

BDCZ vs. PEX - Volatility Comparison

ETRACS MVIS Business Development Companies Index ETN (BDCZ) has a higher volatility of 8.37% compared to ProShares Global Listed Private Equity ETF (PEX) at 4.81%. This indicates that BDCZ's price experiences larger fluctuations and is considered to be riskier than PEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

BDCZPEXDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.37%

4.81%

+3.56%

Volatility (6M)

Calculated over the trailing 6-month period

17.17%

13.05%

+4.12%

Volatility (1Y)

Calculated over the trailing 1-year period

20.42%

15.61%

+4.81%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.80%

17.96%

-0.16%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.73%

19.44%

+2.29%

BDCZ vs. PEX - Expense Ratio Comparison

BDCZ has a 0.85% expense ratio, which is lower than PEX's 3.13% expense ratio.

Dividends

BDCZ vs. PEX - Dividend Comparison

BDCZ's dividend yield for the trailing twelve months is around 11.28%, less than PEX's 12.81% yield.

PositionTTM20252024202320222021202020192018201720162015
BDCZ
ETRACS MVIS Business Development Companies Index ETN		11.28%10.65%9.26%9.13%9.39%7.49%10.01%8.40%9.66%8.74%7.98%0.00%
PEX
ProShares Global Listed Private Equity ETF		12.81%12.80%14.11%13.02%1.77%13.64%5.52%7.94%4.72%24.26%3.24%12.50%

Frequently Asked Questions

BDCZ and PEX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BDCZ has higher volatility (8.37%) compared to PEX (4.81%). In terms of maximum drawdown, BDCZ dropped -55.63% vs PEX's -49.17%.

On 10-year performance, BDCZ leads with 6.23% vs 4.13% for PEX. On fees, BDCZ is cheaper at 0.85% per year. On volatility, PEX has been the lower-risk option at 4.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, BDCZ has performed better with a 6.23% return vs 4.13%. 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 3.13% for PEX.

PEX has the higher dividend yield at 12.81%, compared with 11.28% for BDCZ.

BDCZ tracks BDCZ-US - MVIS US Business Development Companies Index, while PEX tracks LPX Direct Listed Private Equity Index. They also come from different issuers: UBS and ProShares. Their fees differ too: 0.85% for BDCZ and 3.13% for PEX.

BDCZ currently has the higher Sharpe Ratio (-0.51 vs -0.83), 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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