BDCZ vs. SMH
BDCZ (ETRACS MVIS Business Development Companies Index ETN) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - BDCZ is a Financials Equities fund tracking the BDCZ-US - MVIS US Business Development Companies Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, BDCZ returned 6.30%/yr vs 34.16%/yr for SMH. Their 0.30 correlation means their historical movements had little consistent relationship. BDCZ charges 0.85%/yr vs 0.35%/yr for SMH.
Performance
BDCZ vs. SMH - 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 SMH's 50.09% return. Over the past 10 years, BDCZ has underperformed SMH with an annualized return of 6.30%, while SMH has yielded a comparatively higher 34.16% annualized 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%
SMH
- 1D
- 0.30%
- 1M
- -8.74%
- 6M
- 33.97%
- YTD
- 50.09%
- 1Y
- 90.95%
- 3Y*
- 50.56%
- 5Y*
- 33.46%
- 10Y*
- 34.16%
- ALL TIME*
- 11.06%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $30.15K | $28.17K | $19.88K | |
| $8.28B | $7.64B | $7.07B |
BDCZ vs. SMH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BDCZ ETRACS MVIS Business Development Companies Index ETN | -6.58% | -3.72% | 12.22% | 25.31% | -9.12% | 33.97% | -10.95% | 26.00% | -7.64% | 0.40% |
SMH VanEck Semiconductor ETF | 50.09% | 49.17% | 39.10% | 73.38% | -33.53% | 42.13% | 55.53% | 64.45% | -9.05% | 38.48% |
Correlation
The correlation between BDCZ and SMH is 0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.07 |
Correlation (3Y) Balances recent behavior with more history. | 0.23 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.34 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.32 |
Correlation (All Time) Calculated using the full available price history since Oct 9, 2015 | 0.30 |
Over the past year, the correlation between BDCZ and SMH has dropped to 0.07 - well below their long-term average of 0.30, suggesting their price drivers have been diverging.
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Return for Risk
BDCZ vs. SMH — Risk / Return Rank
BDCZ
SMH
BDCZ vs. SMH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS MVIS Business Development Companies Index ETN (BDCZ) and VanEck Semiconductor ETF (SMH). 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 | SMH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.81 | ||
| Sortino ratioReturn per unit of downside risk | -3.31 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.36 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.69 | 3.58 | -4.28 |
| Martin ratioReturn relative to average drawdown | -1.24 | 14.64 | -15.89 |
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Drawdowns
BDCZ vs. SMH - Drawdown Comparison
The maximum BDCZ drawdown since its inception was -55.63%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for BDCZ and SMH.
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Drawdown Indicators
| BDCZ | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.63% | -84.96% | +29.33% |
Max Drawdown (1Y)Largest decline over 1 year | -16.80% | -24.62% | +7.82% |
Max Drawdown (3Y)Largest decline over 3 years | -20.77% | -35.74% | +14.97% |
Max Drawdown (5Y)Largest decline over 5 years | -23.12% | -45.30% | +22.18% |
Max Drawdown (10Y)Largest decline over 10 years | -55.63% | -45.30% | -10.33% |
Current DrawdownCurrent decline from peak | -16.01% | -19.19% | +3.18% |
Average DrawdownAverage peak-to-trough decline | -7.98% | -40.89% | +32.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.36% | 6.01% | +3.35% |
Volatility
BDCZ vs. SMH - Volatility Comparison
The current volatility for ETRACS MVIS Business Development Companies Index ETN (BDCZ) is 5.90%, while VanEck Semiconductor ETF (SMH) has a volatility of 14.70%. This indicates that BDCZ experiences smaller price fluctuations and is considered to be less risky than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCZ | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.90% | 14.70% | -8.80% |
Volatility (6M)Calculated over the trailing 6-month period | 18.49% | 33.13% | -14.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.56% | 38.57% | -16.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.27% | 36.50% | -18.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.96% | 33.32% | -11.36% |
BDCZ vs. SMH - Expense Ratio Comparison
BDCZ has a 0.85% expense ratio, which is higher than SMH's 0.35% expense ratio.
Dividends
BDCZ vs. SMH - Dividend Comparison
BDCZ's dividend yield for the trailing twelve months is around 12.12%, more than SMH's 0.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
SMH VanEck Semiconductor ETF | 0.20% | 0.31% | 0.44% | 0.60% | 1.18% | 0.51% | 0.69% | 1.50% | 1.88% | 1.43% | 0.80% | 2.14% |
Frequently Asked Questions
BDCZ and SMH have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMH has higher volatility (14.70%) compared to BDCZ (5.90%). In terms of maximum drawdown, BDCZ dropped -55.63% vs SMH's -84.96%.
On 10-year performance, SMH leads with 34.16% vs 6.30% for BDCZ. On fees, SMH is cheaper at 0.35% 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 10-year period, SMH has performed better with a 34.16% return vs 6.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMH is cheaper with a 0.35% expense ratio, compared with 0.85% for BDCZ.
BDCZ has the higher dividend yield at 12.12%, compared with 0.20% for SMH.
BDCZ is categorized as Financials Equities, while SMH is Semiconductors. BDCZ tracks BDCZ-US - MVIS US Business Development Companies Index, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: UBS and VanEck. Their fees differ too: 0.85% for BDCZ and 0.35% for SMH.
SMH currently has the higher Sharpe Ratio (2.29 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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