BDCZ vs. SMHB
BDCZ (ETRACS MVIS Business Development Companies Index ETN) and SMHB (ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B) are both exchange-traded funds - BDCZ is a Financials Equities fund tracking the BDCZ-US - MVIS US Business Development Companies Index, while SMHB is a Leveraged Equities fund tracking the Solactive US Small Cap High Dividend Index (200%). Both are passively managed. Over the past 5 years, BDCZ returned 3.38%/yr vs -6.36%/yr for SMHB. A 0.62 correlation means they provide meaningful diversification when combined. Both charge a 0.85% expense ratio.
Performance
BDCZ vs. SMHB - Performance Comparison
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Returns By Period
In the year-to-date period, BDCZ achieves a -7.98% return, which is significantly lower than SMHB's 5.72% 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%
SMHB
- 1D
- -1.45%
- 1M
- -1.99%
- YTD
- 5.72%
- 6M
- 0.84%
- 1Y
- 11.36%
- 3Y*
- 9.31%
- 5Y*
- -6.36%
- 10Y*
- —
BDCZ vs. SMHB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
BDCZ ETRACS MVIS Business Development Companies Index ETN | -7.98% | -3.72% | 12.22% | 25.31% | -9.12% | 33.97% | -10.95% | 26.00% | -7.16% |
SMHB ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B | 5.72% | -7.75% | -15.85% | 35.96% | -36.03% | 68.86% | -43.21% | 13.05% | -24.78% |
Correlation
The correlation between BDCZ and SMHB is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.60 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2018 | 0.62 |
The correlation between BDCZ and SMHB shifts across timeframes, from 0.45 (1 year) to 0.62 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BDCZ vs. SMHB — Risk / Return Rank
BDCZ
SMHB
BDCZ vs. SMHB - 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 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B (SMHB). 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 | SMHB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.80 | ||
| Sortino ratioReturn per unit of downside risk | -1.29 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.08 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | -0.52 | 0.45 | -0.97 |
| Martin ratioReturn relative to average drawdown | -0.95 | 1.10 | -2.04 |
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 | SMHB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.51 | 0.29 | -0.80 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.19 | -0.13 | +0.32 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.29 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.27 | -0.10 | +0.38 |
Drawdowns
BDCZ vs. SMHB - Drawdown Comparison
The maximum BDCZ drawdown since its inception was -55.63%, smaller than the maximum SMHB drawdown of -90.30%. Use the drawdown chart below to compare losses from any high point for BDCZ and SMHB.
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Drawdown Indicators
| BDCZ | SMHB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.63% | -90.30% | +34.67% |
Max Drawdown (1Y)Largest decline over 1 year | -19.95% | -25.16% | +5.21% |
Max Drawdown (3Y)Largest decline over 3 years | -20.77% | -45.05% | +24.28% |
Max Drawdown (5Y)Largest decline over 5 years | -23.12% | -58.85% | +35.73% |
Max Drawdown (10Y)Largest decline over 10 years | -55.63% | — | — |
Current DrawdownCurrent decline from peak | -17.27% | -41.81% | +24.54% |
Average DrawdownAverage peak-to-trough decline | -7.86% | -37.21% | +29.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.94% | 10.38% | +0.56% |
Volatility
BDCZ vs. SMHB - Volatility Comparison
ETRACS MVIS Business Development Companies Index ETN (BDCZ) has a higher volatility of 8.37% compared to ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B (SMHB) at 7.35%. This indicates that BDCZ's price experiences larger fluctuations and is considered to be riskier than SMHB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCZ | SMHB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.37% | 7.35% | +1.02% |
Volatility (6M)Calculated over the trailing 6-month period | 17.17% | 25.74% | -8.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.42% | 38.92% | -18.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.80% | 48.93% | -31.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.73% | 66.33% | -44.60% |
BDCZ vs. SMHB - Expense Ratio Comparison
Both BDCZ and SMHB have an expense ratio of 0.85%.
Dividends
BDCZ vs. SMHB - Dividend Comparison
BDCZ's dividend yield for the trailing twelve months is around 11.28%, less than SMHB's 21.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SMHB ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B | 21.00% | 22.22% | 21.95% | 15.27% | 24.18% | 12.22% | 16.86% | 19.97% | 0.91% | 0.00% | 0.00% |
Frequently Asked Questions
BDCZ and SMHB have a correlation of 0.45, 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 SMHB (7.35%). In terms of maximum drawdown, BDCZ dropped -55.63% vs SMHB's -90.30%.
On 5-year performance, BDCZ leads with 3.38% vs -6.36% for SMHB. Both ETFs have the same 0.85% expense ratio. On volatility, SMHB has been the lower-risk option at 7.35%. 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 3.38% return vs -6.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BDCZ and SMHB have the same expense ratio: 0.85% per year.
SMHB has the higher dividend yield at 21.00%, compared with 11.28% for BDCZ.
BDCZ is categorized as Financials Equities, while SMHB is Leveraged Equities. BDCZ tracks BDCZ-US - MVIS US Business Development Companies Index, while SMHB tracks Solactive US Small Cap High Dividend Index (200%).
SMHB currently has the higher Sharpe Ratio (0.29 vs -0.51), 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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