BDCZ vs. SMST
BDCZ (ETRACS MVIS Business Development Companies Index ETN) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - BDCZ is a Financials Equities fund tracking the BDCZ-US - MVIS US Business Development Companies Index, while SMST is a Inverse Equities fund actively managed by Defiance. BDCZ is passively managed, while SMST is actively managed. Over the past year, BDCZ returned -10.62% vs 128.37% for SMST. Their -0.29 correlation means they have often moved in opposite directions in the past. BDCZ charges 0.85%/yr vs 1.29%/yr for SMST.
Performance
BDCZ vs. SMST - Performance Comparison
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Returns By Period
In the year-to-date period, BDCZ achieves a -6.58% return, which is significantly higher than SMST's -35.77% 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%
SMST
- 1D
- 8.37%
- 1M
- 5.47%
- 6M
- -29.35%
- YTD
- -35.77%
- 1Y
- 128.37%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -83.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $30.15K | $28.17K | $19.88K | |
| $15.35M | $15.12M | $17.58M |
BDCZ vs. SMST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BDCZ ETRACS MVIS Business Development Companies Index ETN | -6.58% | -3.72% | 7.32% |
SMST Defiance Daily Target 2X Short MSTR ETF | -35.77% | -44.36% | -91.71% |
Correlation
The correlation between BDCZ and SMST is -0.26, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.26 |
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024 | -0.29 |
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Return for Risk
BDCZ vs. SMST — Risk / Return Rank
BDCZ
SMST
BDCZ vs. SMST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS MVIS Business Development Companies Index ETN (BDCZ) and Defiance Daily Target 2X Short MSTR ETF (SMST). 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 | SMST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.65 | ||
| Sortino ratioReturn per unit of downside risk | -2.70 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.27 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.69 | 2.00 | -2.69 |
| Martin ratioReturn relative to average drawdown | -1.24 | 3.68 | -4.92 |
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Drawdowns
BDCZ vs. SMST - Drawdown Comparison
The maximum BDCZ drawdown since its inception was -55.63%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for BDCZ and SMST.
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Drawdown Indicators
| BDCZ | SMST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.63% | -99.25% | +43.62% |
Max Drawdown (1Y)Largest decline over 1 year | -16.80% | -85.39% | +68.59% |
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 | -16.01% | -97.48% | +81.47% |
Average DrawdownAverage peak-to-trough decline | -7.98% | -91.08% | +83.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.36% | 46.35% | -36.99% |
Volatility
BDCZ vs. SMST - Volatility Comparison
The current volatility for ETRACS MVIS Business Development Companies Index ETN (BDCZ) is 5.90%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 38.14%. This indicates that BDCZ experiences smaller price fluctuations and is considered to be less risky than SMST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCZ | SMST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.90% | 38.14% | -32.24% |
Volatility (6M)Calculated over the trailing 6-month period | 18.49% | 135.29% | -116.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.56% | 151.04% | -128.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.27% | 166.75% | -148.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.96% | 166.75% | -144.79% |
BDCZ vs. SMST - Expense Ratio Comparison
BDCZ has a 0.85% expense ratio, which is lower than SMST's 1.29% expense ratio.
Dividends
BDCZ vs. SMST - Dividend Comparison
BDCZ's dividend yield for the trailing twelve months is around 12.12%, while SMST has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SMST Defiance Daily Target 2X Short MSTR ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BDCZ and SMST have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMST has higher volatility (38.14%) compared to BDCZ (5.90%). In terms of maximum drawdown, BDCZ dropped -55.63% vs SMST's -99.25%.
On 1-year performance, SMST leads with 128.37% vs -10.62% for BDCZ. On fees, BDCZ is cheaper at 0.85% 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 1-year period, SMST has performed better with a 128.37% return vs -10.62%. 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 1.29% for SMST.
BDCZ has the higher dividend yield at 12.12%, compared with 0.00% for SMST.
BDCZ is categorized as Financials Equities, while SMST is Inverse Equities. They also come from different issuers: UBS and Defiance. Their fees differ too: 0.85% for BDCZ and 1.29% for SMST.
SMST currently has the higher Sharpe Ratio (1.13 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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