BDCZ vs. TOAK
BDCZ (ETRACS MVIS Business Development Companies Index ETN) and TOAK (Twin Oak Short Horizon Absolute Return ETF) are both exchange-traded funds - BDCZ is a Financials Equities fund tracking the BDCZ-US - MVIS US Business Development Companies Index, while TOAK is a Multistrategy fund actively managed by Twin Oak. BDCZ is passively managed, while TOAK is actively managed. Over the past year, BDCZ returned -10.62% vs 3.95% for TOAK. Their -0.04 correlation means they have often moved in opposite directions in the past. BDCZ charges 0.85%/yr vs 0.25%/yr for TOAK.
Performance
BDCZ vs. TOAK - 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 TOAK's 2.08% 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%
TOAK
- 1D
- 0.12%
- 1M
- 0.45%
- 6M
- 1.77%
- YTD
- 2.08%
- 1Y
- 3.95%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.99%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $30.15K | $28.17K | $19.88K | |
| $423.36K | $353.18K | $391.26K |
BDCZ vs. TOAK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BDCZ ETRACS MVIS Business Development Companies Index ETN | -6.58% | -3.72% | 6.81% |
TOAK Twin Oak Short Horizon Absolute Return ETF | 2.08% | 4.28% | 1.36% |
Correlation
The correlation between BDCZ and TOAK is 0.04, 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. | 0.04 |
Correlation (All Time) Calculated using the full available price history since Aug 20, 2024 | -0.04 |
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Return for Risk
BDCZ vs. TOAK — Risk / Return Rank
BDCZ
TOAK
BDCZ vs. TOAK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS MVIS Business Development Companies Index ETN (BDCZ) and Twin Oak Short Horizon Absolute Return ETF (TOAK). 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 | TOAK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.77 | ||
| Sortino ratioReturn per unit of downside risk | -2.51 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.66 | -0.73 |
| Calmar ratioReturn relative to maximum drawdown | -0.69 | 2.17 | -2.87 |
| Martin ratioReturn relative to average drawdown | -1.24 | 5.42 | -6.66 |
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Drawdowns
BDCZ vs. TOAK - Drawdown Comparison
The maximum BDCZ drawdown since its inception was -55.63%, which is greater than TOAK's maximum drawdown of -1.81%. Use the drawdown chart below to compare losses from any high point for BDCZ and TOAK.
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Drawdown Indicators
| BDCZ | TOAK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.63% | -1.81% | -53.82% |
Max Drawdown (1Y)Largest decline over 1 year | -16.80% | -1.81% | -14.99% |
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% | -0.99% | -15.02% |
Average DrawdownAverage peak-to-trough decline | -7.98% | -0.21% | -7.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.36% | 0.72% | +8.64% |
Volatility
BDCZ vs. TOAK - Volatility Comparison
ETRACS MVIS Business Development Companies Index ETN (BDCZ) has a higher volatility of 5.90% compared to Twin Oak Short Horizon Absolute Return ETF (TOAK) at 1.15%. This indicates that BDCZ's price experiences larger fluctuations and is considered to be riskier than TOAK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCZ | TOAK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.90% | 1.15% | +4.75% |
Volatility (6M)Calculated over the trailing 6-month period | 18.49% | 2.94% | +15.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.56% | 3.12% | +19.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.27% | 2.28% | +15.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.96% | 2.28% | +19.68% |
BDCZ vs. TOAK - Expense Ratio Comparison
BDCZ has a 0.85% expense ratio, which is higher than TOAK's 0.25% expense ratio.
Dividends
BDCZ vs. TOAK - Dividend Comparison
BDCZ's dividend yield for the trailing twelve months is around 12.12%, while TOAK 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% |
TOAK Twin Oak Short Horizon Absolute Return 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 TOAK have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BDCZ has higher volatility (5.90%) compared to TOAK (1.15%). In terms of maximum drawdown, BDCZ dropped -55.63% vs TOAK's -1.81%.
On 1-year performance, TOAK leads with 3.95% vs -10.62% for BDCZ. On fees, TOAK is cheaper at 0.25% per year. On volatility, TOAK has been the lower-risk option at 1.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, TOAK has performed better with a 3.95% return vs -10.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TOAK is cheaper with a 0.25% expense ratio, compared with 0.85% for BDCZ.
BDCZ has the higher dividend yield at 12.12%, compared with 0.00% for TOAK.
BDCZ is categorized as Financials Equities, while TOAK is Multistrategy. They also come from different issuers: UBS and Twin Oak. Their fees differ too: 0.85% for BDCZ and 0.25% for TOAK.
TOAK currently has the higher Sharpe Ratio (1.26 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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