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 -10.32% vs 3.70% for TOAK. At a correlation of -0.04, they often move in opposite directions. 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 -7.98% return, which is significantly lower than TOAK's 1.32% 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%
TOAK
- 1D
- 0.03%
- 1M
- 0.24%
- YTD
- 1.32%
- 6M
- 1.55%
- 1Y
- 3.70%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BDCZ vs. TOAK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BDCZ ETRACS MVIS Business Development Companies Index ETN | -7.98% | -3.72% | 7.32% |
TOAK Twin Oak Short Horizon Absolute Return ETF | 1.32% | 4.28% | 1.51% |
Correlation
The correlation between BDCZ and TOAK is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Aug 21, 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.
| BDCZ | TOAK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.78 | ||
| Sortino ratioReturn per unit of downside risk | -2.48 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.77 | -0.85 |
| Calmar ratioReturn relative to maximum drawdown | -0.52 | 2.05 | -2.57 |
| Martin ratioReturn relative to average drawdown | -0.95 | 8.11 | -9.06 |
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 | TOAK | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.51 | 1.27 | -1.78 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.19 | — | — |
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 | 1.82 | -1.55 |
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 | -19.95% | -1.81% | -18.14% |
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 | -17.27% | -1.72% | -15.55% |
Average DrawdownAverage peak-to-trough decline | -7.86% | -0.10% | -7.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.94% | 0.46% | +10.48% |
Volatility
BDCZ vs. TOAK - Volatility Comparison
ETRACS MVIS Business Development Companies Index ETN (BDCZ) has a higher volatility of 8.37% compared to Twin Oak Short Horizon Absolute Return ETF (TOAK) at 2.72%. 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 | 8.37% | 2.72% | +5.65% |
Volatility (6M)Calculated over the trailing 6-month period | 17.17% | 2.89% | +14.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.42% | 2.92% | +17.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.80% | 2.22% | +15.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.73% | 2.22% | +19.51% |
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 11.28%, 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 | 11.28% | 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 0.02, 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 TOAK (2.72%). In terms of maximum drawdown, BDCZ dropped -55.63% vs TOAK's -1.81%.
On 1-year performance, TOAK leads with 3.70% vs -10.32% for BDCZ. On fees, TOAK is cheaper at 0.25% per year. On volatility, TOAK has been the lower-risk option at 2.72%. 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 3.70% return vs -10.32%. 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 11.28%, 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 (1.27 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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