BDCZ vs. USML
BDCZ (ETRACS MVIS Business Development Companies Index ETN) and USML (ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN) are both exchange-traded funds - BDCZ is a Financials Equities fund tracking the BDCZ-US - MVIS US Business Development Companies Index, while USML is a Leveraged Equities fund tracking the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 5 years, BDCZ returned 3.38%/yr vs 8.11%/yr for USML. At a 0.47 correlation, their price movements are largely independent. BDCZ charges 0.85%/yr vs 0.95%/yr for USML.
Performance
BDCZ vs. USML - 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 USML's 2.96% 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%
USML
- 1D
- -1.24%
- 1M
- 3.76%
- YTD
- 2.96%
- 6M
- 2.63%
- 1Y
- 2.80%
- 3Y*
- 16.27%
- 5Y*
- 8.11%
- 10Y*
- —
BDCZ vs. USML - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BDCZ ETRACS MVIS Business Development Companies Index ETN | -7.98% | -3.72% | 12.22% | 25.31% | -9.12% | 23.79% |
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN | 2.96% | 9.33% | 23.97% | 11.37% | -22.87% | 42.12% |
Correlation
The correlation between BDCZ and USML is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021 | 0.47 |
Over the past year, the correlation between BDCZ and USML has dropped to 0.26 - well below their long-term average of 0.47, suggesting their price drivers have been diverging.
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Return for Risk
BDCZ vs. USML — Risk / Return Rank
BDCZ
USML
BDCZ vs. USML - 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 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML). 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 | USML | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.68 | ||
| Sortino ratioReturn per unit of downside risk | -0.94 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.04 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | -0.52 | 0.21 | -0.73 |
| Martin ratioReturn relative to average drawdown | -0.95 | 0.65 | -1.59 |
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 | USML | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.51 | 0.17 | -0.68 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.19 | 0.33 | -0.14 |
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 | 0.44 | -0.16 |
Drawdowns
BDCZ vs. USML - Drawdown Comparison
The maximum BDCZ drawdown since its inception was -55.63%, which is greater than USML's maximum drawdown of -35.34%. Use the drawdown chart below to compare losses from any high point for BDCZ and USML.
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Drawdown Indicators
| BDCZ | USML | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.63% | -35.34% | -20.29% |
Max Drawdown (1Y)Largest decline over 1 year | -19.95% | -13.09% | -6.86% |
Max Drawdown (3Y)Largest decline over 3 years | -20.77% | -19.14% | -1.63% |
Max Drawdown (5Y)Largest decline over 5 years | -23.12% | -35.34% | +12.22% |
Max Drawdown (10Y)Largest decline over 10 years | -55.63% | — | — |
Current DrawdownCurrent decline from peak | -17.27% | -3.69% | -13.58% |
Average DrawdownAverage peak-to-trough decline | -7.86% | -10.41% | +2.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.94% | 4.33% | +6.61% |
Volatility
BDCZ vs. USML - Volatility Comparison
ETRACS MVIS Business Development Companies Index ETN (BDCZ) has a higher volatility of 8.37% compared to ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) at 4.22%. This indicates that BDCZ's price experiences larger fluctuations and is considered to be riskier than USML based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BDCZ | USML | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.37% | 4.22% | +4.15% |
Volatility (6M)Calculated over the trailing 6-month period | 17.17% | 11.44% | +5.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.42% | 16.38% | +4.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.80% | 24.47% | -6.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.73% | 24.29% | -2.56% |
BDCZ vs. USML - Expense Ratio Comparison
BDCZ has a 0.85% expense ratio, which is lower than USML's 0.95% expense ratio.
Dividends
BDCZ vs. USML - Dividend Comparison
BDCZ's dividend yield for the trailing twelve months is around 11.28%, while USML 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% |
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN | 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 USML 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.
BDCZ has higher volatility (8.37%) compared to USML (4.22%). In terms of maximum drawdown, BDCZ dropped -55.63% vs USML's -35.34%.
On 5-year performance, USML leads with 8.11% vs 3.38% for BDCZ. On fees, BDCZ is cheaper at 0.85% per year. On volatility, USML has been the lower-risk option at 4.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USML has performed better with a 8.11% return vs 3.38%. 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 0.95% for USML.
BDCZ has the higher dividend yield at 11.28%, compared with 0.00% for USML.
BDCZ is categorized as Financials Equities, while USML is Leveraged Equities. BDCZ tracks BDCZ-US - MVIS US Business Development Companies Index, while USML tracks MSCI USA Minimum Volatility Index. Their fees differ too: 0.85% for BDCZ and 0.95% for USML.
USML currently has the higher Sharpe Ratio (0.17 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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