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 3.98%/yr vs 6.87%/yr for USML. Their 0.47 correlation means their historical movements had little consistent relationship. 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 -6.58% return, which is significantly lower than USML's 6.16% 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%
USML
- 1D
- 0.34%
- 1M
- 2.09%
- 6M
- 5.03%
- YTD
- 6.16%
- 1Y
- 9.59%
- 3Y*
- 14.75%
- 5Y*
- 6.87%
- 10Y*
- —
- ALL TIME*
- 10.83%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $30.15K | $28.17K | $19.88K | |
| $7.71K | $7.61K | $6.21K |
BDCZ vs. USML - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BDCZ ETRACS MVIS Business Development Companies Index ETN | -6.58% | -3.72% | 12.22% | 25.31% | -9.12% | 25.81% |
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN | 6.16% | 9.33% | 23.97% | 11.37% | -22.87% | 42.12% |
Correlation
The correlation between BDCZ and USML is 0.28, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.28 |
Correlation (3Y) Balances recent behavior with more history. | 0.42 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.49 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021 | 0.47 |
The correlation between BDCZ and USML shifts across timeframes, from 0.28 (1 year) to 0.49 (5 years), reflecting how their relationship changes across market environments.
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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.
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 | USML | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.06 | ||
| Sortino ratioReturn per unit of downside risk | -1.48 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.10 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | -0.69 | 0.70 | -1.39 |
| Martin ratioReturn relative to average drawdown | -1.24 | 2.01 | -3.26 |
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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 | -16.80% | -13.09% | -3.71% |
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 | -16.01% | -1.05% | -14.96% |
Average DrawdownAverage peak-to-trough decline | -7.98% | -10.21% | +2.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.36% | 4.51% | +4.85% |
Volatility
BDCZ vs. USML - Volatility Comparison
ETRACS MVIS Business Development Companies Index ETN (BDCZ) and ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) have volatilities of 5.90% and 5.78%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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 | 5.90% | 5.78% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 18.49% | 12.48% | +6.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.56% | 16.72% | +5.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.27% | 24.53% | -6.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.96% | 24.13% | -2.17% |
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 12.12%, 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 | 12.12% | 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 0.28, 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 USML (5.78%). In terms of maximum drawdown, BDCZ dropped -55.63% vs USML's -35.34%.
On 5-year performance, USML leads with 6.87% vs 3.98% for BDCZ. On fees, BDCZ is cheaper at 0.85% per year. On volatility, USML has been the lower-risk option at 5.78%. 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 6.87% return vs 3.98%. 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 12.12%, 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 (0.55 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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