BIZD vs. BDCZ

Last updated Jun 4, 2026

BIZD (VanEck BDC Income ETF) and BDCZ (ETRACS MVIS Business Development Companies Index ETN) are both Financials Equities funds - BIZD tracks the MVIS US Business Development Companies Index while BDCZ tracks the BDCZ-US - MVIS US Business Development Companies Index. Both are passively managed. Over the past 10 years, BIZD returned 7.77%/yr vs 6.23%/yr for BDCZ. A 0.79 correlation means they provide meaningful diversification when combined. BIZD charges 0.42%/yr vs 0.85%/yr for BDCZ.

Performance

BIZD vs. BDCZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck BDC Income ETF (BIZD) and ETRACS MVIS Business Development Companies Index ETN (BDCZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BIZD achieves a -8.99% return, which is significantly lower than BDCZ's -7.98% return. Over the past 10 years, BIZD has outperformed BDCZ with an annualized return of 7.77%, while BDCZ has yielded a comparatively lower 6.23% annualized return.

BIZD

• 1D: -2.28%
• 1M: -6.62%
• YTD: -8.99%
• 6M: -10.20%
• 1Y: -12.94%
• 3Y*: 5.27%
• 5Y*: 4.03%
• 10Y*: 7.77%

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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BIZD vs. BDCZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BIZD VanEck BDC Income ETF	-8.99%	-4.96%	15.63%	27.02%	-8.51%	36.25%	-7.12%	30.87%	-6.88%	0.36%
BDCZ ETRACS MVIS Business Development Companies Index ETN	-7.98%	-3.72%	12.22%	25.31%	-9.12%	33.97%	-10.95%	26.00%	-7.64%	0.40%

Correlation

The correlation between BIZD and BDCZ is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Oct 12, 2015	0.79

The correlation between BIZD and BDCZ shifts across timeframes, from 0.79 (all time) to 0.96 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

BIZD vs. BDCZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BIZD

BIZD Risk / Return Rank: 3
BIZD Sharpe Ratio Rank: 3
BIZD Sortino Ratio Rank: 3
BIZD Omega Ratio Rank: 3
BIZD Calmar Ratio Rank: 4
BIZD Martin Ratio Rank: 4

BDCZ

BDCZ Risk / Return Rank: 4
BDCZ Sharpe Ratio Rank: 4
BDCZ Sortino Ratio Rank: 4
BDCZ Omega Ratio Rank: 4
BDCZ Calmar Ratio Rank: 4
BDCZ Martin Ratio Rank: 4

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BIZD vs. BDCZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck BDC Income ETF (BIZD) and ETRACS MVIS Business Development Companies Index ETN (BDCZ). 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.

	BIZD	BDCZ	Difference
Sharpe ratio Return per unit of total volatility	-0.72	-0.51	-0.21
Sortino ratio Return per unit of downside risk	-0.93	-0.59	-0.34
Omega ratio Gain probability vs. loss probability	0.90	0.93	-0.03
Calmar ratio Return relative to maximum drawdown	-0.58	-0.52	-0.07
Martin ratio Return relative to average drawdown	-1.03	-0.95	-0.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BIZD vs. BDCZ - Sharpe Ratio Comparison

The current BIZD Sharpe Ratio is -0.72, which is lower than the BDCZ Sharpe Ratio of -0.51. The chart below compares the historical Sharpe Ratios of BIZD and BDCZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BIZD	BDCZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.72	-0.51	-0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.19	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	0.29	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.27	+0.03

Drawdowns

BIZD vs. BDCZ - Drawdown Comparison

The maximum BIZD drawdown since its inception was -55.44%, roughly equal to the maximum BDCZ drawdown of -55.63%. Use the drawdown chart below to compare losses from any high point for BIZD and BDCZ.

Drawdown Indicators

	BIZD	BDCZ	Difference
Max Drawdown Largest peak-to-trough decline	-55.44%	-55.63%	+0.19%
Max Drawdown (1Y) Largest decline over 1 year	-22.22%	-19.95%	-2.27%
Max Drawdown (3Y) Largest decline over 3 years	-22.56%	-20.77%	-1.79%
Max Drawdown (5Y) Largest decline over 5 years	-22.91%	-23.12%	+0.21%
Max Drawdown (10Y) Largest decline over 10 years	-55.44%	-55.63%	+0.19%
Current Drawdown Current decline from peak	-19.27%	-17.27%	-2.00%
Average Drawdown Average peak-to-trough decline	-6.72%	-7.86%	+1.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.63%	10.94%	+1.69%

Volatility

BIZD vs. BDCZ - Volatility Comparison

The current volatility for VanEck BDC Income ETF (BIZD) is 4.79%, while ETRACS MVIS Business Development Companies Index ETN (BDCZ) has a volatility of 8.37%. This indicates that BIZD experiences smaller price fluctuations and is considered to be less risky than BDCZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIZD	BDCZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.79%	8.37%	-3.58%
Volatility (6M) Calculated over the trailing 6-month period	14.77%	17.17%	-2.40%
Volatility (1Y) Calculated over the trailing 1-year period	18.11%	20.42%	-2.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.40%	17.80%	-0.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.74%	21.73%	+0.01%

BIZD vs. BDCZ - Expense Ratio Comparison

BIZD has a 0.42% expense ratio, which is lower than BDCZ's 0.85% expense ratio.

Dividends

BIZD vs. BDCZ - Dividend Comparison

BIZD's dividend yield for the trailing twelve months is around 13.87%, more than BDCZ's 11.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
BIZD VanEck BDC Income ETF	13.87%	11.78%	10.94%	10.96%	11.21%	8.14%	10.39%	9.13%	10.88%	9.13%	8.51%	9.12%

Frequently Asked Questions

Can I hold both BIZD and BDCZ in my portfolio?

BIZD and BDCZ have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BIZD or BDCZ?

BDCZ has higher volatility (8.37%) compared to BIZD (4.79%). In terms of maximum drawdown, BIZD dropped -55.44% vs BDCZ's -55.63%.

Which ETF is better, BIZD or BDCZ?

On 10-year performance, BIZD leads with 7.77% vs 6.23% for BDCZ. On fees, BIZD is cheaper at 0.42% per year. On volatility, BIZD has been the lower-risk option at 4.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BIZD or BDCZ?

Over the 10-year period, BIZD has performed better with a 7.77% return vs 6.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BIZD or BDCZ?

BIZD is cheaper with a 0.42% expense ratio, compared with 0.85% for BDCZ.

Which ETF pays a higher dividend yield, BIZD or BDCZ?

BIZD has the higher dividend yield at 13.87%, compared with 11.28% for BDCZ.

What is the main difference between BIZD and BDCZ?

BIZD tracks MVIS US Business Development Companies Index, while BDCZ tracks BDCZ-US - MVIS US Business Development Companies Index. They also come from different issuers: VanEck and UBS. Their fees differ too: 0.42% for BIZD and 0.85% for BDCZ.

Which has better risk-adjusted returns?

BDCZ currently has the higher Sharpe Ratio (-0.51 vs -0.72), 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.