FMNY vs. BDCZ
FMNY (First Trust New York High Income Municipal ETF) and BDCZ (ETRACS MVIS Business Development Companies Index ETN) are both exchange-traded funds - FMNY is a Municipal Bonds fund actively managed by First Trust, while BDCZ is a Financials Equities fund tracking the BDCZ-US - MVIS US Business Development Companies Index. FMNY is actively managed, while BDCZ is passively managed. Over the past 5 years, FMNY returned 0.59%/yr vs 3.54%/yr for BDCZ. At a 0.03 correlation, their price movements are largely independent. FMNY charges 0.65%/yr vs 0.85%/yr for BDCZ.
Performance
FMNY vs. BDCZ - Performance Comparison
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Returns By Period
In the year-to-date period, FMNY achieves a 1.87% return, which is significantly higher than BDCZ's -7.30% return.
FMNY
- 1D
- 0.06%
- 1M
- 0.60%
- YTD
- 1.87%
- 6M
- 2.23%
- 1Y
- 7.45%
- 3Y*
- 4.02%
- 5Y*
- 0.59%
- 10Y*
- —
BDCZ
- 1D
- -1.13%
- 1M
- -5.89%
- YTD
- -7.30%
- 6M
- -8.92%
- 1Y
- -9.21%
- 3Y*
- 4.90%
- 5Y*
- 3.54%
- 10Y*
- 6.24%
FMNY vs. BDCZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
FMNY First Trust New York High Income Municipal ETF | 1.87% | 3.94% | 1.74% | 6.14% | -10.65% | 1.60% |
BDCZ ETRACS MVIS Business Development Companies Index ETN | -7.30% | -3.72% | 12.22% | 25.31% | -9.12% | 11.11% |
Correlation
The correlation between FMNY and BDCZ is -0.08, 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 | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since May 14, 2021 | 0.03 |
The correlation between FMNY and BDCZ shifts across timeframes, from -0.08 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FMNY vs. BDCZ — Risk / Return Rank
FMNY
BDCZ
FMNY vs. BDCZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust New York High Income Municipal ETF (FMNY) 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.
| FMNY | BDCZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.72 | ||
| Sortino ratioReturn per unit of downside risk | +3.81 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 0.94 | +0.53 |
| Calmar ratioReturn relative to maximum drawdown | 2.64 | -0.46 | +3.11 |
| Martin ratioReturn relative to average drawdown | 8.54 | -0.84 | +9.38 |
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
| FMNY | BDCZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.27 | -0.45 | +2.72 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.15 | 0.20 | -0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.29 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.19 | 0.27 | -0.09 |
Drawdowns
FMNY vs. BDCZ - Drawdown Comparison
The maximum FMNY drawdown since its inception was -15.90%, smaller than the maximum BDCZ drawdown of -55.63%. Use the drawdown chart below to compare losses from any high point for FMNY and BDCZ.
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Drawdown Indicators
| FMNY | BDCZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.90% | -55.63% | +39.73% |
Max Drawdown (1Y)Largest decline over 1 year | -2.83% | -19.95% | +17.12% |
Max Drawdown (3Y)Largest decline over 3 years | -5.88% | -20.77% | +14.89% |
Max Drawdown (5Y)Largest decline over 5 years | -15.90% | -23.12% | +7.22% |
Max Drawdown (10Y)Largest decline over 10 years | — | -55.63% | — |
Current DrawdownCurrent decline from peak | -0.72% | -16.66% | +15.94% |
Average DrawdownAverage peak-to-trough decline | -5.68% | -7.87% | +2.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | 11.02% | -10.15% |
Volatility
FMNY vs. BDCZ - Volatility Comparison
The current volatility for First Trust New York High Income Municipal ETF (FMNY) is 0.84%, while ETRACS MVIS Business Development Companies Index ETN (BDCZ) has a volatility of 8.69%. This indicates that FMNY 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.
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Volatility by Period
| FMNY | BDCZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.84% | 8.69% | -7.85% |
Volatility (6M)Calculated over the trailing 6-month period | 2.37% | 17.25% | -14.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.29% | 20.53% | -17.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.00% | 17.82% | -13.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.99% | 21.74% | -17.75% |
FMNY vs. BDCZ - Expense Ratio Comparison
FMNY has a 0.65% expense ratio, which is lower than BDCZ's 0.85% expense ratio.
Dividends
FMNY vs. BDCZ - Dividend Comparison
FMNY's dividend yield for the trailing twelve months is around 3.68%, less than BDCZ's 11.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BDCZ ETRACS MVIS Business Development Companies Index ETN | 11.19% | 10.65% | 9.26% | 9.13% | 9.39% | 7.49% | 10.01% | 8.40% | 9.66% | 8.74% | 7.98% |
FMNY First Trust New York High Income Municipal ETF | 3.68% | 3.64% | 3.56% | 3.25% | 2.34% | 0.72% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FMNY and BDCZ have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BDCZ has higher volatility (8.69%) compared to FMNY (0.84%). In terms of maximum drawdown, FMNY dropped -15.90% vs BDCZ's -55.63%.
On 5-year performance, BDCZ leads with 3.54% vs 0.59% for FMNY. On fees, FMNY is cheaper at 0.65% per year. On volatility, FMNY has been the lower-risk option at 0.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BDCZ has performed better with a 3.54% return vs 0.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FMNY is cheaper with a 0.65% expense ratio, compared with 0.85% for BDCZ.
BDCZ has the higher dividend yield at 11.19%, compared with 3.68% for FMNY.
FMNY is categorized as Municipal Bonds, while BDCZ is Financials Equities. They also come from different issuers: First Trust and UBS. Their fees differ too: 0.65% for FMNY and 0.85% for BDCZ.
FMNY currently has the higher Sharpe Ratio (2.27 vs -0.45), 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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