KWT vs. BIZD

Last updated Aug 5, 2026

KWT (iShares MSCI Kuwait ETF) and BIZD (VanEck BDC Income ETF) are both Financials Equities funds - KWT tracks the MSCI All Kuwait Select Size Liquidity Capped Index while BIZD tracks the MVIS US Business Development Companies Index. Both are passively managed. Over the past 5 years, KWT returned 8.16%/yr vs 5.46%/yr for BIZD. Their 0.29 correlation means their historical movements had little consistent relationship. KWT charges 0.74%/yr vs 12.86%/yr for BIZD.

Performance

KWT vs. BIZD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Kuwait ETF (KWT) and VanEck BDC Income ETF (BIZD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KWT achieves a -1.11% return, which is significantly higher than BIZD's -3.20% return.

KWT

• 1D: 0.37%
• 1M: 1.54%
• 6M: 0.83%
• YTD: -1.11%
• 1Y: 1.59%
• 3Y*: 9.43%
• 5Y*: 8.16%
• 10Y*: —
• ALL TIME*: 11.86%

BIZD

• 1D: 1.73%
• 1M: 3.60%
• 6M: 2.05%
• YTD: -3.20%
• 1Y: -9.00%
• 3Y*: 4.50%
• 5Y*: 5.46%
• 10Y*: 7.57%
• ALL TIME*: 6.47%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BIZD VanEck BDC Income ETF	$36.98M	$40.70M	$41.29M
KWT iShares MSCI Kuwait ETF	$420.28K	$307.57K	$205.85K

KWT vs. BIZD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
KWT iShares MSCI Kuwait ETF	-1.11%	25.38%	11.29%	-4.71%	5.16%	30.73%	7.37%
BIZD VanEck BDC Income ETF	-3.20%	-4.96%	15.63%	27.02%	-8.51%	36.25%	18.28%

Correlation

The correlation between KWT and BIZD is 0.17, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.17
Correlation (3Y) Balances recent behavior with more history.	0.27
Correlation (5Y) Shows whether the relationship held over a longer period.	0.28
Correlation (All Time) Calculated using the full available price history since Sep 3, 2020	0.29

The correlation between KWT and BIZD shifts across timeframes, from 0.17 (1 year) to 0.29 (all time), reflecting how their relationship changes across market environments.

KWT vs. BIZD - Sectors Allocation Comparison

Sectors	KWT	BIZD
Financial Services	65.3%	100.0%
Real Estate	11.6%	-
Industrials	9.7%	-
Communication Services	6.6%	-
Consumer Defensive	2.5%	-
Basic Materials	2.1%	-
Consumer Cyclical	1.6%	-
Utilities	0.6%	-
Energy	-	-
Healthcare	-	-
Technology	-	-

Return for Risk

KWT vs. BIZD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

KWT

KWT Risk / Return Rank: 12
KWT Sharpe Ratio Rank: 12
KWT Sortino Ratio Rank: 12
KWT Omega Ratio Rank: 12
KWT Calmar Ratio Rank: 12
KWT Martin Ratio Rank: 12

BIZD

BIZD Risk / Return Rank: 5
BIZD Sharpe Ratio Rank: 5
BIZD Sortino Ratio Rank: 5
BIZD Omega Ratio Rank: 5
BIZD Calmar Ratio Rank: 5
BIZD Martin Ratio Rank: 5

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

KWT vs. BIZD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Kuwait ETF (KWT) and VanEck BDC Income ETF (BIZD). 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.

	KWT	BIZD	Difference
Sharpe ratio: Return per unit of total volatility	0.12	-0.47	+0.59
Sortino ratio: Return per unit of downside risk	0.26	-0.56	+0.83
Omega ratio: Gain probability vs. loss probability	1.03	0.94	+0.10
Calmar ratio: Return relative to maximum drawdown	0.14	-0.48	+0.61
Martin ratio: Return relative to average drawdown	0.29	-0.80	+1.09

KWT vs. BIZD - Sharpe Ratio Comparison

The current KWT Sharpe Ratio is 0.12, which is higher than the BIZD Sharpe Ratio of -0.47. The chart below compares the historical Sharpe Ratios of KWT and BIZD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

KWT vs. BIZD - Drawdown Comparison

The maximum KWT drawdown since its inception was -24.37%, smaller than the maximum BIZD drawdown of -55.44%. Use the drawdown chart below to compare losses from any high point for KWT and BIZD.

Drawdown Indicators

	KWT	BIZD	Difference
Max Drawdown Largest peak-to-trough decline	-24.37%	-55.44%	+31.07%
Max Drawdown (1Y) Largest decline over 1 year	-11.54%	-18.99%	+7.45%
Max Drawdown (3Y) Largest decline over 3 years	-12.58%	-22.56%	+9.98%
Max Drawdown (5Y) Largest decline over 5 years	-24.37%	-22.91%	-1.46%
Max Drawdown (10Y) Largest decline over 10 years	—	-55.44%	—
Current Drawdown Current decline from peak	-5.89%	-14.14%	+8.25%
Average Drawdown Average peak-to-trough decline	-7.29%	-6.85%	-0.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.59%	11.24%	-5.65%

Volatility

KWT vs. BIZD - Volatility Comparison

The current volatility for iShares MSCI Kuwait ETF (KWT) is 2.53%, while VanEck BDC Income ETF (BIZD) has a volatility of 5.62%. This indicates that KWT experiences smaller price fluctuations and is considered to be less risky than BIZD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KWT	BIZD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.53%	5.62%	-3.09%
Volatility (6M) Calculated over the trailing 6-month period	9.83%	15.32%	-5.49%
Volatility (1Y) Calculated over the trailing 1-year period	13.37%	19.05%	-5.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.60%	17.57%	-3.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.87%	21.83%	-7.96%

KWT vs. BIZD - Expense Ratio Comparison

KWT has a 0.74% expense ratio, which is lower than BIZD's 12.86% expense ratio.

Dividends

KWT vs. BIZD - Dividend Comparison

KWT's dividend yield for the trailing twelve months is around 5.57%, less than BIZD's 11.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BIZD VanEck BDC Income ETF	11.76%	11.78%	10.94%	10.96%	11.21%	8.14%	10.39%	9.13%	10.88%	9.13%	8.51%	9.12%
KWT iShares MSCI Kuwait ETF	5.57%	5.40%	6.09%	2.25%	5.87%	7.65%	0.27%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both KWT and BIZD in my portfolio?

KWT and BIZD have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KWT or BIZD?

BIZD has higher volatility (5.62%) compared to KWT (2.53%). In terms of maximum drawdown, KWT dropped -24.37% vs BIZD's -55.44%.

Which ETF is better, KWT or BIZD?

On 5-year performance, KWT leads with 8.16% vs 5.46% for BIZD. On fees, KWT is cheaper at 0.74% per year. On volatility, KWT has been the lower-risk option at 2.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KWT or BIZD?

Over the 5-year period, KWT has performed better with a 8.16% return vs 5.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KWT or BIZD?

KWT is cheaper with a 0.74% expense ratio, compared with 12.86% for BIZD.

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

BIZD has the higher dividend yield at 11.76%, compared with 5.57% for KWT.

What is the main difference between KWT and BIZD?

KWT tracks MSCI All Kuwait Select Size Liquidity Capped Index, while BIZD tracks MVIS US Business Development Companies Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.74% for KWT and 12.86% for BIZD.

Which has better risk-adjusted returns?

KWT currently has the higher Sharpe Ratio (0.12 vs -0.47), 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.