MLPR vs. BDCZ
MLPR (ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN) and BDCZ (ETRACS MVIS Business Development Companies Index ETN) are both exchange-traded funds - MLPR is a Leveraged Equities fund tracking the Alerian MLP Index (150%), while BDCZ is a Financials Equities fund tracking the BDCZ-US - MVIS US Business Development Companies Index. Both are passively managed. Over the past 5 years, MLPR returned 25.58%/yr vs 3.29%/yr for BDCZ. At a 0.48 correlation, their price movements are largely independent. MLPR charges 0.95%/yr vs 0.85%/yr for BDCZ.
Performance
MLPR vs. BDCZ - Performance Comparison
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Returns By Period
In the year-to-date period, MLPR achieves a 24.85% return, which is significantly higher than BDCZ's -8.73% return.
MLPR
- 1D
- 2.97%
- 1M
- -9.79%
- YTD
- 24.85%
- 6M
- 24.33%
- 1Y
- 28.25%
- 3Y*
- 31.47%
- 5Y*
- 25.58%
- 10Y*
- —
BDCZ
- 1D
- 0.45%
- 1M
- -0.80%
- YTD
- -8.73%
- 6M
- -6.81%
- 1Y
- -10.27%
- 3Y*
- 4.71%
- 5Y*
- 3.29%
- 10Y*
- 6.05%
MLPR vs. BDCZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
MLPR ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN | 24.85% | 9.83% | 31.57% | 35.87% | 41.04% | 57.33% | -7.10% |
BDCZ ETRACS MVIS Business Development Companies Index ETN | -8.73% | -3.72% | 12.22% | 25.31% | -9.12% | 33.97% | 19.94% |
Correlation
The correlation between MLPR and BDCZ is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2020 | 0.48 |
Over the past year, the correlation between MLPR and BDCZ has dropped to 0.11 - well below their long-term average of 0.48, suggesting their price drivers have been diverging.
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Return for Risk
MLPR vs. BDCZ — Risk / Return Rank
MLPR
BDCZ
MLPR vs. BDCZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN (MLPR) 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.
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.
| MLPR | BDCZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.85 | ||
| Sortino ratioReturn per unit of downside risk | +2.42 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 0.93 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 2.03 | -0.52 | +2.55 |
| Martin ratioReturn relative to average drawdown | 5.88 | -0.89 | +6.77 |
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Drawdowns
MLPR vs. BDCZ - Drawdown Comparison
The maximum MLPR drawdown since its inception was -48.98%, smaller than the maximum BDCZ drawdown of -55.63%. Use the drawdown chart below to compare losses from any high point for MLPR and BDCZ.
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Drawdown Indicators
| MLPR | BDCZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.98% | -55.63% | +6.65% |
Max Drawdown (1Y)Largest decline over 1 year | -13.97% | -19.95% | +5.98% |
Max Drawdown (3Y)Largest decline over 3 years | -24.45% | -20.77% | -3.68% |
Max Drawdown (5Y)Largest decline over 5 years | -28.66% | -23.12% | -5.54% |
Max Drawdown (10Y)Largest decline over 10 years | — | -55.63% | — |
Current DrawdownCurrent decline from peak | -10.62% | -17.94% | +7.32% |
Average DrawdownAverage peak-to-trough decline | -8.94% | -7.90% | -1.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.82% | 11.51% | -6.69% |
Volatility
MLPR vs. BDCZ - Volatility Comparison
ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN (MLPR) and ETRACS MVIS Business Development Companies Index ETN (BDCZ) have volatilities of 8.29% and 8.44%, 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
| MLPR | BDCZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.29% | 8.44% | -0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 15.56% | 17.35% | -1.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.11% | 20.62% | +0.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.40% | 17.81% | +11.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.71% | 21.76% | +11.95% |
MLPR vs. BDCZ - Expense Ratio Comparison
MLPR has a 0.95% expense ratio, which is higher than BDCZ's 0.85% expense ratio.
Dividends
MLPR vs. BDCZ - Dividend Comparison
MLPR's dividend yield for the trailing twelve months is around 9.36%, less than BDCZ's 11.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BDCZ ETRACS MVIS Business Development Companies Index ETN | 11.37% | 10.65% | 9.26% | 9.13% | 9.39% | 7.49% | 10.01% | 8.40% | 9.66% | 8.74% | 7.98% |
MLPR ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN | 9.36% | 10.85% | 9.57% | 10.08% | 7.49% | 10.69% | 4.21% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MLPR and BDCZ have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BDCZ has higher volatility (8.44%) compared to MLPR (8.29%). In terms of maximum drawdown, MLPR dropped -48.98% vs BDCZ's -55.63%.
On 5-year performance, MLPR leads with 25.58% vs 3.29% for BDCZ. On fees, BDCZ is cheaper at 0.85% per year. On volatility, MLPR has been the lower-risk option at 8.29%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, MLPR has performed better with a 25.58% return vs 3.29%. 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 MLPR.
BDCZ has the higher dividend yield at 11.37%, compared with 9.36% for MLPR.
MLPR is categorized as Leveraged Equities, while BDCZ is Financials Equities. MLPR tracks Alerian MLP Index (150%), while BDCZ tracks BDCZ-US - MVIS US Business Development Companies Index. Their fees differ too: 0.95% for MLPR and 0.85% for BDCZ.
MLPR currently has the higher Sharpe Ratio (1.35 vs -0.50), 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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