MVRL vs. BDCZ
MVRL (ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN) and BDCZ (ETRACS MVIS Business Development Companies Index ETN) are both exchange-traded funds - MVRL is a REIT fund tracking the MVIS US Mortgage REITs 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, MVRL returned -8.68%/yr vs 3.21%/yr for BDCZ. A 0.63 correlation means they provide meaningful diversification when combined. MVRL charges 0.95%/yr vs 0.85%/yr for BDCZ.
Performance
MVRL vs. BDCZ - Performance Comparison
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Returns By Period
In the year-to-date period, MVRL achieves a -2.34% return, which is significantly higher than BDCZ's -9.41% return.
MVRL
- 1D
- 0.50%
- 1M
- 1.36%
- YTD
- -2.34%
- 6M
- -3.31%
- 1Y
- 11.16%
- 3Y*
- 7.65%
- 5Y*
- -8.68%
- 10Y*
- —
BDCZ
- 1D
- -0.75%
- 1M
- -1.54%
- YTD
- -9.41%
- 6M
- -6.62%
- 1Y
- -11.56%
- 3Y*
- 4.45%
- 5Y*
- 3.21%
- 10Y*
- 5.97%
MVRL vs. BDCZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
MVRL ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN | -2.34% | 14.96% | -3.45% | 12.30% | -42.41% | 21.71% | 66.40% |
BDCZ ETRACS MVIS Business Development Companies Index ETN | -9.41% | -3.72% | 12.22% | 25.31% | -9.12% | 33.97% | 19.94% |
Correlation
The correlation between MVRL and BDCZ is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2020 | 0.63 |
Over the past year, the correlation between MVRL and BDCZ has dropped to 0.39 - well below their long-term average of 0.63, suggesting their price drivers have been diverging.
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Return for Risk
MVRL vs. BDCZ — Risk / Return Rank
MVRL
BDCZ
MVRL vs. BDCZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN (MVRL) 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.
| MVRL | BDCZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.97 | ||
| Sortino ratioReturn per unit of downside risk | +1.42 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 0.92 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 0.54 | -0.58 | +1.12 |
| Martin ratioReturn relative to average drawdown | 1.38 | -1.00 | +2.38 |
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Drawdowns
MVRL vs. BDCZ - Drawdown Comparison
The maximum MVRL drawdown since its inception was -60.25%, which is greater than BDCZ's maximum drawdown of -55.63%. Use the drawdown chart below to compare losses from any high point for MVRL and BDCZ.
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Drawdown Indicators
| MVRL | BDCZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.25% | -55.63% | -4.62% |
Max Drawdown (1Y)Largest decline over 1 year | -20.93% | -19.95% | -0.98% |
Max Drawdown (3Y)Largest decline over 3 years | -32.20% | -20.77% | -11.43% |
Max Drawdown (5Y)Largest decline over 5 years | -59.63% | -23.12% | -36.51% |
Max Drawdown (10Y)Largest decline over 10 years | — | -55.63% | — |
Current DrawdownCurrent decline from peak | -38.11% | -18.55% | -19.56% |
Average DrawdownAverage peak-to-trough decline | -31.85% | -7.91% | -23.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.13% | 11.56% | -3.43% |
Volatility
MVRL vs. BDCZ - Volatility Comparison
The current volatility for ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN (MVRL) is 6.83%, while ETRACS MVIS Business Development Companies Index ETN (BDCZ) has a volatility of 8.42%. This indicates that MVRL 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
| MVRL | BDCZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.83% | 8.42% | -1.59% |
Volatility (6M)Calculated over the trailing 6-month period | 20.60% | 17.33% | +3.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.42% | 20.61% | +6.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.54% | 17.81% | +18.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.58% | 21.76% | +15.82% |
MVRL vs. BDCZ - Expense Ratio Comparison
MVRL has a 0.95% expense ratio, which is higher than BDCZ's 0.85% expense ratio.
Dividends
MVRL vs. BDCZ - Dividend Comparison
MVRL's dividend yield for the trailing twelve months is around 20.79%, more than BDCZ's 11.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BDCZ ETRACS MVIS Business Development Companies Index ETN | 11.45% | 10.65% | 9.26% | 9.13% | 9.39% | 7.49% | 10.01% | 8.40% | 9.66% | 8.74% | 7.98% |
MVRL ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN | 20.79% | 19.15% | 19.27% | 18.69% | 25.21% | 12.33% | 5.63% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MVRL and BDCZ have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BDCZ has higher volatility (8.42%) compared to MVRL (6.83%). In terms of maximum drawdown, MVRL dropped -60.25% vs BDCZ's -55.63%.
On 5-year performance, BDCZ leads with 3.21% vs -8.68% for MVRL. On fees, BDCZ is cheaper at 0.85% per year. On volatility, MVRL has been the lower-risk option at 6.83%. 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 3.21% return vs -8.68%. 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 MVRL.
MVRL has the higher dividend yield at 20.79%, compared with 11.45% for BDCZ.
MVRL is categorized as REIT, while BDCZ is Financials Equities. MVRL tracks MVIS US Mortgage REITs Index (150%), while BDCZ tracks BDCZ-US - MVIS US Business Development Companies Index. Their fees differ too: 0.95% for MVRL and 0.85% for BDCZ.
MVRL currently has the higher Sharpe Ratio (0.41 vs -0.56), 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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