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 -6.76%/yr vs 4.70%/yr for BDCZ. Their 0.62 correlation means they have sometimes moved together and sometimes differently. 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 -1.68% return, which is significantly higher than BDCZ's -4.26% return.
MVRL
- 1D
- 1.07%
- 1M
- -2.36%
- 6M
- -6.15%
- YTD
- -1.68%
- 1Y
- 7.64%
- 3Y*
- 4.07%
- 5Y*
- -6.76%
- 10Y*
- —
- ALL TIME*
- 5.96%
BDCZ
- 1D
- 2.49%
- 1M
- 1.17%
- 6M
- -2.12%
- YTD
- -4.26%
- 1Y
- -8.40%
- 3Y*
- 3.18%
- 5Y*
- 4.70%
- 10Y*
- 6.56%
- ALL TIME*
- 6.14%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $28.17K | $28.06K | $20.18K | |
| $67.59K | $58.58K | $80.08K |
MVRL vs. BDCZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
MVRL ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN | -1.68% | 14.96% | -3.45% | 12.30% | -42.41% | 21.71% | 66.40% |
BDCZ ETRACS MVIS Business Development Companies Index ETN | -4.26% | -3.72% | 12.22% | 25.31% | -9.12% | 33.97% | 19.94% |
Correlation
The correlation between MVRL and BDCZ is 0.35, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.35 |
Correlation (3Y) Balances recent behavior with more history. | 0.50 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.60 |
Correlation (All Time) Calculated using the full available price history since Jun 3, 2020 | 0.62 |
Over the past year, the correlation between MVRL and BDCZ has dropped to 0.35 - well below their long-term average of 0.62, 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 | +0.64 | ||
| Sortino ratioReturn per unit of downside risk | +0.96 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 0.95 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.37 | -0.50 | +0.87 |
| Martin ratioReturn relative to average drawdown | 0.87 | -0.90 | +1.77 |
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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% | -16.80% | -4.13% |
Max Drawdown (3Y)Largest decline over 3 years | -29.34% | -20.77% | -8.57% |
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 | -37.69% | -13.92% | -23.77% |
Average DrawdownAverage peak-to-trough decline | -31.93% | -7.98% | -23.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.77% | 9.38% | -0.61% |
Volatility
MVRL vs. BDCZ - Volatility Comparison
ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN (MVRL) has a higher volatility of 10.18% compared to ETRACS MVIS Business Development Companies Index ETN (BDCZ) at 6.41%. This indicates that MVRL's price experiences larger fluctuations and is considered to be riskier 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 | 10.18% | 6.41% | +3.77% |
Volatility (6M)Calculated over the trailing 6-month period | 21.07% | 18.66% | +2.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.69% | 22.72% | +5.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.54% | 18.31% | +18.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.50% | 21.98% | +15.52% |
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 20.76%, more than BDCZ's 11.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BDCZ ETRACS MVIS Business Development Companies Index ETN | 11.83% | 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 | 20.76% | 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 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MVRL has higher volatility (10.18%) compared to BDCZ (6.41%). In terms of maximum drawdown, MVRL dropped -60.25% vs BDCZ's -55.63%.
On 5-year performance, BDCZ leads with 4.70% vs -6.76% for MVRL. On fees, BDCZ is cheaper at 0.85% per year. On volatility, BDCZ has been the lower-risk option at 6.41%. 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 4.70% return vs -6.76%. 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 20.76%, compared with 11.83% 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 (0.27 vs -0.37), 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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