REZ vs. BDCX
REZ (iShares Residential Real Estate ETF) and BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) are both exchange-traded funds - REZ is a REIT fund tracking the FTSE NAREIT All Residential Capped Index, while BDCX is a Leveraged Equities fund tracking the MVIS US Business Development Companies (150%). Both are passively managed. Over the past 5 years, REZ returned 3.77%/yr vs 1.22%/yr for BDCX. At a 0.43 correlation, their price movements are largely independent. REZ charges 0.48%/yr vs 0.95%/yr for BDCX.
Performance
REZ vs. BDCX - Performance Comparison
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Returns By Period
In the year-to-date period, REZ achieves a 8.03% return, which is significantly higher than BDCX's -11.90% return.
REZ
- 1D
- -1.64%
- 1M
- -2.07%
- YTD
- 8.03%
- 6M
- 6.75%
- 1Y
- 10.29%
- 3Y*
- 9.61%
- 5Y*
- 3.77%
- 10Y*
- 6.63%
BDCX
- 1D
- -0.44%
- 1M
- -5.50%
- YTD
- -11.90%
- 6M
- -14.62%
- 1Y
- -18.01%
- 3Y*
- 2.98%
- 5Y*
- 1.22%
- 10Y*
- —
REZ vs. BDCX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
REZ iShares Residential Real Estate ETF | 8.03% | 4.80% | 12.73% | 10.97% | -28.31% | 47.86% | 8.55% |
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | -11.90% | -10.42% | 15.32% | 35.33% | -17.67% | 52.70% | 24.50% |
Correlation
The correlation between REZ and BDCX is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.32 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2020 | 0.43 |
Over the past year, the correlation between REZ and BDCX has dropped to 0.21 - well below their long-term average of 0.43, suggesting their price drivers have been diverging.
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Return for Risk
REZ vs. BDCX — Risk / Return Rank
REZ
BDCX
REZ vs. BDCX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Residential Real Estate ETF (REZ) and ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX). 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.
| REZ | BDCX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.37 | ||
| Sortino ratioReturn per unit of downside risk | +1.87 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 0.91 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 1.18 | -0.59 | +1.77 |
| Martin ratioReturn relative to average drawdown | 3.59 | -1.04 | +4.63 |
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
| REZ | BDCX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.71 | -0.66 | +1.37 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.20 | 0.05 | +0.15 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.31 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.24 | 0.43 | -0.19 |
Drawdowns
REZ vs. BDCX - Drawdown Comparison
The maximum REZ drawdown since its inception was -66.87%, which is greater than BDCX's maximum drawdown of -34.96%. Use the drawdown chart below to compare losses from any high point for REZ and BDCX.
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Drawdown Indicators
| REZ | BDCX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.87% | -34.96% | -31.91% |
Max Drawdown (1Y)Largest decline over 1 year | -8.76% | -30.46% | +21.70% |
Max Drawdown (3Y)Largest decline over 3 years | -18.39% | -33.39% | +15.00% |
Max Drawdown (5Y)Largest decline over 5 years | -35.05% | -34.96% | -0.09% |
Max Drawdown (10Y)Largest decline over 10 years | -44.15% | — | — |
Current DrawdownCurrent decline from peak | -3.16% | -28.40% | +25.24% |
Average DrawdownAverage peak-to-trough decline | -12.68% | -10.10% | -2.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.87% | 17.35% | -14.48% |
Volatility
REZ vs. BDCX - Volatility Comparison
The current volatility for iShares Residential Real Estate ETF (REZ) is 4.85%, while ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) has a volatility of 8.65%. This indicates that REZ experiences smaller price fluctuations and is considered to be less risky than BDCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| REZ | BDCX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.85% | 8.65% | -3.80% |
Volatility (6M)Calculated over the trailing 6-month period | 10.94% | 22.81% | -11.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.50% | 27.60% | -13.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.94% | 26.59% | -7.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.53% | 26.94% | -5.41% |
REZ vs. BDCX - Expense Ratio Comparison
REZ has a 0.48% expense ratio, which is lower than BDCX's 0.95% expense ratio.
Dividends
REZ vs. BDCX - Dividend Comparison
REZ's dividend yield for the trailing twelve months is around 2.13%, less than BDCX's 20.31% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | 20.31% | 19.17% | 15.28% | 14.71% | 17.47% | 11.52% | 6.32% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
REZ iShares Residential Real Estate ETF | 2.13% | 2.74% | 2.26% | 2.94% | 3.37% | 1.81% | 3.17% | 2.90% | 3.63% | 3.57% | 5.55% | 3.18% |
Frequently Asked Questions
REZ and BDCX have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BDCX has higher volatility (8.65%) compared to REZ (4.85%). In terms of maximum drawdown, REZ dropped -66.87% vs BDCX's -34.96%.
On 5-year performance, REZ leads with 3.77% vs 1.22% for BDCX. On fees, REZ is cheaper at 0.48% per year. On volatility, REZ has been the lower-risk option at 4.85%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, REZ has performed better with a 3.77% return vs 1.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
REZ is cheaper with a 0.48% expense ratio, compared with 0.95% for BDCX.
BDCX has the higher dividend yield at 20.31%, compared with 2.13% for REZ.
REZ is categorized as REIT, while BDCX is Leveraged Equities. REZ tracks FTSE NAREIT All Residential Capped Index, while BDCX tracks MVIS US Business Development Companies (150%). They also come from different issuers: iShares and UBS. Their fees differ too: 0.48% for REZ and 0.95% for BDCX.
REZ currently has the higher Sharpe Ratio (0.71 vs -0.66), 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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