BDCZ vs BRAG: Correlation
Measured on weekly returns over the past three years, ETRACS MarketVector Business Development Companies Liquid (BDCZ) and Bragg Gaming Group Inc. (BRAG) carry a correlation of 0.36, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BDCZ and BRAG?
Across a 3-year window, the weekly returns of BDCZ and BRAG correlate at 0.36, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.25 versus 0.36 over 3 years. Stretching to 5 years gives 0.27, with an annualized covariance of 360.2 %².
Among the 49 assets we track against BDCZ, BRAG sits near the bottom by co-movement, at rank #45. Correlation aside, the last 12 months split them widely, with BDCZ ahead by 43.6 points (-4.0% versus -47.6%). Note the risk asymmetry: BRAG runs 3.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
BDCZ vs BRAG: side by side
| BDCZ (ETRACS MarketVector Business Development Companies Liquid) | BRAG (Bragg Gaming Group Inc.) | |
|---|---|---|
| 1-year return | -4.0% | -47.6% |
| 5-year return | +29.0% | -87.1% |
| Volatility (ann.) | 16.0% | 62.2% |
| Beta vs S&P 500 | 0.58 | 1.20 |
| Max drawdown (3Y) | -20.8% | -78.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BDCZ | BRAG |
|---|---|---|
| 2022 | -9.1% | -23.5% |
| 2023 | +25.3% | +31.2% |
| 2024 | +12.2% | -26.7% |
| 2025 | -3.7% | -43.2% |
| 2026 | +0.4% | -31.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BDCZ and BRAG good diversifiers for each other?
Reasonably. At 0.36, BDCZ and BRAG keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BDCZ and BRAG?
Using weekly returns as of 2026-08-27: 0.36 over 3 years, with 0.25 over the last year and 0.27 over 5 years.
Is BRAG a good diversifier for BDCZ?
Reasonably. At 0.36, BDCZ and BRAG keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.36 mean?
On the −1 to +1 scale, 0.36 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Hubs: BDCZ correlations · BRAG correlations
