BDCZ vs CCAP: Correlation
How closely do ETRACS MarketVector Business Development Companies Liquid (BDCZ) and Crescent Capital BDC, Inc. (CCAP) trade together? Their weekly returns over three years give a correlation of 0.66, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BDCZ and CCAP?
Over the past 3 years, BDCZ and CCAP moved with a correlation of 0.66, which is strong. Little has changed lately, as the 1-year reading of 0.69 lands near the 3-year figure. Over 5 years the correlation is 0.64, and the annualized covariance of weekly returns is 244.2 %².
By 3-year correlation, CCAP places #29 of the 49 assets tracked against BDCZ. Correlation aside, the last 12 months split them widely, with BDCZ ahead by 18.8 points (-4.0% versus -22.8%).
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 CCAP: side by side
| BDCZ (ETRACS MarketVector Business Development Companies Liquid) | CCAP (Crescent Capital BDC, Inc.) | |
|---|---|---|
| 1-year return | -4.0% | -22.8% |
| 5-year return | +29.0% | +1.5% |
| Volatility (ann.) | 16.0% | 22.9% |
| Beta vs S&P 500 | 0.58 | 0.60 |
| Max drawdown (3Y) | -20.8% | -36.2% |
| Market cap | – | $0.4B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 15.14% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BDCZ | CCAP |
|---|---|---|
| 2022 | -9.1% | -18.5% |
| 2023 | +25.3% | +52.6% |
| 2024 | +12.2% | +23.5% |
| 2025 | -3.7% | -17.5% |
| 2026 | +0.4% | -19.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BDCZ and CCAP good diversifiers for each other?
To a limited degree. At 0.66 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between BDCZ and CCAP?
The BDCZ/CCAP correlation stands at 0.66 on a 3-year window (1 year: 0.69, 5 years: 0.64), computed from weekly returns as of 2026-08-27.
Is CCAP a good diversifier for BDCZ?
To a limited degree. At 0.66 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.66 mean?
On the −1 to +1 scale, 0.66 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bdcz-vs-ccap.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bdcz-vs-ccap/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BDCZ correlations · CCAP correlations
