BDCZ vs CION: Correlation
How closely do ETRACS MarketVector Business Development Companies Liquid (BDCZ) and CION Investment Corporation (CION) trade together? Their weekly returns over three years give a correlation of 0.70, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BDCZ and CION?
Over the past 3 years, BDCZ and CION moved with a correlation of 0.70, which is strong. Recent behaviour matches the longer record: 0.75 over 1 year against 0.70 over 3. Over 5 years the correlation is 0.65, and the annualized covariance of weekly returns is 339.6 %².
By 3-year correlation, CION places #24 of the 49 assets tracked against BDCZ. Over the last 12 months BDCZ came out ahead by 13.7 percentage points (-4.0% against -17.7%). Note the risk asymmetry: CION runs 1.9 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 CION: side by side
| BDCZ (ETRACS MarketVector Business Development Companies Liquid) | CION (CION Investment Corporation) | |
|---|---|---|
| 1-year return | -4.0% | -17.7% |
| 5-year return | +29.0% | +26.2% |
| Volatility (ann.) | 16.0% | 30.2% |
| Beta vs S&P 500 | 0.58 | 0.86 |
| Max drawdown (3Y) | -20.8% | -40.3% |
| Market cap | – | $0.4B |
| P/E (trailing) | – | 123.5 |
| Dividend yield | 0.00% | 17.98% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BDCZ | CION |
|---|---|---|
| 2022 | -9.1% | -14.8% |
| 2023 | +25.3% | +35.4% |
| 2024 | +12.2% | +14.8% |
| 2025 | -3.7% | -2.3% |
| 2026 | +0.4% | -14.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BDCZ and CION good diversifiers for each other?
To a limited degree. At 0.70 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 CION?
As of 2026-08-27, the correlation of weekly returns between BDCZ and CION is 0.70 over 3 years, 0.75 over 1 year and 0.65 over 5 years.
Is CION a good diversifier for BDCZ?
To a limited degree. At 0.70 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 0.70 mean?
A reading of 0.70 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bdcz-vs-cion.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bdcz-vs-cion/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BDCZ correlations · CION correlations
