BDCZ vs FOX: Correlation
How closely do ETRACS MarketVector Business Development Companies Liquid (BDCZ) and Fox Corporation (Class B) (FOX) trade together? Their weekly returns over three years give a correlation of 0.50, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BDCZ and FOX?
On 3 years of weekly data the BDCZ/FOX correlation comes out at 0.50, moderate. The relationship has been stable: the 1-year correlation (0.48) sits close to the 3-year figure. The 5-year figure is 0.49, and annualized covariance runs at 228.0 %².
Among the 49 assets we track against BDCZ, FOX ranks #38 by 3-year correlation. The last year tells two different stories: FOX led by 16.2 percentage points, -4.0% for BDCZ against +12.2% for FOX. Risk is not evenly split, since FOX carries 1.8 times the volatility of the other side.
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 FOX: side by side
| BDCZ (ETRACS MarketVector Business Development Companies Liquid) | FOX (Fox Corporation (Class B)) | |
|---|---|---|
| 1-year return | -4.0% | +12.2% |
| 5-year return | +29.0% | +88.7% |
| Volatility (ann.) | 16.0% | 28.5% |
| Beta vs S&P 500 | 0.58 | 0.58 |
| Max drawdown (3Y) | -20.8% | -34.1% |
| Market cap | – | $25.4B |
| P/E (trailing) | – | 16.2 |
| Dividend yield | 0.00% | 0.90% |
| Sector / category | US Listed | Communication Services |
Year-by-year returns
| Year | BDCZ | FOX |
|---|---|---|
| 2022 | -9.1% | -15.8% |
| 2023 | +25.3% | -1.2% |
| 2024 | +12.2% | +68.3% |
| 2025 | -3.7% | +43.4% |
| 2026 | +0.4% | -6.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BDCZ and FOX good diversifiers for each other?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BDCZ and FOX?
The BDCZ/FOX correlation stands at 0.50 on a 3-year window (1 year: 0.48, 5 years: 0.49), computed from weekly returns as of 2026-08-27.
Is FOX a good diversifier for BDCZ?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.50 mean?
On the −1 to +1 scale, 0.50 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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Related comparisons
Hubs: BDCZ correlations · FOX correlations
