BDCZ vs FOXA: Correlation
Measured on weekly returns over the past three years, ETRACS MarketVector Business Development Companies Liquid (BDCZ) and Fox Corporation (Class A) (FOXA) carry a correlation of 0.49, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BDCZ and FOXA?
Over the past 3 years, BDCZ and FOXA moved with a correlation of 0.49, which is moderate. Little has changed lately, as the 1-year reading of 0.48 lands near the 3-year figure. Over 5 years the correlation is 0.48, and the annualized covariance of weekly returns is 232.2 %².
Within BDCZ's tracked universe of 49 assets, FOXA comes in at #39 by 3-year correlation. Correlation aside, the last 12 months split them widely, with FOXA ahead by 18.0 points (-4.0% versus +14.0%). One caveat on sizing: FOXA is 1.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 FOXA: side by side
| BDCZ (ETRACS MarketVector Business Development Companies Liquid) | FOXA (Fox Corporation (Class A)) | |
|---|---|---|
| 1-year return | -4.0% | +14.0% |
| 5-year return | +29.0% | +93.4% |
| Volatility (ann.) | 16.0% | 29.3% |
| Beta vs S&P 500 | 0.58 | 0.56 |
| Max drawdown (3Y) | -20.8% | -35.6% |
| Market cap | – | $28.3B |
| P/E (trailing) | – | 18.1 |
| Dividend yield | 0.00% | 0.80% |
| Sector / category | US Listed | Communication Services |
Year-by-year returns
| Year | BDCZ | FOXA |
|---|---|---|
| 2022 | -9.1% | -16.6% |
| 2023 | +25.3% | -0.8% |
| 2024 | +12.2% | +66.3% |
| 2025 | -3.7% | +51.8% |
| 2026 | +0.4% | -7.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BDCZ and FOXA good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between BDCZ and FOXA?
Using weekly returns as of 2026-08-27: 0.49 over 3 years, with 0.48 over the last year and 0.48 over 5 years.
Is FOXA a good diversifier for BDCZ?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.49 mean?
On the −1 to +1 scale, 0.49 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 · FOXA correlations
